This was posted 3 years 7 months 12 days ago, and might be an out-dated deal.

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Superhero $5 Per Trade ($100 Min)

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Superhero $5 Per Trade ($100 Min)
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render on 07/09/2020 - 08:38 superhero.com.au (3058 clicks)
Last edited 07/09/2020 - 10:58

Just stumbled across this. Looks like they are launching today. Will fill in more details as I find them.
(Also check out the OpenTrader thread. CHESS Sponsored. $5 under $2,500)

$5 flat fee on all brokerage
PayID deposit available at no charge
$55 transfer in/out fee

Free Account

  • Market Orders only
  • Data with 20 minute delay

Superhero Live - $108/yr

  • first 30 days free
  • Limit Orders available
  • Live Data

AFR Article announcing the launch:
https://www.afr.com/companies/financial-services/afterpay-zi…

The low-cost trading is possible, Mr Winters says, because they will hold members' shares in a single special-purpose Holder Identification Number, rather than having each member assigned a HIN on ASX's CHESS system.

Still trying to understand the difference this makes, particularly if they were to go under

Referral Links

Referral: random (263)

Referrer and Referee each earn US$10 worth of Tesla stock. Referee must deposit minimum $100 into Superhero Wallet within 30 calendar days.

Financial Share Trading

Related Stores

Superhero
Superhero

closed Comments

  • bitcoinorbust on 07/09/2020 - 09:47
    +18

    No chess no deal. Could lose ur money not to mention other possible complications like participation in share purchase plans etc

    • mattie on 07/09/2020 - 10:09
      +8

      Opes Prime went broke, investors lost 100s of millions , this is same set up, single HIN for everyone

    • AssociatedTZ-Superhero @ Superhero on 07/09/2020 - 10:38
      -9

      Hi beatlebob,

      All shares purchased on Superhero's platform are held under a CHESS Sponsored holding.

      When we hold shares on the ASX, shares are held either under an Issuer Sponsored Or CHESS Sponsored holding. We are not creating a a new holding structure to hold your shares.

      Think of us as a trustee/ custodial broker. You will be eligible to participate in all capital raising activities and have the same right just as any other shareholders.

      • machej on 07/09/2020 - 10:52
        +4

        Just like how BBY or Opes Prime had it in a custodial for the beneficiary of their users. Why would someone bother for a few dollars saving when Selfwealth has complete reassurance?

  • Jatacid on 07/09/2020 - 10:08
    +1

    As much as no fee appeals to me - it's more transparent and honest than adjusting the buy-sell spread and taking a cut that way.
    I'd like to see a subscription model or trade 'credits' model one day but for now I still prefer seeing a brokerage fee.

  • capslock janitor on 07/09/2020 - 10:41
    -2

    can i buy Jio stocks?

    • Monsta-AU on 07/09/2020 - 11:09
      +1

      No, that is listed on the US Market. You will need Stake, or possibly Xinja or Selfwealth when they launch US trading.

      • TheAccountant on 07/09/2020 - 11:38

        IBKR is a good option for us stocks

        • Monsta-AU on 07/09/2020 - 15:36

          IBKR is not that great at all compared to what else is available unless you are comparing their 'Lite' product. If you had a reasonable amount of shares in the US market (>USD$25K to remove the day trader pattern rules), I would probably go direct with Schwab (or TD Ameritrade) & fund the account via Transferwise. If you want multiple markets (mostly Asia like Singapore, Korea, Japan) then IBKR makes more sense.

          Even if you do want multiple markets, CMC is now doing $0 trades on US, UK, CA & JP stocks and the FX spreads are very tight. Issue is that it is AUD$1K per trade minimum in the US. Haven't tested the other markets. Not sure if they send you back dividends in AUD terms to your CMA with Bankwest or if they hold it in a USD-denominated cash account. If you already have them here locally and are willing to take larger positions/buys, then that is a good option for US Markets.

          Stake is a $10 minimum trade, and allows fractional purchases. Only US market though. They hold dividends in USD and you can trade on those immediately. Much better for smaller trades or reinvesting dividends.

          • TheAccountant on 07/09/2020 - 20:32

            @Monsta-AU: I didn't know TD was available to Aussies. I think they're highly recommended.

