Nice and easy to use.. just needs a bit more to make it the best
Easy to invest in, just hoping they would update the app with similar features like Raiz, where they show you how much you can make if you keep investing with the compound interest (would help to encourage more frequent investing). That would be a nice feature to have on the app. Also show much much dividends you make overtime.
Cheers
Cheers
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Ok but…
Great for starting out in investing but…no control over the price you pay or sell. You may request a buy but you don’t set a buy price. You pay market value. So between you hitting buy and when it actually goes through the price skyrockets, you pay the high price.
Also, DO NOT TRADE AFTER HOURS, that just compounds the above problem.
Also, no ability to change buy/sell order even if the transaction hasn’t happened.
Also, DO NOT TRADE AFTER HOURS, that just compounds the above problem.
Also, no ability to change buy/sell order even if the transaction hasn’t happened.
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Sneaky business model
Unlike the other simplified investing apps in this space, CommSec Pocket has a significant lag between the scheduled trade day for recurring investments and the day it actually takes the money from your account. So the trade goes through, then about 3-4 days later, they take your money.
But they then hit you a $10 overdrawn fee if you don’t have enough money in your account on the random day they try collect it from your account.
But they then hit you a $10 overdrawn fee if you don’t have enough money in your account on the random day they try collect it from your account.
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New homepage glitch
There is now a new glitch - when you open the app the homepage shows only the overall balance but your individual stock balances are hidden. If you hit My Profile and go back to Home only then does the individual Finds display on screen.
Terrible
Out of all the investment platforms available to Australians, this would have to be by far the worst I’ve ever used. I literally got suspended for doing nothing wrong. No reason as to why. Just a bombardment of letters telling me I’m suspended from using my account. Utterly useless.
P.S all my other investment portfolios are active and my accounts are …….. not suspended 🙄
P.S all my other investment portfolios are active and my accounts are …….. not suspended 🙄
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Basics good, needs some work
I know this is a basic, stripped back version of a brokerage designed for the lowest common denominator. On that score, it’s great: buy and sell is easy and simple.
Go one step further and things get a bit murky. The funds on offer include some that are geared towards dividends/income. The app doesn’t apply new shares from the funds’ Dividend Reinvestment Plans at the (official) issue price, meaning the average purchase price displayed is out of whack.
This is obviously a result of the fact that there is no “pass-through” of information from the app to the share registry about your (pretty basic) preferences. Take a pretty common scenario: you want to re-invest all your dividends AND go completely “paper-free”. Simple premise, right? You’ll receive 4-7 physical letters to your address before everything works as you want it to. Enjoy the particularly ironic (physical) letter stating “Thank you for updating your preferences, we will now send all correspondence electronically”.
Good on the basics, execution of the work-flow needs some work.
Go one step further and things get a bit murky. The funds on offer include some that are geared towards dividends/income. The app doesn’t apply new shares from the funds’ Dividend Reinvestment Plans at the (official) issue price, meaning the average purchase price displayed is out of whack.
This is obviously a result of the fact that there is no “pass-through” of information from the app to the share registry about your (pretty basic) preferences. Take a pretty common scenario: you want to re-invest all your dividends AND go completely “paper-free”. Simple premise, right? You’ll receive 4-7 physical letters to your address before everything works as you want it to. Enjoy the particularly ironic (physical) letter stating “Thank you for updating your preferences, we will now send all correspondence electronically”.
Good on the basics, execution of the work-flow needs some work.
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Good app, terrible third party involvement
App is great and very easy to use and invest with, however linkmarket service and computer share holding companies that you must use are TERRIBLE, I have previous bad experience with link so I’m not surprised. This time I simply could not even log onto their websites to register my holdings or change preferences. It was simply beyond either company to get me logged onto their website or apps. I tried with different phones and laptops, spent hours deleting browser cache, swapping browsers, constantly emailing new links to change password, installing more verification software, spending hours on the phone in a cue, it was a nightmare.
I have given up and sold all of my holdings, it was just to much hassle and was eating up all my free time.
Don’t do it to yourself. Invest your money some other way.
I have given up and sold all of my holdings, it was just to much hassle and was eating up all my free time.
Don’t do it to yourself. Invest your money some other way.
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One of the best investing app
I have been using for nearly 2 years now and I love the low $2 fees and auto invest options.
