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Selfwealth
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- 3 reviews
No support
It's always a worry when you call the advertised contact number of a business and are told by a recorded message that the number is unavailable. Repeated attempts get the same message. I have found this message to be symptomatic of SelfWealth (SW). Although they promise to get back to you, when you try and contact them through online chat or when you email them and despite advertised average times to respond, my experience is they don't respond. My issue involved SW changing my account number. It is a superannuation account so that number is ...
Read moreknown to the Tax Office, my accountant and their auditors. For these reasons I take mucking around with the account number very seriously. SW didn't bother to notify me and when I discovered the change they claimed to have sent me an email. I asked them to resend it and that's when the communication stopped. Four weeks later still nothing. At this stage I don't think fraud is involved but I can't rule it out. I will be closing my accounts and getting out as soon as possible. This has been a useful learning experience for me. Don't trade with any business where you can't talk to a person on the phone is the take home message.- Transparency
- Rates and Fees
- Incentivised Review No
- 3 reviews
- 1 like
The most useless app
simple transaction from usd to aud - it`s been over a week - still no money in AUD account - Selfwealth is becoming a complete joke now - very frustrating experience having to ask them again and again more than 5 times and still nothing
- Transparency
- Rates and Fees
- Incentivised Review No
- 2 reviews
Archaic
Archaic processes and systems that hamper investor needs even in the simplest of actions. Service delivery has been underwhelming at almost every interaction. Overall, there are much much better investor product solutions.
- Transparency
- Rates and Fees
- Incentivised Review No
- 3 reviews
- 1 like
Very concerning - Are they going under?
I transferred $200,000 from NAB into Selfwealth on the 9th of May by Bpay.
Under the Bpay rules funds MUST be available the same day if made before 6PM.
Selfwealth can't find the $200k !!
I have supplied all the docs from NAB relating to the transfer.
I have been told in writing over the last days by SW's [Name Removed], [Name Removed], [Name Removed] and [Name Removed] that :
- The funds will be available on the 14th. The 14th is a Saturday, very unlikely...
Read more- I spent the money buying shares. Not True - 400k less 210k plus 280k = 119k. Not True it equals $470k - It's a +T2 thing and will work out. Nonsense - I put the funds into my other account. Not true - Bpay deposits are done by email address. Rubbish - I used the wrong BSB. Bpay doesn't use BSB - It's the ANZ's fault and I will get the funds in 10 days. What The ?? I still don't have the $200,000, 3 weeks later, Self wealth don't care and have stopped replying to emails. You cannot phone Self Wealth or their wholesale bank ANZ Send money to Self wealth at your peril- Transparency
- Rates and Fees
- Incentivised Review No
The point is SW told me in writing 7 different lies regarding the unallocated funds as above.
It appears SW has a problem allocating funds from ANZ.
I still don't have the $200,000 eleven days later....
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- 6 reviews
- 4 likes
Site great, support pathetic,
Emails not answered, chat staffed by trainees who can't understand the most basic of questions, the only conclusion can reach is they don't care. Interesting as listed company with shares that are performing very poorly, that they have no interest in customers. Which means there own shareholders also suffer
- Incentivised Review No
Hi David, sorry to hear you didn't have our ideal experience -- we aim to deliver the best customer experience and support possible. Is it something we can help you out with here? If not, shoot us an ...
Read moreemail at marketing@selfwealth.com.au and we can look into it further. Thanks!- 4 reviews
- 1 like
Worst customer support ever
Like many, I've had my share of customer support headaches when dealing with telcos, internet service providers, financial service providers and the like. But SelfWealth set a new low when I needed urgent support to resolve critical issues.
I can't comment on the performance of the SelfWealth trading platform. I never got to use it. The first trade I attempted failed. Instead, I got a cryptic error message stating "Account not Active". That didn't make much sense. I was logged into my account and for all intents and purposes it did appear to b...
