Macquarie Prime: the flexible answer

[nomore4s]

Thanks Pronto.

I haven't traded CFD,s but is this a common occurrence with CFD,s does anyone experience or know ?, not just with Macquarie but any provider or the odd occasion in certain circumstances ????

Prime though does look a good product so will more than likely switch to them this year.

Sorry Pager,

I missed your first post.

I've been using Mac Prime for about 6 months now.

Mac CFDs & Prime both run off the same platform and the CFDs are market direct, but as such they don't provide CFDs on anything other than Aust shares - no indexes etc unlike other CFD providers.

I rarely use CFDs with MAC unless it is a short term trade as brokerage is cheaper but holding for any length of time Prime is cheaper due to the interest, especially if holding short positions as well.

I haven't really had any problems with Prime, occasionally it won't let me go short on a stock but not very often. The platform is quite good and easy to use. I have never expirenced down time during trading hours unlike commsuc.

When comparing Prime to other brokers you must remember it is still a retail platform, and as such imo compares well to other retail brokers like Etrade & Commsec but probably won't compare with companies like IB etc.
I was with Commsec and Prime is alot more flexible, allows greater margin (not always a good thing) over a wider range of stocks, allows short trades, has a better stop loss system and ordering system.

 

[AlterEgo]

Meanwhile, there are high commission costs, excessive spread sizes, indifferent fills, ASX access charges, limited shorting opportunities and modest platform utility to complete the Prime offering...

Excessive spread? How can that be? It's a DMA platform so spread should be identical to the real market.

Indifferent fills? Again, it's DMA so should be no different to trading the real market.

ASX charges? Well most brokers charge those, but at least they don't charge to access the platform as well, and ASX charges are timed so you only pay for what you use (unlike other brokers that charge the full fee).

Limited shorting opportunities? From the research I've done so far, Macquarie has more shares on their 'short list' (in the ASX market that is) than any other provider except for FP Markets, so I can't understand that comment.

And what's wrong with the platform? I haven't used it, but as I was considering joining up with Macquarie I'd like to know.


thanks

 

[Pronto]

Meanwhile, there are high commission costs, excessive spread sizes, indifferent fills, ASX access charges, limited shorting opportunities and modest platform utility to complete the Prime offering...

Hi AlterEgo,

You took me to task (nicely) for my comments above. Apart from probably having had a bad day, I suppose that I was talking in the context of comparing Prime with, say, IB. It is Prime commission charges that sticks with me most ($40 round trip vs. $12 with IB). This consumes far too much of my modest stake.

You are correct re spread but I find that fills are more often poor than not. This is partly due to the lack of a Limit facility on buys with Prime.

Commmision charges on IB can offset the ASX charges. Prime offers no reductions for scale, at least for small end players.

Shorting stock availability has been reduced recently on Prime, and occasionally long trades are knocked back because the Prime 'Exposure Limit' has been exceeded.

The platform is functional and simple to use but it could do with more in the way of bells and whistles to keep MacQ up with its competition.

But hey, if you are happy with Prime, keep on rocking along. I just think that there are better alternatives; and, of course, it's not called the Millionaires Factory for nothing...

 

[AlterEgo]

Sorry, didn't mean it to seem like I was 'taking you to task', I just though some of your comments seemed a little harsh in the context of other Aussie brokers.

Comparing prices to IB - ok, sure, their commissions are much cheaper than ANY Aussie broker. Admittedly Prime's commissions are a little higher than other Aussie brokers too - 0.12% vs. 0.10% at many other places. They provide higher interest though, which may offset that a little.

Shorting availability - that's interesting, I was going by the latest listing on their website. Orders getting rejected due to their 'exposure limit' is a bit of a worry...

What bells & whistles are missing from the platform?

Happy with Prime? No, I'm not actually using them. I have been looking for a new broker though, and Prime was one that I had on my short-list, so any compelling reasons you have on why I shouldn't sign up with them would be appreciated.

IB sounds good, but my understanding is that their shorting ability (on ASX stocks that is) is very weak. My main reason for looking for a new broker is that I want to be able to trade a wide range of Aussie stocks (or CFD's) SHORT - my current broker doesn't provide this. I'm getting very frustrated as I can't find ANYONE that is ideal - they all have their positive and negative points. FP Markets appear to be the most suitable from what I can tell - largest short list, lowest margins, WebIress platform, etc - but their platform fees seem rather high and no volume discounts (from what I can tell) for the smaller players in the market.

