CHEAP brokerage only!
The only reason I am using SelfWealth (SWealth) is because that have the cheapest flat-fee brokerage I can find. That is awesome. But you get what you pay for. Their customer service is hopeless, their record keeping on the platform is lacking. I just bought more KGN shares under their SPP (outside of SWealth) but using my SWealth HIN so they can be added to my account. I now note an increase in my KGN portfolio balance, but no record of the transaction (eg date, etc) is shown anywhere in my SW account. You cannot ring anyone on the phone to di...scuss the matter, only an online chat, which to me is impersonal, time consuming and inefficient. Also, they withhold funds paid into your cash account for an extra day before it is available. Settlement proceeds, cash deposits, etc are not available until the following day. Of course, NO interest is paid on your cash account. If it wasn't for the low flat brokerage, I'd be saying farewell!
Can't beat flat rate trades, but there's more to consider.
So I've been trying to invest while COVID is happening and they are okay in general but you have to think about other issues.
1: So $9.50 flat rate per trade is their main draw card. That's fantasic. But I think that's all that goes with them.
1. It takes a good 1 week (or even more) to setup the trading account.
2. Live support is only via chat from 10am to 4pm, no phone calls. On a good day, you'll be answered in a few mintues. On a technical meltdown day - wait for at least 30 minutes for a chat person to answer you, and they ca...
Exceptional customer service and a great way to trade.
Platform works really well and the mobile app is handy. Cheap and effective way to trade. Exceptional customer service also - the team went above and beyond to help me with an issue I was having and resolved it quickly. Highly recommend.
SelfWealth has been the best tool for investing ! we were beginners with no one guiding us other than books, videos, blogs etc. and SelfWealth has been so easy to use and I love using the app. My favourite thing is the $9.50 trades and for as long as that remains I am a happy customer.
Cheap product, cheap service.
-Took 80 days to get my account approved. (delayed more than usual due to corona?)
- They started my 90 day trial when first applied. ie I had 10 days use of their advertised 90 day free premium. They did not rectify; their solution was I just pay the full $240 for the year.
-Couldn't port over my NYSE stocks, they're now stuck in limbo.
-Interface of ANZ and comsec (the only other 2 I've used) far better (and end up cheaper too if you were to buy Selfwealths 'premium' service)
-Price updates are delayed!!! unless you want to pay $240/yea...
- Verified customer
Love the certainty and savings with flat-fee trading
Wish I'd known of Selfwealth earlier as I was getting totally ripped off and would have saved so much money sooner.
After moving from Westpac I'm now saving at least $20 to $50 per trade. Westpac once hit me with a trading fee of $150 which would have cost just $9.50 at Selfwealth for exactly the same trade. This $140 difference for the same thing is amazing!
My Selfwealth account was approved, setup and funded in 3 days with the entire process and customer support available in chat without any delay.
Also unlike most of the other people I find the social aspects and portfolio analysis features very useful. These insights have definitely helped me build a stronger portfolio.
Definitely I can recommend this company.
Very good so far!
I moved over to SelfWealth after the ANZ ETrade to CMC transfer disaster a few years ago. Obviously the flat-fee brokerage is very attractive especially for large value trades (as the banks charge on the basis of a percentage of trade value), and I've never had any trouble with the time taken for the trade to enter the market, or trade execution. Whenever I've had any queries I've found the response to be both timely and professional. Web site and various offerings are improving.
Best Broker Ever!!!
Cost-effective broker with more and more new features, the app is not perfect yet but still far better than any other alternative. Amazing flat-fee brokerage that cannot be beat and isnt as dodgy and useless as IG markets. I recommend anyone who wants to invest to use Selfwealth.
Cost Effective Trade Fee and an Excellent Platform
Happy to have selected Selfwealth after looking at several others. It delivers what is promises.
Low trade or brokerage fees are welcome especially helpful if carrying on small sized trades (which I almost always do).
Good and easy trading platform.
Great value share trading!
Great price, reliability and performance. Flat $9.50 trades are the best thing about SelfWealth. SelfWealth has the important things right. Support has been great. Setup was smooth.
Some room for improvement such as the ANZ Trading account does not support instant transfers and takes 2-3 days to transfer funds.
Overall great with no need to pay more for those more expensive trading platforms.
Questions & Answers
upon opening an account with self wealth I would need to transfer a portfolio from commsec. when viewed on SelfWealth will the average purchase price be included on the portfolio screen. thanks, Michael
Hi Michael, no it won't, as we don't receive this information from your previous broker. You can edit the average price on the portfolio screen, next to that stock.
Hi Can a New Zealand registered company trade through your platform? Currently trading through ANZ. Regards K
Unfortunately not, only Australian companies.
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