Some of the comments we have had from satisfied clients.
I have been in the trading industry for 11 years and have been through a few brokers in that time. I have been with amscot for the last 3 years and am here to stay. I can’t fault you on anything.
I would like to express my appreciation and congratulate amscot and its staff on their first class service. In over a decade of trading the ASX I have never experienced such a reliable online broker. During my time with amscot online I have found the experience second to none. You and your colleagues are always efficient, friendly and helpful, dealing promptly with any of my queries (it is pleasant to be able to contact a person as opposed to a machine). Your trading platform (amscot webIRESS) has exceeded my expectations in dependability and ease of use. I have previously traded with the best known brands in online trading and it is obvious that their goals are quantity not quality. Keep up the good work and may you long continue.
To all who work at amscot,
Just like to say how pleased I was with the preliminary advice and service that I received from your staff. It made my job so much easier and pleasant. Ultimately a sale of shares was handled so professionally and quickly without any fuss that I couldn't be other than highly impressed. The sale prices achieved even finished up higher than you quoted - good work. I had received so much conflicting advice on what procedures I had to follow and such poor general advice from another leading stock broker that I was becoming very frustrated with the system. Then I saw your yellow pages ad and gave you a ring. It was such a pleasant experience. I will recommend you highly to all the people I speak with - keep up the good work.
Best wishes and regards to you all
To Whom It May Concern:
As a profitable and still learning equities daytrader I feel compelled to compliment Amscot.
I switched 12 months ago from a similar organisation offering similar services and fee structure.
The first and foremost reason for joining Amscot was a niggling concern that my previous online broker was not an ASX accredited market participant. This, as a novice in the field, suggested to me that, in the event of defalcation, in view of the Opes Prime debacle, no redress would be available via the ASX compensation scheme. Simply, for there to be a redress, there has to be, to my understanding, a direct connection between the broker and the client. A middleman Pty. Ltd. company serving as an agent for the client would lose this direct link. Further, Amscot as a direct clearing participant does not have to rely upon third party clearing. This suggests to me, along with being a market participant, an organisation of stronger substance.
Trading intensively on a daily basis (numerous 'buys' and 'sells'), has shown up a couple of substantive differences. For example, although the dollar amount of the trades on the same day is the same, there is not a second buy and sell fee of $66-00 after 12 buys and sells, therefore giving me unlimited ‘free goes’ at the stock. It removes a psychological impediment. Also, the fee above $1M is substantially less.
Another advantage is that the Amscot servers are definitively faster when requiring fast order buy/sell/amends. To a daytrader, in the heat of the moment, when a split second means the difference between getting the lower price before the market jumps 5/10/15/20 points, it amounts to a dollar gain.
Further differences are the valued and comprehensive newsletter in the morning, and, from a purely moral viewpoint, Amscot does not engage in 'Contracts for Difference'. As I understand this issue, CFD trading is not really stock trading at all, but a contract between the client (bunny) and the broker as to which way a given share price will move on a fraction of an outlay of the shareprice. This has been indentified as being a major contributor of trading novices not just losing their contracted money, but the liability extending to meeting any further leftover debt, that is, unlimited liability. To my mind it is highly immoral as well as being illegal in the USA, because it pits the novice against the professional, and is not within the function and purpose of an accredited stockbroker.
What started out as a hobby in our retirement, daytrading has now become a very serious business. I must say that I am very happy, so far, to have made the switch.