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.
Both referrer and referee get 5 free trades for use within 1 month.
stake is good and easy to use, commsec is very expensive
Thanks Op, been waiting for cheap brokerage so I can put my super that I pulled on Brainchip (BRN)
oh dear, did u buy at 0.97?
.94
My condolences. What's your plan? Are you going to cut your losses or HODL?
We all know DDD is the best looking stock on the market - DYOR
Stop saying that about your crappy penny stocks. DYOR what is there to research?? Without even looking into it, I know already it’s got no profit, no potential and no reputation, just like the other hundred of crap penny stocks out there.
See you in 2 weeks bud :)
🚀🚀🚀
Is asx bets leaking again??
Op probably can’t even finished his referral bonus in 1 month :)
Depends if people use the "random" button or the op link.
Selfwealth is great for paper hands
this is normal price and I use them, not a bargain
You need to pair this up with commsec as selfwealth does not have live markets
It is, but as I look through OzB it seemed strange Selfwealth brokerage has never been posted before as a deal (when Commsec $10 trade below 1K was)
Is there any way to trade without having the funds in the account immediately.. For example.. On commsec you can put in an order, but you must pay it within 2 business days after being executed.
nope
That's a Commsec only feature AFAIK
What a shame. I tend to decide on trades spur of the moment. So not being able to put in orders in advance before payment is a shame
That’s the trade off for getting such cheap brokerage I’m afraid.
It seems openTrader doesn't debit the account for T+2 similar to Commsec.
That's good to know.. However I tend to do trades of over $2500..which means $15 per trade. Or I guess I could do 2 x $2500 trades for $10, right? Then that's a more similar price to self wealth
That's where I don't understand the appeal of brokers like this. There are many times I want to trade immediately - not wait 2 or so days for a transfer to be done (by which time the price may well have changed.)
The other option then is to leave funds parked in the account - but there may be lengthy periods before an opportunity is found, all the time on top of that you're getting 0 interest on those funds. The interest cost lost on that exceeds the savings of $5-10 cheaper trade. Added to that other platforms are better.
Basically, saving a few bucks doesn't compensate for the interest cost - or if you're only a small trader then the few dollars for the extra platform features.
That's why I have 2 accounts. I use SelfWealth for my regular monthly / non urgent trade. For urgent trade, I use the bank trading account.
This is what makes superhero and thinkmarkets interesting. So even though you can't trade on either before funds arrive they offer methods that get funds quicker to your account then selfwealth does.
Thinkmarkets offers poli and superhero uses payid.
I haven't used either product yet so i can't comment on these payment methods myself but they will get peoples attention because despite selfwealth being around for much longer they don't offer a quick way to get funds in.
OpenTrader is cheaper if your trade is small enough - $5 for up to $2500
+1 I've started executing my smaller trades through them. Their platform is pretty cool too.
That's good for dollar-cost averaging strategy
fund safe?
no delay when i want to transfer money out?
The delay is just like other EFT transfer
As above, two days delay for both in and out.
Bpay is next day if done before 5pm the previous day. Give it a whirl.
I transferred money in at lunchtime (from ING) and it arrived by 9am the next morning.
Ive been using them, nothing fancy and good that they are cheap. There are 2 downsides for me
1. No Osko payment, so it takes one day to transfer money in. Not great if you want to buy something on the day and has no money in the self wealth cash account as you have to settle straight away.
2. SelfWealth doesn't forward your banking details to the registrar, unlike other major broker. So you need to make sure to update your banking details when you buy a new share. I just found out about this recently and had to pay $25 to get my dividend payment replaced.
Do any discount brokers have Osko?
That's a pain on the banking details!
Thinkmarkets has POLi
I'm not sure how their Macquarie CMAs are set up, but potentially could payid into them too
Out of topic,
I'm considering commsec pocket now as i dont have much bullets, everytime i invest (not trade) is no more than 5k/month anyway. Treat it as regular savings between 1-3k. When it comes to sell (in a big chunk, which is rare for me) then maybe 0.2% of pocket is quite high. What you guys think
Edit: and oh i mostly buy etf where 3 out of 7 i already have
Not a deal. Same price as always.
