• long running

SelfWealth $9.50 Brokerage Per Trade ASX HIN Support CHESS-Sponsored

1773

Given recent posts about brokerage such as https://www.ozbargain.com.au/node/563789
I thought it would be handy for some who might not know about this. Cheapest broker in Australia for trades above $200,000, and very competitive on smaller trades still.

Referral Links

Referral:  acAgenCy1 or random (1306)

Both referrer and referee get 5 free trades.

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Comments

  • Thought this is a normal price?

    • Yep, probably better as an FYI in forums

      • Doesn't help the masses in the forum's. It's the cheapest broker in Oz and deserves a post IMO.

        • +5 votes

          OpenMarkets $5 under $2500
          ThinkMatket $8 under $200,000

        • the definition of a bargain is ambiguous.

          A church could give away thier properties and people would complain about them being posted here because they're so churchophobic.

          I came here to see how this standard price was justified as a bargain, but I totally agree with your point - if it isn't posted it isn't found.

          I think a spearate section for "ongoing bargains" might be appropriate.
          and perhaps have categories, and allow people to opt out of "religious" and "long running" so everyone can live in peace :)

          • @SlickMick: There is already a separate section of long running deal.

            The thing here I see is that when there is a new product / service that offers slight different features, it gets posted here. New credit card. New bank account. New mobile phone. New NBN plan. Not all are of the same quality, but some are comparable.

            What is amazing about ozbargain here is being aware of a cheaper price of the same product. Like hey that's how you get Xbox Pass for cheaper. But no, this place has now become hey did you know selfwealth is the cheapest if you trade more than 200k, or you can save by subscribing amazon annually?

            Nothing wrong with selfwealth. In fact one of the 1200s referral code is mine . But posting a deal of a standard product - is it a deal?

            If there is something you can only buy exclusively at a shop, is that a deal? Should be post the Costco catalogue here? Should we post the IKEA catalogue here?

        • I agree they deserve more promotion but it's funny that OP put their referral link in the OP as well as the random one.

    • Can't wait for the Nabtrade usual product "long running deal". I want to vote on that

    • +1 vote

      OzRRP

    • This is only a bargain for the poster who posted it as he/she will get lots of free brokerage from all the people signing up through their referral link.

  • Feedback on this as a trading platform?

    • I use it, I like it. During the Corona peak volume, they had minimal disruptions (similar to the most expensive competitor, Commsec).

      Positives: Simple and cheap. Saves me tonnes.
      Negatives: Simple, lacking some features.

      • What features is it lacking?

      • Did Commsec really have minimal disruptions? There seemed to be a lot of tweets claiming all sorts of execution issues.

        • I never had any trouble with executions, and found thier platform pretty good.
          However, I moved from commsec because thier systems are a mess and thier support people can't fix them. I wouldn't trust them with my money again.

          3 examples:
          1) thier website started showing my password. It's freaky seeing your passowrd as you type it. Seemed like a really amateurish website.
          2) they gave me bpay details when I joined, and said trades can be paid for via bapy or they'd take directly from linked account. I once had no funds in linked account so I bpayed. Ended up spending a week talking to accountants trying to find those funds. Was told never use that bpay account again!!??
          3) I opted in for recieving IPO alerts, but for 10 years thier help desk was never able to make it work. The other email notification options worked, but they were never able to fix that one.
          (That's probably the only problems I every had in 3 years tbh.)

          But the T+2 settlements or whatever they have (it was T+3 when I was with them) and taking funds from linked account is heaps better than selfwealth.
          eg can sell something to fund a puchase and don't need any cash. WIth selfwealth, you need to know days in advance how much you're gonig to spend, and transfer the funds into your trading account. You can't offset a purchase with a sale - the funds have to already be in the trading account.

          • @SlickMick: Selfwealth claims to be looking into a way to offer T+2 like Commsec. Should be a game changer and there is no reason they can't do it if you sign an agreement saying they can sell other assets to fund it if you don't deposit cash or words to that effect.

            • @machej: Problem with that is, if somebody speculated $20,000 on a micro-cap company that fell 30% in 1 day, then the position is worth $14,000. Not enough to cover the $20k. In Commsec's case, they could probably garnish the user's other assets through their CBA accounts.

              I think they're trying to get instant transfers working a lot sooner than T+2 (which is more of a possibility than a firm plan).

    • pretty good.

    • Gets the job done, has a few extra fun features such as seeing how widely-held a stock is among other SelfWealth traders

      • I find the "fun features" unprofessional. I'm so sick of being reminded to update my avatar or upload an image or whatever they want from me.
        And continually being told "you've in the bottom 30%… oh wait, no, you're top 10, no wait…" I get it - my portfolio is different than everyone elses.
        If I subscribe to premium I can see what the top performers have in thier portfolio, but wait - the top performers change every day. What a surprise.

        lol they want people to invest in that "top performers" portfolio. Can you imagine the thrashing of shares that would be going on in that portfolio??
        If it can outperform the trading costs I'd be surprised.

