Marketech Review: Finally, a trading account with it all on a platform that does everything
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I am a little old-fashioned in some ways and totally gadget geeky in other ways.
So when I was handed the keys to a new trading platform, the first thing I did was look under the hood and see how the money side of things worked, how the trades are settled and finally at the actual platform itself.
I’ve always used a bank connected trading account, for the security of funds being held. I want to wake up every day, knowing my money and my shares are safe and that my broker hasn’t closed shop on me suddenly.
Even with all the good intentions in the world, a BBY or Halifax disaster can bring you unstuck, even if your trading doesn’t.
When you open a trading account with Marketech, you automatically get a Macquarie Bank Cash Management Account, which is known as a CMA. This is where all your funds go to and from after your buys and sells and is fully under your control.
A bank like Macquarie being involved with handling my money is a big tick from me. My second big tick came from the fact that I have my own HIN (Holder Identification Number) automatically created.
Again this is something I can control and transfer stocks to and from, whenever I like. Unlike other platforms who ‘pool’ everyone’s holdings in one pot, this one allows me to fully own my own shares.
After going through all the usual hoops and loops required to set an account up, I was in and ready to go. I downloaded their app (Android version) and logged in with the same name and password as my computer account.
Getting myself used to how everything works was not that hard and as I have paid for live quotes, I am entitled to a better commission rate. They offer two types of plans plus a two-week practice account, if required.
No monthly fee
Trades from $500 – $25,000 = $10 per trade
Trades over $25,001 = 0.04% (4 basis points)
$45 monthly access fee
Trades from $500 – $25,000 = $5 per trade
Trades over $25,001 = 0.02% (2 basis points)
So, I have joined up for the monthly fee, which I can easily get back through the lower commission Marketech charges me.
Again I find it very easy to navigate and seriously love the way I can toggle from my computer screen to my mobile and it picks up exactly from where I was before. All I do is click on the app and enter my PIN.
The graphs don’t work as well on the small screen, though, as you can’t get a feel for the real trending patterns.
Importantly, I’m able to buy on my computer at home and, whilst waiting in line at my local Woolies, check out live prices and trade (using their free wifi).
And live prices with live market depth means I never have to refresh my screen. My watch list is also constantly updated, live.
There is no going back for me now. I have the security of a Macquarie Bank CMA, my own HIN for my holdings, live prices, graphs with which to see trading patterns and the ability to toggle from home computer to phone app, seamlessly.
It is clear that the people at Marketech have really thought about how to make the platform so easy to use. Right now, I can’t see anything that would seduce me away to another platform.