This used to be 5 Free trades before, just now noticed it's displaying 10 free trades each
Inviting friends will enable them to save on brokerage fees and when they accept your invitation you will each receive 10 additional trades for FREE. Free trades expire after 1 month.
Both referrer and referee get 5 free trades for use within 1 month.
From what I've heard, most people buy in 5K amounts at one time, which is typically difficult to amass that quickly. So how useful is 5 trades a month for you guys? Just curious
Perhaps if you buy in multiple stocks or ETFs with specific allocations for your portfolio.
You can also sell :)
A month.. $60k is what i just lost in a week when BTC took a tumble. :(
Really depends what sort of trader you are, and what sort of portfolio you're after. As someone with a easily managed small selection of ETFs, I didn't get through my 5 free trades (although having 10 would be useful for rebalancing). If you're a bit more of an active trader you could easily get through your 10 trades within a week.
True thanks
As you say, you're unlikely to get use of the 5 free trades if you just buy etfs in bulk but it helps in a small way. Saving is a saving right?
I find there's usually a small spread as well (they overestimate the stock value in case it goes up between you putting in order and actual buying) so you end up using 2 free trades to spend the extra money that wasn't spent in first trade.
Minimum is $500 - 10 few trades is good for beginner investor to buy a bunch of ETFs and stocks initially, then to add more later down the track when you've amassed more capital.
They buy in 5K amounts because of brokerage fees. When you don't have to pay the fee you can buy as often and as little as you want without being penalized
Bummer, only signed up a week ago for 5 free trades :(
Be warned of very short time to use up all your trades, 1 month. I've let some expired inadvertently before.
And they don't remind you that you have trades expiring….
I don't even think they let you know you have free trades if you happen to get them from referring
I think this is correct. I had five from signing up, only used a couple. Got five more a few months later, from a referral from a random OZbargain user (ty), and used one of those before they expired.
otherwise I like their platform. cheap trades, friendly user interface and CHESS certified.
Not true, I received an email yesterday stating someone has used my referral link (so I just missed out and only got 5 trades š )
Not sure, I have received emails letting me know that I have received free trades from referral, but just not emails reminding me that I have trades expiring.
You get an email when they're awarded and when they're about to expire.
@SelfWealth: Thanks for the reply.
Thats interesting, I checked on the website for the dates I got free trades and cross referenced with my emails, and haven't found any emails about getting free trades from referrals around any of the dates listed.
I also checked my communication subscriptions and see that I have everything ticked 'subscribe' so not sure why.
I can see the 'Trades Expiring' emails.
Is the alert about receiving free trades new this year @SelfWealth?
@BadHorse: Yep, it's "new" in the sense that it just wasn't working — it's back on now, so you will receive them in the future.
Check your emails, they definitely remind you. You get an email titled āTrades Expiringā that tells you the date they expire
They remind you via email one week before expiry.
But they don't send any email or notification when you receive the free trades. So if you didn't check it by yourself before, you have only one week to use them.
We've added that in (or, more to the point, fixed it so it sends out correctly) so you definitely get notified when you receive trades.
You get sent an email just before your trades expire.
I just applied today using the referral and I thought I would get 5 free trades.
Does it mean I am in for 10 free trades?
Same here! Hopefully the deal had already started
I received 10 free trades, so must have been active earlier that day
Yeah just noticed today after the account is activated 10 free trades.
But I tried to transfer to the provided BSB but itās not instant. So I am not able to trade today.
I have used ThinkMarkets and transfer is instant using Poliā¦ and since they donāt have free trades for existing customers, now time to look for SW
FWIW Thinkmarkets do 5 free trades on signup without expiry afaik: https://www.thinkmarkets.com/au/shares/our-offering/australiā¦
1 month expiry
wow tough crowd, no one wants to make profits on stocks?
This isn't Reddit
He's clearly from HotCopper
How much does it actually cost them to execute a trade?
$9.50
i meant the company
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Realistically speaking, very little on a per-trade basis, but they do have to build all the brokerage infrastructure and their pricing is pretty competitive within Australia for relatively passive investors.
According to some fund managers it's between the $4-$5 mark
One month to use the trades isn't really enough. Should be 6 months or a year.
Why you expect them to make money
Of course - that's part of the gimmick, most people will only use 2 or 3
It's nice to do a bit of rebalancing. You can buy some small parcels without any fees. Seems good to me.
nice im up 60k in a month thanks selfwealth
From selfwealth's discounted trading fees? Are you some kind of ultra frequency trader?
GME & AMC. They've been a money making machine this last month.
SWF
up 400% if you bought at march 2020 bottom
Pure gambles that paid off if the above posts are correct in any way.
Lose all your money or double it!
No I just purchased some shares from them
I've invited my friend, he used my referral link, we both didn't get the free trade bonus. He did a live chat and they couldn't do much. Anyone get the same thing happening to them?