    • Like it, very intuitive and easy to use. The pro features allow you to emulate successful investors' portfolios, much in depth analysis and so on.

    • I have been using Selfwealth for the last 2 years (after I was referred by a friend who also uses Selfwealth so I got 5 complimentary trades for my first month), and I've found it a good no frills broker. I was drawn to the $9.50 for each trade too, especially for any size order which is great if you have large trades as it is a flat fee but it's a price still competitive for smaller trades too. As a new user you also get access to a 90 day trial of the Premium content which tracks you against the rest of the community; it's interesting but not something I was not eager to pay for.

      For me, Selfwealth is particularly useful if you want to make long term investments of large parcels of shares. The user interface when it comes to making orders is as intuitive enough as the other brokers I use.
      Only downside is that you need to wait a day or 2 for funds to transfer across to the selfwealth account (via bank transfer).

      • Great info. Thanks

        • No worries, Selfwealth has really shaken up the share-broking sector with their flat fee, and hopefully will inspire more competition into the future!

      • Switched back to nab trade these days because of the drawback you mentioned, that funds take time to transfer.

        With nabtrade linked to a nab account, payid means instantaneous tradeability. Also means residual money can go sit in some form of interest earning or offset account.

        Any residual cash in self wealth does not earn interest and even transferring out takes 2 days.

        The low brokerage is probably partially due to the interest they get from your money during these 'processing days'.

        The flat fee is good though…would use from time to time.

        • They claim to be addressing this in the new year after they launch US trading and a new mobile app. I guess with Nabtrade you have to deal with their terrible mobile app and higher FX spread on US shares PER trade as opposed to what Selfwealth will offer.

          • @machej: That US offer is a joke. Many other existing one are cheaper than SW. There’s no such thing as Chess system with US shares neither, so not sure why ppl want to use SW for that (other than u want to have it all in 1 account)

            • @hanofee: How so? Stake charges close to 100 pips on currency transfer into the USD account. Unless you mean Schwab or IB, Selfwealth is much cheaper than any of the major Aussie offerings if you trade over $2500.

              • @machej: As u mentioned IB is cheaper. They’re cheaper too for ASX (though ok, they’re not Chess for ASX one so can’t compare). If u only buy major US stock and can fund in USD, etoro will end up cheaper too

      • The other primary benefit I find is that there are no charges/fees if you don't trade for a while. I don't invest often, and the fees with other brokers for not trading fairly regularly/consistently put me off.

    • Ok. It is cheap. Reporting isn’t great for year end tax.

    • I use it, never had any issue.

    • I have been using for almost 2 years and I really like it.

      Only negative I see is that within the app I don't get company announcements so I have to look for those outside of the app.

      • You can signup to Hotcopper and add them to your portfolio and it will send an email for each price sensitive announcement.

        • The last thing you want to do is sign up to HotCopper and have to put up with 5 emails a day spruiking some crappy lithium or gold stock.

    • I use the commonwealth app for watchlist as it's much nicer to look at and then purchase everything through SelfWealth

    • SelfWealth is great. I’ve saved a fortune and it has more features coming soon as well like international trading and live pricing.

    • 1-2 days funding delay is PITA.
      At least Think Markets can poli instant transfer. And cheaper brokerage for Plebs like me.

  • Anyone able to provide a comparison with Westpac app/platform? Westpac is pretty poor in terms of monitoring, can't even check performance over time.

    • Selfwealth has a nice reporting function against the market and other members over time. Pricing isn't live, yet, but on the order pages and individual stock pages it's live. You can leave a watchlist on Westpac and simply transfer your shares over easily and any trade will be $9.50 fixed.

  • I use SelfWealth to trade and another platform like Yahoo or Commsec to do the research. If you sign up remember to use the random referral link generator above! Still yet to get a random hit on my referral..

    • Hard to get hit with so many on the random list. And Op probably will get more than what he can use in 1 month, lol. Oh well…

      • I’ve got trades pending to execute if anyone does want to use my referral.. it is a shame when the free trades go to waste.. one month isn’t enough time unless you’re a day trader which isn’t my game.

        • The free trades are worthless imo. Something went wrong with my transfer from Commsec, so I got them to give me another month. But I didn't find a good trade to make that month either.
          Then I set up a personal account when I had no funds in above smsf, but found some bargains. But my the time my account was setup, the opportunity was over.
          So in 3 months of free trades, I make 0. But I did get to see the daily top performing portfolios while I had premium. The value of that: $0

  • Any referral benefits??

    Edit: 5 trades free, still applicable?