            Edit: TD isn't available here. I'll look at Schwab

          • Mobsie on 07/09/2020 - 21:14
            +1

            @Monsta-AU: You seem quite knowledgeable 🤔 best platform to invest into EUROPE?

            • Monsta-AU on 08/09/2020 - 12:46
              +1

              @Mobsie: Depends on your financial goals and desired markets.

              If you just want the London Exchange, at this stage CMC is a good option with $0 trades and tight FX spread, and you can fund from a local (Bankwest) CMA. Not sure what the minimum trade is there as yet but I am assuming $1K AUD. Again, ease of use, and you could run ASX, plus US, UK, Canada and Japan all from one account. Yes, the ASX trades are now a bit expensive in comparison to some but the international trades at no commission help that.

              You can also use any other major brokers here, Commsec also offers London Exchange for example but the commissions are expensive.

              If you want other European Markets, Interactive Brokers (aka IBKR) is probably your best bet. I'd be surprised if they did not have the exchange you were after.

              • curlyhart on 04/06/2021 - 15:15

                @Monsta-AU: @monsta-AU CMC charge 0.6% FX every time you buy AND sell. If you sell your Tesla shares to buy Apple shares you pay 1.2%. Much better to convert your $$ once into whatever currency you need, and only pay FX once (and of course once more if you want to bring your money home).

  • blinkybro on 07/09/2020 - 10:47
    +7

    Market Orders only
    Data with 20 minute delay

    Seems SWF is better just for the limit orders + live data on stock page.

    also all under HIN not really a deal unless some signup bonus i guess

    • od810 on 07/09/2020 - 16:48
      +1

      Man, if Selfwealth got OSKO, i will be all over it.

      • blinkybro on 07/09/2020 - 16:55
        +2

        It's in the works brother, same with INT trading.

    • SelfWealth on 09/09/2020 - 09:36
      +1

      If you're happy to forego your own HIN, there are better providers out there — Interactive Brokers and IG for example.

      With us, your shares are on your OWN HIN, not on a shared HIN with others. There are all sorts of consequences of sharing a HIN.

  • big bill broonzy on 07/09/2020 - 10:56
    +2

    Cant even enter letters in the address field when signing up.

  • rheags on 07/09/2020 - 11:16
    +4

    After 1 month costs $9 per/month (billed annually!!) to get
    - live pricing
    - out of hours orders
    - limit orders (they consider this an advanced order type so only available if you pay!)

    So if you need any of the above add $108

    Basic only gets
    - 20 minute delayed
    - orders only during market hours
    - 5 stocks max in watchlist
    - market then limit orders

    Also from FAQ
    How do I amend an order? (Coming Soon)

    So you can't currently amend an order can only cancel once it is in market! And for basic can only place market orders so out of luck if does not fully fill.

    And other's have said, single HIN, so stocks held under custodial, only thing they seem to be doing different is they are held in a separate company so held at arms-length if something happens to parent.

    • abc on 07/09/2020 - 11:26

      How can you amend a market order when it would go through straight away? You can place or cancel a market order.

      • rheags on 07/09/2020 - 11:32
        -2

        Market orders only fill what they can at the current price the rest then stay in-market at that price.

        So you put a buy of 100 units but if only 50 are available at current market price, you get those 50 and the remaining 50 for your order are left in-market at the price you got the first 50 for. IF it does not re-hit that price you are out of luck. In a volatile market you want to be able to amend the remaining 50 to get the current price.

        • SgtBatten on 07/09/2020 - 12:02
          -1

          Market orders do not only fill at one price, that is a limit order. Market orders fill at whatever price is on the order book.

          If the order book has:
          50 shares at $1.10
          100 shares at $0.90

          and you order 100 shares, you will buy the top 100 available paying an average price of $1 in this case.

          For a market order you don't even get to set a price.

          • rheags on 07/09/2020 - 12:19
            -1

            @SgtBatten: Wrong, the order type is market THEN LIMIT
            So what I outlined is correct, what you have stated is wrong.

            Even from the FAQ:
            What is a Market Order?
            A Market Order is an order to buy or sell a specified number of securities at the current market price at the time the order is given.

            Market orders are placed ‘at market’, meaning that:
            if the market order is a buy order, the order will convert to a limit order at the lowest price set by sellers in the market at the time the order is placed; and

            if the market order is a sell order, the order will convert to a limit order at the highest price set by buyers in the market at the time the order is placed, provided that, at all times, the market order will be placed in accordance with our Market Participant’s Best Execution Policy and the Market Participant Arrangements.

