Reviewer Photos & Videos
when will Australia get a decent broker SFW doesn't make the grade
no customer service--- plenty of funds but a/c says insuffient funds when I try to place an order
previous experiences are send an email and wait 4 weeks where you get an unresolved response reply to that email and wait another 2- 4 weeks and hope something positive happens
Please don't waste your time or money
You get what you pay for
Like a lot of things in life, this app is fine when things are fine. When you have an issue or there is something you want to do that the app doesn't allow (which is many things) then your frustrations will start.
The support is what you'd expect for $9 trades. Next to zero. The app and web interface is clunky. You will need other charting tools to function. If you are starting multiple accounts, make sure you get it right the first time as it's very difficult to make changes or get someone who has a clue to help.
Poor Customer Service
Generally found this platform useful, but when we encountered a problem they weren't helpful. Will be changing brokers.
When I setup my account, I completed a form with my nominated bank account for withdrawals. Selfwealth incorrectly entered those bank details in their platform (two digits were reversed in a 9 digit account number). This led to my funds being sent to an incorrect account. Despite this error being caused by their data entry, they were unable to return the funds and have instead resorted to a recall request and included the fol...lowing statement: "A Recall can take up to 30 Business Days to be completed. As the beneficiary bank may need to obtain written approval from the beneficiary, please note that there is no guarantee that the funds will be returned." This is completely unacceptable and despite several attempts at contacting their support to encourage a refund, they have declined. Thought others ought to know - please make sure you check the bank details that Selfwealth create in their software.
Open an account - Quite Confusing
Very confusing with SelfWealth Supports team and I don’t even know what do they wanted?
I have applied for a trading account, required documents are certified and uploaded. No respond from SelfWealth, until I emailed the Supports for the application status
Few days later received an email not satisfied with my certified copies by a JP doctor. I emailed SelfWealth Supports again to explain the doctor who certified is an JP and due to NSW Covid lockdown no JP can be found
My email attached my Medicare and trading invoices from Westpac Broker (...with my HIN) for 400k of SWF shares I just traded recently. I am now still awaiting for the respond from SelfWealth. I have been with Westpac broker for 15 years and seeking for the cost saving broker But my first impression is not Comfortable and very Confusing! From TBT Tran
Unprofessional Company To Deal With
I requested a change of my details by email 2 weeks ago and not 1 reply to confirm they received my request.
I had to log on to their chat this morning and lo and behold I was advised they need to call me to verify.
Why not respond with this information 2 weeks ago. BTW Im still waiting for their phone call.
So UNPROFESSIONAL would not recommend this company to anyone.
New side menu takes up a lot of space for cosmetic reasons rather than functional reasons.
The site is less functional and requires more clicking to get to where you want now than it did before.
Which tends to extend to the site itself, style over substance as the saying goes.
If there were an alternative at the same brokerage, 100% would abandon instantly as the site is more interested in cosmetics and gamification than being a serious trading platform with user experience and functionality at the forefront (those things users actually want being some ways down the list of priority)
Website does not allow to place limit orders away from the current market price
e.g. CCE current MP $0.003, tried to place the sell order @$0.006. The order failed. Reason: Limit price too away from the CP. Even for orders Good until 01/02/2022. Depth shows orders lined up till sell price $1.00.
Terrible new app
Self Wealth - I was really happy with your old app. Traded fast, easy to use and navigate. The new app is clunky, overloaded with too much info per page, freezes when trying to trade, you can't see market depth on order page so can't keep up with movement while placing order. I used to trade almost exclusively on my app, now I don't even want to open it. You need to revert to old app or there will be a mass exodus
Complicated, not user friendly, not recommended
The new app is complicated with useless info and it’s rather an min web than an app. My stock commu group are moving out this app. Useless and terrible UI &UX.
Have to say the old app is the best and the new app is a suicide action of SWF!
Cash transfers still in dark ages
I just finished a live chat. I asked whether their banking system supported OSKO, the instant bank to bank transfer of funds. I was told that I would have problems using OSKO to transfer funds as their bank, ANZ, does not support OSKO. Huh?