Read moree active. I reached out to SelfWealth for support. Now, the customer "service" nightmare began. SelfWealth does not provide a way to contact a human directly in real time. There is no phone number you can call. The "live chat" function connected to a bot, and a particularly dump one at that, even during trading hours. Responses to email requests for help were slow to arrive and not very helpful. (SelfWealth's own literature states responses to general questions will take approximately 4-5 business days.) After multiple unsuccessful requests for support and a week of waiting, I bailed and went elsewhere. On top of the "Account not Active" problem, I also had an issue with money going missing in a bank-to-bank transfer. That did eventually turn up, but only after more than a week in transit.- Transparency
- Rates and Fees
- Incentivised Review No
- 3 reviews
- 3 likes
What customer service!
Selfwealth is fine until you need to make changes to your account, their customer service is up there with the worst i've ever experienced. They are cheaper for a reason! Not worth the headache, easier to change.
- Incentivised Review No
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Appalling for US market
Does not permit a 24/7 stop loss. Their back office is now failing for the AU market as they are failing to issue timely contract notes and automatic integrations. I am migrating to IBKR. Also, when I transferred shares to Selfwealth they issued me with an additional 20,000 by accident. Simply poor controls.
- Transparency
- Rates and Fees
- Incentivised Review No
- 2 reviews
- 1 like
This is not where I'd want to keep my money
We have fount their service to be minimal, and unhelpful when we've asked about anything besides simply buying online.
Their share transfer process once we decided to leave is unhelpful and slow.
- Transparency
- Rates and Fees
- Incentivised Review No
Hi Steve,
Sorry to hear about your experience, it isn't our usual standard.
In regards to your experience on delay of your transfer, please note that transfer requests travel through different interm...
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- 5 reviews
- 8 likes
Fine for basics until you need to transfer shares out
This platform was fine for simple purchases, but there are now other brokers out there that are more competitively priced (and Chess sponsored) with an equivalent or better platform. I submitted a transfer request with the new broker to send my portfolio over from self wealth only to have it rejected by self wealth arbitrarily for "signature not matching", and asked to cross out my signature and resign it to resubmit. I checked all the forms that have been submitted and they all show my correct signature, so all i see this is a delaying tactic to prevent users from transferring their holdings out of the platform.
- Transparency
- Rates and Fees
- Incentivised Review No
Hi Matt,
We are sorry to hear about your experience. The signature verification is a standard security practice required by all online brokers and trading platforms to ensure the legitimacy and validity of the transfer documents....
Read more As a security measure, we reserve the right to reject any transfer if we are unable to identify the client's signature or if there is a discrepancy in any of the details provided. In regards to your experience on delay of your transfer, please note that transfer requests travel through different intermediaries before they can be approved. If the form is completed correctly, transfers are approved within 24h from the moment we receive them as per our performance procedure standards. However, if there is a discrepancy, the form travels back through the intermediaries, causing delays in the process. Thank you for your feedback. We take all requests seriously and adopt the same measures and priority regardless of whether the transfers are coming in or out of our platform. I hope this explains the reason for your experience. If you have any inquiries please don't hesitate to reach out to our support at support@selfwealth.com.au or our live chat. Thank you very much.I've completed multiple transfers before and never had a problem. I've reviewed the signatures on all submitted forms including the original forms submitted to Selfwealth and they all match. As you sa...
Read morey, you reserve the right to reject any transfer which you appear to have exercised arbitrarily here. Selfwealths solution is to resubmit a signed form, which will be the exact same signature on the form that was just rejected. How many forms do I need to sign and submit before you decide it's acceptable? Do you see how pointless this solution is? I've submitted a complaint to AFCA but am left in limbo in the meantime, as the support and follow up from Selfwealth has been terrible.Hi Matt,
Sounds like our team would need to look into this further. Please email your details to the marketing team at marketing@selfwealth.com.au and we’ll work with the support team so they can look up your account.
Thank you.
- 3 reviews
- 5 likes
Just look for your long period of success regarding SP@ present chart.
Been with them for more than 24 mths after [Name Removed] listing.
[Name Removed] left.
New management is stuffing it Big Time. Hence the SP and financials. Not suitable for trading in penny stocks in speculative stocks. They enforce a 50% margin on stocks which may raise 60-120%/day.
Excusing themselves by ASX rule. Even if the market depth is up to 200-300% and SFL pulls your stock off the market even if your time of expiry is in 2 mths times.
So you have to sit on the computer 10.00-16.00 hrs to monitor the inability of the platform and the management.
