Online Trading Site Performance

[GreatPig]

Just wondering if anyone has performance issues with their online trading access.

I've been using NAB so far and have had major problems with it on occasions. While a lot of the time it is acceptable for investment trades (ie. where speed isn't really important), it also regularly goes to the dogs, sometimes to the point where it's simply impossible to even log on. On other occasions, when I can still log on, it can take up to 5 minutes just to bring up a new screen - eg. to change from the market depth screen to the order screen.

To help with this I usually have multiple tabs in Firefox on the site with the various pages already loaded (when I'm looking to trade), but even then entering and confirming an order can leave the old hour-glass cursor on the screen for minutes at a time. If prices are changing quickly, by the time I can confirm my order the price has probably already moved beyond it.

On other occasions again I've had the situation where my orders don't appear to even get into the trading system - either that or the Website displays are considerably behind the time. For example, I might enter an order to sell at the current bid price, with sufficient volume that my order should go straight through (and normally would), but will then see it sitting in my open orders list with the status "active in market". However, refreshing the market depth doesn't show my order there at all. I've had this situation go on for 5 or 10 minutes, at times showing my "active in market" open sell order still there yet no sellers at all showing in the market depth at the price of my order. I'm thinking it might be a problem with the Website display though, since on one or two occasions the highest bid actually dropped while my order was still showing that way yet some minutes later it went through anyway at the price I'd specified (with a limit order).

Naturally, these problems always crop up at the most critical times, like last week when prices were dropping quickly.

This NAB account is for my investment trust. For my share trading operation, I'm opening an account with HSBC Online Stockbroking. I hope that doesn't have similar problems. The way it is now, I think the NAB system would be pretty much unusable for regular trading. Half my dough could end up going down the toilet while I'm sitting there with an hour-glass cursor on the screen!

:behead:

Cheers,
GP

 

[wayneL]

For my share trading operation, I'm opening an account with HSBC Online Stockbroking.
Cheers,
GP

You should be happy with them GP....especially if you go with the webiress option.

I used to use them when I was trading ASX (before webiress was available through them) and found them excellent.

Cheers

 

[RichKid]

Naturally, these problems always crop up at the most critical times, like last week when prices were dropping quickly.

This NAB account is for my investment trust. For my share trading operation, I'm opening an account with HSBC Online Stockbroking. I hope that doesn't have similar problems. The way it is now, I think the NAB system would be pretty much unusable for regular trading. Half my dough could end up going down the toilet while I'm sitting there with an hour-glass cursor on the screen!
:behead:
Cheers,
GP

GP,
I use Comsec and I'm quite happy with them, you can register for free and trade once you open an ac (initial deposit of $5k). They are slow sometimes and are not perfect but are miles better than NAB going by your description. You shouldn't have to put up with the rubbish NAB seems to be giving you instead of 'service'.

 

[GreatPig]

Wayne, I'll have to look up again what the story is with WebIress, but at least your appraisal of HSBC's performance sounds promising.

RichKid, CommSec is not convenient for me (neither is Etrade) because they don't provide an easy way to transfer funds from other banks. HSBC (and Westpac) allow a direct debit authority to be set up so that large amounts can be transferred at a time. I need that as my primary trading account is in the NAB, as are all my other bank accounts. Having them all in the one bank makes it easy to transfer funds between them online. Also, if I remember correctly, HSBC's brokerage rates are lower than CommSec's and Etrade's.

Cheers,
GP

 

[canny]

GP - I always BPay to my commsec account - I never let anyone direct debit out of my account after being taken by a big bank years ago.
Commsec pro trader leaves the NAB for dead, even though I too bank with NAB.

 

[Smurf1976]

I use Etrade via an account with DataTech (an online "human" broker which can access my Etrade account). I place orders both directly with ETrade and typically have a substantial list of conditional orders open with DataTech. Not perfect but pretty good.

There have been one or two technical hiccups but they were sorted out OK. It's good being able to call / email / fax DataTech and get them to sort out anything that goes wrong - no being placed in a queue and hearing $!@!@#. Can also fax orders to DataTech which was useful when my computer died. I use BPay to transfer funds from Commonwealth Bank and have had no problems.

Not sure if it's still the best option but DataTech / Etrade was by far the best I could find for stop loss, start gain and other non-simple orders when I changed from my previous broker and that's why I chose them. Not the cheapest but good value for the way that I trade. Probably wouldn't be such good value for day traders. Standard Etrade rates for direct placed orders (I think it's $27.45 from memory with the first 10 per month at $32.95 but that's only from memory) and a flat $60.50 for broker assisted orders through DataTech. No charge for orders placed but not executed.

 

[krisbarry]

I use NAB too.

For the most part I am very happy with it, but on occassions when I have placed trades in the market it sometimes sits on it for a couple of minutes b4 it executes. Can work for or againts you depending on the share price at the time of the trade. On occassions I have paid more for a stock and other times less.

My main problem with NAB is that you can place a bid for a stock early in the morning. They take your money out of the funding account and if you decide to cancel that bid automatically it may take a few hours to cancel that bid and for the money to be refunded back into that account. I have had to ring them on many occassions to cancel my bid manually b4 the market opens so I can change my trade.

I have a friend who trades with St George Online Direct and that looks like a dogs breakfast. It has a filthy Graphical User Interface, very hard to read the market depth charts etc, So there are worse on-line trading options.

 

[GreatPig]

Canny,

I always BPay to my commsec account

How much can you transfer at a time or per day using BPay?

GP

 

[canny]

GP - I think it's $10K but check with your own bank- also, you could always pay a few days in a row if necessary. If I go over the 3 days, I only get a reminder letter (several days later - and by then I've paid anyway) so it gives the t3 a better chance too.

Canny,


How much can you transfer at a time or per day using BPay?

GP

 

[Stan 101]

Well I just placed an order with national online trading and 30 minutes later, tghe trade still hasn't been registered....

This is starting to get beyond a joke....grumble!!!!

 

[RichKid]

Well I just placed an order with national online trading and 30 minutes later, tghe trade still hasn't been registered....

This is starting to get beyond a joke....grumble!!!!

The co that provides the trading system for NAB is listed, it's IWC or something like that, saw a reference to it in the Feb or March 2005 issue of Shares- maybe one to avoid if they can't provide a good product, hard to say where the fault is though.