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SelfWealth Trading

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This flat rate could encourage high net worth traders to switch. Brokerage eats a lot of profit over time. The days of charging last century brokerage are over.
 
I'm surprised there isn't more discussion of this. I just found them today when the ANZ share trading web site was really slow again. I wondered if there was a better alternative, maybe one that charged a bit less in brokerage. Cheapest normal one was 0.1% or even down to 0.075% (CMC) if you make lots of trades. Then up pops this at a fixed $9.50 per trade - wow. That would be heaps cheaper.

The concept of following other people is interesting too. Not for me - I paid for Motley Fool, but quickly got a refund as I just didn't like the idea of trusting someone else to advise me how to invest - and their results were a bit up and down too. Hated the way they sell it too.

I do wonder - if SelfWealth went down the gurgler and you weren't holding any shares, would your money be safe? I think so, as they open an ANZ account in your name.

I use a Mac and that's what they use in the promo video so I should be right there. Anyone use them? Wondering how good it is for say, day trading?

I really can't see a down side - particularly if you trade larger amounts. One thing - they don't do foreign shares.
 
I've signed up with them. It really is only $9.50 flat per trade so that's great.

The downside is the charts and most data are 20 minutes delayed. The only live data is day high & low and current price. It's probably still ok if you don't need to decide trades based on instant action, but it'd be nice to have a bit more info.

Another thing is they have all this stuff about being able to follow other people using the site - maybe even invest the same way the top performers are. What they don't tell you up front (which I think is really bad) is that is part of the Premium features that cost $20 per month.

If you're happy to do your own thing, all you need pay is the $9.50 brokerage per trade.
 

By per trade i'm assuming it is $9.50 in and $9.50 out?
 
Roller_1 said:
By per trade i'm assuming it is $9.50 in and $9.50 out?
Click to expand...

Yes, a buy, or a sell. Been talking about it on Whirlpool and someone there asked if the order was only partially filled would they charge multiple for each bit of the order. I wouldn't think so as on ETrade they only charge when the order is completely filled. I gather that's standard (not that I'd really know having only used ETRrade before).
 
wfdTamar said:
The downside is the charts and most data are 20 minutes delayed.
Click to expand...

Expecting live dynamic data and charts for free?


They do tell you up front. It's on page 2 of the terms and conditions. The word 'optional' is in bold. They don't say it's $20, admittedly, but I expect there would be different services available a various prices. They mention the annual membership fee and how it is to be paid on page 3.

A legitimate complaint would be the length and complexity of those terms and conditions which is due to the multiple entities involved. It's also unclear (to me) why I should buy brokerage in 'blocks'. Is there a discount?

Nevertheless, I'm probably signing up as well next year purely for the brokerage. Potentially only a few basis points without ifs and buts or negotiating, that's unbeatable.
 
Well, when I save 'live' I meant if you refresh the page, you get current data - at the time the page was refreshed (that's how it works on ETrade). Agreed I wouldn't expect to get data changing in front of me without manually refreshing (is that what you mean by 'dynamic'?). However the only option you get is 20 minute old (it's more sometimes) data in the charting section.

It's only in the 'Place a Trade' section you do see current price, day high & low.


My mistake - they do disclose the fee service (there's only one) in the Terms & Conditions, but I think they should put it more obviously on the front page - a simple asterisk disclosure would suffice - '*part of the Premium package for an additional monthly fee of $20'. It's not a lot, but if you didn't trade often it would bump up the cost of your trades significantly to the point it might be more expensive than a conventional broker.

The other point - the T&C's and PDS - they include stuff that hasn't been implemented. For example that annual fee for trades - doesn't exist. The only options are to buy trades for $9.50, either singly or in multiples. There's no discount for high quantities. You'll also find talk of fees for various things (management fees, 'costs' etc) which are all related to an alternative product which they don't yet offer! Make it very hard to decipher the documents and looks a bit amateurish (even to a beginner like me).
 
wfdTamar said:
Make it very hard to decipher the documents and looks a bit amateurish
Click to expand...


That's what I thought too. Confusing, but I didn't want to admit that. The prominent tables displaying the fees for other products in particular are odd. A comparison would be better, SelfWealth on the left, others on the right.

I had an on-line chat a week ago and asked about day-trading before reading any of the terms and conditions. The guy said yes, that's quite ok, you don't need to keep a portfolio. If I had read those t&c before, I would have assumed it was purely for investors and trading was a no-no.

Anyway, it's an interesting product. There should be more of them.
 
I asked about the other products mentioned in the charts and in the PDS. They said they're for products they don't even offer (yet) they only put that in there in case they wanted to offer them in the future! Gawd, well have a seperate PDS then!

Apart from all that confusion - yes $9.50 per trade is an amazingly low price and given that they've been going for 4-5 years I can't understand why it hasn't taken off. Anyway I'm going to try it and see if it's worthwhile.
 
Ok, here's a report on SefWealth. Woo hoo, this is saving me heaps on brokers fees. Been a tad sick since I joined them, but started trading in March. 14 trades - fees just $133 vs. something like $12-13,000 on ETrade! Just in 8-9 days! Because the fees are so low it only takes a tiny rise in stock price to make a profit. It's a rare day (well, none yet) that doesn't have price fluctuation enough to make a nice return.

Because SelfWealths data and charts are fairly weak, I have my ETrade account open in another browser tab and watch the data in that mostly, then pop to the SelfWealth tab when I want to make a trade.
 
IB $6 a trade
Free charts 1min to Monthly.
Every market you can think of
Great phone app.
 

Do you know whether the money from a 'sell' is immediately available for another 'buy'? SelfWealth is mainly catering for investors, judging by their features (Investor Insights, social investment network of like-minded ...). Could you make multiple trades on the same day with the same money?
Looking at your numbers, you're probably day-trading the banks.
 
wfdTamar said:
trades - fees just $133 vs. something like $12-13,000 on ETrade!
Click to expand...

14 trades would normally have cost you $12-13000 ..... That would equate to between $500,000-$1,000,000 of stock being traded ..... per trade! ....... That would put you in Guru status around here
 
barney said:
14 trades would normally have cost you $12-13000 ..... That would equate to between $500,000-$1,000,000 of stock being traded ..... per trade! ....... That would put you in Guru status around here
Click to expand...

on average $780,000 to $843,000 per trade

... and you don't think that is possible ?
 
Wow that's more than I see in a week!

I find it unusual that anyone trading those sort of amounts has no idea about
Discount brokerage
 
tech/a said:
Wow that's more than I see in a week!

I find it unusual that anyone trading those sort of amounts has no idea about
Discount brokerage
Click to expand...

What are you talking about, tech?

Where would you get lower brokerage than SelfWealth?
 
Can you give us a tiny bit more than just IB? Feck Is that Interactive brokers? Because for the trades I do (yes, over the $800,000 mark), they charge $640 a pop.
 


I trade in one ETF. I'm far from a clued up investor so steer away from individual company stocks. The one time I did invest in a company (on advice from an internet 'expert') it dived 25% and took a few years to recover, so sod that. I like ETF's. Simple investing.

Yes, you can Buy and Sell as soon as your trade is filled. I've only been using SelfWealth in March (I've been sick since I first joined up) done a Buy then Sell in 30 mins. All that Insight, following other investors and tagging along with them is part of the Premium package you pay $9.50 per month for. It's not my cup o' tea so I just trade using the site.

Because the fees are so low, I can make a profit on the slightest rise in share price. On ETrade I had to allow for the 0.22% to cover fees before seeing a profit. Using SelfWealth, you're in profit virtually straight away unless you're trading tiny numbers of shares (which I'm not).
 
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