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Selfwealth: $13 Cashback on First US Trade (US$9.50) (Existing Members)

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Selfwealth: $13 Cashback on First US Trade (US$9.50) (Existing Members)
Go to Deal
render on 07/12/2020 - 09:58 help.selfwealth.com.au (1396 clicks)
Last edited 07/12/2020 - 09:59

SelfWealth are launch US Trading next week.
Trading costs US$9.50 (~ A$12.78). The first trade will be refunded (A$13.00) to your SelfWealth account.
FX costs 0.60% - but you can keep a USD balance

We're really excited to launch US trading exclusively to current SelfWealth members. It will be ready to trade next week but you can submit your request to have it added to your portfolio, as of today!

What's new at SelfWealth?
Currently, you can only trade securities listed on the ASX through SelfWealth. That's changed. From Monday 14th December 2020, you will be able to transfer money from your SelfWealth AUD Cash Account to a USD Cash Account and invest directly into US companies, ETFs and other securities.

Your first trade is on us.
The brokerage on your first US trade on all portfolios will be refunded as $13 AUD on approximately the 15th of the month following your first trade, to that portfolio's AUD Cash Account. This offer is only available until the end of February 2020, read more.

FAQ

What is the ownership structure of my US Holdings or USD Cash?
You are the beneficial owner of any US holdings with SelfWealth which will be held in custody with Phillip Securities Pte Ltd. Your cash will be held in a Phillip Capital Trust account with Standard Chartered. SelfWealth has no beneficial ownership or right to either your holdings or cash.

Referral Links

Referral: random (595)

Both referrer and referee get 5 free trades for use within 1 month.

Financial Share Trading

Related Stores

SelfWealth
SelfWealth

closed Comments

                        • tunzafun001 on 07/12/2020 - 13:36

                          @[Deactivated]: How's the Tunza marketing looking so far?

                          Our P.O.D is:

                          The required human interaction (take that Zuckerberg) with a potential advertising platform…ie. the two neighbours come together with the code words ' I love coca cola' to make the transaction.

                          The aggressive uptake in China and India allows a potential of millions of transactions every few seconds..

                          The planetary saving model getting the enviro's onboard.

                          We have no interest in affiliating with the current mainstream banking sector.. CBA ..yuk! Won't need banks where we are going… Dodgey money is big money…and its safely accepted here. They can buy in on our terms, but won't be regulated. You can't shut us down, as we are everyone.

                          The last piece is a financial basis bringing across old mate Warren and his share buddies. The buy in to Tunza's will also require an 'asset base'. Mr Debeers Diamonds, Warren "Scrooge Mc Duck" Buffets gold reserve, a Lithium deposit, acre of farm land, a Saudi salt reserve. We will even accept Kevo's 6 pack of West End draught. A multi national, diversified as it gets financial basis..owned as collective.

                          • [Deactivated] on 07/12/2020 - 13:52

                            @tunzafun001: Make a nice pamphlet and post it on crypto forums. $$$

                            • tunzafun001 on 07/12/2020 - 14:17
                              +1

                              @[Deactivated]: Dang it, forgot the $$$ in religion.

                              One Tunza may get you a seat on the afterlife board of your choice with the real god (just leave it open to interpretation).

                              May you convert buckets of invisible money into more invisible money when skimming off every now and then to buy visible stuff. I think that's ultimately the goal ..and Xmas seems the time to do that with the current cryptos.

                              Cheers for humoring me on my day off.

    • berrycrush on 07/12/2020 - 12:52

      Username checks out 🙃

    • scanuck on 16/12/2020 - 08:02

      Always get a chuckle out of crypto hypers who waffle on about antiquated fiat blah blah blah

      Then go onto to tell you how much ‘money’ they’ve made

      Spell me up

  • lawyerz on 07/12/2020 - 10:30

    1 free trade… yipee i guess

    • [Deactivated] on 07/12/2020 - 10:57
      +1

      1 measly trade.

      • Gradesbrah on 07/12/2020 - 12:19

        Good chance to buy a watchlist stock without shouldering the sunk cost of transaction fee.

  • axlfan on 07/12/2020 - 10:46

    Can someone please explain whether this will be better v/s Stake?

    • FindMeADeal on 07/12/2020 - 10:55
      -1

      nopes.. Stake is better

      • HeavenlyHammocks on 07/12/2020 - 11:14
        +10

        Stake has ~0.95% FOREX fee vs Selfwealth's 0.6% + $9.50 USD brokerage. So Selfwealth should be cheaper for people doing larger less frequent trades.

