15 Free Trades ($142.50 Value) with $240 Annual Pro Membership @ Selfwealth

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jsb on 02/06/2021 - 18:01 selfwealth.com.au (163 clicks)
Last edited 03/06/2021 - 13:32 by 1 other user

Pro membership is usually $20 a month, but with this deal you get 15 free trades with your membership, bringing the effective pro cost to $8.13/month without any tax deductions.

Membership should be tax-deductible (check with your financial advisor first).

If you claim this in your tax, your final price will be:

Incorrect calculation by OP
32.5% tax bracket: $240 - $78 - $142.5 = $19.5 ($1.625 per month)
37% tax bracket: $240 - $88.8 - $142.5 = $8.7 ($0.725 per month)

Correct calculation
Tax deduction on membership fee is reduced by the value of the "free trades"
32.5% tax bracket: ($240 - $142.50) * (100%-32.5%) = $65.8125 ($5.48 per month)
37% tax bracket: ($240 - $142.50) * (100%-37%) = $61.425 ($5.12 per month)

Note the 15 trades must be used within 12 months.

I find their website/platform is decent, even without pro membership. Their mobile app is a little lacking (its an export of their website), but you can't beat the $9.50 trade price.

Pro membership includes all the standard features plus:

View and target other portfolios
Advanced stock research
Advanced portfolio analysis
Unlimited Refinitiv news

If you are new make sure you use a referral code when you signup - it gives 5 free trades ($47.50 value) & 3 months free pro membership ($60)

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SelfWealth

• 

  yht on 02/06/2021 - 18:11

  +1

  I find that Selfwealth platform doesn't give live pricing comparing with Superhero, there is no point to join their paid membership. There is a lag between 10 -15 mins for share price to be updated.

  • 

    jsb on 02/06/2021 - 18:45

    +3

    If you click on the stock, you get the latest price and even the market depth showing top 10 market orders for buy and sell. Don't know if these are delayed, but it doesn't bother me as an investor. I just place orders at set price valid for a month or so.

    Having said that, I do all the research using the free commsec account but do the trading on SelfWealth

  • 

    Store RepSelfWealth @ SelfWealth on 03/06/2021 - 10:41

    +2

    We're adding live pricing, currently in a beta to collect data. It might not be in SelfWealth Premium, though, as it's very expensive to provide.

    • 

      yht on 03/06/2021 - 10:48

      Hmm, I am confused, even with free membership, it is stated that live pricing is included, now you are saying that it is in a beta ?

      • 

        Store RepSelfWealth @ SelfWealth on 09/06/2021 - 11:39

        Live pricing currently is available on the order pad and the stock page. Elsewhere, it is delayed.

        Live pricing platform-wide, is currently in beta. I.e. on the watchlist page, portfolio page.

        It's not been platform-wide because it's very expensive to provide. It can cost up to $20/month/user and when you're charging $9.50 per trade, you can see how that doesn't add up.

• 

  zrach on 02/06/2021 - 18:38

  Does the 15 free trades include US stocks?

  • 

    jsb on 02/06/2021 - 18:55

    No. Its only for ASX trades

• 

  Daisycogs on 02/06/2021 - 19:05

  Decent deal. When does it expire?

  • 

    jsb on 02/06/2021 - 20:00

    30th June

• 

  HimalayanMonk on 02/06/2021 - 19:21

  -1

  I find Stake more easy to use and trade with excellent mobile app……

  • 

    Store RepSelfWealth @ SelfWealth on 03/06/2021 - 10:42

    +2

    They only do US stocks, we do US stocks and ASX stocks. We've got new mobile apps out, check 'em out.

• 

  Seisei on 02/06/2021 - 19:26

  +1

  Their mobile app is a little lacking (its an export of their website)…

  Not sure if you've downloaded their new app that's been released just in the recent few weeks (this is a separate app, not just an update), but the experience is a lot better now (for Android anyway, I've read mixed comments for iOS) and much more different than the vanilla website.

  In saying that, I still prefer to use the CommSec app to view stock details.

