Share Express Pty Ltd (SharesXP)

[mjim]

I have read all the posts with interest because in march 2016 I fell for the old three card trick.
My managed funds were showing sighs of poor performing and Shares XP somehow saw that I was looking around other investment company's and gave me a call to arrange a presentation whilst I had the computer in front of me and go through there justification for there management fees $5650....(a once of)
They showed the Telsta graph and how they made 15%....How....well they consumed 3000 hrs doing so.WOW well done SharesXP.
Now lets see how they went.....the first week my $20k reached $21k...I was suitable impressed!
FROM there on its all down hill....slowly dropping to $16,500 with NO sign of improvement.
If I had managed the $25K I would be streets ahead and not feeling like a fool.

PS.my financial adviser advised me against doing this.

Before you joined did they show you any proof of their performance of the DMA?

 

[Catto]

Re: Share Express Pty Ltd

BKB have you had any dealing with Share Express and id so have they been positive?

Do not deal with them...they lose your money and are a waste of time. They come across as conservative and caring about your money and claim how legit they with their financial certificates etc but are total failures. I signed on for the one of life fee of approx. $5000 and handed over power of attorney with $20,000 into my IG trading account and started trading....losing approx $100 a week. Complained after 3 months and they said ... stick by us over a longer period and history shows that we will perform. After 6 months it got worse ..complained again and they offered me a stop loss..and 3 months later no improvement..they repeated the offer of a SL which would take me up to 12 months. So at 12 months with the market doing well they were still down...time to cut my losses and say good bye to a failure and nasty experience. They said on $20000 in their sales promo that you would earn 5 to 10% as a minimum and wanted me to place $60000 in...glad I didnt. Anyway the message is stay away from them get the knowledge yourself and use it for your own trading....since leaving them and placing their money into my share trading account I am doing much better. By the way the salesman who sold me the deal would not speak to me again after l requested to talk to him...that says alot about the company.

STAY AWAY FROM SHARE EXPRESS ... you will lose your money

 

[Catto]

Re: Share Express Pty Ltd

Hi,

My name is Marie and I make up part of the Share Express customer support team. My role is to answer any questions or concerns related to the services we offer and ensure every client remains completely satisfied with us.

If I can be of any assistance to you please contact me on 1300 739 594 between 9am to 5pm Monday to Friday or alternatively by email at marie.leboydre@shareexpress.com.au. I am happy to help you personally.

Regards
Marie Leboydre
Share Express Customer Support

Are you proud of working for a company that takes peoples money? And suffers from poor performance..

 

[Catto]

Re: Share Express Pty Ltd

Having been with them for 12 months and believing their sales pitch and having lost money over the 12 months why would one stay with them. So to anyone interested in them the choice is yours. I believe they make their money from 1. the sign on fee and 2. each trade....question is ...is it linked to peformance. The incentive is to make trades not profit first. I feel they need to reconsider their business modelto survive.

 

[Popped]

Well unfortunately I'm currently in the Share Express roller coaster.

I was contacted by a STMF called Matt. Being a well spoken English chap, I had a few phone calls where we conversed about my investment goals. To my disappointment , I hadn't seen this blog, otherwise I may have made a very different decision.

Most of the people I dealt with are on LinkedIn.

Like other people here, I signed up for the one off fee, and a minimum of $20K. I researched online, but found a little information about Share Express, Olive, or Blue Chip Investments,most of which was complimentary. I visited the Sydney office on a work trip, and due to the time of day being lunch, only a secretary was there. I unfortunately couldn't stay to meet the Principal, but it was sparsely furnished, and in my mind I explained this away as perhaps being low overheads for what is essentially an online business.

The investment started well, it went up quickly, but now is going down fairly fast. I get lots of notifications through the IG phone app & emails, and get the feeling the trades are being automated by a robot, as they appear at all hours, day & night. Occasionally I have a win, but mostly there are lots of little losses.

I'm now at the stage that I have a figure in my head where I will pull the pin unless the profits start going up. For them it's approaching rapidly. I know I'll take a loss, but like gambling, I was prepared to lose in order to win.

I'd certainly like to see any further comments here, positive or negative, and hope that in so way my comments help others make a balanced decision.

 

[Virge666]

Wow... Why spend $5k on a $20k account... You have to make 25% just to break even.

Do you guys not understand the risk you have to take to make that kind of percentage on such a small bank roll...

These guys make money on commissions... Not by trading.

 

[OmegaTrader]

The more things change the more they stay the same....

Why do these threads always have random users posting about how great it is and then disappearing??

ahaha

Unless you have an impairment I believe unfortunately caveat-emptor applies.

But then again we have casinos and usa has vegas.

The flesh is weak..

In this case part of me feels sorry but overwhelmingly,

well caveat emptor.

