Once you have completed your online application, and supplied any requested documentation, there are a few steps behind the scenes that are required in order for your account to be ready for trading. The reason it takes time is because there are three to four parties involved - we are establishing or transferring a HIN with Openmarkets and possibly your existing broker, and Macquarie are setting up a new bank account for you.
Individual / Joint Accounts
Your account will generally be ready for trading within 3 - 5 business days, once we have received all your documents and you have satisfied our identification requirements.
Company / SMSF / Trust Accounts
These account structures are more complex and can take 7 - 10 business days as you will be required to provide further documentation for review. This will be explained during the account opening process.
We will keep you informed of progress by email. For more information on the emails you'll receive click
here.
IMPORTANT
All applications require a new Macquarie CMA to be established. An activation email will be sent from Macquarie to each applicant with a link to review your application online and consent to their terms and conditions.
To avoid delays, please action this ASAP. In order to place orders once your account is set up, please ensure you have
transferred funds into your new linked Macquarie CMA at least 24 hours prior to trading and you have
subscribed to the platform.
If you have requested a HIN transfer from another broker, your account will not be opened until the HIN has been transferred which can take
5 - 7 business days, however
with both HIN and stock transfers, the sending broker effectively controls the timing, NOT Marketech (or Openmarkets). I
f you are eager to set up a trading account, we would suggest establishing a new HIN with Marketech and then transferring the stock held with your other broker once the account has been set up. Refer to this article for more information.