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Average ManGreater Melbourne (Metropolitan), VIC
- Verified customer
You get what you pay for
I've been using SelfWealth for a around a month now, after transferring from a Big Four bank brokerage. For a small beginner portfolio such as mine (~$10K) the low trading fees are a godsend, as i found the trading fees at my previous brokerage firm quickly ate into my small profits.
My issues with the service are echos of complaints from other reviewers: there is a lag on live share price changes, so I depend on the live updates from my other brokerage account when setting my bid price.
Secondly, the currently available analytical tools are a...Read more
bysmal. The graphing tool in particular definitely needs a makeover. I'm lucky enough to share a StockDoctor account with my dad which i can use for analysis. I wouldn't be comfortable making decisions on individual stocks using the analytical tools available on the service - if you are trading using solely the information from this broker, i would stick to ETFs. However I can't be too hard on SelfWealth given its fees are so competitive and since the company itself is still a new kid on the block. I'm sure the analytical tools will be improved over time. TL DR: Cheapest brokerage around, good for trades but not analysis EDIT (5/05/2020): Just read this in a response by Self Wealth on another forum, regarding live-pricing: "Market depth and live pricing were added in under the Premium offering ($20 / month) as there's a cost associated with providing that data, charged to us by the ASX. Unfortunately, we can't offer it for free as well as maintain the $9.50 flat-fee brokerage" As i said: you get what you pay for
1 comment
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Great platform, great trade price
Pro's: Great, easy to understand, cheap trades, has an app
Con's: only ASX stocks (but I think international coming soon?), format could be more user friendly/basic
I don't like big banks so this was my choice to support an independent provider
1 comment
Jarrod P.SelfWealth
Thanks for the review! Yes, you're right, US trading coming later in the year.
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NatSouth East Queensland, QLD
- 7 reviews
Dissatisfied with poor service
Lodged my application on day 1. My family member lodged their’s almost 24hrs later. In less than 2 business days his account was set up. More than 5 business days later I’m still waiting for an account. Emailed to ask what was happening - no response. Expecting someone in marketing will eventually see this and respond with “sorry - covid”, not really a decent answer given my family member got theirs so quickly despite lodging an application later than me.
Poor form. There are other platforms offering the same price for trades. I won’t waste any more time on this poor-form company that offers no real way for you to contact them, and doesn’t even respond.
3 comments
Jarrod P.SelfWealth
Hi Nat, you're right that someone in marketing has seen this. While the current pandemic has created massive delays it's only with certain processes. If you pass electronic verification for your ID, y... Read more
ou're set up straight away, which your family member most likely did. If you have to send in docs, which I'm guessing you did (for ID or a HIN transfer) we've got a backlog of about a week. We've got a team of 6 looking at these and had 6,000 customers join in March, compared to 1,500 in February. That creates a lot of work at once, we've even hired more people to help. We're working very hard, including weekends, to process them. These delays are not normal, when things quiet down you will have a chance to see how good our customer service is. As it's been 5 business days, hopefully, someone will get in touch tomorrow. Otherwise, shoot us an email at [email protected] and I can follow it up for you.Hi Jarred, thanks for responding, as no one has responded to the second follow up email I sent through the chat function today either, let alone the previous enquiry.
No, I received immediate notific... Read more
ation of electronic verification of my ID, and notice that there were no further documents that I had to send in and that there was nothing further for me to do.Jarrod P.SelfWealth
Hi Nat, I've seen your email come in and will follow it up immediately with you directly.
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- Verified customer
Affordable flat fee per trade and great support
I've been using SelfWealth to buy shares in ASX listed businesses, LICS and ETFs since 2018. They've made great progress over the years and their support team has always responded promptly to my queries. Unlike some other platforms, there are no monthly fees for non-premium accounts or additional costs to access conditional orders. Features that I'd love to see in the future: A landscape orientation option on the SelfWealth app, more data export options for reports, and international trading. This is a great Aussie platform to use if you aim to...Read more
achieve FIRE (financial independence, retire early). The flat fees will save you heaps when dollar cost averaging into your investments. DISCLOSURE: As I write this review I don't own any shares in SelfWealth but I will probably buy some in the future.1 comment
Jarrod P.SelfWealth
Thanks for the review Lange Family and we appreciate the feedback, we've passed it onto the team!
