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SelfWealth

SelfWealth (page 2 of 3)

3.9 from 510 reviews · View Statistics
See the Best Forex & Share Trading Platforms in 2021 as rated by Australians on ProductReview.com.au.
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Reviews

  • Transparency
    3.3 (26)
  • Rates and Fees
    3.4 (5)
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stephen13
stephen13Greater Melbourne (Metropolitan), VIC
  • 45 reviews
  • 34 likes

Good Site But Their Support Is Rubbish

published

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

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth
DIG
DIGGreater Melbourne (Metropolitan), VIC

Cheap but no support or responses to questions.

published

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.

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth
Bill L.
Bill L.Greater Melbourne (Inner), VIC

Bit clunky but works

published

Setting up account 5/5
Platform 3/5 (charts OK)
Transferring CHESS stocks 1/5 (total time form application to removal at the other HIN 21 days, plus another 5 days to turn up in the SW portfolio (almost a month!)
Access to US cash and trading 2/5 (yet to actually use though).
In summary - not bad but their backend needs a bit more efficiency and Osko. Recommend you keep your other platform/HIN (s) going for research and flexibility.

Transparency
4/5
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Thanks for the review Bill. We're working on a few new features that will hopefully turn the 3/5 closer to a 5 and the faster payments is definitely a top priority for 2021.

OK, But

published

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.

Transparency
3/5
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Thanks for your review and for joining, Annemarie! US trading is only available on the desktop site for the moment, it will be available via the app come the start of Feb for iOS and a little later for Android. A brand new app has been built.

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Hendrik
HendrikGreater Melbourne (Outer), VIC
  • 4 reviews
  • 1 like

Not bad but not great either.

published

I find it difficult to follow and find other member info just to see what they buy. I would like to customize the portfolio columns so will be nice if you can move them around. I am most intrerested in the daily percentage gain or loss and the total gain so would like to have those next to each other.

Also no phone support. I find typing slow and annoying.

Transparency
4/5
Incentivised Review No
Greg K
Greg KHobart, TAS

Its not bad but its not great either.

published

I switched from superhero which is another cheaper less featured broker. I have found SelfWealth to be adequate but a lot of the features they hide behind the subscription i can access the data elsewhere for free.

One particularly annoying aspect of SelfWealth is how long it takes to fund your account - despite there being a maximum of 60 seconds between my money leaving my bank account and hitting my Selfwealth trading account which is held on anz bank, it can take in excess of 24 hours until the funds are available to use. Coming from superhero it was at the most an hour.

I have yet to need to use support so i can not comment there.
I have yet to fund my US trading account so can not comment there.

Transparency
3/5
Incentivised Review No
Rob C.
Rob C.Sydney, NSW

Excellent execution. Account opening very poor

published

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.

Incentivised Review No

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dkl
dklGreater Melbourne (Outer), VIC
  • 4 reviews
  • 3 likes

Not great

published

Been a selfwealth user for a while whilst still maintaining the majority of my portfolios with Commsec.
SW is ok but there is a $20pm membership fee. For USA trading I don't see the stocks on their app which is not good but still looking into this issue.
Share transfers take ages.
Research is limited.
USA trading does not offer market call trading which I don't like.
And yes, there's nobody to talk to which doesn't help when there's a problem.
Not sure if I will persevere with them - maybe for just a few stocks....

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth
Gaz P.
Gaz P.Richmond-Tweed, NSW

Disappearing units

published

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.

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Transparency
2/5
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Hi Gaz, thanks for being a member. It's best to track the company's ASX announcements for structural changes in the stock or you can always talk to the share registry to get more information on company changes like this.

Forex & Share Trading Platforms

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Adrianne
AdrianneWheatbelt, WA
  • 2 reviews

Stop Loss Features Could be Better

published

I really like the features and trade costs but I find not having the comprehensive conditional order options, like the major platforms do, somewhat limiting went wanting to buy and sell.

Incentivised Review No

Cheap

published

Cheap trades is nice but the interface is pretty useless and the app really doesn't offer much. It's good to use Selfwealth along with other apps that have more information that you need. I only use Selfwealth for trades, any information gathering I get is from other services.

Incentivised Review No
Angus
AngusGreater Melbourne (Inner), VIC

Cheap brokerage is the only reason to use.

published

Brokerage fee is competitive for the Australian market. However, you get what you pay for as the app is disappointing. Graphs are useless, stock info is lacking, and there bare bones evaluation on your positions. Have to calculate your portfolios P/L manually. I recommend this platform as nothing more than a means to buy into the Australian market, it is no good at anything but that.

Transparency
3/5
Incentivised Review No
Forex & Share Trading Platforms

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Slee
SleeSydney, NSW

Market data not available from time to time for a few days

published

This is very frustrating because I trade a large amount and 1 or 2% means a lot of money. If a stock drops or jumps 20% I want to buy or sell and I cannot do that. Luckily my stocks have not jumped but this could happen on any day. Very frustrating. Because today a few of them have gone up and still climbing and I am missing those.

