I commented in the superhero promotion and I think more people may see it here:
I am leaving superhero now. I thought it was cheap and gives it a try and it is a great mistake. Here is why:
The execution speed is very slow. Even if the price go in your price for 2 minutes or so the order still does not fill. So if you are buying you are always paying more. If you are selling you are always selling less. My guess is that they they try to earn money from the gap. For example you place an buy order at 10 dollars. The top selling order is at 9.9 and you are still not filled. It goes down to 9.8 and 9.7 and you are not filled. Then suddenly you get filled at 10 or 9.9. What they did is buy at 9.7 or 9.8 and fill you at 10 or 9.9. This is definitely not what a broker should do.
And last Friday they try to force people fill in W-8Ben form which no other brokers do. W-8Ben form is a form to reduce the tax paid for us stocks. If you do not trade us stocks you should not fill it. And even if you trade us stocks it is not mandatory. It is just if you don’t fill it you will pay more tax. However superhero forced every customer to fill it. You open the app or website and the form is full screen blocking everything. If you do not fill it you cannot trade or transfer your money. They are promoting their us stock trading and this happens. Advice: Stay away from them. Use Selfwealth if you want something cheap. It is the cheapest you can get that the stock actually sit under your name. With superhero your stock sits in their name instead of yours. Or Commsec or others for reliability.
If you want to trade US stocks you still should not use superheroes. Why? Because they are very expensive and they still play the execution trick. For stake or superhero your commission fee is actually higher than any other traditional brokers if you really earn any money How?
Let’s suppose you buy a stock at 100 dollars. And a year later it is 200 dollars. Now let’s calculate your actual commission. Transfer money from aud to usd 1%. Getting your money out 1% of the ending amount which makes it 2%. So you are paying 3% for commission fee in this case. For traditional brokers typically pay 0.08% to 0.005%. And yes don’t forget they play tricks on your execution which means if you want to day trade it is impossible.
And let’s suppose the stock finally hit 1000 dollars some time in the future. Your commission will be a horrible numble: fx fee 1%+1% of final balance(1000). You are going to pay 11% of commission fee!
I guess this is what they call villain monologuing.