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Balance of security vs services
Service and rates are very good, however for smsf registration the documentation and compliance is excess for existing members. It was far too long an ordeal to add a second trading account to comply with my smsf.
Totally substandard support
They have given me no end of trouble trying to transfer my Holdings from another broker and now they are not even answering my correspondence. You can't ring them and you can't even complain about the guy who answers your correspondence or in my case doesn't. Totally not recommended
End of Year Tax Statements
Have been using SW for a few months now and happy with platform and fees. But may have a major problem in that eSuperfund requires a hard copy (PDF) of the Settlement Account Statement for my SMSF tax return. Seems like SW don’t provide this facility.
Also the breakdown details of the Cash Acct is weird. Recently sold some COH shares- rather than being a single line item there are 11 individual entries, from 1 to 33 shares. All adds up but certainly will be creating a huge amount of work for tax docs.
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.
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
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.
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.
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]
Questions & Answers
What are your broker to broker share transfer fees for moving the account OUT to other broker?
Can I buy the exchange-traded Government Bond here?
Do you now have live pricing?
Yes Mick they now have live pricing and instant transfers.
Get an answer from our members and SelfWealth representatives
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