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Good Site But Their Support Is Rubbish
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
Cheap but no support or responses to questions.
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.
Bit clunky but works
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.
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.
Not bad but not great either.
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.
Its not bad but its not great either.
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.
Excellent execution. Account opening very poor
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.
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....
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.
Stop Loss Features Could be Better
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.
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.
Cheap brokerage is the only reason to use.
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.
Market data not available from time to time for a few days
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.
Last week I watched Rob Edgley present on conference and I was impressed. I currently have relatively large trading accounts, both personal and SMSF, with another broker and after watching the presentation I made up my mind to investigate it further. This morning I have already found one major downside, you don’t take phone calls. When My wife and I opened our accounts with our broker we went to their office with all the appropriate documents and they copied and certified them, the process was very simple not like yours. So this morning after f...inding out that you don’t have a phone service I decided to give you another chance and chat on line. So I typed up all this crap and quick as a flash all these comments came up “could not find answer” “ask another question” etc etc. So this time I asked “Are you a robot” and all the same comments came up. I have now decided to buy and sell your shares and the profit will pay for the small brokerage fee I pay with my current full service broker.
Good trading platform
SelfWealth is good but need improvements to make it best. It would be great if they add below basic features and refine their app.
1) Conditional orders (Falling Sell, Rising Buy, Falling Buy, Rising Sell, Trailing Buy, Trailing Sell)
2) Stop loss and take profit order on the same stock at the same time
3) Competitive International trading like stake, etoro
4) PayId transfers for instant money transfer
5) Options / Warrants trading
fix below issues
Bad Customer Service and Complicated Online Portal
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.
Can't beat flat rate trades, but there's more to consider.
So I've been trying to invest while COVID is happening and they are okay in general but you have to think about other issues.
1: So $9.50 flat rate per trade is their main draw card. That's fantasic. But I think that's all that goes with them.
1. It takes a good 1 week (or even more) to setup the trading account.
2. Live support is only via chat from 10am to 4pm, no phone calls. On a good day, you'll be answered in a few mintues. On a technical meltdown day - wait for at least 30 minutes for a chat person to answer you, and they ca...
An organization unresponsive to legitimate criticism
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.
Dreadful customer support
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
Great Product and Affordable Prices to invest but terrible customer support.
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.
Need better tools for traders
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?
Account Takes Ages to get Approved
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
Signed up 2 weeks ago and still stalled progress
It's been over two weeks since I signed up. No response on email follow ups. I have shopped around for other brokers and it took within the week to fully get up and running, so there is really no excuse.
Finally got signed up. It took me having to go to their live chat and follow it up twice on different days.
Orders get filled quickly which is good
I intraday trade and the site isn't like proper trading brokers that have efficient platforms. eg. You cant turn off trade confirmations. You can't put a stop loss and an exit all on t...
sign up takes a long time which was not expected : (
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 !
Well yes and no
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.
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