I was told to use BPAY, and not from the app but from a computer. The funds would take three days to reach their account. So much for trading on the go. If you see an opportunity to buy some cheap shares and you don't have enough money in your SW account, you are running the risk of having enough money to c...over your trade because you have to wait till you get home and transfer the funds and hope the funds are in their account in time for settlement (I don't know if there are any late fees involved; I assume there would be). I spent time setting up a personal account and a company account all for nothing. I was going to transfer all my trading from CommSec to SW but not anymore. I think I'll wait until they catch up to 2021. [Update: I have confirmed that ANZ does in fact support OSKO. I don't know why I was told I would have problems]
Not User Friendly
Very average app, especially for the samsung side, constistent error page. Been trying to trade for weeks, application set up takes long, and even longer to get it approved by team
Good so Far
If anyone is on the fence on using this platform, you can rest assure that this is one of easiest to understand in terms of operating and navigating around. The customer service will try to support you anyhow they can if you have an issue, so far, I have no problems dealing with them.
I'd used (not immensely) platforms such as IG trading, 500 plus and interactive brokers, however, I find them difficult to use and understand with many jargons and functions. Selfwealth is good for people who wants a straight forward with simple functions to pl...ace trade orders. Not only is better than some trading platform such as IG trading as you own the trades with your CHESS ID. However, Selfwealth is only able to trade in Australia and US. Selfwealth will handle most of the application for the US trading, you just have to fill a form and they will handle the rest. The trade cost is AUD$9.50 and USD$9.50 for Australia and US trades only. There is no maintenance fee or other difficult to understand fees. Just be aware, there's 0.60% fee for transferring AUD to USD account. If you want to try it out first, please feel free to use my referral link to get 10 free trades to try it out first: [Link Removed] Thank you
Terrible customer service and terrible service
wanted to transfer my shares from my previous platform to self-wealth and and been over a month and account still not active or working. Big mistake to have chosen them over others coz of the price they offer.
Dont use Selfwealth - No support - costly mistakes - wont respond - you have been warned!!
9.50 trades sounds cheap, however I have spent over 4 weeks chasing up a transfer and an error (they transferred the wrong shares to someone elses account). I must have emailed them 20 times in the last four weeks (including the online chat). They have not accepted the mistake, they have not apologised for the mistake, they have not fixed the mistake, they have not even told me they are going to fix the mistake. This has cost me thousands in trades and when it goes into next fin year - it will probably cause a CGT event and ill have to pay heaps of tax for their mistake. this 'cheap broker' has cost me thousands and I cant resolve it!
Looks good but takes forever to get verified and start trading - Poor customer service
I created an account so I can trade on American stocks easily. Low fees and the platform looks really good. However the process of creating an account takes 10x longer than you think. Very rigorous. Customer service is available through daytime hours but they are little help.
Long story short, if you plan on using self wealth to trade stocks, you should start your sign up process today and you might be able to trade stocks in 2022
Questions & Answers
Do you now have live pricing?
Yes Mick they now have live pricing and instant transfers.
How to do first trade
I need to transfer money out of my SelfWealth trading account to buy some priority offer shares.
I cannot find a way to do this and I am in a bit of a rush.
Alternatively I thought that I could withdraw from their ANZ account into my linked account, but am unable to find a way to do this either. Please could someone help. The bot is useless and emails take so long for answers.
I haven't tried this myself yet. I've only transferred money into my SW cash account from my Commsec account, however I just went to Settings -> Trading Account -> Cash account and there is a blue button called "Withdraw from AUD" which looks like you can transfer from your AUD cash account to your nominated other account.
Hi there, I have just been on CHAT with selfWealth and I do not have this blue withdraw button, I have tried numerous times. Thanks for trying t help though.
You should be able to withdraw monies from your cash account to your nominated inked account in SW.
I did this last week without any issues
Just dont' try and change your linked account details as this was a painful and long winded experience.
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