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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 ...
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
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 ...to 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.
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
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.
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
Sent a simple email enquiry 18 days ago and received an automated acknowledgement stating: "Resolving your query is a top priority for us, and we will be working hard to ensure we get back to you with a personal response as quickly as possible".
I am still waiting for a response.
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.
Good but could be better
Its a great platform however, transferring money takes excessive times, last time I transferred money it took 4 days instead of the 3 they stated as they don't use Osko and the free trades they give you have such a short expiry, the free trades should have a longer expiry date. Other than that its an alright platform.
Good brokerage, but a very limited app and too slow to get funds into trading account
Good value brokerage, SW's $9.50 is so far the closest Aus gets to the free brokerage offered by US trading apps.
On the downside, the SW app is poor - cannot access/research US stocks or see your US holdings on the app so must revert to a browser to do this. Cannot see your virtual portfolio on the app either. News and announcements aren't accessible on the app and are clumsy to save/open on the mobile browser site too. There is no SW integrated widget or price alert system either to replace the third party one i have installed. Market depth...for US stocks isnt supported so I have to use a third party US brokers app for this. Lastly, cash transfers into your trading account is INORDINATELY slow. You cannot move swiftly to take advantage of trading opportunities - theres no incentive to leave cash parked in your SW account so when you quickly need new funds in from an external bank account there is no instant bank-to-bank functionality. Even worse, trying to get those funds into your US dollar account (new funds introduced to your SW account rarely clear before 8:30am, and never clear over a weekend, and 9am Sydney time is the cutoff to transfer these funds to your US account for trading that commences 18 hours later). It is just so slow. SW wont let you direct deposit into your US account either, presumably because they want to clip your ticket on the Forex transfer which isn't at a particularly competitive rate. So: good in some respects, quite dated and slow in other respects. Once the 90 trial ends there will need to be improvements to convince me to stay and pay a subscription.
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.
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.
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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