Selfwealth Recensioni 317

I recently opened by account with Selfwealth after interacting with Commsec and NABTrade for over two decades. I really enjoy the flat rate brokerage charged by Selfwealth. I have placed few orders and they were executed straightaway conisdering they use Openmarkets for ASX orders. Selfwealth brokerage is very attarctive and I have saved money on it as opposed to Commsec & NABTrade.

My money transfers from CBA were almost instant and received the email confirmations from Selfwealth within 5 mins. So far I don't have an issue with this platform. Individual HIN is issued.

The only thing I miss at Selfwealth as opposed to Commsec is that I can't use my existing holdings as security to place new ASX orders and then transfer the money prior to settlement in T+2. With Selfwealth I'm compelled to transfer money prior to placing an order.

Very easy to use, competitive brokerage and plenty of resaerch info to help.

Update 2/2/23 - Once this review was posted, Selfwealth contacted me and are organising a refund of the funds which I am most grateful for.

Original message
On 7 October, I decided to try a demo account with Selfwealth. So paid for the 12 months subscription (I should have just done the one month!)
After playing with the demo Selfwealth during the day, I decided Selfwealth was not for me.

I email a request to cancel my account and refund me the 12 month subscription (was happy to lose a months subscription).

Selfwealth cancelled the account but no refund, no mention of refund over several emails and then after closure of account, they refused to email respond to any other email I sent asking about the refund.
Its been 11 days and they stopped responding to emails after the account was closed.

It would be useful if options were given instead of just cancelling an account, ignoring the other question.

Hi
Today I placed the buy order ANZ at $ 22.52, but system only allowed $22.50 or $22.55, I tried two phones, what’s happening? This through the APP, never happened before

Despite advising a change of address its till not done after 6 weeks. Meanwhile dividend cheques and other correspondence is still going to to old address. The problem was again advised by email and still nothing done despite promising a fix.

Self Wealth is a great online broker. I love them! What I hate about them is their OSKO payments system.

Four times I have used the OSKO system to transfer funds from my bank to my trading account with SW. Despite the fact that OSKO is supposedly instant payment, this is not the case when you try to get funds into your SW trading account.

Twice I have submitted feedback about this and twice I have been told to contact my bank. Rubbish!

My bank confirms that my payments start off as OSKO payments. It is the fact that ANZ is the processing bank for SW. They are known (ANZ) to have a lot of problems with OSKO payments. Instead of the funds appearing almost instantly, it takes at least 18 hours for the fund to appear in the SW account. This leads to missed opportunities for the client and loss of income for SW.

So to the managers of SW stop blaming others. Talk to your incompetent ANZ supplier and get this sorted! Don't try making it your customers' problem. It is YOUR problem to deal with.

App has been broken for over a week. Only fix creators have is to tell their app users to reinstall. lol.

I have been using SelfWealth now for 10 months. In that time it hasn't failed me once and has only gotten better with time (e.g., instant deposits). I see other people have some complaints about certain aspects of the tool, but I don't see it myself. It has been virtually perfect in my experience. Deposits to my trading account are essentially instant. Withdrawals (only ever did one, yesterday) appear to be completed within hours. Proceeds from sales are available instantly in your trading account (which differs from my experience with US based trading platforms; which have several days to settle proceeds of sales).

I like the ability to access company news and research all through the same interface and also get a read on the community sentiment towards particular stocks. I find myself spending time on the platform every day to learn more about the opportunities that exist out there.

I'll point out that I use the web interface on my PC. I can't imagine doing something as serious as share trading on a phone app to be honest, but that is just me.

I would imagine that a lot of the "issues" that I have heard people report (but never seen myself) are associated with phone apps, and not having them up to date and/or phone operating systems up to date. Pro tip: Use the web version with a recent browser and you are always up to date.

I'm in the process of signing up family members (daughters) and have no hesitation to recommend this service to others.

SW is great. I was spending thousands of dollars a year with trading on CommSec. Now it's about 10% of that.

Their platform has great features. I recommend it.

Their service is fine. It took a while to transfer my holdings from CommSec, but that was because CommSec makes it so hard to release YOUR money.

No wonder there was a royal commission into the big four banks.

Try SW for yourself. Make up your own mind. You can always keep your current trading account and go back to it if your not happy.

