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Game changing platform!
The user experience is perfect, easy to use and intuitive.
The execution of trades is fast and effective.
It's a great product. Extremely cheap yet still full of great features.
Haven't had any issues in two years.
Easy to use
Easy to use, cheaper than other platforms I tried. Cash transfers have been quick in both directions. Good reputable product. The inclusion on US stocks is a big plus also.
Only been on it for a month or so and loving every bit of it. so many cool features and many more to come i imagine. Love how fast the transactions are and the setup is incredibly easy to understand for beginners
Best trading platform in Australia
I did a lot of research trying to find the best broker in Australia,
Self Wealth has the Cheapest brokerage fees in Australia,
Good site layout,
Good amount of stock analysis,
App needs some work but I hear there is a big update coming,
Overall positive experience
Great to navigate. Easy to start trading, quick simple set up.
Easy platform to navigate.
No fuss set up & timely trade invoices.
Swift acknowledgement from companies regarding stock purchased is also seamless.
Transfers into your trading account is slow, but sometimes that gives you a chance to get your trades checked properly. Day trading charts need more detail...but I'm sure these things will get updated in the future.
It's a stockbroking jungle out there..really happy I chose SelfWealth. They've turned it into a total breeze!
Not possible to get any response from customer service
I have a selfwealth account opened through my share advisor, and I have been using it for about 3 months. The customer service so far is virtually zero. I want to change my withdraw bank account, downloaded the form, filled it and raised a request to self wealth. It's has been 3 weeks and chased a couple times, no response at all.
You won't be able to talk to anyone as there is no phone number on their website, and email, no response.
The trading experience is standard, similar to other platform I used. If self wealth wants to compete with other trading platforms, they really need to improve the customer service. I would choose to pay a slightly more brokage to have someone who is able to solve my problem when needed.
Can be better but OK
Need to have up to date pricing. I use commsec to get instant prices to decide when to buy using your platform. Other than that the pricing for trades makes it cheaper to use. Also should be automatic transfer of funds between portfolios between the same user, not send money back to my bank account then into my other portfolio.
Best trading platform!!
I have used many trading platforms and this one has a healthy dose of everything you would want. Even linked my reddit account name! Might be the best interface after ComSec.
Terrible costumer service. Can't change membership details
I logged change of address and banking details forms with them 4weeks ago.
I have emailed them many times since and support online chat ( which is impossible to get through) . They just send that same message that they don't have enough staff and are busy with new members.
As they still haven't changed my account details and ignore all emails sent to the selfwealthsupport team my shares are stuck with them.
Reconsider joining , as I have been with them for 7 months . All they seem to care about is signing up new members and ignore existing costumers.
I think I'll be moving to CommSec trading if this will ever be resolved.
The app itself is good. But if you have a problem with your account , good luck with getting the issue fixed .
My daughter still hasn't been able to trade due to account not being finalised.
We both wrote to self wealth in emails and have no replies. Lost $3000 in trades so far.
Half filled order
I was told by self wealth help staff that if an order is half filled and your order expires on the date, i should extend the order to give SW time to fill the order. I have followed the instruction but
In one case i ordered 1000 units at 2.77$ (price specified). What i got was 500 units at 2.77, the expiry date still had a few days or weeks til expiry. What happened is that , the order was filled at 2.77$ for only 500 units and i was charged 9.5. My remaining 500 units was not filled. Doesnt this break my original contract to buy 1000...units at 2.77. Another case was where i wanted to buy 100 units at $7. So total cost is $700 plus 9.50. What i got was 50 units at $14 average price. That was not what i wanted. Currently i have asked to sell 10 units @ 1.5$each. Total 15$. But now it had only sold 2 units at 1.5$ each and SW has emailed me the contract note for 9.5. What happens to remaining 8 units @ 1.5$..... will i get charged 9.5 each time they fill another 2 units @ 1.5$? Or worst after a period of time if they cannot fill my order , SW will simply finalise the contract and charge me 9.5 without having filled my original order of 10. I really need help with SW poor help from staff.
SelfWealth have been my broker for years. Very happy long term customer
I have changed from Nabtrade to SelfWealth in 2017 and haven't looked back.
It offers low brokerage, yet it is chess-sponsored, which puts it way ahead of other cheap options in the market.
Website is good and improving. The app is a bit dated, but there is a new version being released soon.
I have been able to test the Premium features during different promotions and intend on signing up for it in the next EOFY deal.
Love the idea and the platform but dreadfully slow to respond to a query
I love the idea and the SelfWealth platform but the team are dreadfully slow to respond to a query. I've been waiting for weeks now. Hopefully things will improve soon.
Customer Support Non Existent
The actual interface and product looks pretty good. However I have put in an application for my trust 2 weeks ago and have heard nothing regarding the status or any updates. Have tried to contact them 2 times via email (only method available, speaking to someone is not possible) and have received no reply at all. The application says it takes about 3 business days upon providing documents (trust deeds etc) and it has well and truly passed this.....not sure what is going on so I guess it's just wait and see if it goes though. Understand they are busy but it is pretty frustrating not being able to speak to someone and receiving no replies to emails.
