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Home > SelfWealth

SelfWealth

Since its inception, SelfWealth Australia has built up quite a reputation for itself.

selfwealth australia

The hallmark of this brokerage is that if offers high-quality affordable services.

If you want to start with a small investment, then we recommend Highlow.

However, how well does the company and its platform live up to expectations? This review considers all elements of SelfWealth and determines whether it is a good option for you.

About SelfWealth

An Australian owned and operated company, SelfWealth was established in 2012. One of the more commonly known aspects of the company is its flat brokerage rate. SelfWealth allows members to trade shares for $9.50, regardless of the size of the trade.

At the same time, SelfWealth functions as an online community for investors. This allows individuals to individuals to compare their portfolios with those of other investors. The company has won numerous awards as a top Australia broker.

The SelfWealth Products

First, let’s take a look at the SelfWealth products available for investors. The two main options offered by this broker is SelfWealth INTELLIGENCE and SelfWealth TRADING.

The SelfWealth TRADING product – as the name implies – is focused on share trading. Here, investors are given access to competitive prices. Naturally, the flat brokerage fee is implemented. This means that you can trade larger volumes without having to pay exorbitant fees.

Then, there is the SelfWealth INTELLIGENCE. This product is all about making it easier for investors to build their portfolio. Due to this, it lets you determine your portfolio’s benchmark performance compared to other investors. Investors can also measure the comparative performance and risk of their portfolio.

How SelfWealth Works

Here is a breakdown of the SelfWealth products.

SelfWealth TRADING

When you open up a trading account with SelfWealth, you get access to the following markets:

  • Australian Shares: known as ordinary shares by SelfWealth, these are shares that are traded on the ASX.
  • Australian Listed Property Shares: investors can access property assets via Australian Real Estate Investment Trusts.
  • Australian Listed Investment Company Shares: this gives you access to a variety of underlying shares on the ASX in a single trade.
  • Australian Listed Debt Securities: a fixed income security.
  • Australian Exchange Traded Funds: track the performance of various stocks that investors can access through a single trade.

SelfWealth INTELLIGENCE

This is what INTELLIGENCE has to offer:

  • Benchmark Performance: this gives you the opportunity to compare your portfolio to other members. The comparison can be based on performance, valuation, and diversification. You can also follow like-minded investors for guidance.
  • SafetyRating: this rates how diversified your portfolio is. The more diversification there is, the higher the score.
  • WealthCheck Score: if you are looking into wealth trading, this feature will check how healthy your portfolio is at various points.
  • Research Tools: this gives you access to various stock data.

SelfWealth Account Types

Depending on your current position and trading wishes, there are five trading accounts to select from:

  • Individual: this is meant for anyone who is planning on investing by themselves, under their own name.
  • Joint: this account allows you to add up to three individuals for investing purposes.
  • Company: when investing in the name of a business or company.
  • Trust (Individual Trustee): this is typically seen as a Family Trust or a Self Managed Super Fund where the trustees are individuals.
  • Trust (Corporate Trustee): also a Family Trust or a SMSF, but the trustees are a company.

Signing Up for a SelfWealth Account

Now, how easy is it to sign up with this broker online? Well, the process is fairly straightforward.

To get started, you have to provide your email address and create a password. You will have to agree to the Terms and the Conditions on the website. Then, you will need to verify your email address, before being taken to the application form.

When completing the application, you will need to provide various details regarding either you or the entity that you are representing. If you are opening a joint account, you will need to provide the details of the other people involved in the process as well.

You will also be expected to provide your bank account details as this information will allow the site to fund your account. Then, it is just a matter of completing the Applicant Declaration form and entering your completion PIN.

SelfWealth Features

These are the top features associated with SelfWealth:

Cheap Brokerage

The most appealing element of SelfWealth is that it is one of the most affordable brokers available. As mentioned, there is a flat-fee brokerage rate, regardless of the size of the trade. Furthermore, SelfWealth doesn’t charge any other commissions or fees.

This makes SelfWealth a great deal more accessible, particularly to traders or investors that are just getting started. Not to mention, the current system encourages traders to invest more without levying charges against them.

If you feel limited by the features on the Free Account, you can switch over to a Premium Account. In case you do make this transition, the Premium version will cost you $20 dollars a month. The good news is that you get a free trial to determine whether the paid account is a good investment for you or not.

Free Brokerage Options

It is possible for you to get free trades with SelfWealth. Once you have created your own account, you can refer a friend to these services. When you do this, you get a referral code of sorts. Then, both you and your friend are eligible for five free trades valued at $95 in total. These trades have to be used up within a month.

No Minimum Account Balance

You don’t need to transfer a certain amount of money into your fund when you are getting started with SelfWealth. In the same way, you aren’t expected to maintain a specific balance either. Last, but not least, you don’t have to set up a certain number of trades each month.

