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.
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.
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.
You get what you pay for
Like a lot of things in life, this app is fine when things are fine. When you have an issue or there is something you want to do that the app doesn't allow (which is many things) then your frustrations will start.
The support is what you'd expect for $9 trades. Next to zero. The app and web interface is clunky. You will need other charting tools to function. If you are starting multiple accounts, make sure you get it right the first time as it's very difficult to make changes or get someone who has a clue to help.
Open an account - Quite Confusing
Very confusing with SelfWealth Supports team and I don’t even know what do they wanted?
I have applied for a trading account, required documents are certified and uploaded. No respond from SelfWealth, until I emailed the Supports for the application status
Few days later received an email not satisfied with my certified copies by a JP doctor. I emailed SelfWealth Supports again to explain the doctor who certified is an JP and due to NSW Covid lockdown no JP can be found
My email attached my Medicare and trading invoices from Westpac Broker (...with my HIN) for 400k of SWF shares I just traded recently. I am now still awaiting for the respond from SelfWealth. I have been with Westpac broker for 15 years and seeking for the cost saving broker But my first impression is not Comfortable and very Confusing! From TBT Tran
Cash transfers still in dark ages
I just finished a live chat. I asked whether their banking system supported OSKO, the instant bank to bank transfer of funds. I was told that I would have problems using OSKO to transfer funds as their bank, ANZ, does not support OSKO. Huh?
I was told to use BPAY, and not from the app but from a computer. The funds would take three days to reach their account. So much for trading on the go. If you see an opportunity to buy some cheap shares and you don't have enough money in your SW account, you are running the risk of having enough money to c...over your trade because you have to wait till you get home and transfer the funds and hope the funds are in their account in time for settlement (I don't know if there are any late fees involved; I assume there would be). I spent time setting up a personal account and a company account all for nothing. I was going to transfer all my trading from CommSec to SW but not anymore. I think I'll wait until they catch up to 2021. [Update: I have confirmed that ANZ does in fact support OSKO. I don't know why I was told I would have problems]
Not User Friendly
Very average app, especially for the samsung side, constistent error page. Been trying to trade for weeks, application set up takes long, and even longer to get it approved by team
Good so Far
If anyone is on the fence on using this platform, you can rest assure that this is one of easiest to understand in terms of operating and navigating around. The customer service will try to support you anyhow they can if you have an issue, so far, I have no problems dealing with them.
I'd used (not immensely) platforms such as IG trading, 500 plus and interactive brokers, however, I find them difficult to use and understand with many jargons and functions. Selfwealth is good for people who wants a straight forward with simple functions to pl...ace trade orders. Not only is better than some trading platform such as IG trading as you own the trades with your CHESS ID. However, Selfwealth is only able to trade in Australia and US. Selfwealth will handle most of the application for the US trading, you just have to fill a form and they will handle the rest. The trade cost is AUD$9.50 and USD$9.50 for Australia and US trades only. There is no maintenance fee or other difficult to understand fees. Just be aware, there's 0.60% fee for transferring AUD to USD account. If you want to try it out first, please feel free to use my referral link to get 10 free trades to try it out first: [Link Removed] Thank you
Looks good but takes forever to get verified and start trading - Poor customer service
I created an account so I can trade on American stocks easily. Low fees and the platform looks really good. However the process of creating an account takes 10x longer than you think. Very rigorous. Customer service is available through daytime hours but they are little help.
Long story short, if you plan on using self wealth to trade stocks, you should start your sign up process today and you might be able to trade stocks in 2022
Sent a simple email enquiry 18 days ago and received an automated acknowledgement stating: "Resolving your query is a top priority for us, and we will be working hard to ensure we get back to you with a personal response as quickly as possible".
I am still waiting for a response.
Good but could be better
Its a great platform however, transferring money takes excessive times, last time I transferred money it took 4 days instead of the 3 they stated as they don't use Osko and the free trades they give you have such a short expiry, the free trades should have a longer expiry date. Other than that its an alright platform.
Good brokerage, but a very limited app and too slow to get funds into trading account
Good value brokerage, SW's $9.50 is so far the closest Aus gets to the free brokerage offered by US trading apps.
On the downside, the SW app is poor - cannot access/research US stocks or see your US holdings on the app so must revert to a browser to do this. Cannot see your virtual portfolio on the app either. News and announcements aren't accessible on the app and are clumsy to save/open on the mobile browser site too. There is no SW integrated widget or price alert system either to replace the third party one i have installed. Market depth...for US stocks isnt supported so I have to use a third party US brokers app for this. Lastly, cash transfers into your trading account is INORDINATELY slow. You cannot move swiftly to take advantage of trading opportunities - theres no incentive to leave cash parked in your SW account so when you quickly need new funds in from an external bank account there is no instant bank-to-bank functionality. Even worse, trying to get those funds into your US dollar account (new funds introduced to your SW account rarely clear before 8:30am, and never clear over a weekend, and 9am Sydney time is the cutoff to transfer these funds to your US account for trading that commences 18 hours later). It is just so slow. SW wont let you direct deposit into your US account either, presumably because they want to clip your ticket on the Forex transfer which isn't at a particularly competitive rate. So: good in some respects, quite dated and slow in other respects. Once the 90 trial ends there will need to be improvements to convince me to stay and pay a subscription.
Can be better but OK
Need to have up to date pricing. I use commsec to get instant prices to decide when to buy using your platform. Other than that the pricing for trades makes it cheaper to use. Also should be automatic transfer of funds between portfolios between the same user, not send money back to my bank account then into my other portfolio.
ok, but improving
I like the fact you can now invest in US stocks like Tesla. The only issue I have with it is that buy ins are a minimum of $500. if buys ins were lower I would own more stocks. But the stocks are listed in your own name so if the company goes bust. you own the stocks. peace of mind.
no phone access
live chat is ok but when i want a clear, concise immediate conversation, live chat is insufficient.
I appreciate the need for fast effective communication, esp. when i'm investing thousand of dollars
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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