No way to sort it with a live chat when the "trainee " personnel is employed.
"Seniors" will answer your query after a 2days delay !!!
Wanna this kind of service ??
Then subscribe.
- Transparency
- Incentivised Review No
Hi Pedro, thanks for joining us when you did and sorry to hear about your frustrations, that's far from ideal. Can you send an email to marketing@selfwealth.com.au please? I'm unsure as to what your e...
Read morexact complaint is but we'd be keen to rectify it. Thanks.No customer support.
Need to update bank account, but no way to do it online. Waiting a week for customer support to contact me. It's a great app, which I've been recommending to friends. But this is extremely disappointing.
- Incentivised Review No
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Bad software
App doesn't work, it accepts my sign in but shows nothing else other that the profit/loss for the day. Now the website wont go past a pop-up with no way to 'ok' or exit. Cant access my account to cash out of my stocks.
- Incentivised Review No
Hi Ashlee, so sorry to hear this. We did hear this from another customer who was having the same issue. It should be fixed now. Please email us at marketing@selfwealth.com.au if you need any help.
- 2 reviews
- 1 like
Ridiculous
Sold out of a position, 1x trade only, for x amount. Waited 2 days for clearance only to find 2/3 cleared. Sent email, no reply. The most uncontactable trading platform. Period.
- Transparency
- Rates and Fees
- Incentivised Review No
Hi Anthony, we are sorry to hear this. Please get in contact with us at marketing@selfwealth.com.au if you still need help.
- 60 reviews
- 85 likes
Support never gets back to you
Had issues on sign up, left them a message from their online help, no return email, phone call or anything.
Extremely bad way to start out.
My room mate also had issues, she did the same thing and hasn't heard anything back either, thinking I'll try another platform as this support is non existent.
After many tickets they deliver no support or fix for the matter, just repeating the same stuff that doesn't work. I would suggest finding a new platform for anyone reading this.
PS My room mate never got it sorted either and they just cancelled her ticket....
Read more Useless.- Incentivised Review No
Oh no! We are sorry to hear this was your experience - for you and your roommate. This is not our normal standard. Please get in contact with us if you would like to chat further or still need any help marketing@selfwealth.com.au
Okay I've finally received a reply around when I left this review, I answer straight away, the issue is I've received one reply back and it took another week to even get that and it didn't solve the problem. So the original review is still correct.
Thanks for the update. If you want to send us your name and email address to the marketing email above we can look into this for you.
Questions & Answers
Will tonite upgrade of your platform include the glitches I have been complaining about for a while or you would just ignore them as you have been doing for the past 2 months?
i was able to get back my losses with the help of Rec ov er yfu n ds.n et" they helped recovered everything i lost i am verry happy i reclaimed my stolen investment
Why do the tell you you initial stock purchase can be no less than $500 and when you wish to purchase smaller amounts in other stocks they block your purchase and when you finally get someone they tell you that each new stock requires a minimum of $500 this is an AXS stipulation i find this hard to believe when there are other brokers who deal in small sum purchase.
I assume this is legit because I recently saw that one company on the ASX was re-buying share holdings on behalf of (and with no say by) shareholders, where those holdings were under $500. I assume th...
Read moreis is so the company does not have to bear the burden of the management costs associated with a small holding like that. I would imagine that once you are over that $500 threshold you could buy as small chunks as you want, but it wouldn't make sense anyway since when you buy small chunks the fee is a higher % of the overall purchase. I would guess that other brokers who allow that kind of small purchase really don't care so much about the purchaser, just more about pocketing your trading fee.What are your broker to broker share transfer fees for moving the account OUT to other broker?
Unfortunately, I don’t have the answer to that but you can chat to one of their team members directly through their website. I hope that helps.
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// Edited as I was looking at the wrong portfolio originally //
Howdy Doug, first off, thanks for joining Selfwealth!...
Read more The cash that originally came in came into an "unallocated" bank account and when we can't match it to a particular account it gets sent back to sender (effectively). It sounds like you've been in touch with the CS team as to the reason it didn't arrive, good to have that cleared up! In terms of Selfwealth's financial position, we're well funded and are a publicly-listed company, which means we report quarterly. You can see this via our ASX announcements.