Account Set-up Takes Forever
I was searching for various trading platforms and then shortlisted this platform because of positive reviews on productreview.com. But self wealth has not really lived up to the expectation so far. Their account set-up process is very time consuming. I have provided all the certified documents that they requested and still there is no progress. I wanted to pick up some bargains in current bear market but I do not think I will benefit much because of delay from Self Wealth. I think I will wait for another day or so and then open an account somewhere else.
S W is great for me.
We have used other brokers , selfWealth gets the job done and saves us money .
What else do you need . I don't use S W members trading and I don,t trade offend I am a
wait for opportunities trader . The markets are great at the moment for opps and I will soon be fully
invested . Sorry if you have felt the pain of this down trending market , this market is not going to fall much further maybe 15,000 pts on the DJI . There is a great trend up after all this trouble into the US elections .
Poor customer service, very long setup times
Having been waiting over a week for a simple account setup and now finally been advised that it will likely be another week. Emails for support or the leave a message function on their site only results in being ignored. When I finally got onto someone with the online chat they eventually advised that a copy of ID was required, even though this had never been mentioned anytime prior and everything continually indicated the account would be ready in 1 business day when the ANZ account was active.
Now they are making more excuses about technical issues. If they can't even provide appropriate communication and service to get you to become a customer, how much less service would be provided once you become a customer!
Positive Feedback: Annette of SelfWealth
I have been a customer of SelfWealth for only a few months now and have been dealing with Annette in the vast majority of my interactions.
Upon considering whether to make the change from Commsec, I considered that making telephone contact with my broker regarding my holdings is very very important to me but that with such a competitive rate for trades, it is SelfWealth is not able to offer this feature.
I truly believed that not having telephone access to your service would create too many issues and yet Annette has ...proven this is not so. In all my email correspondence with her, Annette has shown professionalism and clarity in her responses. She is succinct and I almost never have to follow up with further email enquiries.
Moved to SW from another platform who added inactive fees, & happy to say loving SW so far.
Platform is easy to use, they give a 90 day free trial to their premium product which enables looking at other peoples trading accounts. This bonus feature has allowed me to compile a target portfolio right now so when the bonus time is up, I know what aiming for. Internet help has been very good when I have questions. Only negative if I have to pick one is that transfers take up to 3 days, but that's fine I'm just a small investor.
SW is great, give them a try if you are on the fence!
Transferring Funds in - too slow in this technical age!
The cheap flat-rate brokerage and direct holding in CHESS is definately a big plus.
However, I initiated a bank transfer on Friday morning, and it's yet to appear in my SelfWealth account Monday lunchtime Sydney time.
This delay is not an attractive feature for a regular share trader.
Very good, reliable service with unbelievable brokerage
Have joined Selfwealth for 5 years already, has no problem at all. And saved over 5k brokerage. Thanks a lot Selfwealth. I am very glad to have your service and so huge saving for me. I highly recommend to use its service.
Low trading fees and great service
I am new to online trading, and have chosen SelfWealth for my online trading intially, was under impression that the cost for trading is more than $9.50 for trade, but clarification from SelfWealth makes things clear, yes its $9.50, definitely the cheapest online trading, only thing that could be improved is their mobile app needs to be upgraded to navigate several watchlists easily and quickly, other than that very easy to use app.
Saving heaps and app easy to use
I have transferred all my brokerage to self wealth and now have three accounts, personal, super fund, and business accounts . I am saving heaps in brokerage and find the website and app easy to use . I have recommended Self wealth to friends who are also happy and I get five free trades which is great.
Good product for newbies to share trading
I'm a newbie to share trading and only dipping my toe in the murky share market waters.
Selfwealth provides a relatively simple and cheap way of investing in the ASX. I found the Web application straightforward and easy to navigate. I did experience some problems buying into an ETF - my bid would not be accepted even tho' it was more than the $600 required minimum. However persistence paid off and eventually it was submitted successfully (I still do not know why it failed after several unsuccessful attempts).
Main issue, I would like to see two factor identification on login (using SMS or email).
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Questions & Answers
Why isn't Osko supported by the trading account. It makes it slow to get money in when you see an opportunity
Hi A_J, thanks for your question. Currently the bank account set up that we use doesn't support Osko, or the NPP. Once ANZ roll it out to this specific bank account type (it's very different to what accounts you get directly with the bank) we will make it available to our users. This won't be happening anytime soon, unfortunately. Try using BPAY, that will get into your account the next day, if done earlier in the day, the day before.
Are volume of trades good on Self Wealth?
Enough buyers and Sellers?
i want to buy some shares for my grandaughters, is this possible through selfwealth
Yes, it depends on how you want it structured though. If you want to open a 'minor's account' then this will be available in the coming weeks. Otherwise, you can buy it on your Grandaughter's behalf in your account but please consult a tax accountant if you wish to do this to better understand the complications.
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