- Cheap, flat-fee brokerage
- No commissions
- No minimum balance
Not so great for
- International share trading unavailable
SelfWealth is an Australian owned and operated share trading broker, offering easy access to the Australian share market, via its award winning online and mobile trading platform.
SelfWealth’s award-winning platform enables investors to buy and sell shares for one flat brokerage fee of $9.50 per trade, with no hidden commission charges on top. This means clients can easily forecast their trading costs before taking a position.
This SelfWealth review is designed to help you make an informed decision on whether they’re the right share broker for your particular circumstances. Read on to learn more about some of the features and costs that trading with SelfWealth offers, as well as helping you apply in just a few simple steps.
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Established in 2012, SelfWealth is an Australian owned and operated company that offers easy access to the Australian share market via its convenient online platform. Known for its cheap, Australian share trading brokerage, the company has been awarded Finder's 2019 Best Australian Share Trading Account.
In this SelfWealth review, we see they're trying to position themselves in the market as more than just a share broker, also aiming to become a one stop, online investment community. They offer a suite of online tools which helps to compare the performance of your investment portfolio with other investors of similar size.
Through the SelfWealth share trading platform, traders are able to access a number of features that make their experience unique. Compare some of these key features against other share trading platforms and weigh up which aspects are most meaningful to you.
SelfWealth are known for their flat-fee brokerage service. All Australian share market trades are just $9.50 per trade, regardless of trade size. This means that the type of trader you are, or the size of your account won't change your trading costs. There are also no extra commissions. When it comes to trading costs, you always know where you stand with SelfWealth.
Members of SelfWealth Premium can set up a target portfolio using the strategies of top investors. Members can also watch or follow portfolios of other members in the SelfWealth community. This is done anonymously with no personal member details shown, but instead monitors the performance of their portfolios. Members can watch as many other members as they want.
When you create your free SelfWealth share trading account, you'll be able to try out all of the features offered with SelfWealth Premium for the first 90 days, free. If you then decide that you'd like to keep using the features provided to SelfWealth Premium accounts, you can continue for $20 per month.
SelfWealth share trading won the Fintech Business of the Year award at the 2016 Optus My Business Awards for their easy-to-use online trading platform. They were also a Software Innovation award-winner at the 2016 and 2017 Australian Business awards. More recently, they were awarded Finder's 2019 Best Share Trading Account for Australian equities.
If you choose to trade Australian shares with SelfWealth, you'll find that stock performance and unit prices are updated every 20 minutes using ASX price data. Members can also access specific, detailed market sensitive and general company information on individual shares via the stock analysis tool which is powered by Thomson Reuters.
All client funds are held in Australia and New Zealand Banking Group (ANZ bank) accounts. This means when you sign up for a trading account with SelfWealth, you'll also automatically receive a cash account with ANZ to settle your trades through. That means in the event of insolvency on the part of SelfWealth, your funds will be safe as they are part of a closed trust at ANZ.
CHESS sponsored shares are those that are registered with a share broker like SelfWealth. They're allocated a Holder Identification Number (HIN) by the broker. On the other hand, Issuer Sponsored Shares are managed by the issuer of those shares via the issuer's share registry. All shares bought through SelfWealth are CHESS sponsored, and are executed and settled by OpenMarkets. Shares are legally and beneficially owned by the investor and not held under custody.
There is no minimum account balance required when opening a SelfWealth share trading account, nor is there an ongoing balance requirement that needs to be maintained. You are also not required to place a certain number of trades each month to avoid an account inactivity fee. Just keep in mind that trades on the ASX must be more than $500 in value in order to go through.
Investors and traders can place an order to buy shares at a particular price, and allocate a 'good until end date' setting to the order. This allows you to set-and-forget, as the trade will only be placed when the market hits your target buy price. This means there's no need to check the price daily for shares you're wanting to buy and takes some of the stress away from trying to get filled at a price that is right for your particular strategy.
SelfWealth provides complete access to the Australian Securities Exchange (ASX), offering investors and traders access to:
When it comes to trading international shares, SelfWealth says that they will be supported sometime in the future. If trading international shares is a priority of yours, then use our guide to compare international share trading accounts.
There are a number of account types to choose between. Take a look below and decide which is best suited to you and what you're trying to achieve from trading.
If you're looking for account or trading support from SelfWealth, then there are a number of avenues that you can take:
There is no phone support available, but there is a postal address listed on SelfWealth's contact us page. An interesting medium for an online share trading broker.
On of the key features spoken about at the top of this review is the fact that SelfWealth offers flat fee, cheap brokerage costs of just $9.50 per trade, no matter the size.
Paying for shares through a SelfWealth share trading account is made simple. Just keep in mind that as per standard ASX processes, it takes up to 2 business days for funds to be settled and available to be withdrawn from your cash account.
All funds are held in a SelfWealth trust account, within an ANZ bank account. In accordance with regulatory requirements, SelfWealth is not entitled to withdraw any amounts from your cash balance in the trust account, except in accordance with a direction from you.
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