The Motley Fool Discussion Boards

Previous Page

International Investing / Australia (All-Ordinaries)


Subject:  Trading on US Markets in Oz Date:  10/23/2000  11:06 AM
Author:  rich115 Number:  1780 of 6186

This is just a note.

I opened an account with Quicken (Quickbroker) last week. I filled in a form and posted it overnight to their GPO Box to arrive Tuesday the 17th Oct. I then recieved notification by email that I could start accessing the account on Thursday the 19th. However, I still had to wait for a pin which I was told would arrive in the post in a couple of days (granted I live in Perth), and still have not recieved it as of the 23rd Oct.

On Friday the 20th Oct, I started to fill out a form to allow trading in US markets. I got stumped with one question on the W-8 form and called Quicken's help phone number.

After the person on the other end of the line had a look at the form, and the instructions (which I had also checked) I was told to hold while they spoke with their supervisor. After several minutes I was then told that they would have to check with their US contacts on the matter.

As of Monday the 23rd I am still waiting.

I guess a couple of points. Don't start an online trading account for US markets if you want a stock quickly. I wanted to buy NOK before they announced results. Due to them announcing a week early I missed out on a days gain of approx 28%. I'd have been in time if they announce on the 26th, since I would have bought with a standard broker if I had to. But we are not dealing with a predictable market, nor predictable people :). Secondly, Australia is still in its VERY early days in dealing with trading in US markets online. I am guessing that I am one of the first customers to try with Quicken, and they haven't ironed out all their procedures.

I'd like to point out that I am not saying that Quicken or Aussie online accounts are bad, I did find the person on the help desk very polite and as helpful as they could be. It just seems we have a way to go before we get a global market.

Has anyone used Commsec? I've given up and now use a standard broker.
Copyright 1996-2022 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us