        Stake "You pay US$0.70 on every A$100 transferred"

        • FindMeADeal on 07/12/2020 - 11:19

          You can transfer using 3rd party like transferwise - better rates.
          Stake will take flat $5 fee in that case.

    • Worulz on 07/12/2020 - 11:24
      +5

      I would recommend Charles Swabs instead of Stake and Selfwealth. If you're looking to make frequent trades you're better off with fee less transactions (which US stocks exchanges have and Selfwealth doesn't provide but Stake does). If you're making infrequent transactions then these services are comparable.

      Stake and other apps like these provide simplicity of entry to the market. Unfortunately their interfaces are still clunky and missing in functionality. Example is setting stop losses and buying at pre-market.

      • jezza p on 07/12/2020 - 11:33
        +4

        +1. Charles Swabs has got a pretty high opening balance requirement to some. CMCMarkets has got $0 commission and 0.6% exchange fee, which is better than SelfWealth. I just lol at brokers that try to charge people to trade US shares.

        • netjock on 07/12/2020 - 11:54

          Would vote for CMC. That I have to admit I have been looking at.

      • striker5950 on 29/12/2020 - 18:05

        for charles schwab would you know how many days it takes for them to activate the account? also when doing the w8ben form for tax what do we put in for the TIN number field as in aus we dont have TIN we have TFN instead..
        also how long does it take to send usd from my multi currency account to charles schwab investing account?

        • rev0 on 12/01/2021 - 19:27

          Did you find the answers to these questions mate? Interested as I'm looking at opening a Schwab account now myself.

  • nadan on 07/12/2020 - 10:53
    +1

    where is the deal? Stake is already fee free. If Selfwealth AU is anything to go by, then the delay in stock prices could make you go broke.

    • [Deactivated] on 07/12/2020 - 10:56
      +11

      Free services make money through worse exchange rates.

      • nadan on 07/12/2020 - 11:08
        -2

        Yes, but for those who have already done this day to day trade is almost free.

        • OneTonneRodeo on 07/12/2020 - 11:10
          +2

          Stake forex fees approx 0.94% (converted into aud) vs SelfWealth at 0.6% + US9.5 per trade…guess it depends how often you'll be trading and the amount/frequency with which you convert aud into usd

          • blighst on 07/12/2020 - 12:30
            +1

            @OneTonneRodeo: Do the maths - if you're trading in and out once, selfwealth's fixed component will be $19 AUD.

            This means that 0.68% (0.34*2) > $19 for Stake to be less competitive —> meaning your trade has to be larger than $2.8k USD AND you need to want to covert it back into AUD straight afterwards. If you plan on reinvesting that amount, the amount increases

            Alternatively if that was the case, then CMC is cheaper as 0.6% spread and no brokerage (but no US cash account) — which doesn't matter as you'll convert back into AUD straight away.

            It's a pretty average offering - and I'm not even talking about some of the offshore brokers like Charles Schwab and IB who are even more competitive.

    • Briefcase Mong on 07/12/2020 - 11:14
      +1

      Stake charges an FX fee when you deposit + express fee if you need it the same day. They also charge withdrawal fee whereas Selfwealth doesn't. Fees workout to be cheaper at Selfwealth I will be switching over

    • jezza p on 07/12/2020 - 11:35

      second that. CMCMarkets has got 0 brokerage plus 0.6% exchange. don't see the benefit of using their platform for US shares at all.

      • Super8Tab on 07/12/2020 - 12:04

        Does CMCMarkets allow fractional shares?

        Also it says minimum $1000 on each order? Is this every time you add to your position or just the first time you buy?

        • jezza p on 07/12/2020 - 12:10

          nope, none of the traditional share trading platforms I have used support fractional shares. I don't think selfwealth does either, but I could be wrong. The only platform I know of that does that is stake.

          US$1000 is per order for US shares (i.e. yes, each time you add to it). sorry forgot to mention that Stake is more suitable for people that do ultra micro investing where they put few hundred bucks here and there…although I would argue that fees will eat a huge chunk of gain since they charge $2 minimin for Fx. Say if you exchange for US$100 on stake, the fee is literally going to be 2%! Might as well just put it in HISA and get to at least eqv. of US$1000 then put it through CMC

    • Store RepSelfWealth @ SelfWealth on 07/12/2020 - 12:23
      +5

      For the ASX, stock prices are live on the stock page and order page.

      US data will be live for free.

      • nadan on 07/12/2020 - 12:54
        +3

        What about the portfolio page?

