Macquarie Prime: the flexible answer

[theasxgorilla]

From what I was reading, and I've got to revisit it to be sure, when you buy shares, macbank immediately takes the other side and sells you a parcel from their stocks...then goes into the market and buys to offset (but not in all circumstances according to the Ts&Cs). So you end up owning the shares outright, and hence the franking credit stuff is covered.

I'm quite pumped about what I'm reading on this fascility as the more I discover about the superior (and cheaper!) broking services other parts of the world have the more it seems that Aust is well overdue a shake-up.

 

[ROE]

Something Prime don't bother to mentioned is it cost you around $40 a month
if you view live stock price...

how the hell do you buy and watch your stock without access to price???

basicly you get charge at something like $2 a minute capped at $40 a month

most of this stuff is free from Comsec and other online broker account.
and they dont have research facility either like comsec research tab.

so all you get with prime is probably cheap CFDs and trade cost and nothing else.
hardly a one stop shop.

 

[yonnie]

I'm quite pumped about what I'm reading on this fascility as the more I discover about the superior (and cheaper!) broking services other parts of the world have the more it seems that Aust is well overdue a shake-up.

Exactly gorilla,

Broker fees and platforms are downright terrible here in Oz.

Compare that to Interactive Brokers or Choicetrade in the US.

IB charges 1/2 cent per share, so great if you buy companies with a high share price. You can also buy the SPI with them.
Their platform is state of the art with over 30 different orders possible - set and forget.

Choicetrade charges $ 5 per trade, no matter how high the value of the trade. Their customer service is second to none - an answer to your email within 2 hours.

My Ozzie broker takes 2 days to answer and its still not to the point.

How can we shake up those buggers

 

[theasxgorilla]

Something Prime don't bother to mentioned is it cost you around $40 a month
if you view live stock price...

how the hell do you buy and watch your stock without access to price???

basicly you get charge at something like $2 a minute capped at $40 a month

most of this stuff is free from Comsec and other online broker account.
and they dont have research facility either like comsec research tab.

so all you get with prime is probably cheap CFDs and trade cost and nothing else.
hardly a one stop shop.

I make all trading decisions the day before...with my current broker I'm either forced to stay up late to excecute at market, or execute limit orders (which suck!). With the Macquarie platform the order management is more sophisticated. I don't need live data...so I can ditch my CFD providers and save up to $1k a yr in 'royalty fees'.

 

[theasxgorilla]

How can we shake up those buggers

By exercising our democratic right to take our business elsewhere.

 

[Flathead Flick]

Something Prime don't bother to mentioned is it cost you around $40 a month
if you view live stock price...

how the hell do you buy and watch your stock without access to price???

basicly you get charge at something like $2 a minute capped at $40 a month

most of this stuff is free from Comsec and other online broker account.
and they dont have research facility either like comsec research tab.

so all you get with prime is probably cheap CFDs and trade cost and nothing else.
hardly a one stop shop.

I'm with you ROE. I reckon it's just the usual Macbank hype. If you're trading CFDs, this ain't for you because you only get to trade a handful of Aussie shares. Doesn't suit me in the slightest.
FF

 

[yonnie]

By exercising our democratic right to take our business elsewhere.

where do I get a decent brokerage fee AND a good platform
for all the ASX shares?

 

[yonnie]

hi folks,

just got my info pack from Macquarie, but a PDS has not been included.

CFD providers charge far too much interest, up to 40% of the borrowed part of the position.
This is because they charge interest over the VALUE of your position.
so if it is say a 50% margin cfd and it doubles in value, you only borrowed 25% of the value, but pay interest over the whole position and will be 4x the interest you should be paying.

I thought that Macquarie would be different.
In an example however they take the share value minus the cash balance for interest purposes.

That means that Macquarie also charges interest over the full value of the position, although the borrowing might only be 25% of that position.

 

[yonnie]

am thinking of going with Marketech:

trade all the shares on the ASX - same as Macquarie
brokerage 0.1%/min $10 - Macquarie same brokerage if turnover over $ 500,000 per month, so I would qualify but minimum is $ 20

usually I trade penny stocks @ $ 20,000 a pop, but with Marketech I could buy $ 10,000 in a stock at 3 cents and maybe another parcel of the same stock at 2.8 cents and the brokerage would still be the same.

 

[bigbucks]

Hi there, just found this thread again. Started a prime account with macbank to see how it goes. Your cash and equity offsets interest on total position - i.e you only pay interest on original loan as your equity rises with the stock value - much fairer system in my book

 

[yonnie]

hi bigbucks,

Mac is completely off the radar for me now with the arrival of Interactive Brokers.
IB charges 0.8% of the value with a minimum of $6 a trade.

compare that to Mac`s minimum of $20
+ the platform is way better than Mac`s.

you can find more info at "brokerage/platforms are terrible in Oz"

 

[MS+Tradesim]

Macquarie Prime

http://www.macquarie.com.au/emg/prime/home.htm

I used the search function on this forum but couldn't find any info about this product/service.

After reading the above link I have a good idea what it's about. My question is, does anybody here actually use it and what has your experience been like? Also, what's their trading platform like? If you've used Comsec protrader, how does it compare to that?

EDIT: Ah, thanks Mod.

 

[bigbucks]

This Opes Prime/Lift stuff has got me worried - what happens if your CFD provider crashes, do you get your investment back?

 

[peterke]

Read the latest questions and answers on the macquaire prime site. It is clear that ownership is with the client.

regards

Peter

 

[nomore4s]

This Opes Prime/Lift stuff has got me worried - what happens if your CFD provider crashes, do you get your investment back?

Read the latest questions and answers on the macquaire prime site. It is clear that ownership is with the client.

regards

Peter

Remember prime is different to CFDs, prime is really just a margin loan with Mac offering the same margin rates on shares as it does on CFDs.

 

[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...

 

[Pager]

I'm looking at Prime, its been going for about 12 months, how are those using it finding it ?.

The good the Bad and the ugly

 

[trishan9390]

I don't think it's all that bad. 7.25% if you do nothing with your money, an informative daily newsletter, simple trading platform. I like it thus far.

 

[Pronto]

See my post #39 in this thread. I forgot to add the occasions when you can't go long on Prime as MacQ has 'reached its exposure limits' on a particular stock. Shorting opportunities have also decreased again recently.

Any good things about it? Yes, the platform is robust and easy to use and the staff are unfailingly helpful and knowledgeable.

But like all margin lenders and CFD providers, if you play with their money, you play by their rules.

The old Silver Doughnut is doing very nicely thankyou out of Prime...

 

[Pager]

See my post #39 in this thread. I forgot to add the occasions when you can't go long on Prime as MacQ has 'reached its exposure limits' on a particular stock. Shorting opportunities have also decreased again recently.

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.