US trades by the end of year at $9.5/trade + .60% fx fee each side. Take that as you will.
I do trade with them and have for the past few years. No frills, crap charting (I use tradingview), research is a premium option but they do the job and you know exactly what brokerage is at any value trade. For anything above day trading, they are great. They work for day trading execution nicely as well, but if you have to ask about day trading… Don't.
Better off using Stake for US trades tbh
CMC seems to have a decent offering now, 0% commission but can't say the fine details.
I don't trade US stocks though so not worried.
Stake is worse off if you trade over $2500… also could be worse off if you sell long term holdings if they hopefully rise. They charge a higher FX cost.
Why would you be worse off if you trade over $2500? Since Stake has no trading fees.
Are you just referring to the FX cost?
@WillKillfor5Cents: Correct, FX cost is at least 70 bps. It can be higher for express transfer whatever that means.
Good platform and free trades are a great incentive. Although transfering money can be a bit of trouble with some banks. Takes a few days to receive.
Have been seeing alot of different platforms lately offering cheaper trades so might spend some time looking around and see what the competition has
Bpay is next day if done before 5pm the previous day instead of the slower approach with an EFT. Give it a whirl.
I'm sure this has been asked a billion times on a deal like this but.. is SelfWealth good to get started with trading or would you recommend a different trading tool?
Selfwealth is probably quite decent as they teach you to keep risk in mind and assign ratings to your portfolio. They also have live chat if you need help during ASX trading hours.
SW is good to execute only (buy or sell), because of the flat fee. Everything else is so basic, u probably want to use other tool or broker like commsec/nabtrade/ig, etc.
The cost of brokerage shouldn't be the main determinate of trading platform, particularly for someone new. Go with a full featured broker and get a feel for it. Once you're comfortable make your own decisions on if it is worth saving a few dollars and not being able to trade T+2 that the major banks offer.
Short answer is SelfWeath and every other low cost broker has decent use cases, but they are not a one size fits all or a 'big brokerage' killer app.
Bookmark 👍
I've been using for years now. Probably going to move to ThinkMarkets though.
Otherwise, there is OpenTrader to $5 trades up to $2,500. Also Chess/HIN.
I am a newbie, looking for tips. can you share the website address fro thinkmarkets please?
So it supports instant transfers to and from a Macquarie banking account? I can't find this info but that would be very useful if so! :)
Yes, they also do POLi
If thinkmarkets support instant transfers on the macquarie account I wish they would state that on the faqs on their website.
Edit: After posting this comment I've had a look at the macquarie website and pay id isn't one of the funding options on the macquarie cma account page and under the payid faqs the cma isn't one of the accounts supported. This leads me to believe that payid isn't supported through the macquarie cma.
just signed up using a referral. does Transfer existing holdings in or out have a fee? is there a inactivity fee?
No fee for either. Takes a while to transfer though, expect 2 weeks or so
For me, the funds are reserved for T+2 after a sell order goes through, then you can withdraw them, which takes half a business day for me.
Not a deal. Next thing, we have people positing that you can buy $1 stamps for $1.
Sometimes, the deal is in the comments 😉
Thanks OP.
Using that analogy, Commsec is charging 19.95 for postage and SelfWealth is charging 9.50
Got to love me some stonks. No time to hodl.
Where do they keep you cash funds, it seems to be an ANZ bank account. However you don't have access to it or control.
I'm curious as to what would happen if they go out of business and you still have your fund in that account?
They open the account in your name.
yes, the trouble is that you don't have access to it though.
They do this on purpose. They open an ANZ account for you in your name and the moment you buy some #stonks, they lock the funds in the ANZ accounts so you can't pull them out and fail the settlement 2 days later. So they are just using ANZ to protect themselves from their clients.
Should be ring fenced. Unfortunately as we know when a lot of big brokers / financial planners go bust.
