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Selfwealth
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- 2 reviews
Terrible customer service
Whilst the fees are low and the platform reasonable to use their customer service is terrible! As I am trading through a Trust it took 3 months for them to set up my account. Also when I wanted to update my postal address it they changed it to the same address rather than the new address, despite there being no errors in the form. I didn't realise they hadn't actioned correctly until later which resulted in correspondence going missing and additional fees reissuing dividends.
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- Incentivised Review No
- 3 reviews
- 2 likes
Nah, not if you're serious about share investing.
After spending months researching all the different platforms I decided on SelfWealth. 6 months in I realise I've made a mistake. What you save in brokerage fees you loose in inadequate information, glitchy website and app and hopeless customer support.
There are lots of bells and whistles on SelfWealth. They make a big deal about the "community" and how you can follow what other investors are doing. This sounds much better than it is. The novelty wears off quickly and though it can be interesting to know how many people and what sort of inves...
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- Rates and Fees
- Incentivised Review No
Limited Application
The platform is OK if you only want one share trade account. If you want more than one account, say for family members or your SMSF then Self Wealth only permits one named account per email address, so no other accounts can be opened under the same email address. Only option is to open multiple accounts in the same name which can make if difficult at tax time, or have multiple email addresses - not worth the complication.
- Incentivised Review No
- 3 reviews
- 2 likes
Great fees poor app/website
Chose to use sealthwealth due to lower fees and having your own CHESS no. However all I do is go back and forth to superhero to look at shares. The app/website is not user friendly and very confusing - I had to access the help centre to figure out how to transfer money to my account. Please make your app more user friendly, in the mean time I think ill stick with superhero.
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- Incentivised Review No
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- 10 reviews
- 7 likes
Appalling Customer Service
Nice website and app however customer service is online only with a very slow response. I do not recommend if you invest lots of money and need quick assistance. Also big drama in changing my bank account detail so avoid
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- Rates and Fees
- Incentivised Review No
- 4 reviews
- 1 like
- Verified
Cheap but you get what you pay for
Whilst they are cheap and I have appreciated that but there are a few prospective issues that people should be comfortable with.
* Customer service is limited and generic, I have tried to reach out a few times with a response of either do not reach out via this medium (even though they monitor and reply to comments in it) or they send through a copy-paste response (I assume to get through as many complaints as possible).
* For a new platform, it feels pretty dated, this opinion is subjective but having used a few others I would say this is one ...
- Transparency
- Rates and Fees
- Incentivised Review No
Hi Alex, thanks for your honest review and for joining. We pride ourselves on customer service so I'm disappointed to hear you've not had a great experience (like many others here have). I'd love it i...
Read moref you reached out to us via marketing@selfwealth.com.au and see if we can fix this for you. On the UI, we're working hard in the background for improvements so stick with us and you'll see change. We've not worked on the desktop platform in a few years, so it's due an overhaul.Cheap brokerage but disappointing experience so far
$9.50 fixed price trades are the reason I changed from Commsec to SelfWealth. I had 32 different holdings to transfer and was led to believe from the SW website that I could transfer all of them under the existing HIN. Sounds simple right? Wrong. I was informed by SW that they had already allocated a new HIN to my account so I would have to transfer each holding ( 32 of them ) individually. Changing the HIN also meant that my portfolios disappeared from the various registers (Automic/Boardroom/Computershare/Link ). The response from Boardroom ...
Read moreto my enquiries stated that SelfWealth should be doing all this but when I again approached SW I was told to sort it out myself! My other disappointment is that my portfolio update is about 30 minutes behind the ASX, whereas Commsec was immediate. Hopefully once all this transfer process is complete it will be smooth sailing at $9.50 per trade, but so far it appears that you get what you pay for.- Incentivised Review No
Sorry to hear about your experience Neil and Kaye, far from what our normal standard is. We recently had a backend change with a supplier which slowed down and in some cases (like yours) put you throu...
Read moregh the wrong process. Hopefully, once you're on board you'll see that our team is great and the platform is even better. We appreciate your patience so far.If I was able to easily transfer all my holdings under the existing HIN ( as suggested on your website) I would have been spared HOURS of extra online "paperwork" and I would give you a higher rating....
Read more I would recommend that any prospective client obtain a commitment from SW that all existing holdings can be easily transferred under the existing HIN prior to commencing the process.Related Articles
- Verified
Opening an account took 7 weeks and escalating through dispute resolution
Support crew can be unresponsive for days to weeks. When they do respond, instead of answering the question they simply directed me back to their help page on the website which did not have what I was looking for. Their support gave me incorrect instructions on how to open my account on the first instance which lead to delays as I had to correct and resubmit paperwork.
