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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.
Everything I need except price alerts and completely customisable target portfolio.
I have not long joined SelfWealth from another broker. The user interface is great and so is the mobile app. I just wish I could set price alerts for stock I n my watch list. Also it is too time consuming to go through other member profile to set a target portfolio for alignment. We should be able to set a cemetery customisable target portfolio based on ticker codes.
Good, but missing a few features
The sign-up process was made very easy, and everything was promptly executed. The adding of stocks etc was also fairly painless. The website and app are reasonably similar, and therefore easy to switch between, and both interfaces appear clean and well designed... perhaps a little too clean (read as lacking some features).
The main issue for me. as far as I can see, is that the statistics are a little limited, and the graphing especially does not allow the plotting of specific comparison indices/stocks/currencies, or trends (such as moving av...erages), or events (news events). There are also no alarms for price rise/fall, volume changes etc. Plus, no useful widgets. This means one must use additional software for research, alarms and widgets. Some other trading platforms provide these features and allow good research totally within their app/website. For now I will stick with SelfWealth, and looking forward when improvements come into place soon.
Going quite well...
Works well and pleasant website. Help has been good but slow at times. Trades went fine including US trades.
No stop-loss orders (trailing stop-loss orders for US trades is a minus for me. Being able to transfer money and foreign exchange quicker would help also. Overall quite good and would recommend.
Opening an account took 7 weeks and escalating through dispute resolution
Support crew can be unresponsive for days to weeks. When they do respond, instead of answering the question they simply directed me back to their help page on the website which did not have what I was looking for. Their support gave me incorrect instructions on how to open my account on the first instance which lead to delays as I had to correct and resubmit paperwork.
I found the support to be more helpful through the online chat.
At every stage of the process, if they said the next stage would take 48 hours, or 3-5 days, it would inevitably...take 2 weeks or more. When I wrote to support via email, they responded by simply copying the same message that there are delays with no further explanation or expected timelines. The account was only resolved when I threatened to escalate the complaint to the Australian Financial Complaints Authority. Having now finally managed to open an account, I am now very skeptical whether I should continue to keep my business with them.
This is good
Supporting services by email are good and in general response quickly, but it would be better if a phone communication services can be provided. Sometimes the prices of holding shares are not updated in time.
Really helpful once the app is worked out, the information is easy to read and locate. So far, a great app.
The app functions and format are major factors and selfwealth provides information concisely and clearly. It provides information in a manner that is understandable and cogent. A well designed application
Some features better than other online brokers.
Supporting services are as good and in cases better than other on line brokers. My main problem is with the current reporting system. The Account details each individual ASX transaction. On some orders there can be numerous transactions making up the total sale/purchase. This makes it time consuming to reconcile with the buy/sell confirmation especially if you have an accounting system or/and a SMSF. The system also cannot produce a single page Portfolio. Other than that, the concept of flat rate brokerage is great considering the excellent back up information services.
So far so good
I am new to SelfWealth but all seems OK so far. Brokerage fee is excellent and the interface is quite good.
Only negative point is that you can not trade without having the funds already deposited whereas with Commsec you can make a purchase decision immediately and you then have 2 days to deposit the funds.
Great way to trade!!
I have had great success with Selfwealth and not experienced the sort of problems other people have had. The only criticism I have is, yes, the lag time sometimes with sending an email with a query and getting a response. But nothing major.
The best thing about Selfwealth is that they make it really simple to trade and to learn a bit about the companies that interest you unlike some other platforms which are clearly for the more professional trader.
Only downside is it can become very addictive !!!
Good value trades but app needs some work.
Considering the target market is the individual investor, a slick app experience should be a cornerstone of SelfWealth's offering. Here's some observations.
1. I know live pricing is in development, so hopefully it comes soon!
2. On the login page I'm told today's earnings. Who cares? I want to know the earnings / loss of my portfolio.
3. If fingerprint login is enabled, it should be automatically available. All the other apps do that.
4. A pie chart of holdings would be nice.
Sub $10 trades for CHESS sponsored trades is great! You should point out that feature more, as places like Superhero seem to undercut you, but they are actually offering an inferior product (IMHO) .
Looking forward to seeing the app develop :)
It's Good, but
Overall, it's good, responsive, and the flat fee is what made me make the switch from Commsec. But, the lack of live data on the portfolio page is a BIG disadvantage for me. My position prices and market value are always 20 min behind. I would give them 5 stars if that is introduced.
The only thing negative to say is $500 minimum deposit sometimes is a little hard. Other than that it is a great program,, ,easy for the beginner to follow, thankyou
Questions & Answers
Do you now have live pricing?
Yes Mick they now have live pricing and instant transfers.
How to do first trade
I need to transfer money out of my SelfWealth trading account to buy some priority offer shares.
I cannot find a way to do this and I am in a bit of a rush.
Alternatively I thought that I could withdraw from their ANZ account into my linked account, but am unable to find a way to do this either. Please could someone help. The bot is useless and emails take so long for answers.
I haven't tried this myself yet. I've only transferred money into my SW cash account from my Commsec account, however I just went to Settings -> Trading Account -> Cash account and there is a blue button called "Withdraw from AUD" which looks like you can transfer from your AUD cash account to your nominated other account.
Hi there, I have just been on CHAT with selfWealth and I do not have this blue withdraw button, I have tried numerous times. Thanks for trying t help though.
You should be able to withdraw monies from your cash account to your nominated inked account in SW.
I did this last week without any issues
Just dont' try and change your linked account details as this was a painful and long winded experience.
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