        • ilytc on 07/12/2020 - 13:11
          +2

          I second this… please fix you delay on your portfolio page/stock page for ASX…

  • Yaren24 on 07/12/2020 - 10:56

    Just wondering where does everyone invest their money into, house prices have been inflated in qld in the past few weeks.

    • Charlie Dont Surf on 07/12/2020 - 11:12

      Prices have increased in the past few weeks?

      • Yaren24 on 07/12/2020 - 11:13
        +1

        Yes, demand seem to be increased

        • netjock on 07/12/2020 - 11:56

          People are panic buying capital. (considering how low interest rates are you're just bidding for capital, hope people aren't looking for a fat tax deduction).

          • Yaren24 on 07/12/2020 - 11:58

            @netjock: I feel they want us to spend.more money to keep the cashflow. I don't see many houses are at good prices, it's has all gone up

            • netjock on 07/12/2020 - 13:24

              @Yaren24: One big con going on. There is very little fundamentals supporting property other than people's salaries and increasing willingness to pay more because there is a unspecified pot of gold at end of the rainbow.

              • Yaren24 on 07/12/2020 - 13:50

                @netjock: What should we do about our money?

                • netjock on 07/12/2020 - 14:05

                  @Yaren24: Last two crises the share market and housing market got bailed out. There is where you should put it.

                  • whooah1979 on 07/12/2020 - 14:12

                    @netjock: Not a gold bug?

                    • netjock on 07/12/2020 - 14:31

                      @whooah1979: Would be if the market wasn't rigged. Derivatives are killing the true worth. More money to be made elsewhere.

              • Shleepy on 08/12/2020 - 00:43
                +1

                @netjock: And an increase in the savings rate, and a decrease in lending rates which allow people to borrow more… I would agree though, it does give the sense of a "big con" with an asset bubble which might be unsustainable. Just look at New Zealand where housing prices are up by double digits to record highs. Is this pent up demand or a crazy market flush with too much money and not enough sense?

                • netjock on 08/12/2020 - 09:27
                  +2

                  @Shleepy:

                  too much money and not enough sense?

                  People putting money in expecting a return but not knowing fair value of the investment. That is your problem. It is like buying a company that doesn't make a profit with a high projected PE. If the heat comes out expect for a long painful hold.

                  Exactly the problem with property. Everyone is just paying off a mountain of capital / equity right now. The tax deduction is just a con. If you borrow $1m at 2% the tax not having to be paid is $9k (at 45% tax rate). Where as the repayments are $44k for the year $20k interest. $44k of repayments you need to be on combined at least $200k household income. If it is your primary residence good luck when things go wrong.

        • [Deactivated] on 07/12/2020 - 12:19

          maybe because the supply has decreased ? The property owners are just HODLing

          • netjock on 07/12/2020 - 13:21

            @[Deactivated]: They can't get out can they? Once you get out you can't get back in after all the transaction charges (REA fees and stamp duty to try to buy back in).

            Moving to annual land tax to replace stamp duty is a way for government to get a steady income and make property buying & selling closer to share trading. If someone can do ASX for property and cheap trades rather than REA fees then you're onto a winner.

      • mr_asstight on 07/12/2020 - 11:14

        that's what he/she said

    • netjock on 07/12/2020 - 11:55
      +2

      Woolworth's gift cards.

      • [Deactivated] on 07/12/2020 - 12:22

        iTunes cards….save 15% after apple one. Money saved is money earned. Money spent is money saved because nowadays most people call spending money as an investment.

        • netjock on 07/12/2020 - 13:19

          You telling me my $100k BMW in the drive way is not an appreciating asset?

          • [Deactivated] on 09/12/2020 - 09:29
            +1

            @netjock: As a financial advice knowing enough about your circumstances from your last comment, I recommend you spend…sorry invest in that BMW with iTunes Card and keep it for better value later. In almost all cases it gains value as soon as you drive off the showroom.

    • piston3461 on 07/12/2020 - 12:57

      ETFs like VDHG or ASIA and some select stocks like NIO

      • OZB Al on 07/12/2020 - 13:45

        Or VAP if you want property.

  • leftspeaker2000 on 07/12/2020 - 11:18

    How safe is this ? I remember reading something that you don't "technically" own your stocks. They do. Maybe it was another one of these neo platforms, though.

    I currently use Comsec for international trades and their international platform/partner is terrible. They charge you extra to track your net gain/loss.