Thinkmarkets is cheaper ($8). Open pay is cheaper for under $2500 ($5). Tough times ahead for Selfwealth and their $9.50 brockerage. Also cheaper to trade international shares through CMC Markets, Stake and eToro.
great broker, have used it since Day #1 for my investing! They're going to be launching US trades soon too which is fantastic!
Tip: Don't forget to use the referrals from Ozbargain to get 5 free trades for you and your random buddy!
Anyone used Trading 212? Looks the best for US shares.
Unfortunately no option or international trading avaliable
US trading from November.
Enjoy your free trades OP.
How is it a deal when its has always been like this. Seems more like a post to promote OP's own referral link.
Have to agree. Post smells like self promotion to me. Funny because one comment here was deleted with the reason that referral links aren't allowed in comments yet they seem to be allowed in posts, lol?
Reeks of self promotion as others have noted.
Anyways, I'm gonna throw a spanner in the works and note that ThinkMarkets is functionally identical (Chess sponsored and will even do instant transfer via Poli) and $8 up to 250k, rendering this not really a bargain for most users.
Where do they keep your cash balance?
Macquarie CMA
How much is the transfer limit via Poli?
can you link your selfwealth bank account to anz internet banking? i guess it doesnt earn any interest but the Macquarie CMA does?
This normal price, it's not a special at all, it should not be in financial deals.
Selfwealth is good, I use them and am in the top 10% of investors. My only complaint is their watchlists are not realtime. I use my old netwealth account to view the realtime watchlists, then use selfwealth to make the trades, it slows me down especially when using it on my phone.
The OP posting this is unethical, he is getting free trades from people signing up under his userid, I have been with selfweath for 9 months, it's not a deal or anything, just normal price like it has been.
As mentioned I noticed that SelfWealth had never been posted even though other brokers have been. I thought it would be useful for some users who did not know. People are free to use any referal they like, or none at all if they prefer.
If it bothers you so much then feel free to tell people to use a random referal or none, I just felt SelfWealth deserved a mention
Anyone who has transferred brokerage to Selfwealth this month? Mine has been stuck on "Creating ANZ Account (up to 1 business day to complete) for a week now….
Is there a SelfWealth representative on OB?
I've been waiting for my holdings to be transferred to SelfWealth for almost 2 weeks now.
I much prefer pay the extra $10 for Commsec as I don’t need to have money in the account at the time. If a share is a good deal you easily make more than the $10 by not waiting a day to buy (in waiting for money to clear in SelfWealth)
Anyone familiar with the custodian, Philip Securities? I can't find more than it to be some company in Singapore.
Phillip Capital does the US shares. They are pretty large. OpenMarkets brokers the ASX shares.
was looking for fee comparison between stake and selfwealth for buying US shares and found below, pretty well explained.
https://growsmsf.com.au/selfwealth-versus-stake-fee-comparis…
I think i will stick to Stake.
What do you guys think after reading the article?
Thanks OP for the original post and others for subsequent comments on this thread.
Have been researching online brokers, and shortlisted Selfwealth.
Then of course headed to Ozbargain to get valued opinions, and was bonus to find a referral option for 5 free trades.
How does one transfer their portfolio, say from Westpac to SW? All the shares are HIN/CHESS.
Simply sign up if you don't have Selfwealth and choose the option to transfer your HIN.
I have been with selfwealth for 1 year almost no complain except the fund transfer takes a day and some time too late to trade also they no longer cheapest with HIN number.
thinkmarket charges $8 flat for trade upto $200,000 so much better & cheaper option for normal aussie investor. Is selfwealth planning to match the rates?
Check out their deal
https://www.ozbargain.com.au/node/590458
No need for them to match it when Selfwealth is growing as fast as they are. Most people like myself won't bother changing for $1, especially to a company that does CFDs as well.
Recently signed up using a random referral link. Smooth process. Account opened and funded within 3 days.
to qualify for free trades, for how long should you haven't held an (active) account?
ship will have set sail by then mate, I wish I could wait. I'll look into stake, thanks bois