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SelfWealth

SelfWealth Questions & Answers

4.0 from 474 reviews · View Statistics
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80 questions from our users

Arthur
Arthurasked

I transferred 1000 dollars into my SelfWealth account yesterday and its still not there. Is there a waiting period until it comes through?

No answers
Zichao Z.
Zichao Z.asked

Can I still trade on my commonsec account for the shares that I trandfered to self wealth account?

No answers
Andre
Andreasked

When purchasing debt securities are the securities inscribed in my registry’s account or held in selfwealth’s account at the registry e.g Link, computershare

1 answer
Mary A.
Mary A.

I am not exactly sure I know what 'debt securities' are but all the shares and etfs I've bought with Selfwealth have all been held by Link or Computershares, etc. as I have received certificates from them.

Tradebake
Tradebakeasked

Hi, I'm reading through SW reviews and notice a 3 day settlement period being mentioned. Isn't the ASX lead time Trade + 2 days and not 3? Would appreciate some clarity on the difference..

2 answers
SelfWealth
Jarrod P.SelfWealth

Yep, ASX is T+2 but sometimes the actual cash takes an extra business day to hit your account.

Tradebake
Tradebake

That doesn't make sense, the T+2 is for the cash to hit the account? Is there a delay between settlement the SW account receiving the cash?

Alan S.
Alan S.asked

Is there a limit to the number of trades I can do in one day or a week

3 answers
Tech-Dad
Tech-Dad

Nah, no limit it’s flat fee and no hidden costs.

Alan S.
Alan S.

Is there a law on to many trades?

Alan S.
Alan S.

Also is there a fee for withdrawal of money out of my wealth wealth acc

Jude
Judeasked

Hi im just wondering is there a limit or waiting period after selling shares? the funds are showing on the SW platform, but when i go to transfer it back into my personal nominated bank its rejecting the $2000.00 and only allowing me to access and transfer $500.00 is this normal? thanks

1 answer
SelfWealth
Jarrod P.SelfWealth

Hi Jude! To withdraw funds, you need to wait for the trade to settle. This is as the funds and shares have not technically exchanged hands until 3 days after you sale. The day after this, you will be able to withdraw your funds. If you want to trade on these "unsettled" funds though (i.e. buy more shares) you can do so without any issues.

Quiet_man
Quiet_manasked

As others have said a stop-loss and a trailing stop-loss orders are really needed. I understand these will be for ASX and US stocks?
Will these conditional orders be available to the basic accounts or only Premium accounts?
Thank-you in advance.

No answers
Lois M.
Lois M.asked

I am setting a stop loss. Why am I seeing under “help me choose” Please search stock. I’ve set lots of stop losses but have never seen this come up before. I can’t go any further. I have owned this stock since 19/03/21.

No answers
dick van herk
dick van herkasked

like to know if my shares in wbt have been transfer to selfwealth yet and if not where are they as i sent forms weeks ago also money i tranfer from westpac account to my trading account has not arrived as yet how long does it take tranfered money last wed 31st april please reply to my email thankyou.

No answers
Rosy Q.
Rosy Q.asked

Hi,
I was told by a current user of yours that you give 5 free trades to users. Would you kindly explain how this works?
I'm not a user yet, but considering becoming one and buy some shares using your platform. Do I get the free trades when I sign up?
Many thanks,
Rosy

1 answer
GoAhead MakeMyDay
GoAhead MakeMyDay

Hi Rosy, you can sign up here to get 5 free trades (full disclosure: we both will get 5 free trades that way). Once you are signed up, you can also invite new users doing the same, so everybody wins: https://secure.selfwealth.com.au/Registration/Plan/5/zmBdM

Nimet
Nimetasked

Fully agree with others. Your customer service sucks. If you want a score out of 100, really, honestly, a big red minus. Your customer service does not deserve even a single star. Why do you have a phone number if it rings engaged all the time and never answers. You can surely afford to employ a few more people to improve your customer services. It is reflect very poorly to say 2 or 3 weeks response time in your acknowledgement email. In my case even worse; it has been more than one month and still pending to make a broker to broker transfer. Can you please improve your phone and email exchanges?