            All orders remain active for up to 30 days after you place the order via the Superhero Platform. You can cancel your pending order any time under Dashboard - Pending tab and clicking on Review.

            So a market order simply does a limit order at the current market price, it does not adjust downwards until it fills.

            • SgtBatten on 07/09/2020 - 14:05

              @rheags: My comment was generic in response to discussion that mentioned only market orders and nothing about limit orders. the response you originally provided that i replied to also only mentions market orders and appeared generic

              • rheags on 07/09/2020 - 15:02

                @SgtBatten: A market order, as shown above, is just a limit order in different clothes, it simply goes in as a limit order at the current market price, unlike a 'true' limit order which goes in at the price you spread. There is no market order that hits one price point then moves to the next until it fills, it only hits and stays at a single price point.

                Not sure why I am getting negs for correctly pointing out how a market order works, but that's life. Will move on from trying to give accurate info.

                IF you don't believe me, here is the ASX supported order types
                https://www.asx.com.au/services/trading-services/order_types….

                Market-to-Limit order
                A Market-to-Limit order is an order that executes against resting displayed liquidity only at the best opposing price. Market-to-limit orders can therefore execute only at one price level (the best opposing price).
                Any unexecuted volume is posted to the order book at what was previously the best opposing price – that is, where a market-to-limit order exhausts all resting displayed liquidity at the best opposing price, it then becomes top of book at that price.

                • SgtBatten on 07/09/2020 - 15:10
                  +1

                  @rheags: Because unless i'm missing something, that is not a true market order. A market order should fill instantly if there are enough shares available cumulatively.

                  https://www.investopedia.com/terms/m/marketorder.asp

                  Real World Example of a Market Order
                  Say the bid-ask prices for shares of Excellent Industries are $18.50 and $20, respectively, with 100 shares available at the ask. If a trader places a market order to buy 500 shares, the first 100 will execute at $20.

                  The next 400, however, fill at the best asking price for sellers of the next 400 shares. If the stock is very thinly traded, the next 400 shares might be executed at $22 or more. This is precisely why it’s a good idea to use limit orders for these types of securities.

                  https://en.wikipedia.org/wiki/Order_(exchange)

                  A market order may be split across multiple participants on the other side of the transaction, resulting in different prices for some of the shares. It is the most basic of all orders and therefore, they incur the lowest of commissions, from both online and traditional brokers.[3]

                  this platform appears to be doing a market then limit (automated) as you pointed out which effectively makes it a full limit order without any choice in the price.

                  • rheags on 07/09/2020 - 15:50
                    +2

                    @SgtBatten: Yeah, ASX only supports 'Market-to-limit', so anyone describing order types should call it that to avoid this confusion. As you correctly point out, a true 'market' order works differently in other exchanges, where it does what you originally pointed out, but that does not happen on the ASX.

                    • SgtBatten on 07/09/2020 - 17:04

                      @rheags: I was not aware ASX only allowed market to limit so there you go.

        • SelfWealth on 28/09/2020 - 17:54

          You are correct. The order type is technically "Market then limit" which puts it in at the current market price then limits your order to that price.

  • huuuuugo on 07/09/2020 - 11:28

    If you intend to trade more than once a month, you might want to look for a broker who supports limit, stop loss or even midprice algos. Once you start using them, going back to market orders will feel like switching from a computer to a typewriter.

  • [Deactivated] on 07/09/2020 - 11:42

    SWF is still better IMO.
    This only handles market orders with no amending and 20 minute delay so not that good for day trading

    • zooter on 07/09/2020 - 12:23

      does SWF eliminate some of the issues pointed above in terms of HIN etc? I use SWF and I seem to have my holdings directly with the ETF provider if I login to their site.

      And cost of trade is not bad - $9.50 as opposed to NAB or elsewhere where it is btn. $15 to $20 per trade

      • machej on 07/09/2020 - 12:32
        +2

        SWF gives you your own personal issued HIN and your bank account is with ANZ. If Selfwealth goes broke you don't lose a thing and will have no downtime basically as you can transfer the HIN to any other broker. There is some severe deception going on by Superhero. Yes, they may have some sort of deed agreement that says you own the shares but we all know what has happened in the past and for a few dollars more Selfwealth gives you the extra security over your assets. I'd hate to see people here lose their assets over a few dollars of saving.

