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Suncorp Review Australia & Test 2021: Is Suncorp safe or scam?

Suncorp Australia offers customers a simple trading platform and is well-renowned across Australia as a household name in banking. If there is one thing you can be assured of with Suncorp Australia, it is that the institution is legitimate.

We have determined within our Suncorp review that Suncorp’s platform to trade – Share Trade –  is user-friendly and trustworthy. Suncorp Australia facilitates brokerage across the ASX, 15 international markets, warrants, ETFs and mFunds. The due diligence we have put into our Suncorp review for Australia proves the broker to be a safe and smart bet.

Trading with Suncorp Australia as your broker has many pros.

Pros & Cons of Suncorp
  • Simple to use trading platform
  • A trusted and well-renowned broker
  • User-friendly navigation and personalisation
  • Lack of cryptocurrency trading options

Security, Usability, Look & Feel - Simple and easy trading

If you want simple, easy and fast trading experiences, we are pleased to report that in compiling this Suncorp review Australia we found this broker to offer swift and competent trading options to suit every level of investor – with limited fees.

Suncorp Australia handles their brokerage through Share Trade – a powerful online tool which happens to be the perfect platform for a huge assortment of trader profiles – from beginners to advanced traders.

It was a credit to Suncorp to work through their innovative ordering system as part of this Suncorp review Australia. It is easy to find share prices and conduct your training quickly and simply on the Share Trade platform and you’ll find a full suite of adjunct services available for a very reasonable fee. One thing clear in this Suncorp review is how user-friendly the website is for traders.

Connecting with brokers is easy at Suncorp and, as yet, there has never been a reported security breach or security concern. The types of security concerns you might read about in an IC Markets Review will not apply here at Suncorp – this organisation is too accountable and transparent for such issues. Users will find a simple and streamlined approach to setting up an account, navigating how to buy and trade, accessing account information, and monitoring deposits and payouts.

The Share Trade system Suncorp Australia uses really is second-to-none. The performance of the broker site at Suncorp can be slightly slow at peak periods, but only concerning loading time. You’ll find no issues with compatibility and the theme is clean, crisp and modern.

How to Trade – Our guide to Suncorp Trading

SunCorp have made it very easy for users to get trading. All you need to do is create an account, then head over to the ‘Share Trade’ platform. It’s important to note that you must be an existing SunCorp account holder to open up a share trade account with this provider.

To make things a little easier, we’ve created a step-by-step guide:

  1. Head over to the Suncorp website and click on the ‘Banking’ option on the main menu
  2. On this page, click on the ‘Investments’ section on the menu.
  3. Then, click on ‘Share Trading’.
  4. From here you will be able to set up an account by clicking on the yellow ‘Open account’ button.
  5. You will then need to select your Application Type from the drop-down menu. The options include: Individual, Joint, Company, Trust, Self-Managed Super Fund & Minor.
  6. Once you click ‘Apply Online’, it’s time to add in all your personal details. You will need to supply your 9 digit Suncorp Account Number or 16 digit Suncorp Credit Card number, as well as proof of ID. This can be in the form of a driver’s license, medicare card, or passport.
  7. Upon submitting your details, your account will then pending approval. Once you have confirmation of your approval, you can begin trading!

Share Trade has such a user-friendly interface that you won’t be second-guessing your next move. You’ll know where to click next, intuitively, which makes this broker a great starter for those who are newer to trading.

But if you’re a more experienced trader, do not despair, Suncorp Australia has you covered too.

Those with more advanced needs can use the intuitive platform to create stock watchlists, access key data and analysis and monitor IPO listing dates. In preparing this Suncorp review for Australia-based investors we worked through this set up process quickly and simply.

Payments - Seamless connection between platforms

If you’re building wealth through stock investment of any kind, you’ll appreciate a simple payment system, and Suncorp delivers that with its Share Trade account. A brokerage system is nothing unless payments can be made quickly, easily and transparently.

Luckily, in researching for this Suncorp review Australia we were pleasantly surprised by the functionality of the Share Trade system when it comes to monitoring fees, making deposits and withdrawals and choosing suitable payment methods.

At Suncorp Australia, your Share Trade account is linked to a Wealth Cash Management Account (WCMA). If you ensure your WCMA account has sufficient funds to make trades, Suncorp brokers will settle buys seamlessly from this account.

When it comes time to sell, the funds will be at your fingertips as soon as they clear, again, in your WCMA. You can even link your WCMA to a cash or debit account and card.