No answers
Eff
Effasked

Are conditional orders (Stop-Loss, take profit) available for trades on the US markets?

1 answer
Steady one
Steady one

On the standard free account there doesn't seem to be alerts or the ability to set trailing stop loss sell orders. You can set up limit sell or buy orders at a specific price but there's no "trailing". Hope will be added later on.

Rob
Robasked

The us stock ticket it is not active anymore , I can’t even sell it because it doesn’t show me the price either , what can i do now?

No answers
Nandita
Nanditaasked

Why does cash transfer from my bank to selfwealth cash account take so long? In today’s times of almost immediate transfers, why such a delay?? The cash leaves my bank but takes more than a day to hit the selfwealth account.

No answers
Long T.
Long T.asked

I have both AU and US account with SelfWealth. After activated Advanced Orders in Settings, I do have Conditional Order such as Stop Loss and Good Til Date functions when trading AU stocks, but not when trading US stocks. I wonder why is that? It's very inconvenient and potentially lead to serious loss because of different time zone between the 2 countries.

1 answer
SelfWealth
Jarrod P.SelfWealth

These features haven't been added for US trading yet. We'll be adding them in the future.

Nene T.
Nene T.asked

Selfwealth request for bank details. Is it save to add my person account details?

3 answers
UselessHalo
UselessHalo

I don't know. So far I had no negative experience. They need your banking details to set up a linked account to enable withdrawals. Same as opening a Hi interest account with another bank.

Baby H.
Baby H.

It would be so you can withdraw funds from the platform.

SelfWealth
Jarrod P.SelfWealth

As the others have said, it's so you can withdraw funds from SelfWealth to your personal bank account. We don't use the details, otherwise.

Nic
Nicasked

Hi Selfwealth
I've activated my account over 2 weeks ago, and there hasn't been a word from anyone. I'm wondering what is taking so long as my free trial period is counting down. Is it the transfer of my HIN from commsec, any feedback or update would be greatly appreciated!!!

1 answer
Harry P
Harry P

I didn't transfer any HIN, so that may be the holdup. I started trading as soon as the funds were cleared & account activated. You should get support help from SW

colin14
colin14asked

would like to start using this platform but cant find any answers to my questions. How do i trade?? Do i have to deposit money into an account with selfwealth?? Is it like comsec but cheaper?? Is there a info sheet on how this platform works??. I trade hundreds of thousands of dollars and would like to get the cheap brokerage but im not using some backyard office to trade stocks thats not transparent.... thats too risky for me. colin

4 answers
stephen13
stephen13

Hi Colin. You deposit money in to a cash account which took about 24 hrs to clear and then go from there. We have been using it for about 6 months and it does what it says on the tin so far.

markymark18
markymark18

The account is held with ANZ for AUD/ASX trading. Easy enough to create a free account and see if it works for you. It's certainly not as sophisticated as Commsec, with all their various tools, news, graphs etc. But just for trading simply and cheaply it works wonderfully.

DIG
DIG

As Mark says it is a simple basic platform. It is cheaper than Commsec at a flat $9.50 pre trade but you get what you pay for. As extra security it comes with Chess sponsorship. However the support offered by SelfWealth is not good. There is no tech support number and I have found if you send their tech support an email the response is either very slow or there is no response at all.

Disillusioned
Disillusionedasked

On SelfWealth's "contact us" page ( https://www.selfwealth.com.au/contact-us/ ) it says: You may send any required documentation to this address but it is quicker for you to upload your documents online...

What is the procedure for uploading documents online? In particular sensitive documents that ought never to be sent via unencrypted email?

1 answer
Disillusioned
Disillusioned

Found the answer: the SelfWealth Live Chat system supports file uploads. You can attach files either as part of a conversation, or you can simply leave a message with an attachment.

Craig
Craigasked

Just wondering when the U.S. trading begins, will you be able to trade in bonds at all?
Also wondering if you are able to place stop losses via your trading platform?

No answers
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