I believe you both will get your free trades once they have deposited money into their Selfwealth cash account..
How are the deposits done mate? By Bpay, credit card or transfer to an account (BSB & account number)?
BPAY or BSB/account number.
I haven't had a good experience with Selfwealth.
I deposited money on the Wed 25th of May and the money is still not available for trading almost 2 weeks later.
Granted, my account was inactive and had to be activated but it's still an inordinate amount of time.
I've been contacting them everyday for updates but they rarely reply with updates.
Yesterday morning, I received an email saying that the money will be in my account shortly sorry for the troubles and it's now the following morning, still nothing.
They've said that they make money off of the interest as well as the 9.50 trading fee so it's in their best interests to keep your funds in their wallet as long as possible.
Just something to keep in mind if you want to trade soon.
Agreed - SW customer support is not that great.
I tried a Broker to Broker transfer (from IG) - Sent the form on the 1st April, received a 'we are working on it' on the 26 May. Needless to say I'd already closed out my positions by then.
I have a superhero account now which I find excellent. The payid function means I don't have to have money sitting in the account waiting for the dips.
I had a different experience recently, did a broker to broker transfer from thinkmarkets 2 weeks ago. Got an initial email saying they have a backlog but got an email the following day to say it was actioned and the transfer was complete within 5 days which I thought was very impressive. I do wish sw had pay ID that must be up there with the most requested feature.
Not apples to apples comparison. SuperHero arenāt CHESS sponsored, they hold the shares on your behalf (risky for a new company in my opinion, Iād only hold small amounts with them).
Their custodian holds them, so if they go bust, they cannot touch them, and you can just transfer them somewhere else.
We had an absurd amount of new accounts early this year, there were massive backlogs. Stock transfers take a few days now, depending on the other broker's speed.
It's because your account was set to be closed and after it was closed, you put money into the account.
The process for returning those funds unfortunately isn't straightforward and requires manual checks.
Apologies for the experience.
They don't actually tell you when you have been given free trades until they are about to expire. I've had 10s of free trades but only used a few because I didn't know I received them until they almost expired.
Would it be much hassle to buy with this and transfer the shares onto the CommSec platform?
And what would that achieve?
More convenient to monitor holdings on one page?
Selfwealth is only good if you don't have to trade frequently. I lost few grands in one trade when SW system glitches happened (which happening very often from time to time nowadays). And the helpdesk wouldn't care (often delayed in responding) and they are hopeless as reported by others. You're on your own if you encountered troubles. Submitted broker-to-broker transfer from Commsec to SW took weeks not days as promised. When followed up, they just ignored you as usual. Since then, went back to Commsec to avoid hassle & $9.50 savings…
How long is this offer running, anyone know…?? Tempted but on the fence.
Not looking for financial advice, but just what would be a good ballpark amount to start with to make the most of this offer? Something sensible.
I'm aware stocks and values will vary etc. Just looking to dip my toes in.
Yes I'm new to trading, hence my newbie questions.
For a short time only.
Refer a friend using your unique referral link (your friend must use your link before registering!) and both you AND your friend will receive 10 free trades.
Hurry though, this promotion finishes at the end of 18th June — not far away!
Trades expire within 30 days of receiving them.
This promotion also applies to people that have been referred but NOT completed their application.
The promotion finishes on the end of 18th June 2021. Any completed referrals after that date will receive 5 free trades, instead of 10.
Well… it's free trades so whatever you can afford is a good amount to start with. When you eventually sell you'll most likely have to pay the $9.50 though, so that would take out a chunk of your earnings. If you're investing <5k at a time then you should consider a platform that charges percentage instead of flat fees such as Vanguard (although you can only buy Vanguard ETFs on it).
Just got the promo email: Deal expires June 18th, so update post.
Happy to answer any questions!
Answering the popular ones in this thread:
On another note, if you sign up to SelfWealth Premium for 12 months, you get 15 free trades included with a 12-month expiry on them. The subscription may be tax-deductible and costs $240. Trades worth $142.50, assuming it's tax-deductible you're only paying a few dollars a month for SelfWealth Premium. This offers is only valid till 30th June.
We're CHESS sponsored, meaning you own the shares directly. Others, like Superhero, act as a middle man and hold your shares on your behalf. Hence the difference in price. You're paying only a few dollars extra per trade for security.
Do the free trades from the 12 months of premium also have 30 days expiry, or are they valid for the full 12 months?
How do we check our free trades?
Log into your account - go to 'Trading Account' on the sidebar menu, and click the 'Trades' tab
The money takes ages to arrive whenever I deposit shame they dont use osko.
Is it still 10 free trades?? Might sign-up if still giving 10 trades for free otherwise if 5 then may not sign up
Deal lasts 2 weeks.