Zero stars
I wish I never opened this account at all I don’t even know what happened my account went on hold called them and tried to work out what was going on but the lady said to me they locked my account over 4.20 and even apparently threatened legal actions if I didn’t pay that do they sold my shares which I just don’t understand never use again ever
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Relatively simple investing
Good entry to investing. Simple to use.
Only frustration is that to stop receiving paper mail from every different fund, you have to sign up to about four different investing services just to opt out. Every one requires security questions, passwords, tax info etc etc etc. Total pain. Please automate this as part of the purchase process. Commbank have all the information required.
Only frustration is that to stop receiving paper mail from every different fund, you have to sign up to about four different investing services just to opt out. Every one requires security questions, passwords, tax info etc etc etc. Total pain. Please automate this as part of the purchase process. Commbank have all the information required.
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Such a nice micro investment app!!
I have been using CommSec Pocket for more than a year and really enjoy it! It will be even better if I can have more than 7 ETFs to choose (looking forward to gold ETFs )!
Great for Beginners
Fantastic investing app for beginner investors with excellent opportunity to purchase ETFs with both international and local exposure. Very easy app to use with streamlined processing and beautifully integrated with NetBank. Well done CommSec.
Just my opinion
Great app works well no issues there, please fix Face ID for Apple I have to enter password in all the time STAKE and Spaceship use Face ID for fast log in. Other than that great platform for entry level investors. Maybe future give us breakdown of when dividends get paid so we know when to expect or option to reinvest or take dividends to bank account maybe an idea. If any changes made I’d go back to 5 stars any day for you.
Love the app so far.
Love the app so far.
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Great app but not great execution prices
It is a great app with an enough selection of ETFs and low transaction fees but the execution prices are not very good usually even worse than the market price. Some features around that such as being able to specify a limit price or a maximum price would be helpful.
Brilliant initiative making investing simple
CommSec Pocket provides an easy, cheap way to start investing. The app is easy to use and makes the whole process simple. Aimed at getting people started which is often the hardest part.
I would have preferred to be able to set a limit price but to simplify the process I can see why this was excluded. Note that you will receive a new HIN number once set up. As an existing commsec user I would have preferred to combine with my existing.
Generally I think this app and idea is great. I’ll be recommending it to anyone who will listen
I would have preferred to be able to set a limit price but to simplify the process I can see why this was excluded. Note that you will receive a new HIN number once set up. As an existing commsec user I would have preferred to combine with my existing.
Generally I think this app and idea is great. I’ll be recommending it to anyone who will listen
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Great app, would love Betashares ethical Australian ETF
Fabulous idea, cheap trades and easy to use. I love that you have choices in where to invest your money, and an ETF is a wonderfully easy choice. I would use it much more if there was the Betashares ethical Australian shares option, rather than the international one.
Can’t access without a CBA transaction account
Sounds like a cool product. Contrary to what others have written, it seems you now need a $4 per month CBA transaction account to use this product. Hardly low cost brokerage!
Additional Monthly fees
To use this app you have to create a Commonwealth account which they charge an additional $4 per month account keeping fee. They don’t waive this for app users/investors or provide the ability to link to your own bank accounts. Just a gimmick to get people to open bank accounts rather than a worthwhile investment option. Not worth it unless they waive the fee.
Update: I managed to get it to work with the CommSec CDIA account which is advertised as being free, so have changed my review. (Hopefully not false advertising). The app looks quite nice & I found it quite easy to place my first trade. $2 per trade seems much more reasonable then $10+.
Update: I managed to get it to work with the CommSec CDIA account which is advertised as being free, so have changed my review. (Hopefully not false advertising). The app looks quite nice & I found it quite easy to place my first trade. $2 per trade seems much more reasonable then $10+.
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Response from developer
Hi Pruesta, thanks for taking the time to provide feedback. You can use your existing CBA transaction account or set up a new one. Account keeping fees can be waived if you meet certain criteria. Many of these are fee free, you can find out more here: https://www.commbank.com.au/banking/everyday-accounts.html Happy investing! Update: Updated to reflect that criteria must be met for fee waivers.
Investing with a difference
Aimed for young investors but what a great App for all investors where only small amounts can be invested. Very low Broker fee. Would be better with more ETF investment options. Would be excellent if you could invest in selected individual shares.
Clean and efficient
Beautifully simple interface - they put a lot of effort into making it an easy and straightforward experience. The basics obviously apply - same risks as any share purchases, overseas results are affected by currency changes etc - but if you want to look at ETFs and a good way to diversify your investment dollars, this is another great app from CommSec.
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