ANZ Review Australia & Test 2021: Is ANZ safe or scam?
When looking to manage your portfolio, expand your knowledge of investing or to simply buy and sell assets, if you are an Australian investor, ANZ share investing is the easiest platform to do it online.
Linked to the Australian and New Zealand Banking Group, this is not a brand new exchange and will be familiar to many people who have lived or traded in Australia. With the platform open to experienced or novice investors, and with the option to trade in both Australian and international stocks, it is a legitimate platform which can help you to diversify your portfolio.
Pros & Cons of ANZ
- Access to international markets
- Different platforms based on trade expertise
- Learning centre to help less experienced traders
- Possibility to link Qantas Frequent Flyers to ANZ
- Customer service has been slow to respond
At a cursory glance, the website is presented in a logical fashion; at the top of the homepage there is the option to use the platform using either a personal, business or institutional account and appears more modern and user friendly than other exchange layouts, as critiqued in both Bell Direct reviews and ASX reviews.
Scrolling down, there is a banner asking site visitors what they are looking for from the page, such as investment types or trading platforms, followed by a helpful ‘tools and support’ page. However, we cannot help but notice that without an account to trade, large parts of the website are unavailable and seemingly eager for you to begin trading.
The information about the different kinds of investments are clearly displayed, alongside information on rates and fees; the general feel of the site is one of education, which is very refreshing when compared to other trade platforms. The site wants everyone who uses it to invest to be fully aware of how trading works, how to use the page correctly and the risks associated with each exchange and trading opportunity.
The site itself loads quickly, and the ANZ app is mentioned at the bottom of the homepage, downloadable for Android and iOS smartphones; the ste loads quickly on mobile devices too. There are links to social media pages, where there are interactive resources to help site users connect with advisors.
The security section is clearly displayed, to help investors report incidents of fraud or lost/stolen cards.
How to Trade – How to use ANZ to invest
As mentioned before, there are many different investment types and levels accessible through ANZ Share Investing, so to simplify this segment of the ANZ review Australia, we will provide the following tips as though you are new to investing and wish to set-up a personal trading account.
You will need to first apply to do so on the website via a form which can be found on the homepage. It is not clear why you need to apply to use this platform as opposed to simply signing up, but it seems few investors have had issues with this function.
To trade on ANZ Australia, you will need to verify your identity and your age with legal photo identification. It is recommended that you have either an Australian Drivers License, an Australian Birth Certificate or an Australian Citizenship Certificate. Alternatively, you can use an Australian Passport.
ANZ allows you to deposit funds into your account via direct debit, instant transfer and automatic payments, all of which can be done by downloading the ANZ app to your phone.
There is also the option to make deposits using ANZ ATMs with the ‘Smart Deposit’ option on the screen. This may involve a transfer from your bank account into your trading account, or could be a cash deposit. Cash deposits are processed the same day if they are deposited before 7.30 p.m.
Log in to your ANZ account and begin trading; for more experienced investors, there is real time data to help you invest. For the novice trader, the account will display advanced charting, to help you make sense of the site and trading.
To withdraw your money or assets, it seems there are many different options to assist you from this exchange; the first is to transfer it to an ANZ Debit Card, which allows investors to use their earnings from the platform in the real world, or to withdraw the money from an ANZ ATM.
If you wish to make regular lump sum withdrawals to a separate bank account, you will need to complete a Withdrawal Form. Taking up to 5 business days to process, the minimum withdrawal for a lump sim is $500. Alternatively, if you make regular withdrawals, this falls to $100 but as to what a ‘regular withdrawal is, we could not find a solid definition.
There is also the option to make contactless payments with the download of a mobile wallet, which allows you to transfer funds with the push of a button and was added to the site in 2015. The funds from ANZ Bank are also transferable to goMoney accounts. Very versatile but it is puzzling why worldwide internet payment system PayPal is not supported.
As is the way with many online exchanges, it seems that many ANZ users have in the past voiced their displeasure at the lack of customer service, with complaints ranging from cryptic rules on the exchange to no response at all from emails sent via the website.
But once we looked through the page, we could see that there was little that needed improving in this area. While the lack of a chat box was apparent and could be helpful to those new to trading, the site clearly displayed its 24/7 telephone support, and as it is linked to an actual bank, there is always the option to pop into a local branch. The ANZ app and website both have FAQ sections, detailing everything from issues with investing to problems with the online account.
In relation to its international functions, it seems that you can alter the language on the page to match your native language, but this requires a bit of detective work to find and execute. During our ANZ review, the site seemed to offer good overall customer support and quick response times.
As ANZ Australia is an international platform which requires a wealth of personal information to access, you may have the obvious buzzing question regarding security and the safety of your bank details or personal information.
Well, we explored and you will be glad to know that this site is on the top ranks with the security of its investors!
The site itself offers daily security alerts for the users and is protected by the HTTPS security network. It also offers an ANZ Security Device Software for the computers of those who have an ANZ Smartcard, to protect against online hackers infiltrating your computer.
Interestingly, if you are a corporate client, you have your choice on an ANZ Digital Key for an Apple or Android phone to prevent your phone from falling victim to hacking, or you can download encrypted tokens to add more security to your mobile device.
Reputation and Customer Feedback – Is it worth joining ANZ?
Now, on to the most important part of this ANZ review, how is its customer feedback? Has it improved or is it as low as other exchanges, as highlighted in recent Westpac reviews?
ANZ Australia had initial issues in these areas but the reviews from the last 2 years point to better customer service, an improved website and a great number of satisfied customers. Their anti-fraud protections and general security seem to be praised in many reviews by investors, as the platform continues to grow in popularity among those who want to trade on global and local platforms.
We feel it is prudent to mention that many casual traders do point out the high costs associated with this site and its regulated services, so it may be suited to those who are more invested in trading.
During this review, we found that the ANZ Australia exchange offers new investors an extremely educational experience, and can even help them to choose which investments they may be better suited to based on safety and investment amount. It offers jargon-free FAQS about how to use the site and services, informational videos and has a 24/7 phone line for investors to contact if they have questions. The ANZ debit card is a great addition as are the now stringent security features that the site has to protect investors assets and personal information.
The fees may put off less experienced investors, which was mentioned in many investor reviews so it seems to be more focused at those who are serious about diversifying their portfolio. While it may not be the best platform for those newer to the world of trading, it seems to be a boon for those with more expertise in the field. The different trading levels are certainly beneficial but it is a bit disappointing that to access many of the educational features, you have to complete an application form to trade.