Amscott/Morrison any good?

[yonnie]

Anybody can share his/her experiences?

Morrison operates with a trust account: how easy is it to get your money back into your bank account?

How much is discount for regular traders?

Thanks people

 

[yonnie]

nobody trades with them?

everybody with a more expensive broker?

 

[nizar]

Hi.

Im with Morrisons.

CHeap brokerage i reckon at $22/trade upto $50k.

Excellent customer service and no waiting times or hold times. Talk to you by name.

I cant fault them.

Yes your money in their trust account but you get it back the next day if they recieve your written request (fax/email) by 11am.

 

[yonnie]

thank you nizar

could you tell me kind of orders you can enter, like stop loss orders, stop buy orders etc.

if they have a stop loss order, once it hits the price, will that stop loss order turn into a market order or a limit order?

 

[nizar]

thank you nizar

could you tell me kind of orders you can enter, like stop loss orders, stop buy orders etc.

if they have a stop loss order, once it hits the price, will that stop loss order turn into a market order or a limit order?

You can enter any type of conditional order you wish.

In regards to market order or limit order, depends on your setting.
Default setting is limit order.

Say for example, NWE, if you set your stop at 25c.
Place a SELL order for X units at 25c IF theres trading at 25c. Obviously a limit order.

But if your scared the market will plummet, then place SELL order for X units at 20c IF theres trading at 25c. Then Morrisons will sell your stock for the best possible price at or above 20c. Probably will be 24.5-25c, but if its falling fast, at least you will get out as opposed to having your orders left behind in the depth.

I dont use stop loss orders anymore since i essentially trade End of Day.

 

[yonnie]

thanks nizar,

yes, I trade eod as well, but still I want to be prepared for a worst case scenario.

on the 28th of February there was a bit of panic going on.
could you still trade on the platform like normal?

thanks

 

[yonnie]

For me Morrison is not as cheap as it looks.

I dabble in penny stocks and sometimes my order will be filled over more than 1 day and Morrison charges brokerage for each day I have a part fill.

Nah, too expensive for me and it pays to read the small letters.

 

[nizar]

Hi yonnie.

Yeh on Feb 28th, everyone was panicking.
Comsec and Westpac down. Etrade had a 1hr break during the day for maintenance.

Morrisons -- no fuss. As swift and as fast as usual

Iv been trading for a few years now and iv never had an unfilled order at the close continued the next day.
You have this often??

Each to his own i guess.

Let us know which broker you decide.

 

[yonnie]

thanks nizar for your great help

yes I have part-filled orders almost daily; its just the way I trade.
otherwise Morrison Securities seem really good.

Amscot has only market and limit orders and who knows what it charges for part-filled orders.
I emailed them once, but no reply.