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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...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.
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.
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.
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
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
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.
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.
Good Site But Their Support Is Rubbish
The site is very user friendly and a good offering, however if you need support for anything, they are useless which is disappointing. I put an application in to trade US stocks 3 weeks ago and it's still not done
Cheap but no support or responses to questions.
They take ages to respond to emails, if at all. Their website is also clunky with minimal support. Automated trades work ok and the brokerage is cheap. That is all you get. I was going to set up a US trading account but have decided not to. I am fearful that without chess my shares will be registered only with SelfWealth. My concern is if there is a problem and they don't respond to requests for support then I could potentially put my portfolio at risk.
Takes too long to fund your account. Responding to RFIs is very slow. I also applied for a SelfWealth USA trading account. Have no clue how to access the US trading platform and no information has been forthcoming.
Excellent execution. Account opening very poor
I have been trying to open an account and transfer stock for several weeks. I have had no help nor answers to my queries. I feel like I am in limbo with no where to go for help. As a former broker I understand the issues which need to be dealt with. It is also impossible to get in touch with the management.
Hi. I transferred 4000 ORA units 19th June 2020. 4 days later 800 units disappeared. I have attempted chat and email a week ago but sadly no response.
The response to my negative review was answered promptly and satisfactorily - it was explained that there was a consolidation. Pity this was not noted on the website as this would not have been a problem to start with.
Last week I watched Rob Edgley present on conference and I was impressed. I currently have relatively large trading accounts, both personal and SMSF, with another broker and after watching the presentation I made up my mind to investigate it further. This morning I have already found one major downside, you don’t take phone calls. When My wife and I opened our accounts with our broker we went to their office with all the appropriate documents and they copied and certified them, the process was very simple not like yours. So this morning after f...inding out that you don’t have a phone service I decided to give you another chance and chat on line. So I typed up all this crap and quick as a flash all these comments came up “could not find answer” “ask another question” etc etc. So this time I asked “Are you a robot” and all the same comments came up. I have now decided to buy and sell your shares and the profit will pay for the small brokerage fee I pay with my current full service broker.
Bad Customer Service and Complicated Online Portal
I do understand this is one of the cheap online brokerage firms. However, if you are looking for good customer service and an easy online portal then you will not find here. Also, the staff has an attitude problem.
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.
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