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Taking on the banks but not as secure as the banks...
To take on the banks it should be just as secure as the banks imho. With my bank account it sends me an sms code to verify its me that's made any changes to my account such as changing the password or my address details. SelfWealth doesn't do that... if you leave your pc logged in to your trading account whilst you go to the toilet anyone in your house/office/library with physical access to your pc can just change the nominated bank acc, contact email and acc password then withdraw all your funds to their own bank account... Please fix this security flaw asap!
Bad support & poor non-transparent Fx - will move elsewhere for US stock
I'd say OK for ASX, but terrible for US (Fx rates).
I was looking for single platform for both ASX & US, but now decided to move out for US market.
It appeared the amount I lost due to Fx conversion is much higher than trade cost one can save. They deducted more than 0.6 bps spread even before I started any trade for US and then support folks kept repeatedly sending copy paste links of pages from somewhere without even bothering to look at specific transaction. I guess this is how Low-cost companies work - so no complain. Just 'buyer be aware'! Don't expect support to explain any transaction details, even if it appears dodgy.
Good and getting better
I like the fixed fee rate of less than $10 per trade. Recent improvements include faster transfers for funds both in and out. The platform is clear and easy to use.
Good price and good service
I got onto SelfWealth for the low rates. In addition the service has been good and they are responsive to questions. Some minor hassles with transfers but overall very good.
Good price and service, would like more advanced services
Very happy with the broking service. The instant fund transfer implemented recently is a great improvement. Dividend payments should also be included in instant transfer, or at least on the day of payment. Would also be fantastic to have conditional trading, and trading of options and warrants.
Excellent platform to start on,very easy to use and very low trading rates!!
I haven’t had any problems so far,
I’m a first time trader and SelfWealth have made my trading easy!!!
Great intro to share trading, very responsive
Apart from whatever's in superfund; I am new to buying shares this way and found SW to be fantastic. If you take the time to browse around the site there is heaps of info and links. I like ethical and sustainable investments and I have found a few through SW. Could use a little more practical nous on live chat but hey - $9.50 a trade? That's value.
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.
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.
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.
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
Cost lost trades, minimal service - but why pay extra if you only trade occasionally to steadily build a portfolio over time?
Use this link when you sign up for 5 free trades [Link Removed].
The reviewer stated that an incentive was offered for this review
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.
Fair value Proposition
I started using Selfwealth as a secondary platform purely based on the cost. Now I am slowly transferring my main portfolio since I have what I need with the progressive changes that has been made including being able to have a minor's portfolios. Minor portfolio set up has some glitches but the support towards that is great and I am confident it will be running smoothly very soon.
Questions & Answers
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.
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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