Summary: In this detailed review of the Australian brokerage platform, SelfWealth we take a close look at what features, assets, fees and security are supported. On SelfWealth, users can invest in stocks with a fixed fee, as opposed to needing to pay fees for every trade made. Which is great for experienced and full-time traders.
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What is SelfWealth?
SelfWealth is an Australian online brokerage platform that offers a range of investing features and services to its clients. It has recently amassed a large following in Australia, and reported that its active traders grew 75% to 117,674 users over the six months to December 31, 2021. Making it Australia's second largest online broker after eToro.
The platform was founded in 2012 by Andrew Ward, who was the former director of wealth at Commonwealth Bank. He established SelfWealth out of frustration about conflicts of interest he saw as inherent in big banks providing multiple services to customers. He founded SelfWealth to help Australians invest in stocks and ETFs without needing to pay the high fees that banks charge.
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What features are supported on SelfWealth?
SelfWealth offers a range of features and services to its clients, including the ability to invest in a wide range of assets, such as shares, ETFs, and managed funds. SelfWealth also provides access to detailed market research and analysis, as well as educational resources to help investors make informed investment decisions. Refer below for a high-level overview of the features supported on SelfWealth.
- Four Available Markets: ASX, NASDAQ, NYSE, Hong Kong Stock Exchange
- SelfWealth Premium: A premium membership which is free to access for the first 90 days, and incurs a $20AUD monthly fee. This feature provides users access to community insights and benchmarking tools plus much more.
- CopyTrading: A feature for Premium members that allow you to mimic the trades of successful investors.
- Free market data, insights and research: Australian stock performance and unit prices are updated every 20 minutes using ASX price data.
- CHESS sponsored shares: Users are given a Holder Identification Number (HIN) by SelfWealth.
- No minimum account balance or trade volume requirements: On SelfWealth there are no minimum account balance or monthly trading volumes required to open and maintain an account.
- Flexible Order Types: Users can place an order to buy shares at a set price. This means trades will only be executed when the market hits the target buy price.
- SelfWealth Kids Account: SelfWealth offers kids the ability to begin their investing journey with their own trading account. However, an adult has to open the trading account and name a minor as the beneficiary.
- Monthly Fee Subscription: There are no hidden or additional fees on SelfWealth, just a one-off monthly fee. Refer to our pricing section for a full breakdown of the fees.
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Is SelfWealth Safe?
Yes, SelfWealth is regulated by the Australian Securities and Investment Commission (ASIC), and is a publicly listed company, meaning that its finances are completely transparent and published. Because of SelfWealth’s cash account structure, users funds held with SelfWealth are 100% secure.
This means that SelfWealth cannot legally access your funds without your direct permission. Neither can third-party entities such as administrators, account managers and so-forth. Its Australian Financial Services Licence (AFSL) number is 421789. AFSL holders are governed and regulated by ASIC.
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What are SelfWealth's Fees?
The platforms pricing structure is based on a monthly subscription fee, with discounts available for larger account balances. You can refer to the information below for a breakdown of SelfWealths Fees Schedule.
- Australian Stock Trading: A flat fee of $9.50AUD per month with no hidden fees such as account opening fees, inactivity fees, brokerage fees etc.
- US Stock Trading: A flat fee of $9.50USD per month, plus the foreign exchange (FX) fee.
- Hong Kong Stock Trading: A flat fee of $88HKD per month, plus the foreign exchange (FX) fee.
- Off-market Transfer Fee: $27.50AUD
SelfWealth largely appeals to experienced, full time traders, especially those who are looking to invest larger amounts due to its flat fee structure.
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Available Account Types
On SelfWealth there are various account types to choose from including; Individual accounts, Joint accounts, Company accounts, Trust accounts and Self-Managed Superannuation Fund (SMSF) accounts. Additionally, there are two types of memberships on SelfWealth which are the Free trading accounts and the premium memberships.
SelfWealth Free Account
- $0 account-keeping fee
- Stock analysis
- Live pricing information
SelfWealth Premium Account
- $20 Monthly subscription fee
- Stock & portfolio analysis
- Live pricing information across multiple markets
- Detailed stock reports
- Stock screener
- Follow other SelfWealth members and copy trades
- Target portfolio option
- Unlimited news articles
How to open a SelfWealth account
In this guide, we show Australian investors how to create an account with SelfWealth. Follow the below steps to get started.
Step One: Create a free account on SelfWealth by registering your email and creating a password.
Step Two: Confirm your email address and verify your identity, then you can use the platform.
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Does SelfWealth offer live customer support?
Yes, the platform offers customer support via its live chat feature (not 24/7), email (support@selfwealth.com.au) and through its online communities on Facebook, Twitter, Reddit, LinkedIn & Youtube. SelfWealth offers live customer support during Australian business hours, you can refer to the information below for its live chat operating hours.
ASX: Monday – Friday | 10.00 am – 6.00 pm, Sydney time
USA: Monday – Saturday | 10:00 pm – 6:00 am, Sydney time
HKEX: Monday – Friday | 10.00 am – 6.00 pm, Sydney time
SelfWealth Mobile App
In addition to it's web counterpart, SelfWealth also provides a mobile application version of its platform on both iOS and Android devices. It can be downloaded on both the Google Play store and the Apple app store. The application has the same functionality and UI as the web version, it provides access to your portfolio and allows users to make trades on-the-go!
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Final Thoughts
SelfWealth is a great platform for experienced traders that have high trading volumes. But, we do not recommend this platform for beginners and users that don't make trades often. The UI isn't easy to understand for newbies and can be difficult to navigate. For beginners, we recommend using the eToro platform, it offers an easy-to-follow UI and brokerage-free trading.
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