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SelfWealth review: Cheap, fixed-fee share trading

2019 Winner
Alison Banney
Alison Banney

SelfWealth share trading offers an award-winning online platform and a single, flat brokerage fee of $9.50 per trade.

SelfWealth is an Australian owned and operated share trading broker, offering easy access to the Australian share market, via their convenient online trading platform. SelfWealth’s award-winning platform enables investors to buy and sell shares for one flat brokerage fee of $9.50 per trade. Whether you’re trading large or small size, SelfWealth’s brokerage fee is always the same, without any hidden commission charges on top. This means that clients can easily forecast their trading costs before taking a position.

$9.50

Brokerage

Shares

Markets

Email
Live chat

Support

Details

Product name SelfWealth Share Trading (Basic account)
Type of broker Online only
ASX products Shares
Available markets ASX
Standard brokerage fee for ASX shares $9.50
Support Email
Live chat

Quick verdict

Good for
  • Cheap, flat-fee brokerage
  • No commissions
  • No minimum balance
Not so great for
  • International share trading unavailable

Who is SelfWealth?

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 their cheap, Australian share trading brokerage, they have been recognised by receiving the Money Magazine best of the best, cheapest online broker award for 2018.

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.

What are the key features of SelfWealth share trading

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.

Cheap, flat-fee brokerage costs

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.

Access community insights and benchmarking tools with SelfWealth Premium

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.

Free access to Self Wealth Premium for 90 days

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, then you can continue for $20 per month.

Award-winning share trading platform

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 Australian Business awards and then backed up their performance by winning the award again in 2017. You're also able to access your share trading account via a mobile trading app, so you can keep an eye on your portfolio and place trades on-the-go.

Access free market data, insights and research

If you choose to trade Australian shares with SelfWealth, you will 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.

Funds held by ANZ

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

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.

No minimum account balance or SelfWealth trade volume requirements

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.

Flexible order types

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.

Go to site

What markets can I trade with a SelfWealth share trading account?

SelfWealth provides complete access to the Australian Securities Exchange (ASX), offering investors and traders access to:

  • Australian shares. Shares traded on the ASX, called 'ordinary shares' by SelfWealth.
  • Australian Listed Property shares. Investors have access to property assets through Australian real estate investment trusts (A-REITs).
  • Australian Listed Investment Company shares. LICs provide traders access to a range of underlying shares listed on the ASX in a single trade.
  • Australian Listed Debt Securities. A fixed income security, allowing investors to receive a fixed return, usually at a specific rate of interest.
  • Australian Exchange Traded Funds. Similar to LICs, ETFs track the performance of a number of different stocks which investors can access via a single trade.

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.

What account types are available through SelfWealth share trading?

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.

  • Individual account
  • Joint account
  • Company account
  • Trust account
  • Self Managed Superannuation Fund (SMSF) account

What types of customer support is available with a SelfWealth share trading account?

If you're looking for account or trading support from SelfWealth, then there are a number of avenues that you can take:

  • Live Chat support
  • Email support
  • Postal support

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.

What are the fees I can expect when using a SelfWealth share trading account?

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.

  • Brokerage fees. $9.50 per trade, with no size restrictions. This fee is the same for a trade worth $500 and a trade worth $100,000. There are no trading commissions or ongoing account fees that need to be monitored.
  • SelfWealth Premium. Access to the SelfWealth community where you can mirror the strategies of top investors is only available via a premium subscription. The first 90 days are free, then a $20 monthly fee applies to access this content.

How do I pay for shares on a SelfWealth share trading account?

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.

  • Cash account. When you sign up for a trading account with SelfWealth, you'll also automatically receive a cash account with ANZ, in order to settle your trades. This account is accessible within your account and funds can be easily transferred in and out from here.
  • Dividend payments. When it comes to which account dividends on your owned shares are paid into, you must nominate an account via the share registry after each new holding that you've purchased.

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.

What are the pros and cons of using SelfWealth share trading?

Pros

  • Cheap, flat-fee brokerage. Shares bought through SelfWealth have a flat $9.50 brokerage fee for every trade, regardless of size.
  • No commissions. There are no extra commissions on top of the $9.50 brokerage fee. What you see is what you get.
  • No minimum account balance. You don't have to worry about maintaining a minimum balance or making trades to avoid inactivity fees because there are none.
  • Portfolio comparison tools. Monitor other trader's profitable portfolios and use any insights gained for your own investment strategy.

Cons

  • No access to international markets. International share trading isn't yet available, but SelfWealth make it clear that it will be in the future.
  • Can't use own bank account. You can't use your existing bank account as the linked cash account.

How do I apply for a SelfWealth share trading account?

If you feel the SelfWealth share trading platform suits your trading needs, click on the "Go to site" button at the top of this page. You will be securely redirected to the SelfWealth site where you can then apply for an account online in minutes. Please note that you need to be at least 18 years-of-age to apply for an account.

  • Step 1. Begin your application online by providing your email address and clicking the activation link.
  • Step 2. Provide your personal details including name, address, date of birth, and then select the account. You can sign up for an individual, joint, trust, company or an SMSF account.
  • Step 3. This process includes a Veda security check so 100 points of identification are required. Suitable forms of ID include your driver's licence, passport, photo ID card, bank statement and/or utility bill.
  • Step 4. When your trading account is approved, your ANZ cash account is automatically created. You can now start buying shares.

SelfWealth share trading frequently asked questions

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16 Comments

  1. Default Gravatar
    Patrick
    October 14, 2019

    Hi,

    Am I able to transfer my shares from Commsec to my account once it is open?

    Patrick

    Reply
    • AvatarStaff
      Jeni
      October 15, 2019

      Hi Patrick,

      Thank you for getting in touch with Finder.