• 

  Psygnosis on 02/06/2021 - 19:37

  I’ve been using IG group. I used CommSec (expensive fees but has access to OTC markets) and CMC market (CHESS sponsored but slow deposits.)

  I used IG group because of the instant fund transfer to use to buy stock, and zero fees. It struck the best balance.

  • 

    nerd1 on 02/06/2021 - 19:42

    0bgrrs, how do they make their money?

    • 

      Psygnosis on 02/06/2021 - 19:54

      For what I use it for, buying and selling US stock, even transferring between brokers has been free. I’m sure they have fees in other things but whatever those are it didn’t apply to me and my purposes.

      • 

        zrach on 02/06/2021 - 21:57

        No fee for US stock? Hmm that's pretty good!

        • 

          Psygnosis on 03/06/2021 - 08:18

          @zrach: I haven’t been charged any fees, that’s right.

  • 

    Telios on 02/06/2021 - 19:58

    IG group has zero fees for buying Australian stocks?

    • 

      Psygnosis on 03/06/2021 - 08:19

      I haven’t bought any Australian stocks, but as mentioned, I haven’t been charged any fees for US stocks, so I assume it’ll be the same for Australian stocks too.

      • 

        Telios on 04/06/2021 - 13:32

        Ahh most likely not. It is basically impossible to find ASX with zero fees. $5-10 per trade is the norm.

        The US exchanges have way higher volume and competition, so fee-free is common there now.

• 

  Homr on 02/06/2021 - 19:41

  -1

  I use this along with tradingview and commsec

  $9.95 per trade is so good compared to commsec $20 per trade

  Hot-tip - get on EMD and IXR before the train leaves. DYOR

  • 

    mr_asstight on 02/06/2021 - 23:36

    +1

    EMD fan here. Let's go!

    • 

      Homr on 03/06/2021 - 00:03

      +1

      It's basing around the 20-22 area for quite awhile now, not long till lift off

      IXR has found a base at 2.7c-3c levels after dropping unexpectedly from 6c after a positive announcement. Latest CR was at 4c so low risk high rewards play.

      I'm also on CRR, PF1 and AR9

      Duds im holding BEM, PWN and BMO which are disappointment so far

      • 

        mr_asstight on 03/06/2021 - 17:32

        Been a bit of hype around IXR.

• 

  TimeOrMoney on 02/06/2021 - 20:15

  +3

  37% tax bracket: $240 - $88.8 - $142.5 = $8.7 ($0.725 per month)

  TBF, the brokerage costs come out of your cost basis anyway. So $142.5 is overstating it.

  • 

    Store RepSelfWealth @ SelfWealth on 03/06/2021 - 10:44

    Not tax advice (talk with your accountant) but you're not paying for the trades, so brokerage is $0 on that trade. Therefore, it doesn't increase your cost base. The contract note will say $0 brokerage.

  • 

    HeavenlyHammocks on 03/06/2021 - 12:55

    +4

    Correct calculation is -

    ($240 - $142.50) * 0.63 = $5.12 per month after tax. Not $0.725 per month after tax.

    Since you would have got tax deductions on the $142.50, had it been paid as brokerage. (You in effect lose this deduction by getting the free trades.)

• 

  ciab on 02/06/2021 - 20:18

  +2

  but you can't beat the $9.50 trade price

  Sure you can $8 here: https://www.ozbargain.com.au/node/618198

• 

  alvian on 03/06/2021 - 06:22

  If the cost of membership is tax deductible, then the value of the 15 free trades must be taxable, right? Should that be included in the current year tax return, or in the CGT calculation when you dispose of the asset? Please include that calculation in your description to give a true net cost of membership.

  • 

    HeavenlyHammocks on 03/06/2021 - 12:57

    +3

    The value is not taxable, but you do lose the deduction you would have been due, had you paid for the brokerage.

    Correct calculation for 37% tax rate is -

    ($240 - $142.50) * 0.63 = $5.12 per month after tax. Not $0.725 per month after tax.

    • 

      jsb on 03/06/2021 - 16:45

      Nice. Thanks for the correction. Yes I made a miscalculation.