SelfWealth review: Cheap, fixed-fee share trading

Award-winning online trading platform with a flat brokerage fee of $9.50 per trade.

Finder's rating: 4.2/5

★★★★★

SelfWealth is an Australian owned and operated share trading broker, offering easy access to the Australian and US share markets from the one account.

AUD $9.5

Standard brokerage fee

ASX, NASDAQ, NYSE

Available markets

Email, Live chat

Support

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Details

Type of broker
ASX products Shares
Available markets ASX
NASDAQ
NYSE
Standard brokerage AUD $9.5
Support Email
Live chat

Quick verdict

Good for
  • Cheap, flat-fee brokerage
  • No commissions
  • Stock analysis
  • ASX + US shares
Not so great for
  • Only US and ASX shares available

SelfWealth background

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.

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.

Fees

★★★★★ 3.9/5

Trading tools

★★★★★ 2.7/5

It offers conditional orders as well as charting tools and watchlists.
Research and education

★★★★★ 4.8/5

SelfWealth doesn't offer educational courses but it does have news and analysis.
Available securities

★★★★★ 1.5/5

SelfWealth offers stocks and ETFs, it doesn't offer leveraged products such as CFDs, options or forex.
Customer support

★★★★★ 3.0/5

It offers email and live chat support services.
To learn how our star ratings are calculated, read the methodology here.

Cheap, flat-fee brokerage costs

SelfWealth are known for their flat-fee brokerage service. All Australian and US 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 SelfWealth 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, 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 and 2017 Australian Business awards. More recently, they were awarded Finder's 2019 Best Share Trading Account for Australian equities.

Access free market data, insights and research

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.

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

Australian 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 Australian 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.

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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.
  • US shares. Shares listed in the United States are available to trade on 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

  • Not fully international. Only Australian and US shares are available to trade on SelfWealth at this stage.
  • 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?

  • 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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20 Comments

    Default Gravatar
    Jo
    February 26, 2020

    Can I trade commodities with the self wealth app?

      Default Gravatar
      Ash
      February 27, 2020

      Hi Jo,

      Thank you for contacting Finder.

      Currently, with the SelfWealth App you may only trade stocks/ shares available in the Australian share market. You may not trade commodities using this platform.

      I hope this helps.

      Cheers,
      Ash

    Default Gravatar
    sandy
    October 28, 2019

    is there a fee involved in transferring my existing shares with my current broker to selfWealth ?

      Default Gravatar
      Nikki
      October 30, 2019

      Hi Sandy,

      Thanks for your comment and I hope you are well.

      No, there are no fees involved in transferring your existing shares to Self Wealth. To proceed, you’ll need to complete a broker to broker transfer form. They are available on the Self Wealth platform. Click the trading account menu option on the bottom left-documents-the forms tab to access all forms.

      Hope this helps!

      Best,
      Nikki

    Default Gravatar
    Patrick
    October 14, 2019

    Hi,

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

    Patrick

      Avatarfinder Customer Care
      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

    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?

      Default Gravatar
      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

    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 ?

      Avatarfinder Customer Care
      Joanne
      July 13, 2019

      Hi Jake,

      Thank you for visiting Finder.

      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.

      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 the Australian Government Guarantee Scheme. 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

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