      If you consider transferring shares from Commsec to SelfWealth, yes that is possible. Please note that transfers take 1-2 business days.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  2. Default Gravatar
    Paolo
    August 13, 2019

    Hi, lets say at a point of transfer of 50k funds from my account are now held in a SelfWealth trust account and they go into liquidation ;
    1. are my funds 100% safe to return in their entirety ?
    2. how would I go about getting all the funds back?
    3. how long would this process generally take?

    Reply
    • AvatarStaff
      Nikki
      August 16, 2019

      Hi Paolo,

      Thanks for getting in touch! If SelfWealth were to go into liquidation, your funds would still be safe as they are part of a closed trust at ANZ. Liquidators won’t be able to access your funds. If this were to happen, it would be a simple matter of contacting ANZ and organizing for your funds to be transferred into your personal account. While I can’t give you exact details on how simple or fast this would be – it shouldn’t be any more complicated than any other bank transfer.

      Hope this helps. Feel free to reach out to us again for further assistance.

      Best,
      Nikki

      Reply
  3. Default Gravatar
    Jake
    July 8, 2019

    Just have a question regarding risks.

    1. If you were to invest 300k in one company and if those shares were stable and Self Wealth was to go bankrupt. What would happen to your shares ?

    2. Also was the 250K backed by the government in reference talking only in regards to the Anz account you will have to create to deposit funds ?

    Reply
    • AvatarStaff
      Joanne
      July 13, 2019

      Hi Jake,

      Thank you for visiting Finder.

      1. SelfWealth registers shares using CHESS. That means if SelfWealth were to go bankrupt your shares remain safely stored and you could take your HIN and holdings and transfer them to another broker.

      2. The Australian Government has guaranteed deposits of up to $250,000 in all major banks and registered deposit-taking institutions (ADIs). You can read more about that here. However yes, only the money deposited into a bank’s cash account is protected. Once funds are transferred into a trading account or used to purchase shares, the funds are no longer afforded the government guarantee. In addition – 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. Liquidators won’t be able to access your funds.

      Cheers!
      Joanne

      Reply
  4. Default Gravatar
    Pat
    June 8, 2019

    I have 2 questions:
    1) If I already have a share trading account and own shares, is there any problem with opening a second with a different entity? How does one transfer one’s shares between accounts?
    2) Is there any online share trading entity that has a fixed fee regardless of the value of the trade?

    Thanks in advance

    Reply
    • AvatarStaff
      Jeni
      June 13, 2019

      Hi Pat,

      Thank you for getting in touch with Finder.

      Please see answers below.

      1. Yes you can open more than one trading account without any issues. You can find some useful information on transferring shares here. It’s a good idea to check with the company you’d like to transfer shares to as they’re usually more than willing to guide you through the process step-by-step.
      2. Many trading platforms have a fixed fee option up until a certain point, however SelfWealth does offer a fixed trading fee of $9.50, regardless of trade size.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  5. Default Gravatar
    Annie
    January 10, 2019

    I am looking at investing in ETFs and am trying to decide on a broker. If Self Wealth becomes insolvent, what happens to a client’s ETFs and cash account?

    Reply
    • AvatarStaff
      Joshua
      January 14, 2019

      Hi Annie,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      If in case a broker or Self-Wealth becomes insolvent, you would typically have ample time to react. In most cases, an ETF provider makes an announcement when they are going to stop trading and their funds and assets would be liquidated. Use this time frame to transfer to our ETF providers or re-consider your trading strategy. Once the ETF closes, your fund should be liquidated already.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

      Reply
  6. Default Gravatar
    Kelly
    January 2, 2019

    Does SelfWealth have a dividend reinvestment plan?

    Reply
    • AvatarStaff
      Jhez
      January 2, 2019

      Hello Kelly,

      Thank you for your comment.

      According to ATO, under a dividend reinvestment plan, shareholders are offered the choice of using their dividend to acquire additional shares in the company instead of receiving a cash payment. For SelfWealth, performance calculation includes income paid and does not offer a dividend reinvestment plan.

      Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.

      Regards,
      Jhezelyn

      Reply
  7. Default Gravatar
    Michael
    August 23, 2018

    I would like to open a SMSF trading account. Please advise the process and what documents are required. How long does it take for the account to be approved?
    Secondly, what do I do to transfer the existing share portfolio from my current stock broker to SelfWealth?

    Reply
    • AvatarStaff
      Joshua
      August 28, 2018

      Hi Michael,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      If you believe that SelfWealth is the right product for you, please click on the “Go to site” green button above this page to be redirected to their website and open a new account.

      You will learn more about opening a new account and the documents needed by reading the details found under the subheading “How do I apply for SelfWealth Share Trading?” of this page.

      The duration of account approval isn’t clearly mentioned on their website. However, you can hasten your account approval by ensuring your provide all requirements.

      With SelfWealth, it is possible to transfer your existing share portfolio with them. You need to complete a Broker to Broker Transfer form. You can learn more about this when you already have an account with them.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

      Reply
  8. Default Gravatar
    Tilly
    December 17, 2017

    it is impossible to be a day trader on delayed data. why do you not provide live streaming data, please advise

    Reply
    • Default Gravatar
      Arnold
      December 22, 2017

      Hi Tilly,

      Thanks for your inquiry

      Please note that you have reached Finder.com.au, a comparison and general information website.

      Updates of trading data are handled by SelfWealth. You can contact SelfWealth for assistance on any questions via email, or instantly via online live chat. Their website also offers industry insights, industry news and market analysis from the Founder and Managing Director, so you can always stay informed.

      Hope this information helps

      Cheers,
      Arnold

      Reply
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