Others who may have joined us for the finer details of an ANZ share investing review would note the system for extraction of payments is slightly more convoluted than that which Suncorp can offer its traders. You don’t even have to be at your computer to get started, you can get started with Share Trade on your phone – it really is that quick and simple.

Customer Service - An excellent reputation for customer support

Suncorp Australia has a sound reputation for customer service, especially in its brokerage services at Share Trade.

There are online form contact options, email options and phone options for customers to utilise when they are working in Share Trade.

If you’ve cast your eyes on a Westpac review in the past you’ll note they also have online chat options, but Suncorp do offer these connections across other modes of services within their service suite and will potentially branch out into this arena for Share Trade in the future – watch this space!

In a nutshell, if you’re having an issue as a Share Trade customer with Suncorp, you will be linked through to a real human to deal with your question or complaint.

The processing time for troubleshooting is also extremely fast and you’ll appreciate the connection to Suncorp specialists to deal with your issue in a calm manner – if necessary – slowly talking you through the steps required to solve the issue yourself.

Suncorp Australia is a long-standing company and their competence as a customer service advocate is high and really stuck out as a strength when compiling this Suncorp review.

License & Security - Top-tier security at Suncorp Australia

If you’ve read a lot of Interactive Brokers reviews you’ve likely been well-versed on security issues that can arise when dealing with unscrupulous brokers.

This type of illegal activity is not going to be an issue for Suncorp customers – Suncorp is scam-free and you won’t have to worry about the legitimacy of a Suncorp product or its brokerage.

If you want a renowned broker, this Suncorp review should provide you with the confidence you need to put any imaginings of a Suncorp scam out of your mind.

Suncorp Australia operates under the strictest licensing, encryption and certifications possible – due to the long-standing nature of their business and its continued success in brokerage, banking, insurance and superannuation.

Suncorp review practices regularly and their brokers are internationally renowned for their trustworthiness, with the Share Trade system is a world-leader for assisting traders of all shapes and sizes to build wealth.

If you’re worried about whether or not Suncorp is a scam, let us allay your fears. After all, this is the Suncorp review Australia has been asking for.

This institution is renowned, embedded and well-known in almost every Australian household.

If you want a safe bet for a broker, choose one which is synonymous with managing the banking, insurance and superannuation of its community – and this is what Suncorp Australia can guarantee.

Part of putting together this Suncorp review Australia-wide was to gauge whether or not the majority of Australians would trust this institution as trustworthy and legit.

The good news is – Suncorp Australia is proven to operate above board and transparently.

You’d expect to find this level of security also applies in a Nabtrade review and other similar brokerage offerings. The public-facing nature of its banking core business means its brokerage offerings remain legitimate, safe and trustworthy.

Reputation and Customer Feedback – Positive reviews all around

Suncorp is upheld by its reputation as a reliable institution – having been trusted for decades to manage the wealth of Australians.

In terms of customer feedback, Suncorp review Australia-findings show Suncorp fares extremely well.

Their reviews are glowingly positive and any issues that arise are usually dealt with and personally-acknowledged online by a member of the Suncorp team.

Suncorp has built its business on ensuring it maintains a flawless reputation – and this extends to its brokerage arm.

It is not expected that Suncorp will ever lose its footing in terms of its reputation and, quite the opposite, will likely continue to go from strength-to-strength as an institution. As such, it’s very easy to recommend this provider to our readers.

Suncorp Crypto

Cryptocurrencies - No crypto options at Suncorp yet

As we have mentioned briefly above, if you want to trade cryptocurrencies in Australia, Suncorp is not your best bet as a broker.

This article is devoted to a Suncorp review for Australia, but we do have other articles to cover off on the top cryptocurrency exchanges in Australia and beyond.

You can still satisfy many of your trading needs with Suncorp and Suncorp is scam-free when it comes to trading on the ASX, 15 international markets ETF’s mFunds and warrants.

Fees - What are the Suncorp trading costs?

A Suncorp Australia brokerage agreement attracts several different types of fees, depending on the way you are trading, how often and in which jurisdiction.

Suncorp review their brokerage fees on a regular basis and fees are clearly outlined for each product:

Australian Shares

All brokerage options have associated fees. As part of our review of Suncorp Australia we have listed these costs for you explicitly.

Brokerage fees:

Suncorp Australia brokerage fees start from $21.95 for $0 – $10,000 to $29.95 for $10,001 – $25,000 and trades over $25,001 are priced at 0.12% fees.