It’s disappointing to see these reviews after using the platform for only a couple of months as all the issues I am facing are clearly systemic for other customers too. Despite the user interface, the flow and control of your own cash is archaic and I am still waiting for ‘reserved cash’ to be made available in my account after nearly 7 days beyond settlement. Despite many requests via email I still have not had a response and it’s interesting that they have held back the larger amount of reserved cash so I can only assume they have cash flow issues. So, if they are thinking about using this platform, be warned that the time delays between currency exchanges, withdrawing money etc is incredibly frustrating notwithstanding ZERO customer service. I have made a complaint to the financial ombudsman as something doesn’t smell right of the withholding of the reserved cash. Too many platforms promising too many things. Cath Whitaker needs to get a handle on this business.

Easier to save a whole lot more on large orders rather than the % based fees of the banks. Haven’t had poor support when trying to get holdings transferred. Exceptional service. They even considered smaller things via email. Love that they are very transparent with a “roadmap” burger style plan. SelfWealth are shaping up to become something very big. Catchy name.

Avoid risking your hard earned capital here. It stinks of being run by amateurs and/or plain hustlers.

I made enquiries with live chat support before registering to ensure that I could trade US equities of interest, and that stop losses were supported. I was advised that this was the case.

Some months later after opening several large positions (for me) I was subsequently advised that stop losses were not supported for US stocks. This was after I had spent several hundred dollars on currency conversion and trading fees.

I requested reimbursement for these fees so I could sell and exit without taking a loss, as I was not prepared to trade with zero safety net, and nobody in their right mind should be. After wasting time repeating myself to support I was flatly refused any kind of reimbursement or consideration.

Note that this behaviour was exhibited by a support manager called Rodney, who referred to his manager called Matt.

I have had more than a gutful of dishonourable treatment from shysters running platforms such as these, who are too greedy or incompetent to think that they have any obligation to their customers, whom they see as mere numbers contributing to their wallets.

PS

Also note that if you want to trade US equities the platform requires:

a. Twenty four hours to perform a bulk AUD to USD conversion, no quick per-trade conversion is offered.
b. Three business days to settle closed positions.
c. Three business days to convert USD from closed positions back to AUD.

This is extremely inconvenient in a fast moving market and is really a bad joke.

No issues so far, cheap brokerage and easy to use app. Prefer Commsec app for live pricing but very happy with Self Wealth so far.

Zero customer service and no Instant Chat anymore. I’m still chasing funds I transferred days ago which they still haven’t added to my account and the stocks have increased in value. It appears they’ve cut costs and done away with customer service but it’s going to cost them in the end as I and others will just go elsewhere. Have started using Superhero which look to be way better thus far!

Awesome app great for trading especially if your new. Unlike the many casino esq. Style trading apps. Love it.

very good, ease of use, and very well notified during buying and selling

Needed to change my chess registered address.Filled in the forms and was told 7 days.6 weeks later address still not changed.Contacted them numerous times but no joy.Comm bank did theirs in 24 hours.Regardless of extra cost I will move back to them.

Like the previous reviewers I was happy with the app, the website platform and easy cheap stock buy/sell. I have been a self wealth member for over 12 months and I was a self wealth shareholder.

However, like the previous reviewers, I have found the customer service awful, I have have two queries with self wealth on my account, one over 8 weeks ago and one over three weeks. In each case I got an immediate response advising that there would be a short delay, but so far no response. I do not consider 3 weeks a short delay, let alone 8 weeks. I am concerned their systems have been overwhelmed and they will end up like Onetel and go into administration. I have sold my share holding and like some of the previous reviewers am considering changing back to comsec.

Their Web platform and mobile platform crashes constantly.
They pump their own stock SWF, listed on ASX up.

So people will trust their website.
By the way.. Stopping people to trade like Robinhood is criminal and Selling other people your own rubbish.
Trades will not be executed, you will be stuck on order and you never know if you got filled or not. And if you did,, well good luck, taking losses, as you will not be able to sell, neither cancel until you buy order is confirmed... , which will take about 1 h..

I was happy with the app and easy cheap stock buy/sell. I have been with them for over 6month

The customer service is awful, I have emailed them 4 times over the last 3weeks and they never reply. All I request was to change my address and bank details. I filled out all the forms and emailed It to them . But still no response.
To the response from selfweath, the is untrue. The site has forms to fill out and email supportselfwealth

To anyone thinking about signing up I would think very careful, as now I can't get my dividends paid or cash out my shares.

I will be moving to comm sec share as they are also cheap trades and have hopefully better costumer service