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Sold out of a position, 1x trade only, for x amount. Waited 2 days for clearance only to find 2/3 cleared. Sent email, no reply. The most uncontactable trading platform. Period.
Support never gets back to you
Had issues on sign up, left them a message from their online help, no return email, phone call or anything.
Extremely bad way to start out.
My room mate also had issues, she did the same thing and hasn't heard anything back either, thinking I'll try another platform as this support is non existent.
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
Found my account closed without notice - told to reapply
What a joke! I had my account that I set up a year ago, closed without notice, then told to re-apply when I enquired as to why the account was closed. Nothing else was said, as to why closed.
Service - non-existent.
Cheaper/better services out there. Just check the stock price and see where SelfWealth is going. It's an appropriatte reflection of the business.
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.
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
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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