NABTRADE is awful

Lnewarmy on 03/02/2018 - 11:04
Last edited 04/02/2018 - 13:25 by 2 other users

On Jan 4, a big glitch happened to NABTRADE online system.

Although there was enough credit like ten thousand dollars in my cash account, it always showed negative equity! My money could not be used at all and I missed a lot of opportunities, in particular the same day, pot stocks prices were soaring heavily after Health minister announced the Approval of cannabis medicine export. I had to call nabtrade hotline for help and waited in a 30 mins queue! Then I was told it was a disaster across the whole system! A lady put the order manually over the phone. But could not make any change in the platform by myself if I had not transferred enough new money in from other accounts.

I lodged a complaint, but Nabtrade rejected any decent compensation. Only offered me 5 trading for free. What a joke! If i had been able to use my money, I could have earned ten thousand bucks! I will talk to My solicitor about seeking compensation. Shame on you, Nabtrade!

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Comments

  • tomclancy on 03/02/2018 - 11:09
    +25

    Thanks for signing up to our bargain site to have a whinge. I personally think you should sue nabtrade for a trillion dollars and don't accept less. But that's just me.

    I look forward to your first bargain post

  • mskeggs on 03/02/2018 - 11:11
    +7

    Is there a reason you don’t have a second broker in case there is such a system issue?
    It seems you are a bit of a high roller in the stock market, so maybe opening a free second account might be useful?
    Even on the day of the NAB issue you could have called a full service broker to immediately open an account and trade for you since you knew you were going to make so much money.

    Unfortunately, I never seem to have the same certainty ahead of time to act so decisively. It wouldn’t make stock investing much easier if I did!

    • Findo on 04/02/2018 - 01:56
      +1

      High rollers can just call through to CommSec One or whatever equivalent other brokers have. Real high rollers can just talk to private banking people to sort out any mess.

  • benny082 on 03/02/2018 - 11:17

    Should they have to reimburse all their clients for potential lost money?

  • alex-t on 03/02/2018 - 11:22
    +6

    Enjoy paying your solicitor 10k to recoup 0k of your missed 10k. Sounds like you just didn't have enough cleared funds

  • try2bhelpful on 03/02/2018 - 11:31
    +12

    From the Urban Dictionary.

    Aweful
    Synonyms: I'm stupid, I can't spell, I'm illiterate

    https://www.urbandictionary.com/define.php?term=Aweful

  • capslock on 03/02/2018 - 11:42
    +7

    What if the stock you wanted to buy had gone down?

  • monkeybusiness on 03/02/2018 - 11:49
    +3

    I doubt as a retail investor you would be entitled to anything. Its probably in their terms of service that outages may occur. Whilst I sympathize that you potentially lost out on making some profits, any serious trader will have a backup system just in case. Maybe its time to look into this for future.

    Good luck trying to sue. Only winners here would be the lawyers. They get paid either way.

  • holdenmg on 03/02/2018 - 11:55
    +1

    What about this other guy having a whinge…

    https://www.productreview.com.au/p/nabtrade.html
    https://www.google.com.au/url?sa=t&rct=j&q=&esrc=s&source=we…

    Maybe get together and have an action (with no class)…

  • [Deactivated] on 03/02/2018 - 11:58
    +5

    HAHAHAHAHA 1 POST HERO!

    no one likes a whinger

  • GregRust on 03/02/2018 - 12:18
    +2

    WTF is this?

  • mobius on 03/02/2018 - 12:23
    +1

    I grieve with you and lost opportunities on making 10 thousand dolla.

    Open a comsec account which allows you to do trades with no money in your cash account at the time of transaction, but you have to move money in within 2 days I believe.

  • Baysew on 03/02/2018 - 12:44
    +1

    Moments like these you would probably do with some of the product of the stocks you wanted to buy.

    I trade with Bell Direct. Whilst the big banks probably offer stock broking services, it is not their main business. I prefer to use companies that specialise and the focus is on the main business that they offer.

    A forum topic of cannabis stocks, may have been a interesting one. Much better than a "they done me wrong" topic.

    Anyway, welcome to OzBargain. I hope your future contributions will of a more positive nature.

  • MathNerd on 03/02/2018 - 13:46
    +3

    aweful awful.

    PM me for my PayPal address, I charge for these services.
    You can't just sign up to OzBargain, have a whinge, and that too riddle it with spelling mistakes.
    This mistake will cost you this time.

  • Gronk on 03/02/2018 - 16:04
    +1

    Here we go, another 'If I could have I would have X' stories… If I'm honest OP, you should probably chuck a dragon or 2 in there to make the story more interesting.

    As bad as Nabtrade may be, I find it hard to believe they're any worse than your spelling and grammar. Also, your asserted 'losses' are nothing more than speculation on your part, I'm sure your solicitor will tell you the same.

    • Slippery Fish on 03/02/2018 - 16:39
      +1

      While I was fighting off the mystical dawgone the dragon slayer I tried to use my magic tablet to summon the mighty nabtrade spell but failed to have enough runes and magic words to swapping my trusty coins for paper which trended in price and now am poor. There you go, oh dragon!!

      • loulou1 on 03/02/2018 - 17:53
        +1

        Your story, although good, is missing the token damsel in distress.

  • Trying2SaveABuck on 03/02/2018 - 17:01

    Get another trading account?

  • sharkyoz on 04/02/2018 - 12:38
    +1

    Woulda, Shoulda, Coulda……my heart bleeds for you

  • Changskies on 04/02/2018 - 14:37

    As a millennial, I'd like to argue that OP may be, 'badder' or 'aweful' millennial than I am!

    Also, please let me know if you win this case; I would also like to sue commsec bcuz itz totally like, not like, my fault their platform crashed on my Samsung phone for a day. Oh yeah, i just pulled from Commbank, went to ANZ during lunch break and traded within minutes. ktybye

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