  • beersandwich on 07/09/2020 - 13:08
    -5

    HIN is not an issue! All the professional institutions use a shared custodial account for your super funds, managed funds and so on. ANY international market uses the same stuff. This is how the entire super/wealth industry operates, if thats good enough for a fund with billions in AUM, you with your 2k in shares do not need their own market account.

    Having a HIN for each person/broker account is probably the reason why the ASX is lagging others with fees and other innovations. This is great news, and hopefully more do this.

  • ooftbargains on 07/09/2020 - 13:21
    +8

    Superhero vs. Selfwealth.

    positive - $5 flat vs $9.50 flat brokerage
    negative - Custodian vs CHESS

    Unless you are day trading, I would rather the peace of mind with CHESS HIN. Plus Selfwealth has been around since 2012 and you will be able to buy US stocks soon via Selfwealth.

    Superhero has just launched - how long will they be around for?

    Simple explanation of the difference between Custodian vs CHESS can be found here.

    https://www.selfwealth.com.au/what-is-chess-sponsorship-and-…

    Why should I care?
    The most important question. If your shares are CHESS ASX Sponsored (whoever came up with the sponsored part must have wanted to confuse people intentionally), it means YOU own them directly, rather than someone else holding them on your behalf. You receive the dividends directly (profit company pays to its owners, you) and can vote.

    Why would someone else ever own your shares, I hear you ask. You paid for them after all!

    Some other brokers, notably IG Markets and Interactive Brokers, operate under a custodian model, meaning they hold the shares on your behalf. If either of those companies goes under, your ownership of the shares isn’t as clear as if they were CHESS Sponsored. With SelfWealth, you own them directly. We’re also the cheapest on the market — you’ll only ever pay $9.50 to buy or sell, which has earned us Money Magazine’s 2018 and 2019 award for Cheapest Online Broker.

  • stockpimp on 07/09/2020 - 14:41

    When will they allow options trading, I thought that was the big benefit of robinhood?

  • Frozensage on 07/09/2020 - 15:14
    +1

    Think $5 open trader with $2500 per transaction is the perfect hybrid. If you were dropping 10k plus at a time, brokerage fee isn’t gonna matter too much. If you were doing small buys and sells like most newbie retail investors then $2500 is a lot of money, and $4.8 saving per transaction is a fair saving.

  • ozisaver on 07/09/2020 - 19:56
    +3

    Is Rep a Bot or something? Copy and paste responses don’t really cut it here especially when you’re trying to launch a new product. Think everyone would like insightful information and replies that have take some thought.

    • capslock janitor on 07/09/2020 - 22:24
      +1

      I think they're just new…

      Luckily our fellow Ozb'ers are grilling fresh meat.🔥🥩🔥

  • dpk on 07/09/2020 - 20:08
    +2

    No Referrals
    No Limit Orders (Limit orders will definitely save extra $4.50), No limit orders must be a joke.
    No Chess
    Monthly fees
    Not Interested

    • AsxBTFD on 08/09/2020 - 04:08

      Which brokers give live data without monthly fees?

      • dpk on 08/09/2020 - 05:49

        SelfWealth has live data in Market Depth.
        Watchlist is 20 mins delayed.
        Research is live data with 90 days free trial.

      • machej on 09/09/2020 - 03:45

        Nabtrade, you could open one and create a watchlist but Selfwealth gives live data on the company page or the buy/sell page. They will offer it sitewide very soon as well for those who want it.

  • SelfWealth on 09/09/2020 - 09:35
    +8

    Slow to find this thread (thanks Google alerts… 🙄) but as most have guessed correctly here, Superhero are closer to the likes of IG and Interactive Broker. It is more or less a custodian model, which allows them to get the brokerage so low. You don't have your own HIN. This allows them to do all sorts of things to keep the brokerage low, not limited to lending stocks out, trading through market makers. It's unclear what they'll be doing exactly but those are possibilities.

    It is not a comparison with SelfWealth but we welcome the competition! We are still the low cost provider for direct ownership.

    • ruskiromka on 10/09/2020 - 20:56
      +2

      Still using Selfwealth!
      Except for Open Trader, and Think Markets, who are cheaper a little bit cheaper than Selfwealth in some cases.

