Review Time
Final Update Following Company Response: Your reply continues to rely on vague mentions of "regulatory" and "KYC" duties without specifying any legal basis for your actions. I have no issue with identity verification, source-of-funds checks, or confirming the destination account; all these were completed. The destination account was already on file and had been used for deposits before. My identity was verified multiple times, including photographic ID with a passport. What I object to is the demand that I explain the reason for withdrawing my own cleared funds as a prerequisite to accessing them. This is an unacceptable, abusive, and unlawful requirement for a deposit holder. There is no requirement under Australian law that permits a retail broker to demand a customer disclose the intended use of their own money once identity and account ownership have been verified. Internal withdrawal limits or risk policies do not negate a customer's legal right to their funds. Framing these demands as "for my protection" is not believable. The only party benefiting from the delay was the company, by holding onto customer cash. This is not consumer protection — it is control disguised as compliance. Your claim that the matter is "resolved" misrepresents what happened. The issue was only resolved after extensive obstruction, repeated refusals to escalate, denial of access to any accountable decision-maker, and the initiation of external complaints. Resolution under pressure is not indicative of a compliant or customer-focused process. It was only after the authority acted on the complaint that the company acknowledged its fault. I also directly messaged your CEO. Your response is misleading and frankly dishonest, which will lead to a formal record being made. Your trust rating is 1.8—enough said. Withdrawal Refused – Unacceptable Behavior: I have used the service for some time and never needed to contact support. Unfortunately, when I did, it exposed just how flawed, opaque, and disrespectful this platform truly is. I attempted to withdraw funds exceeding their arbitrary daily limit. What followed was an exasperating experience: endless automated responses, followed by "human" responses that merely repeated scripts. Over four emails and multiple chat sessions, I repeatedly requested to escalate and speak to a manager. This was outright denied. Apparently, at this service, senior staff are either mythical or deliberately hidden from customers. When I decided to close my account and transfer my holdings to another broker, the company audaciously demanded that I justify, in writing, why I wanted access to my own money. To be clear: there is no valid reason for a retail broker to require a customer to disclose the purpose of withdrawing their own cleared funds simply because it exceeds an internal limit. The fact that their compliance team could not understand why this request is offensive speaks volumes about the culture and competence of the organization. Their so-called "compliance team" — the only ones authorized to approve withdrawals — are faceless, unreachable, and cowardly, refusing to make or take phone calls. Accountability seems to be intentionally designed out of the system. I will be referring this matter to the relevant authority. This is not about inconvenience — it is about control, opacity, and a total lack of respect for customers. If your only goal is to make small trades, this service might suffice. But if you ever need to withdraw more than $20,000, be prepared for intrusive questioning, bureaucratic hurdles, and outright obstruction. This is not how a serious financial institution operates. The justification they provided for requesting documentation regarding the use of my funds was for my protection. This was after I had given them copies of the bank statement showing where the funds were going, the same one from which deposits came, despite providing a photo of myself holding my passport and answering all security questions. It's unacceptable; they profit from holding your cash for as long as possible — it's unlawful disguised as policy. Let's see what the financial ombudsman and the relevant authority have to say.
Update Following Company Response: Your reply continues to rely on vague references to "regulatory" and "KYC" obligations without specifying any legal basis for your actions. I have no issue with identity verification, source-of-funds checks, or confirming the destination account; all these were completed. The destination account was already on file and had been used for deposits before. My identity was verified multiple times, including photographic ID with a passport. What I object to is the demand that I explain the reason for withdrawing my own cleared funds as a condition for accessing them. This is an unacceptable and abusive requirement for a deposit holder. There is no obligation under Australian law that permits a retail broker to require a customer to disclose the intended use of their own money once identity and account ownership are verified. Internal withdrawal limits do not negate a customer's legal right to their funds. Presenting these demands as "for my protection" is not credible. The only party benefiting from the delay was the company, by retaining customer funds. Your assertion that the matter is "resolved" misrepresents the situation. The issue was resolved only after significant obstruction, repeated refusals to escalate, and the initiation of external complaints. Resolution under pressure is not indicative of a compliant or customer-focused process. It was only after the authority acted on the complaint that the company acknowledged its fault. Your response is misleading and will lead to a formal record being created. Your trust rating is 1.8—enough said. Withdrawal Denied – Unacceptable Behavior: I have used this service for some time and never needed support. Unfortunately, my first contact exposed just how flawed and disrespectful this platform is. I attempted to withdraw funds exceeding their arbitrary daily limit. What followed was an exasperating experience: endless automated responses, followed by scripted replies. Over four emails and multiple chat sessions, I requested to escalate and speak to a manager, which was outright denied. Apparently, senior staff are either mythical or deliberately hidden from customers. When I decided to close my account and transfer my holdings to another broker, the company audaciously demanded that I justify, in writing, why I wanted access to my own money. To be clear: there is no valid reason for a retail broker to require a customer to disclose the purpose of withdrawing their own cleared funds simply because it exceeds an internal limit. The compliance team's inability to understand why this request is offensive speaks volumes about the organization's culture. Their so-called "compliance team" are faceless and unreachable, refusing to engage in direct communication. I will be referring this matter to the relevant authority. This is not just about inconvenience; it reflects control and a lack of respect for customers. If your only goal is to make small trades, this service might suffice. However, if you ever need to withdraw more than $20,000, be prepared for intrusive questioning and bureaucratic hurdles. This is not how a serious financial institution operates. The justification they provided for requesting documentation regarding the use of my funds was for my protection, despite my providing all necessary identification and information. It's unacceptable; they profit from holding your cash for as long as possible—it's unlawful disguised as policy. Let's see what the financial ombudsman has to say.
I submitted all documentation for permanent incapacity, signed off by various doctors as requested. As an injured veteran, I've faced multiple injuries and have finally reached this point. Despite claims of urgency, there has been nothing but silence from the company despite my constant follow-ups. They seem unwilling to release the funds; I would advise against using this superannuation.
Avoid this service at all costs! I am currently filing a complaint with the relevant authority. My TPD payment was approved five weeks ago, but I am still waiting for a payout. I was informed today that the paperwork I submitted now needs to be mailed instead of emailed. Communication has been sparse, and they keep requesting additional documents, impacting my mental health treatment as I rely on my TPD for ongoing care.
This platform is quite good; I've been using it since September 2020. They offer competitive brokerage fees, even though I no longer use it for ETFs. The tax report feature is very convenient. However, they do not show portfolio performance beyond one year, which is a downside. Overall, it is well-designed and user-friendly.
It's acceptable for small investments, but be cautious if you're looking to invest in U.S. markets. The platform lags behind on IPOs for days and does not allow market orders for new listings immediately. Additionally, transferring to another broker incurs a $100 USD fee per holding, which feels excessive.
When I attempt to make purchases, the confirmation text with the necessary code is either not received or delayed significantly. This app may be suitable for beginners, but once your portfolio grows, you'll need a more reliable tool. This could end up costing you money.
Do not choose this service just to save on brokerage fees! They will not allow you to transfer your portfolio unless each holding exceeds $500. This is unreasonable if you want to invest in multiple ETFs. I found a better way to achieve free brokerage with another platform.
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