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

NOT HAPPY

published
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth
rs
rs
  • 3 reviews
  • 3 likes
  • Verified

Good trading platform

published
Transparency
4/5
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Thanks for the review RS! Most of what you've got on the list will be worked on over the coming six months, after we launch US trading in November. Other bits and pieces in there have been passed on to the tech team for discussion.

Bad Customer Service and Complicated Online Portal

published

Hello,

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.

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Hi Jeet, thanks for joining. We're disappointed your experience wasn't up to scratch, we proud ourselves on our customer service. Can you email us at marketing@selfwealth.com.au so we can rectify this for you please?

Dean
DeanMelbourne
  • 9 reviews
  • 8 likes

Can't beat flat rate trades, but there's more to consider.

published
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth
Slinger
Slinger
  • 2 reviews
  • 1 like

An organization unresponsive to legitimate criticism

published

Individual SelfWealth staff are friendly and respond quickly to queries that involve ‘business as usual’ matters; however the organization appears to be unwilling to review and possibly change its procedures in response to evidence-based criticism. As it’s set up currently, it’s of limited value to an occasional but financially savvy trader who simply wants to buy or sell shares.

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Hi Slinger, thanks for joining and for your honest review. Do you mind getting in touch with us at marketing@selfwealth.com.au? We'd be keen to hear more about the issues you're referring to here, so we can look at improving.

Rugby
Rugby
  • 4 reviews
  • 3 likes

Dreadful customer support

published

Joining took 6 weeks as emails were not answered. Their excuse was Covid 19!,, they just wont answer any emails for help. Also have requested if there is a tour of the site to assist you in understanding how it works. No Answer!!! I think they only have 2 staff and they also refuse to phone you or allow you to phone them. Put the trade price up by $2 and give some service

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth
Rugby
Rugby

As far as I know we cant even email you with our questions or problems,
Also is there anywhere on your site that a new member can lean how to best use the site

SelfWealth
Jarrod P.SelfWealth
Eric
EricSydney, NSW

Great Product and Affordable Prices to invest but terrible customer support.

published

So slow in the replies and I can clearly tell they are only using templates for their replies. Instead of being client-centric, new joiners are met with blase customer services associates who doesn't seem to care whether you can sign up or not.

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Hi Eric, are you able to email us at marketing@selfwealth.com.au? I'd like to follow your review up, as that's not how we view Australian investors, let alone current or prospective clients. We'd like a chance to rectify this for you.

Peter
PeterSouth East Queensland, QLD

Need better tools for traders

published

Trading is all good, brokerage is low. One thing that the site really needs are better stock screeners and filters, e.g. min monthly performance data on members, holdings, with such volatile markets is not good enough... It's especially important for active traders. I have to constantly switch between different providers to get the data I need. Please upgrade report options and search tools. Also - just an idea - can we get some kind of signals of stock prices on mobile?

Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Thanks for the feedback Peter, we're working on a new mobile app now so will incorporate your feedback!

Noah
NoahSouthwest, VIC

Account Takes Ages to get Approved

published

They forced me to supply 2 certified documents because they couldn't verify my drivers licence and now it has been 8 days and they still haven't set up my account yet despite them claiming for it to take only 5 days

Transparency
3/5
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth
Andrew
AndrewGreater Melbourne (Metropolitan), VIC
  • 2 reviews
  • Verified

Signed up 2 weeks ago and still stalled progress

published
Transparency
3/5
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Hi Andrew, sorry that the process took so long and you ended up going with another broker. Not ideal for anyone of course and not normal for us at all, In normal times we are usually very prompt.

f1guy101
f1guy101Metropolitan Adelaide, SA

sign up takes a long time which was not expected : (

published

they promise three to five days for an account to be setup but it has been 3 days and it is not past the first stage, very concerning as there are a lot of people trying to get in at the current market climate.

customer service seems a bit poor as well.

other than that it seems like a good service with free 90 days premium which is good for beginners like my self !

Transparency
3/5
Incentivised Review No
SelfWealth
Jarrod P.SelfWealth

Thanks for signing up and sorry for the delays. Due to the large number of people wanting to open accounts during this time, we're unable to deliver on our normal fast account opening times.

f1guy101
f1guy101

thanks for the response thats understandable

mrpatto
mrpattoSydney
  • 17 reviews
  • 14 likes

Well yes and no

published

Yeah I agree cheap and easy brokerage. Sign up was a pain and took longer than other providers. Excuse was due to the current market they had heaps of people joining. Not good enough. Anyway allowed me to do exactly what I wanted to do and I am happy with the cheap brokerage. What I am not happy with is don't expect to speak with anyone if you have a question. I have tried numerous time with still no answer to to questions I wanted. I ended up working it out myself but forget about communication. I guess you pay for what you get. If you want cheap brokerage with no other benefits then 100% yes can't go wrong but if you want more you might have to look elsewhere but you will pay for it.

Transparency
3/5
Incentivised Review No
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