    • Archdon on 07/12/2020 - 11:23
      +3

      You are thinking of SuperHero, shares sold through SelfWealth are chess sponsored as is the case with Commsec

      • avoidfullprice on 07/12/2020 - 11:29
        +2

        Are US shares chess sponsored too?

        • hanofee on 07/12/2020 - 11:30
          +9

          There's no such thing for US shares. Chess is ASX system. For US stock, there's no different between them

      • beesquared on 07/12/2020 - 11:37
        +1

        My understanding is you don't technically own them they are in trust and owned by Phillip Capital technically

        "Your cash will be held in a Phillip Capital Trust account with Standard Chartered"

        • netjock on 07/12/2020 - 11:57
          +1

          That is the cash. Who is the custodian for the shares?

          • beesquared on 07/12/2020 - 12:06

            @netjock: same
            any US holdings with SelfWealth which will be held in custody with Phillip Securities Pte Ltd

            • netjock on 07/12/2020 - 12:10

              @beesquared: PTE LTD is Singapore.

              Unless they have a US entity and global bank I'd be careful.

              Recognised big time custodians like BNY Mellon, BNP Paribas are well known. Not sure about Phillip Securities.

    • Store RepSelfWealth @ SelfWealth on 07/12/2020 - 12:27
      +2

      CommSec use Pershing, we use PhillipCapital. No difference in terms of ownership structure, just different companies. The CommSec interface is terrible and it's super expensive. Come on over.

      If you've not heard of us, we're ASX listed ourselves and have over 65k active investors on the platform, which makes us the second biggest non-bank trading platform.

      • leftspeaker2000 on 07/12/2020 - 13:18
        +3

        ComSec int interface is terrible!

      • Csadeev on 07/12/2020 - 15:52
        +2

        Commsec mobile interface is much better IMO from a UX perspective. I use Commsec exclusively to check on my stocks (20 times a day) or to do quick research. Honestly, I only use the SFW app to put my orders in and deposit money in/out. Many other 'value-add' SFW features such as the member comparisons or the social investing features are useless IMO and just stresses people unnecessarily (e.g. you're in the bottom 50% / top 1%). If you want to do dollar cost averaging through $1k-$2k parcels, the $9.5 fees eat up a large chunk of your profit and makes you want to go more into risky trades that can end up badly. Osko payments should be a must too.

      • neostarsx on 07/12/2020 - 18:05
        +1

        Yes I agree, Commsec international interface is terrible and it so slow.

    • netjock on 07/12/2020 - 13:16

      don't "technically" own your stocks

      You do own your stocks. Custodians hold it on your behalf. The relationship can break down if there is a fraud on your broker's part. One example is Opes Prime which took down Tricom

      Notice how the problem is actually to do with margin lending and investor not being able to meet margin calls and brokers not willing to close those positions, then fudging their books and finally the bank behind it deciding to turn off the money.

  • Kas on 07/12/2020 - 11:25

    NYSE: PFE & NASDAQ: BNTX

  • hanofee on 07/12/2020 - 11:29
    +7

    Most of US broker like etoro, IB, IG or CMC is either free or like $1 for smaller trade. Unless you trade in the order of over $10K, there's no reason to use SW. It's expensive and has no other advantage (for ASX, some people prefer the CHESS system rather than custodian, but for US, there's no equivalent of that, so they're all on equal basis). SW is OK for ASX, expensive for US shares.

    • Charlie Dont Surf on 07/12/2020 - 11:46
      +1

      Here's the page for CMC Markets: https://www.cmcmarkets.com/en-au/lp/stockbroking-internation…

      I'm struggling to see why people would use SW ahead of them for international trades, unless it's the convenience of having all holdings with a single broker and HIN.

      • netjock on 07/12/2020 - 12:02

        Pain of having to change brokers. Also you can't do broker to broker transfers easily for US shares. You end up with shares littered everywhere and some places charge inactivity fees.

      • Store RepSelfWealth @ SelfWealth on 07/12/2020 - 12:24
        +2

        Convenience is a massive driver for a lot of people, but we're on OzBargain here so from a financial stand point: we have a USD cash account, so you only pay FX when you move money around. CMC you get charged FX fees per trade.

        All depends on how you invest.

        • Charlie Dont Surf on 07/12/2020 - 12:36

          Thanks (from a SelfWealth customer by the way). Good to see further features being added to your platform.

          • Store RepSelfWealth @ SelfWealth on 07/12/2020 - 12:44
            +1

            @Charlie Dont Surf: Good to hear! This was a big one, so we're hoping to roll out a lot more in the next 12 months. Brand new Android and iOS app due in the next few weeks.