  • referral trades expire FAST - within a month. I've had many referral trades expired begrudgingly.

  • This is a better RRP thread than the Amazon prime deal.

  • ASX:SWF 10c on March low , now 70c , going tendies on launch of US trading before Christmas

    • its amazing how shares are getting so much pump the last few months. No wonder they are saying rocket ships

    • how much $$$ you in

    • There are at least 2 other brokers that have cheaper brokerage fees and are chess sponsored, think markets, super hero. There is a race towards a zero brokerage chess sponsored platform like in the US.

      I think longer term smaller brokers are going to struggle as competition heats up and margins are squeezed.

      The only thing going for selfwealth is the future ability to trade us equities but even that is nothing special.

      My 2c.

      • Superhero is not HIN CHESS, you will pay fees to transfer shares in and out, pay monthly fees to get basic functionality and a range of other downsides like no mobile app yet. Also you won't know what happens if they go broke like previous brokers. Think Markets is slightly cheaper but Selfwealth has a longer standing reputation and is properly HIN CHESS sponsored. Selfwealth also has a range of other features. Zero brokerage is unlikely for ASX due to how they charge their spreads on execution.

        • I agree with some of what you said but there is a little bit where you are wrong.

          From their website: "When you purchase shares through Superhero or other brokers, your shares are held on a Holder Identification Number (HIN). Shares held on a HIN are called Broker or CHESS sponsored holdings."

          It is just under a group name to lower costs. For all intents and purposes it is still independantly held chess sponsored which still mitigates the consequences of the broker going broke unlike the likes of etoro etc.

          Yes i agree it is a very basic service but so is selfwealth and as per many comments above people use comsec for their research, announcements and charting then trade on SW.

          As for reputation SW was also new at one point, thinkmarkets will mature one day too.

          My point is that if SW's competitive advantage is just cost it does not have a bright future as a share.

          • @Ultramup: They are definitely innovating though. New app and US trading in November and live data + instant account deposits after.

          • @Ultramup: Unfortunately for SW, they think thier future is in analysing portfolios and identifying top performers, and thinking people will pay for that

            • @SlickMick: They have the data. If they do it in a more useful way, it might be nice. But right now, they went about it wrong, allowing complete gambler portfolios to show up as 'top portfolios'.

        • Superhero has removed the asset transfer fees. If you go to their fees pds on their website it says so.

          What makes you say thinkmarkets isn't properly individually chess sponsored? It says so on its website you get your own hin or can transfer your own. It even gives you screenshots on how to use the app to apply which show this.

          The biggest issue I can see with superhero is no limit orders on the basic account. I believe thats where they will lose more people than the individual hin situation once you wrap your head around that.

          With thinkmarkets they don't offer a website to trade only app which limits your options but in their faqs they say coming soon.

  • Im still waiting for open trader to setup my trading account and it’s been almost 2 weeks since I submitted. Good thing the market isn’t going up or down massively. Definitely not a good start.

  • How is this compared to IG.

    • This has actual CHESS HIN. IG would be cheaper for the more frequent trader tho.

  • I've used selfwealth for a couple years now. No worries at all and cheap fees!
    I'm currently looking into buying some AMD shares I reckon they're gonna do really well after their next gen CPUs & APUs come out. Does anyone have any recommended sites to trade international shares? Commsec looks ok??

    • IG has been good for us for US trades: https://www.ig.com/au/welcome-page

      • CMC is even cheaper than IG for US shares tho. 0.6% currency spread vs 0.7% with IG. also no inactivity fee with CMC and only requires one trade per year to waive the custodian fee.

        • Do you use cmc markets of overseas trading? How do you find it?

          • @barghunt1: I did. I don’t hold US shares anymore (except for VTS and VEU, which are traded through CDI on ASX). I only ever used it for US shares tho. It’s alright. The exchange rate was better than stake (which I used previously). The only down side I can think of is that you have to trade at least once a year, otherwise they hit you with a custodian fee of 0.5% of your holdings. They are quite sneaky about it as they clearly stated “no inactivity fee” on their ads with no fine print while charging this, which in an essence is an inactivity fee.

            • @jezza p: Thanks for replying to my post and sharing your experience.

              I find their website when it comes to fees is as clear as mud so it doesn't surprise me that I missed the custodian fee. So I went to the financial services guide which begins on 8 october 2020 and in the fine print it says you "may" get the custodian fee waived if you do one international trade in last 12 months or are considered an active trader. Why say "may". Be clear either you waive it in certain circumstances or not. I feel like the conditions on something like this should be categoric so people know what they are getting into.

              • @barghunt1: Yea I know. I kinda dislike them because of that…but cost wise they are pretty competitive. I suppose a bargain is a bargain. It’s the Ozbargain way. Haha

    • SelfWealth will have US trading by Chistmas this year, if you don't mind waiting till then