Reviewer Photos & Videos
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.
Verifying process is taking too long.
Uploaded every document for the verification process on day one, not a single progress was made after the week has ended. iam underwhelmed at the customer support team aswell.
Not impressed at the performance so far
Transferring Funds in - too slow in this technical age!
The cheap flat-rate brokerage and direct holding in CHESS is definately a big plus.
However, I initiated a bank transfer on Friday morning, and it's yet to appear in my SelfWealth account Monday lunchtime Sydney time.
This delay is not an attractive feature for a regular share trader.
daily transfer limit
hi. just wondering what's the maximum limit when i transfter the fund to or from my account. i know westpac online investment is $10000, will selfwealth has more limit?thank you.
No Phone or Fax
Didn't suit me as my printer would not scan and therefore I couldn't upload account application as no fax facility and getting help via email takes hours as no phone contact available
If it wasn't low cost - I'd go elsewhere.
I only use a basic account. IMO the extras in the premium account aren't worth paying for. I find the platform to be 'clunky' - and it gives the impression it's trying to make some kind of 'community'.
I didn't open an account to be friendly with other traders - I'd prefer more anonimity - I don't care what others are doing, don't appreciate not being given an option about them viewing my business and didn't sign up to be given a star rating on my performance. A tax-tool would be useful too, even for an additional cost.
I use on a PC and Lapt...op - and find it unintuitive and user unfriendly. On a laptop it's a real nuisance with the selection column on the left almost disappearing under a moving front-end. Even when it's expanded I almost can't see it and it disappears off the bottom of the screen But - on the plus side - it's low cost and does the job.
Moving has been very slow, interface is great!
I decided to make the move from CommSec due to the $9.50 flat broker rate and receiving the offer of 5 free trades to begin with. After signing up and using the site I was very impressed with the interface, the organisation of watch lists, the key measures and community analysis. The only issue I have faced is moving accounts and how slow the responses and help given. Initially I was told I needed to sign and scan back, instead of using a digital signature. Then after this was sent back I was told I missed the address part. Not sure why this could all be told together in 1 response. Anyway 8 working days later and still at 70% complete! But look forward to getting on the platform and making some trades!
Excellent brokerage, slow transfers
I’ve been using ComSec with my linked CBA bank accounts for a long time. Having now moved to SW, my main disappointment is that it takes so long to transfer cash from my CBA accounts into SW. With ComSec I could move much quicker on any pricing opportunities. Buy shares at will, then transfer the cash into the ComSec account within 2 business days after purchasing the shares. With SW, I first have to transfer cash, which has taken up to 3 business days (!), and only then can I purchase shares. I have missed out on many pricing opportunities sin...ce moving to SW because of these slow cash transfer arrangements. I don’t understand why it takes so long to move cash between CBA and SW. I regularly transfer cash between WBC and CBA, and the transfers happen same day. If SW could allow faster cash transfers the product would be much better.
Following a bolting horse
The flat brokerage fee is excellent and well worth the change to the platform. The Selfwealth web interface is well designed and generally works very well. As a trading platform, it works well for me.
As outlined below, I find the member comparisons unsuitable as any sort of investment guide and will not be using those. That means the only value in the premium service in in immediate share pricing for my portfolio which is a feature I am prepared to pay for provided the member comparisons are disabled when I do so. Ideally, I would like to s...ee the free service have the option of a (say) $5/month add on giving live pricing but no access to the member comparison stuff. That would make this the ideal platform for me. My reservations are about the underlying philosophy and a lack of transparency in recommendations and projections. 1. The underlying philosophy seems to be following "successful" members investment strategies but it is not at all clear how "successful" is measured. Looking through member holdings, I see "top 1%" members with small portfolios that are not particularly well diversified and little graphs of changes that show little or no greater pattern of growth than many others. 2. The whole "follow the leader" approach is fraught with problems. By the time a "leader" becomes a "leader" the market has already moved on that share holding and buying then is just as likely to lead to a loss as a gain in both short term and long trading. 3. The averaging (if any) timeframe is far too short to provide any meaningful guidance. In my own case, I moved from the bottom 30% to the top 41% in a week. Either there is a very small pool of members (despite the 50 000 claimed) or there is little or no time smoothing of the data to provide reliable trends. That makes comparisons at best meaningless and at worst dangerous. This is certainly not a home for long term investors and potentially dangerous for the short term investor. 4. A further indication of the volatility of member rankings is seen by looking at the holdings of the higher rated members. Generally there is an over representation of quite small holdings which will contribute to the volatility of the holding and ranking. Many are doubly leveraged by significant investment in funds which tend to exaggerate market volatility.
So many share trading platforms allow you to transfer money to them by storage of debit cards (free visa debit for example) in real time. Should be not a one day or even 2 day wait (if you deposit after 2pm). Can't self wealth enact the ANZ bank account they set up for you with pay id? (enabling real time transfers just so long as you have enabled the account you are transferring from which I have).
Self wealth and Australian banking drag yourselves into the modern world.
Cost effective trading tool
Very cost effective trading tool. Software platform on the computer is good, but software platform on the phone is not very good.
Layout and platform are simple enough to use but customer service is dismal. Switching back to my previous platform given the lack of interest the customer representatives had.
Great site easy to use however doesn’t suit a small investor like me $600.00 minimum is too rich per different share group each buy so unfortunately I have to choose a company who deal in smaller amounts which the Choice is easy available
You get what you pay for
I like the low trading costs and the security offered by having the shares chess sponsored. I dislike the inability to set a limit order on the mobile app.
Lots to improve
Session times out too quickly. Buy order in dollar value option. Curser hover over share to show market depth of that stock. Comparison graph to start when account becomes active not when account is opened. Course of sales option. Real time watch lists. Indicative price shown on opening and closing of market. Orders highlighted in market depth.
Overall is good, but still need to improve.
After log in to selfwealth, the front page need to have a change. The left side menu panel is important for me, but can only let it display by press the top right arrow button, this is not convenient. If you can let the left side menu always there, without hidding after click the button, this is nice. Thanks.
Looks OK, BUT
You have to pay $20 per month for live share prices - ridiculous money grab.
$20.00 / month
Market Depth / Live Pricing
View and target other portfolios
Advanced stock research
Advanced portfolio analysis
Unlimited Reuters news
Tax deductible membership* ...
Take ages to get money back into your account once you sold the shares
It takes a very Long time to get money Transfer back into your account once you sold your shares .
good product but some work to do
They dont do international trade yet. I dont like how they make your min parcel $600 rather than the $500. They explain their reasoning however as the money is withdrawn from your account immediately you shouldn't have to pay the extra 100 if you dont want to. Seeing other members and their trades is a nice feature though.
The flat fee of $9.50 is awesome but has some important features missing in my opinion like :dividend crediting and received dividend recording.
Multiple accounts under one log in.
International share access.
Integration to tax reporting product such as sharesight.
If these features were added I'd become a customer.
Very slow to activate accounts.
Cheap brokerage, but very slow to activate accounts and act on portfolio transfers. Lots of excuses and promises, but little action. Hidden fees through gazumping of interest from transaction accounts.
Poor online customer support
The platform is good, inexpensive trades and the ability to check performance and investments with other users is excellent and informative. However the online customer support, is poor to very poor, plus the live market isnt - it is delayed, which may not be important for some users.
Poor service and explanations
1. Not enough staff members to assist
2. I am also a shareholder. When I questioned about their New structure where my cash will be held in Self Wealth Ltd name, they sent me a share transfer form to move my shares out of Self Wealth Ltd.
Small company. Not recommended. I wish I didn't take part in their float with ASX.
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