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- Verified customer
Easy to use, great value
I started trading in Oct 2022 and a quick Google search confirmed that they were the cheapest then, I think they still are, I find the website easy to use, I've bought and sold quite a few times already and still have had no need to talk to a human or fill out anything in writing so that's a big tick in my book. No real negatives to speak of. I use a feature they have to automatically forward my trades to sharesight so the tax side of things should be a breeze
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An organization unresponsive to legitimate criticism
Individual SelfWealth staff are friendly and respond quickly to queries that involve ‘business as usual’ matters; however the organization appears to be unwilling to review and possibly change its procedures in response to evidence-based criticism. As it’s set up currently, it’s of limited value to an occasional but financially savvy trader who simply wants to buy or sell shares.
1 comment
Jarrod P.SelfWealth
Hi Slinger, thanks for joining and for your honest review. Do you mind getting in touch with us at [email protected]? We'd be keen to hear more about the issues you're referring to here, so we can look at improving.
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stayzonAU
- 3 reviews
Very good for those who do their own analysis
SelfWealth provides a no-frills approach to share trading and does this very well. The very low cost of trades makes it cost effective for the smaller operator and I have found the information sufficient for most of what I want to achieve. The stock information is sufficient to get you started/interested, but for deeper analysis, there are other programs that are much more comprehensive. I find the individual stock charts very simplistic and, certainly on a phone or tablet, so small as to be almost useless. To me, that is SelfWealth's gr...Read more
eatest weakness at the moment. However, there are other programs that you can easily get all of that information anyway. So, let's get back to SelfWealth's primary focus. To provide cost effective share and stock buy and sells. From that point of view, I am completely happy with the service that I have received so far. I cannot see me changing to another online broker in the forseeable future.1 comment
Jarrod P.SelfWealth
Thanks for joining and for the review! We're working on a new app for phones and tablet which will improve usability and charting. We'll ensure we incorporate your feedback into its development. Happy to have you on board!
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David McAfeeMetropolitan Adelaide, SA
- Verified customer
Awesome broker - love the referral
CHESS sponsored, flat brokerage fee and excellent web interface. SelfWealth is great. I love the referral bonuses and have benefited from several free brokerage trades. Can’t wait for them to roll out their international trading later this year.
1 comment
Jarrod P.SelfWealth
Thanks for the review David! We're excited about international, too!
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Rugby
- 3 reviews
Dreadful customer support
Joining took 6 weeks as emails were not answered. Their excuse was Covid 19!,, they just wont answer any emails for help. Also have requested if there is a tour of the site to assist you in understanding how it works. No Answer!!! I think they only have 2 staff and they also refuse to phone you or allow you to phone them. Put the trade price up by $2 and give some service
5 comments
Jarrod P.SelfWealth
Thanks for your review and for joining. As we offer the lowest brokerage out there (it's flat fee $9.50, not scaling like others) we're unable to offer phone support. Your account opening shouldn't ha... Read more
ve taken 6 weeks, we apologise for this and the team are correct in saying that the current situation has made everything quite hectic -- we've had a massive influx in Australians wanting to invest, meaning we've struggled to keep to our quick turnarounds for responses. Hopefully going forward you will see that we're a great Australian team that can support you throughout your investment journey.As far as I know we cant even email you with our questions or problems,
Also is there anywhere on your site that a new member can lean how to best use the site
Jarrod P.SelfWealth
There are two support options: [email protected] or live chat during trading hours. You can access live chat by going to our website and clicking the 'support' button at the bottom right. You ... Read more
will get a person on our client services team who can help you out.Similar opinion? Write a review on ieatwords.com.au!
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EricSydney, NSW
Great Product and Affordable Prices to invest but terrible customer support.
So slow in the replies and I can clearly tell they are only using templates for their replies. Instead of being client-centric, new joiners are met with blase customer services associates who doesn't seem to care whether you can sign up or not.
1 comment
Jarrod P.SelfWealth
Hi Eric, are you able to email us at [email protected]? I'd like to follow your review up, as that's not how we view Australian investors, let alone current or prospective clients. We'd like a chance to rectify this for you.
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PeterSouth East Queensland, QLD
Need better tools for traders
Trading is all good, brokerage is low. One thing that the site really needs are better stock screeners and filters, e.g. min monthly performance data on members, holdings, with such volatile markets is not good enough... It's especially important for active traders. I have to constantly switch between different providers to get the data I need. Please upgrade report options and search tools. Also - just an idea - can we get some kind of signals of stock prices on mobile?
1 comment
Jarrod P.SelfWealth
Thanks for the feedback Peter, we're working on a new mobile app now so will incorporate your feedback!
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Nick S.Metropolitan Adelaide, SA
My brokerage fees have dropped 80% since moving to SelfWealth
I love the software and the ease of making a trade . Things I dislike are market depth is delayed and I wish they could download all my trades in the same way as Comsec does it as It would make tax accounting much easier. I have told them about it but no action. I have made over 100 trades and am satisfied.