            • Charlie Dont Surf on 07/12/2020 - 17:05

              @SelfWealth: Not sure if it's possible on the platform, but don't be shy to throw some small bonus the way of OzB members in the future, such as a free trade. We love freebies here!

        • hanofee on 07/12/2020 - 13:58
          -2

          Seriously? Some people actually prefer to do that (currency hedge), rather than relying on the USD that might decrease too. Some broker like etoro is USD based, as you said, but without the fee, u just picked the one that convert like CMC. Convenience to keep 1 broker (if you already with SW) maybe, but claiming u guys are cheaper is just not true. You guys are reasonable, but not the cheapest for sure.

  • flyingfridge on 07/12/2020 - 12:17
    +1

    Any thoughts on this vs Interactive Brokers?

    • blighst on 07/12/2020 - 12:37
      +1

      IB is a very good platform, and will be cheaper (particularly on the FX side of things) however they have inactivity fees (0 if your account size is sufficiently large)

      • hanofee on 07/12/2020 - 14:00
        +1

        Even if your account is not large, you only need to trade with $10 AUD worth of fee per month. If you're active, that is less than this 1 trade of US shares in SW, btw

        • blighst on 07/12/2020 - 14:01

          Good point - are Australians able to access ibkr lite?

          • hanofee on 07/12/2020 - 17:03
            +1

            @blighst: Not anymore if you're making new one, only older account can keep their status if they were on Lite. That $10 minimum fee per month I mentioned is for Pro, if u only have small size portfolio. Lite has no inactivity fee regardless the size

  • blighst on 07/12/2020 - 12:26

    Not a deal as will always be a cheaper outcome with a different broker

  • Niko123456 on 07/12/2020 - 12:38
    +2

    Annoying you can't use the USD bank account for transfers, you have to load your AUD currency to selfwealth and then pay their FX.

    Ideally you could do a US to US bank transfer.

    • netjock on 07/12/2020 - 13:18

      Then they won't make some enough money from you.

      • watwatwat on 07/12/2020 - 13:20

        No, they would still make $9.50 USD.

        • netjock on 07/12/2020 - 13:25

          Minus the 0.7% FX

          • watwatwat on 07/12/2020 - 14:01

            @netjock: ???

            We are talking about if you do a US to US transfer. There is no FX.

            • netjock on 07/12/2020 - 14:07

              @watwatwat: How you going to get AUD to USD without going through an FX firm?

              You're just taking it from one company to another and paying less margin. It isn't magic.

              • watwatwat on 07/12/2020 - 14:47

                @netjock: I don't think you understand this line of discussion.

                • netjock on 07/12/2020 - 14:51

                  @watwatwat: I don't think you do.

                  USD to USD transfers. SW will make 0.7% less. Still charge you USD9.50 per trade.

                  • watwatwat on 07/12/2020 - 15:04
                    +1

                    @netjock: Ok now I see what happened.

                    When you said: "Then they won't make some enough money from you.", that didn't make grammatical sense and didn't cover the fact they still make money on trading fees.

                    Then your follow up reply stated the obvious.

  • murkywater on 07/12/2020 - 12:42
    +4

    What a rip off. I recommend getting Charles Schwab or Stake and depositing for $0 fees via revolut. Then enjoy the 0 brokerage fees.

    • blighst on 07/12/2020 - 12:42

      Can revolut accept US deposits?

      • murkywater on 07/12/2020 - 15:01

        Nah not yet. Hopefully soon, so we can do fee free withdrawals too.

    • bohn on 07/12/2020 - 13:53

      When to use (and avoid) Revolut to transfer money overseas
      It's great for smaller transfers, because they offer free international money transfers for up to A$9,000 per month for most countries. Once you're over the A$9,000 limit they charge you a percentage-based fee, which means they may not be a good option for larger or more frequent international transfers, as the fees can add up.

      https://www.thecurrencyshop.com.au/reviews/revolut-australia…

      The above sounds okay for smaller amounts.
      I have IB and Schwab, so I convert AUD to USD in IB and then transfer to Schwab.

      • blighst on 07/12/2020 - 15:02

        Is IB better than say Transferwise for sending money abroad?

        • murkywater on 07/12/2020 - 18:11

          EDIT: Misread comment.

          Revolut is better than Transferwise as there's no fees, so long as you do the exchange during UK working days.

          No idea about IB, but from what I hear it's also quite competitive.

        • bohn on 07/12/2020 - 18:12

          it is better for sending to an overseas account that matches the account name @ IB.

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