Tried to register and couldn't
Even though I live in Australia and have all my documents here the platform still wouldn't accept my registration without a bunch of CERTIFIED documents, they wouldn't accept normal copies of them. There are other platforms that do business in Australia in which I was able to create an account and trade without having to send any certified documents. I just hate bureaucracy so if you are like me and you don't want to waste your time with a lengthy process just to create an account try to look the internet for other platforms to trade and invest, there's a bunch like this one in which the process will be a lot faster.
In the beginning good, now poor/dangerous!!
I started trading with Selfwealth about 6 months ago and was excited about their flat rates and entering the US market. All was good in the beginning. After trading more it became evident that I need a different broker.
I decided to switch to Interactive Brokers and things turned nasty. The transfer took ages, still not completed. Worst being that SelfWealth transferred 1 position shares which I sold previous. These shares were put into a short selling mode (-1700 shares) in my account with them and SelfWealth started buying them back on my be...half without consent. Happily spending my money resulting in losses. I only saw this by the notifications I was getting. While this "short selling" has been reversed now that put my account on trading halt. Again, no communication, not saying sorry, nothing at all. They are not responsive to mail and other communications (chat) since about 1 week. It is unbelievable and still not resolved!! I wanted to sell the remaining shares with them which I can't do now. Very close to handing that over to a lawyer. I believe it is a small company very stretched on resources and probably good for small retail traders. If you own a significant portfolio be extremely careful!!
Slow Application Process
Applied on the 2.2.21 and I am still I waiting two weeks to have an account opened. I have tried live chat with only the response of please send us an email which is still not responded to (ticket ID 110566). Poor customer service. I have other trading accounts which did not take this long or were addressed in a timely manner.
good platform but crap customer service
Cant speak to them in person
didnt reply to an email
took 3 hrs to get a reply on the live chat . Then it was a challange to get such an easy answer from it . seemed the person didnt really know what they were doing
Terrible customer service
I have emailed them at least 5 times and messaged them on the online live chat and no one has gotten back to me. It has been over a month since I got in contact asking why there was money taken out of my account, and what it was for, but no one wants to get back to me.
Also the platform is very simple and sucks. You can't even see what you have made on a specific fund it only gives you the total of your whole portfolio performance for the day.
Pretty damn good but please offer more!
Overall SW is a great Australian broker, fees low and orders are executed quick. The data available is helpful but like anything, take it with a grain of salt. Dealing with any help in chat has been pretty smooth, with difficult questions being answered via email at a later time when posed. Now US stocks can be purchased yahoo!
Im pretty sure SW algos mess with order queues, when i have placed orders i have noticed mirrored orders about 1c apart. Weird, but Ive seen this more and more with the new breed of brokers. More transparency would be a...ppreciated on this front. Id be upset if order flow goes to a third party when im not receiving commission free trades. Deposits and withdrawals are straightforward and quick (I generally receive funds the next day, vice versa). Where SW could now dominate is by adding: - US and AUS options chains at reasonable price (god let me sell covered calls in sideways markets!) - Copy portfolios like some successful platforms (some of these deliver fantastic returns) - Leverage (nuff said) - Better charting (I personally use trading view, others may benefit)
After researching a number of platforms, SelfWealth came up Trumps!
Whilst waiting for Stockspot a/c activation 3m ago/still waiting! I researched many self-trading platforms & chose SW - Simple start-up process, competitive/low fees & user friendly, especially for a 60yo tech dinosaur! Given up on Stockspot (hopeless), tipped earmarked funds into SW, and haven’t looked back! The only issue I’ve had is the short period of time idol before the mobile app logs you out. Super frustrating - so use full site where poss, which is much better and keeps you logged in for a bit longer. The addition of US market trading is a great value-add. You have my business, SelfWealth!
I lodged the Offmarket tranfer form on 12/01/21, until today 09/02/21, the shares have not been transferred , followed up 3 times, always say it on processing, they do not have any phone line to talk someone, you only can wait on live chat, it is awful.
ok, but improving
I like the fact you can now invest in US stocks like Tesla. The only issue I have with it is that buy ins are a minimum of $500. if buys ins were lower I would own more stocks. But the stocks are listed in your own name so if the company goes bust. you own the stocks. peace of mind.
Poor customer service
Applied for a trust account nearly 3 weeks ago, can't get an accurate answer on when the account is live, all paperwork has been received. No reply to chat online via the website or email
Simple and easy.
I've had no major issues at this stage. Their response times and depositing money into their account are a bit on the slow side. Options trading hopefully added in the future for serious traders.
Questions & Answers
I transferred 1000 dollars into my SelfWealth account yesterday and its still not there. Is there a waiting period until it comes through?
Can I still trade on my commonsec account for the shares that I trandfered to self wealth account?
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
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.
Get an answer from our members and SelfWealth representatives
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