Once again, this makes it a suitable arrangement for novices or part-time traders. This also lowers the bar for individuals that may not have as much money to invest as others. It should be noted that trades on ASX do have to be greater than $500 for them to be processed.

Excellent Share Trading Platform

SelfWealth can claim an award-wining platform. It has been continuously been praised for being user-friendly and efficient. This means that is simple to place trades in a timely manner and avoid making mistakes in the process. The platform works equally as well for newcomers and professional traders alike.

User-Friendly Order Types

With SelfWealth, there is no need to keep a constant eye on the state of the market. This is because you have the option of setting up an order to buy shares at a particular price. Then, you just set up a “good until end date” instruction to the order. You can leave the order alone confident that your needs will be met.

Access to Free Market Data and Research

Needless to say, information is power when it comes to trading and investing. Well, SelfWealth helps you out here by giving you access to stock performance and unit prices. These are updated every 20 minutes via ASX price data. You will also be able to check on details regarding individual shares through the stock analysis tool powered by Thomas Reuters.

Funds Held in ANZ Accounts

When you sign up for a trading account with SelfWealth, you are automatically given a cash account in ANZ banks. Therefore, you can be guaranteed that your money will be kept separate from other clients as well as SelfWealth’s personal finances. This safeguards your money in case of insolvency or other financial issues.

CHESS Sponsored Shares

All the shares that are bought through SelfWealth are CHESS sponsored and are executed by OpenMarkets. This means that the shares are wholly owned by you, preventing them from being held under custody.

Investor Community Insight

If you decide to upgrade your free account, you are given access to investor community insight. You can watch or follow experienced investors and mimic their trade moves. You can follow as many individuals as you want. None of the personal details of these investors will be revealed, only the relevant trade details.

SelfWealth Security Features

SelfWealth takes it security rather seriously. As a result, you get to enjoy the following safeguards:

To begin with, the company makes it a promise to protect all information regardless of whether it is personal or financial. They use industry best standards to ensure this. SelfWealth uses Amazon Web Services to host the solution. Therefore, the application design is in alignment with Amazon Virtual Private Cloud User Guide for internet facing applications.

As for your account login, SelfWealth relies on a two-factor authentication process with 256-bit SSL encryption. The company keeps track of your account activity and will alert you if there is any unusual activity. To ensure that there is no employee error, all the individuals working for SelfWealth have undergone security awareness training.

The SelfWealth App

SelfWealth has recently launched an app. So, is this broker app really an advantage?

Yes, the application does actually make it easier for traders to place trades while on the go. At the same time, the app allows individuals to keep track of stock research, ensuring that they are always making the right decision. It also makes it far easier for people to keep a constant eye on their portfolio.

Considering all these features, the SelfWealth app actually holds up quite well to other established ones such as the Westpac share trading app. Like the original platform, it is intuitive and user-friendly.

SelfWealth Customer Service

There are three main ways that you can get in touch with SelfWealth – start up a chat, send an email, or contact the broker through one of their social media sites. There is no phone number for the broker.

For the most part, the online chat is quite effective. The consultants are knowledgeable and will be able to help you with most issues. However, these agents do follow office hours. Thus, you can only contact them on weekdays during working hours.

Pros and Cons of SelfWealth

Let’s break down some of the pros and cons of this broker:

Pros:

  • Low Entry Level: this brokerage is ideal for anyone who wants to begin investing. The low cost, user-friendly features, and no-frills approach makes it easy for anyone to trade or invest.
  • No Hidden Fees: there is no need to worry that you are going to get slapped with various fees or charges shortly after you have begun to use SelfWealth services.
  • No Minimum Requirements: from money to activity, there are no minimum requirements for your account. This makes it far more affordable and manageable for all kinds of traders.
  • Great for Inexperienced Traders: SelfWealth allows new traders to rely on copy trading, letting them learn the tricks of the trades while limiting their losses.
  • Reliable Broker: SelfWealth has been consistent in its quality and ethics. Due to this, you can certainly trust this brokerage.

Cons:

  • Can’t Access International Markets: the only downside with SelfWealth is that you can only engage in local, Australian share trading and can’t buy international shares. Thus, this can limit you, particularly if you are considering taking your trading efforts to the next level.

The Final Verdict

If you would like to engage in affordable share trading, then you should definitely consider singing up with SelfWealth. Particularly when you have checked out Online Wealth Market reviews, you will realize just how much this broker has to offer.

SelfWealth stands out because it provides excellent services without piling on numerous costs onto traders and investors. Thus, you are able to make more money from the investments that you do make. Not to mention, the level of transparency involved in SelfWealth’s activities makes it a far more reliable broker than most.

All in all, if you want to specifically buy and sell Australian shares, you will be hard-pressed to find a better option that SelfWealth. This company is particularly useful to newcomers who are just testing the trading waters. At the same time, SelfWealth has enough features and firepower to ensure that it is just as capable of keeping professional traders satisfied as well.

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