I found the support to be more helpful through the online chat.
At every stage of the process, if they said the next stage would take 48 hours, or 3-5 days, it would inevitably...
Read more take 2 weeks or more. When I wrote to support via email, they responded by simply copying the same message that there are delays with no further explanation or expected timelines. The account was only resolved when I threatened to escalate the complaint to the Australian Financial Complaints Authority. Having now finally managed to open an account, I am now very skeptical whether I should continue to keep my business with them.- Incentivised Review No
- 14 reviews
- 3 likes
Too many limitations
I noticed there is too much of a delay between ASX open time and actual trade in this platform. Also, after you sell a stock they hold the money for 72 hours before you can transfer to your account. Even after waiting for 3 days and your money is released, it takes longer for that money to be sent to the nominated account due to transaction delays. But when you deposit money it is almost instantaneous. Valuable trading features like trailing stop loss are also absent.
- Transparency
- Rates and Fees
- Incentivised Review No
Thanks for the review. In terms of the transfer after a sale, this is the same for any ASX platform and it's the settlement imposed by the ASX, therefore, unfortunately out of our hands. There's no de...
Read morelay between the ASX opening and trading on our platform. If you're referring to pricing updating, that's referred to as "live pricing" as all pricing on our platform is delayed by 20 minutes other than on the order pad and the stock page. We're running a beta at the moment for live pricing though, so will be offering it soon. We have stop loss orders, but not trailing stop loss as you've pointed out -- we'll be looking to add more order types.Find out how Selfwealth compares to other Forex & Share Trading Platforms
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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.
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- Incentivised Review No
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.
- Incentivised Review No
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
- Transparency
- Incentivised Review No
Thanks for joining James. In order to offer low-cost brokerage, we can't also provide phone support. The team are inundated with enquiries at the moment, unfortunately, chat is the quickest way to get...
Read more something answered. Email response times are at least a week, to put it in context as to how many more enquiries we are getting compared to normal. It's normally a day or less. We've put on a lot more staff but more people keep joining. Hopefully, you can see with our older reviews that our service is normally, quite good. Thanks for your patience.Glad you agree it's crap customer service .
People take note. No phone and take a week to reply to emails
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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
- Incentivised Review No
Hi Nicholas, we've got a large backlog at the moment, the team will have your email and will get back to you soon. We've been putting on extra staff to deal with the extra work, and are continuing to ...
Read morehire more. We'll get back to our great levels of customer service, there was just an unexpected interest in stock trading, industry-wide during January!Hi Jarrod, thanks for your prompt reply, your team made contact yesterday and things are nearly finished now, cheers again
Great to hear they've almost got you sorted. If you're happy with the follow-up and the platform itself, once you get started, we'd really appreciate it if you can update your review for others to see...
Read more. Once again, welcome and we really appreciate your patience in these busy times!- 2 reviews
- 2 likes
Slooooww support - Don't even try to join
I thought it might be an isolated case when it took more than 2 weeks to activate my account. Turns out this is actually the norm if not their best response times... Even with the account still not activated, the trial premium counts down... Cheeky?!
Now, submitted the request to open a US trading account and again as of now already waiting for more than a week. No hope for a reply earlier than one or two weeks' time.
If you are considering joining, forget it. The app is great but they are clearly under-staffed.
- Incentivised Review No
Hi Masala, thanks for joining and we apologise for the delays in setting up your account. There have been two main factors contributing to this: we've had less staff on board as it's the holiday perio...
Read mored (very few people have had holidays since online share trading blew up in March last year, as we've been so busy) and there's been an unexpected interest in share trading again in the new year -- normally this might happen late January, not at the start of it. We've now got all staff back on board and have increased the customer service team by 25% with more coming on in the coming weeks. We appreciate your patience and hope you will get to see the higher-standard the is the norm.Good platform but nonexistent support. Rubbish overall!
Good platform but nonexistent support. Rubbish overall!
The best reply time takes 2 weeks. Very slow. If support is needed for anything they are useless, don't know or very slow.
- Transparency
- Incentivised Review No
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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Hi Paolo, sorry to hear this was your experience with us, this is not our normal standards and we’re always looking to improve. If you would like the chat further, please email marketing@selfwealth.com.au