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 a single account.
SelfWealth’s award-winning platform enables investors to buy and sell shares for a 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 it's 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.
Standard brokerage fee
ASX, NASDAQ, NYSE
Email, Live chat
|Type of broker|
SelfWealth is an award-winning low-cost online broker focused on Australian and US shares.
It's the type of broker that will largely appeal to buy-and-hold investors, especially those who are looking to invest larger amounts due to its flat fee structure.
While its basic account is more tailored towards seasoned investors, beginners will be able to use their premium account for 90 days which should help with the transition into investing thanks to features such as being able to copy successful traders.
The company also offers a range of data to help investors including buy and sell recommendations and financial comparisons.
On the downside, SelfWealth only allows investors to purchase shares in Australia and the US.
- Cheap, flat-fee brokerage
- No commissions
- Stock analysis
- ASX + US shares
Not so great for
- Only US and ASX shares available
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 was awarded Finder's 2019 Best Australian Share Trading Account.
In this SelfWealth review, we see it's trying to position itself in the market as more than just a share broker, also aiming to become a one-stop, online investment community. It offers 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.
|It offers conditional orders as well as charting tools and watchlists.|
|Research and education||
|SelfWealth doesn't offer educational courses but it does have news and analysis.|
|SelfWealth offers stocks and ETFs, it doesn't offer leveraged products such as CFDs, options or forex.|
|It offers email and live chat support services.|
Cheap, flat-fee brokerage costs
SelfWealth is known for its 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 its easy-to-use online trading platform. It was also a Software Innovation award winner at the 2016 and 2017 Australian Business awards. More recently, it was 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 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.
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 it will be supported sometime in the future. If this 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?
One 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 there.
- Dividend payments. You must nominate an account for dividends to be paid into 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?
- 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 traders' profitable portfolios and use any insights gained for your own investment strategy.
- 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.