    • dpk on 11/09/2020 - 05:32
      +4

      Hi SelfWealth,

      when will you add below features

      1) Conditional orders
      2) International
      3) PayId transfers
      4) Options / Warrants trading

      Can you fix below issues

      1) Estimated Earnings Today in Dashboard is incorrect for the shares bought today, it's only correct if you already own the shares prior to today, need to add logical condition to fix it
      2) Performance improvement in Watchlist page when there are more in the list. It struggles to load during morning time. Also is it possible to add live data.
      3) Display share price in Stock Research
      4) There is no option to filter ETFs in Stock Research even though they exist in the list, it only have option to filter by index as ETFs don't belong to any index, can't filter them. May be add filter for "No Index" and "ETF" .
      Can you please add it
      5) Ability to export Market Research to excel sheet, it have pagination for 10 stocks, it takes forever to go through the list, Also there should be an option to increase the pagination for 100 stocks.
      6) Remove the manual form filling and make them editable online like change of bank account details, chess address change, change of TFN, Change of Account name, Broker transfers)
      7) Trading emails sent despite the settings is turned off for Cancelled orders
      8) No settings to cancel emails for Failed orders, Expired orders

      • machej on 18/09/2020 - 00:22

        For number you could in theory filter your inbox to remove them. If you create a rule in Gmail to delete them it could work. Not a fantastic fix but works alright.

      • SelfWealth on 28/09/2020 - 17:57

        I don't seem to get email notifications, apologies.

        1) We have conditional orders but only stop loss for the moment.
        2) US trading in before Christmas

        Other than that, the 6 months of next year should be massive for us, in terms of improving the platform. I've added your feedback to the list.

        • Meovel on 28/09/2020 - 18:00

          Whooo for US trading!
          I would like to add a feedback - really want to be able to adjust watchlist ordering.

  • dts2956m on 17/09/2020 - 10:02

    Happy to pay NAB $14.95 per trade and have them in my name, but the appeal of $100 minimum trades drew me towards Superhero, but I will pass as well

    • Meovel on 17/09/2020 - 10:36
      +1

      How about Selfwealth :)

      • dts2956m on 17/09/2020 - 12:18
        +1

        because it is still a $500 minimum marketable parcel to buy.

        The $100 minimum of Superhero was attractive as I could buy five different penny stocks for $500

        • barghunt1 on 17/09/2020 - 12:38

          No limit buys on basic account is a drawback.

        • stigsphilocousin on 18/09/2020 - 05:38

          This is where I am kinda confused as the ASX themselves mandate the $500 minimum if your're buying shares for a company you already dont have holdings with (but no minimum if you already hold shares for said company) so how can Superhero offer the $100 minimum without technically ignoring the ASX rule?

          • barghunt1 on 18/09/2020 - 10:40

            @stigsphilocousin: I think its because they use one hin for all their transactions on their platform rather than individual hins for each person which gives them flexibility on things like this.

            This article below gives a good explanation of how the whole one hin thing works. (scroll down to point 3).

            https://www.etfstream.com/features/no-superhero-is-not-robin…

          • SelfWealth on 28/09/2020 - 17:58

            @stigsphilocousin: They'll put through all trades as "one" order, allowing them to subvert that rule and also only incurring one fee for brokerage. This is possible as all clients' holdings are on one HIN.

  • barghunt1 on 29/09/2020 - 08:13

    So they've got 10000 new investors in the first 3 weeks according to the afr.

    https://www.afr.com/companies/financial-services/australia-s…

    Good luck to them. I do believe they fill a niche. Customers are still in their 1 months trial so they are getting all the bells and whistles for free in particular limit orders. The test will be how many will stick around after the first month, how many will pay the subsciption and most importantly how many people will be willing to operate a basic account without limit orders. I'm genuinely curious.

  • ozisaver on 29/09/2020 - 12:38

    Over 10,000 signed up for this according to the AFR. Looks like 10K people didn’t read this OzB post! I think 10K ‘investors’ is very different to 10K sign ups.

  • negger on 24/07/2021 - 10:09

    I'm struggling to withdraw money from Superhero. Orders can not be amended as well. I am not a happy customer so far in my couple of weeks of use

  • negger on 24/07/2021 - 10:10

    Dup

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