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).
Selfweath Broking "Customer Service"Is A Consistent Farce
I am increasingly regretting with enormous pain giving my business to Selfwealth, since 2017 July. I don't have high expectations from a cheap platform but I do have a right to at least expect the most basic functionality!
1_ Original application in 2017 ignored and or lost by them.
2_It took Selfwealth several years to accept customer feedback that listing broker commission charges on a separate invoice (and not on the contract of sale) was a bad idea, that no other broker in Australia entertained.
3_Chronic problems with Self...
Second cheapest broker in Australia at $9.50 flat per trade. You can not phone them for any queries. Their response times to email queries are slow. They do not allow credit or offer any IPO's. It will be interesting to see how their new ETF SELF.asx performs. Personally I think they hold too many stocks. At this stage I will stick with GEAR.asx
Great trading platform but added features are confusing and poor responsiveness
I switched all my trading to this platform, after using 2 others (Saxo and NABtrade), because trading is easy, straightforward, the flat fee is great, and the site is very reliable.
What I really don't appreciate is that inability to get answers about certain features on the site.
The rankings displayed on the website are consistently different from those on the summary emails (right now, top 28% on the website, and bottom 50% in the email summary). I have written to them about this, never got an answer.
At some point my rankings healthcheck o...
Just took a few days to join - simple/efficient process. Started trading straight away - this was 2 weeks ago. Find the website very user friendly. Just as good if not better than CommSec. Plus, the added advantage of much cheaper brokerage charges. -$9.50 flat fee. Somehow I missed out on the 5 free broker charges that some newcomers had, but cannot blame Selfwealth for this.
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Questions & Answers
Does the membership fee of $20 / month kick in after the "trial" period ends ?
I currently have a personal account with another broker, which is also linked to three of my kid's accounts, as I'm the trustee. Do I open a seperate account for them or do I simply provide the CHESS details when opening my account ?
No it does not, you will need to upgrade your account to continue the Premium membership. Premium membership does not impact your ability to trade, nor to access the $9.50 fee.
You will need to create separate accounts for your children. You can provide the HIN of those accounts when you apply for their account. I would suggest until 29th February before doing this though, as you will be able to create an account under your current log in, whereas currently you need to create an entirely new account with new log in details. If this doesn't make sense, please get in touch with firstname.lastname@example.org.
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