1 comment
Jarrod P.SelfWealth
Great to hear you're saving money with us Nick, that's our aim!
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Marcel T.Perth, WA
User Friendly
Cheap brokerage. Very easy platform to use. Provides good market info. Great portfolio overview. Also provides a full membership trial period which gives access to successfull traders portfolios to see what the successful people are buying.
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Pretty good! Solid platform all around
This app is well made for those who intend to begin investing without the big fees normally charged and complicated jargon involved. However they could include more base membership features.
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LiaP
- 2 reviews
Easy Trading Account
I only started 18 months ago and I have enjoyed being a SW Member.
The website is easy, reply to a question came within 5 minutes of starting the chat.
I enjoy the information that I can get on my shares/future shares.
Sofar I have only bought but I have faith that my future sales and transfers from SW account to my bank account will be without any hassle.
For $9.50 per transaction you can’t go wrong.
One advice, always have enough money in your trading account so that instant purchases can be made.
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Steven EdwardsGreater Melbourne (Metropolitan), VIC
Great brokerage
Simple and easy brokerage. I have always felt supported and have had no issues. I would happily recommend SelfWealth to anyone. Still the most inexpensive going around to my knowledge.
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Love it!
Easy platform with plenty of financial history and tools to do basic research. I would highly recommend it to anyone who is trying to get started in the world of investing.
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Scott B.South East Queensland, QLD
Great service!
Excellent service and good commissions on purchases. Love the weekly updates on my performance and comparisons to other investors!
Would recommend to investors who understand what they are doing and want to reduce brokerage costs.
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Chad D.Sydney, NSW
Terrible Customer Support and Bad Attitudes
Dear All
Don't fall in to SelfWealth Trap just for few dollars cheaper commission
This company even don't have a support telephone number, No Live chat to chat with humans, they even haven't published their address in the web site
This broker is very arrogant, very late to reply to emails and they put conditions even to access your own account
So this is a typical arrogant and low class company, I had a trading account with them and I truly regret about doing business with them when there are so many recognized, good customer support with conta...Read more
2 comments
Jarrod P.SelfWealth
Hi Chad, thanks for joining us. We're sorry to hear your experience hasn't been up to our standards. Our address is Level 2, 613 Canterbury Road, Surrey Hills in Melbourne, (you can find us on Google ... Read more
Maps easily) although you'll not find anyone there as we're all working from home due to COVID-19. There are no robots on chat, all people, except for your initial question to see if a help article can answer your question. In order to offer low brokerage, we need to be a 100% online business. We don't have conditions on accessing your account, you simply need your email address and password to get in. Any more questions please get in touch at [email protected].Hello Jarrod
I understand you have tried PR stunt here to cover up while your team doing totally opposite to what you are saying, It extremely hard to chat with a human, it one message after another c... Read more
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NoahSouthwest, VIC
Account Takes Ages to get Approved
They forced me to supply 2 certified documents because they couldn't verify my drivers licence and now it has been 8 days and they still haven't set up my account yet despite them claiming for it to take only 5 days
1 comment
Jarrod P.SelfWealth
Hi Noah, first off, thanks for joining SelfWealth. We're sorry that things are taking a long time, this is not our normal way of operating and is due to the thousands of Australians wanting to enter t... Read more
he stock market at the same time. What would normally take a few days (for the 20% of people who need to provide ID) it's taking closer to a week, or longer in cases where documentation is not provided correctly. Added to that, COVID-19 is making it hard for people to certify documents, and we're not allowed to legally accept non-certified docs. We're trying our hardest and appreciate your patience!Similar opinion? Write a review on ieatwords.com.au!
Questions & Answers
Phuong T.asked
What are Selfwealths online human chat hours? I have tried the online chat at 9.40am and am still getting answers from a chatbot.
No answers
Phuong T.asked
what are SelfWealth online chat's service hours?
No answers
Garryasked
I have two accounts with Self Wealth it would be good if I could login to one area and the select the account I wish to operate in, cost is not the issue ease of use is
example
Trust
Superannuation
Children
Grandchildren
Also a report that looks at your share portfolio as at 30 June 19 value compared to todays date and reflect change in value
1 answer
Jarrod P.SelfWealth
Hi Garry, we're rolling this out in the next few weeks, the ability for you to consolidate your accounts. If you open a new account you can already do so under the one log in.
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Jarrod P.SelfWealth
Thanks for joining and for the review! Just to correct the statement from an old forum post, live pricing is available to all for free but only on certain pages: stock analysis and the order page. It's not live on the portfolio page or elsewhere.