Are there any users of the new CommSec International platform? What are your thoughts?
The below article does not paint a positive picture.
THE AUSTRALIAN
CommSec‘s new international platform leaves users fuming
SEPTEMBER 20, 2023
Original article (Paywalled)
https://www.theaustralian.com.au/business/commsecs-new-inter…
Summary was provided by Bing ChatGPT. Mod: Forum post edited due to copyright issues. Please do not copy and paste copyrighted articles online without author's permission.
The article reports on the negative feedback from CommSec customers who have experienced problems with the new international trading platform launched by the Commonwealth Bank subsidiary in July 2023. "“There is heaps not to like with the new platform,” said Barry Telford, a user who had dealt through CommSec’s old Pershing platform and said he had never had problems before. “I don’t think I am alone because as of last Friday when one rings the CommSec International number one is told there will be a 60 minute wait to get through.”"
The article explains that the new platform allows investors to trade shares in 13 offshore markets, but users have complained about delays in accessing their overseas holdings, transferring funds, and resolving issues with regulatory forms.
The article suggests that the new platform is a response to the competition from fintechs such as Stake, which offer cheap and easy access to overseas stocks, but the rollout has been disappointing for Australia’s largest online stockbroker.
just use ibkr