International Shares

The brokerage fees for International shares are broken up into the exchanges they operate within:

For US Markets the fee is $24.95 for trades up to $5,000. For trades $5,001 – $10,000 the fee is $34.95. Trades over $10,001 attract a 0.35% fee.

Foreign Exchange

Fees are set at 0.60%.

Custody Fee

There’s a minimum $10 monthly fee, but this is waived if you trade within the 12 month period.

Cash Management

Fees for cash management are set at 0.01% for 100,000 +, $20,000 – $99,999  and $1 – $19,999.

Jurisdictions and Limits - Are there any Suncorp restrictions?

It was clear when preparing this Suncorp review for Australia that, as an institution, Suncorp Australia is trustworthy, and the same goes for the calibre of their brokers personally appointed.

New brokers to Suncorp are required to undergo rigorous accreditation and if you’ve stumbled upon a Pepperstone review, you’ll note that there are varying levels of broker verification that is warranted in each jurisdiction.

Suncorp brokers lead the pack by working on an aggregator-aligned partnerships relationship model.

Suncorp review their brokers’ accreditation specifics very specifically and new brokers to Suncorp Australia are armed with the practical knowledge to ensure traders who trust Suncorp with their brokerage can be confident to grow their portfolio.

Other Trading - Plenty of other trading options at SunCorp Australia

One thing to love about having Suncorp Australia as your broker is the wide range of trade options you have.

Suncorp review their offerings regularly and allow customers to trade:

Australian equities

You can buy and sell shares on the Australian Stock Exchange (ASX) and Chi-X Exchange (CXA) and the brokerage rates are industry competitive.

Exchange-Traded Funds (ETFs)

ETFs allow traders to really manage their exposure – we’re talking stocks, commodities or bonds.

Warrants

For truly leveraged exposure, flexible brokerage options from Suncorp Australia allow you to get your buy and sell times just right.

MFunds

Unlisted managed funds mean you can dabble in emerging markets while managing risk.

International Markets

Buy and sell across 15 international markets including the US, UK, Hong Kong, Canada, Denmark and Spain.

Cash management accounts

Our Suncorp review has delved into the ins and outs of a Suncorp Share Trade account and these are linked to wealth management accounts for easy, breezy trading with trustworthy brokers.

One thing we often look for when we research things like this Suncorp review, is whether or not the brokers’ product offerings can be personalised to suit the trader.

The good news is, this Suncorp review shows Australia is pretty lucky to have a broker like Suncorp Australia offering up brokerage services – given how simple it is to personalise the platform and really make the Share Trade system work for you.

You can pick and choose from different analysis and comparison tools, with access to Morningstar, Dow Jones indexes and the ASX company announcements, to name a few.

To start with, if you’re someone who is checking out this Suncorp review because you’re not sure what you need in a broker just yet, why not choose to set up your Share Trade account to operate very simply, for free.

Share Trade can be whatever you like it to be – perhaps you don’t want too much info or “noise” in your face while you’re trading? Switch off analyst notifications and just trade from the heart.

As an alternative, you might be looking at this Suncorp review in Australia because you have more intricate requirements as part of your brokerage. Either way, Share Trade and Suncorp Australia has you covered, and as we mentioned above, they’re legitimate and safe too.

Suncorp ETF

Trading ETFs

Suncorp offer their customers the option to diversify their exposure by investing in exchange traded funds (ETFs). These opportunities will usually track an index and can include a large variety of assets that would otherwise not be available to all customers. Find all your ETF trading options at Suncorp and complete trades easily using their well-designed trading platform.

Suncorp Stocks

Trading Stocks

Customers can also take advantage of share trading at Suncorp. This allows all accounts the option to buy and sell shares in various corporations listen on the Australian Stock Exchange. The process is simple, and it is free to open an account. There are also plenty of learning resources and data tools that can help you on your trading journey. There are also international market options on offer.

Overall Conclusion - A safe and secure Australian brokerage

Suncorp Australia is safe and Suncorp is not a scam. Suncorp’s brokerage capacity, via Share Trade, is extremely competitive, despite not being able to offer cryptocurrency opportunities at this present time.

Being the disruptive and growth-focused organisation it is, there is every chance that Suncorp will continue to expand its suite of services to ensure it appeals to an even wider range of customers into the future. Suncorp Share Trade is free and easy to navigate and manage – it will also save you serious money in private brokerage fees.

We would have no qualms recommending Suncorp Australia and the Share Trade platform to traders looking for a reputable and trustworthy brokerage service with good security mechanisms in place and a fantastic reputation for customer service.

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