 

[Pronto]

AlterEgo,

In response to your comments on my earlier remarks on this thread,

Shorts. IB provides 128 shorts on 2078 listings for ASX. I think that this generally comparable with Prime. Restrictions on shorting generally is a 'given' with DMA. Only MMs will short more (all?) stocks but you have to cop the spreads.

Longs. The Exposure Limit advice on long trades, in fairness, is infrequent and also dynamic. You may get on at another go. It throws you off at the time however.

Bells &Whistles. Well, again, comparisons are said to be odious but the availability of charting, discretionary choices, bracketing, stops and limits and yada, yada are now relatively common on other online platforms. Prime charges top dollar but its facilities are relatively basic.

Poor fills. I think that the 'market to limit' structure with Prime also plays a big role in this. You might need to check this further (I haven't!).

Like most things in trading, everything ends up as a compromise. IB has its advantages for me, but its very range of features was daunting initially. Despite its copious education features, I have problems in getting my head around the style, structure and syntax of the information provided. Margin provision is a particular case in point.

I hope that this exchange was helpful and that you find what you are seeking. There are certainly worse offerings than Prime but, in my opinion, there are also others which are better.

 

[AlterEgo]

Hi Pronto,

Thanks for the info. Lack of a charting facility is of some concern, as I like to be able to view the intra-day graphs. Macquarie tell me they are adding a charting facility in July though.

But, I think you've convinced me that Prime isn't really the right product for me. FP Markets may be the way to go. Do you have any experience with them? They have 415 shorts vs the 266 that Prime lists on their website at the moment. And they use the WebIress platform, which I'm already very familiar with. Their platform and data feed come to $55 per month, but I guess I can live with that. (they can provide an HTML version of Iress, without the live data feed for free though). Lower commissions than Prime (0.10% vs 0.12%) will go some way to paying the platform fees anyway.

Do you know of any other broker (or CFD provider) that you'd recommend I take a look at?


thanks

 

[sam76]

FINALLY!!!

Platform Upgrades: New Terms of Use
Dear Investor,

We will soon be making charts available on the MQ Prime Trading Platform. Full details and instructions on using the software will be sent to you shortly. As part of these changes you will need to acknowledge new terms of use. These will be displayed when you log in to the Trading Platform.

 

[Aussiest]

Hi Pronto,

Thanks for the info. Lack of a charting facility is of some concern, as I like to be able to view the intra-day graphs. Macquarie tell me they are adding a charting facility in July though
thanks

Alter,

I'd just like to tell you, MQ Prime have introduced their charting facility, and it's awesome! I haven't quite wrapped my head around the complicated indicators yet, but from what i see, you can chart just about anything, and it's all customisable.

I am also happy with their platform and ordering system. It is very user-friendly and their customer-service is second-to-none.

 

[nizar]

Anymore feedback on these guys?

 

[nomore4s]

nizar I've been using them for ages and they **** all over other retail trading platforms like Etrade & Commsec. I've got no issues with them at all.

 

[bearish]

Macquarie Prime

Hi,

I am looking at setting up a Macquarie Prime account. Hoping someone might have answers to a couple of questions.

1. What are the pros/cons of shorting stock Vs going short on a CFD?

2. I see that Macquarie retains the right to close out a short position. Under a section in the PDS titled 'Involuntary Closeout', it says "Macquarie may call for early re-delivery of the shares lent to you in a variety of circumstances, including where Macquarie is unable to continue lending you the relevant shares under a Stock loan'

This concerns me - as maybe they can close out the position at an inopportune time! Especially, if they have to hand back the stock on a share for which ithere is not much borrowed stock available..

Any ideas?

 

[lasty]

Re: Macquarie Prime

Ever experienced paid parking at Sydney airport?
Think twice.

 

[Strident]

Hi,

I'm now looking for a to replace Comsec and Etrade for my longer term holdings, because of poor, poor service.... Mac Prime is looking a bit attractive now compared with with a few years ago since their fees only $20 minimum now.

Some [hopefully quick] questions for those who use it:

1. Good? Y/N
2. Calling them up for tech support - long wait?
3. IPOs and Capital raisings - is it easy to get a cheque out to do these things?
3. b. Is it easy to get your shares allotted in these things?

Thanks,

 

[suhm]

This thread was a little old but was wanting to change margin lending providers and macquarie prime seemed to fit the bill for me. I'm with commsec atm and have very little buffer even though my look through LVR is about 10% .

Are there any hidden fees, i thought the fee for market info access wass a bit rich but I hate the transaction fees and brokerage at commsec is getting a bit excessive and interest rates are much lower with macquarie.

How is the execution of the orders? Are there still problems with the DMA? Thoughts from someone who uses it would be appreciated.