 

[Siradiva]

I, like Popped took the gamble as was interested in seeing if this cfd trading really worked as am a bit of a gambler and just wanted to avoid the hassle of doing trading myself. Had the spiel done which went for over an hour, but they did make it quite clear that there was a chance that I could lose money, even though their results for the previous 10 years showed a minimum of 10% return and up to 65%. I was aware however that cfd trading is very high risk. Within a couple of weeks showed a profit of $1500. Didn't last long, in the next 4 days proceeded to lose 8K. Tried to withdraw some funds but IG were asking for hard copy of bank accounts before they would release the funds (that's their policy they claimed) as they were concerned someone hacked my account. After several 'not so friendly' phone calls with the customer service team (credit department refused to speak to me), was able to release a small amount of funds without supply of any hard copies. Have since withdrawn several more funds without a glitch. All up I have now lost 13K in the space of 3 months (5K fee+ 8K through trading). From my experience probably a good one to avoid if you can't afford the losses. Might let it run another month or two to see if they can make a profit(I highly doubt) before pulling the plug. I don't think the so called 'professional traders' as they like to refer to themselves as aren't any more capable of investing and making money than any mug off the street.

 

[Virge666]

They lost 8K in four days... That is impressive.

Not sure they understand risk management if that is the capabilities of their trading desk.

40% drawdown in a week would not be possible in any professional trading company. Risk management and loss limits prevent it.

 

[Siradiva]

Just an update over the last 2 weeks. Another 2K down the drain. Steer well clear of this mob.

 

[John1063]

I signed up to Shares Express and it was the worst financial decision I have ever made. For a cost of around $5,000 AUD they managed to lose me 25% of my investment in 12 months and that was only held at 25% because they put a stop loss on for 3 months, without that it would have been bearer 40%.
lots of promises of money and quoting of previous years profits, so far my investment has only gone down when all my other investments have made good gains.

 

[Siradiva]

50% losses in the space of 4 months. Tried to tell me that anyone who joined in October experienced heavy losses and were just going through a bad period. Obviously this is a load of jargon as John1063 indicated his losses of 25% over 12 month period. It's clear that these guys fabricate their returns. Should be investigated by ACCC or someone. I reiterate, do not, under any circumstances, 'invest' any of your hard earned with this dodgy establishment. Funny when I ring them, always in a 'meeting' and never get back to you, emailed them instructions and my request was literally actioned within seconds. Bad experience with both bluechipshare and ig markets, wouldn't recommend them to anyone.

 

[timer]

They are dodgy..happy to make money from people being sucked in and passing through their system. Be smart, don't sign...same pattern..initial rises then down hill...contact with them...seek more time...down hill again...eventually you leave with a loss...so those interested ...what is this telling you...?? Its not rocket science.

 

[Wizard33]

Well unfortunately I'm currently in the Share Express roller coaster.

I was contacted by a STMF called Matt. Being a well spoken English chap, I had a few phone calls where we conversed about my investment goals. To my disappointment , I hadn't seen this blog, otherwise I may have made a very different decision.

Most of the people I dealt with are on LinkedIn.

Like other people here, I signed up for the one off fee, and a minimum of $20K. I researched online, but found a little information about Share Express, Olive, or Blue Chip Investments,most of which was complimentary. I visited the Sydney office on a work trip, and due to the time of day being lunch, only a secretary was there. I unfortunately couldn't stay to meet the Principal, but it was sparsely furnished, and in my mind I explained this away as perhaps being low overheads for what is essentially an online business.

The investment started well, it went up quickly, but now is going down fairly fast. I get lots of notifications through the IG phone app & emails, and get the feeling the trades are being automated by a robot, as they appear at all hours, day & night. Occasionally I have a win, but mostly there are lots of little losses.

I'm now at the stage that I have a figure in my head where I will pull the pin unless the profits start going up. For them it's approaching rapidly. I know I'll take a loss, but like gambling, I was prepared to lose in order to win.

I'd certainly like to see any further comments here, positive or negative, and hope that in so way my comments help others make a balanced decision.

I had exactly the same experience - and my account went down from my initial $20k investment down to $9k. And that's after they paid back $1,500 to virtually apologise for the poor performance. You only do that if you are making plenty of money via the trades that you do, and I am incredibly annoyed that I fell for the three card trick.

Olive Financial is the name of the group that run all this - stay away from them like the plague.

 

[timer]

They make their money from the sign on fee for every trade....thats why so many trades occur...no incentive to link performance to successful trades....a poor business model.Providing customers keep coming through the turnstile they are happy because they are making money and most people hang in there for a while then leave...they have made their money via trades and the sign on fee. From what l am hearing here that is the pattern...l am glad l am not part of it and feel for those caught in their web.

 

[Garyjonassen]

Had $20k go to $3k in 3 years. Paid $5k for the privilege. Got refunded some $ as a sorry but still keep going down initially sold with lots of positive growth charts which were then unavailable later for reference. Disappointed. Keep away. Too late for me now.

 

[Garyjonassen]

Had $20k go to $3k in 3 years. Paid $5k for the privilege. Got refunded some $ as a sorry but still keep going down initially sold with lots of positive growth charts which were then unavailable later for reference. Disappointed. Keep away. Too late for me now.

this is my daughter's uni free all gone

 

[timer]

Like I said...they have a nice scam in operation. Get the $5000 and keep the turnstiles' clicking with people coming through and then trade till your heart is content collecting so much per trade. All I can say is ...don't get suckered in folks. I don't know how good honest people work for them and how they sleep at night. That's it they are not good honest people.

 

[Garyjonassen]

I would like to report ShareExpress to somewhere? Is there somewhere anyone can recommend. Will others also join the scam reporting with me?

 

[systematic]

I would like to report ShareExpress to somewhere? Is there somewhere anyone can recommend.

https://www.moneysmart.gov.au/scams/report-a-scam