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SelfWealth Trading

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Johny5 said:
A point to also note is that orders take a minute or two to appear in the depth, again only a problem to a high frequency trader like me.
Click to expand...

Interesting and a bit weird. Why the delay? It must be the opposite of straight-through processing. But I won't ask any more questions; it's about time I tried it out for myself. Thanks for taking the time to respond.
 
Habakkuk said:
Interesting and a bit weird. Why the delay? It must be the opposite of straight-through processing. But I won't ask any more questions; it's about time I tried it out for myself. Thanks for taking the time to respond.
Click to expand...

Well blow me down with a feather, I just tested it again by placing a new order and it only took a couple of seconds. I have tested it many times previously (with a stopwatch) and its often taken 90 - 180 seconds and sometimes would give an error message that the order could not be placed. The only explanation is that they upgraded the software about a week ago and must have fixed the speed and error issues.
 
blue0810 said:
how about for cancel or amend order ? ... take 1-5min to be executed
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Just tested Amend order, very quick couldn't even time it with my stopwatch. So they must have fixed the problem, I agree is used to take ages to change an order.
 
Johny5 said:
Just tested Amend order, very quick couldn't even time it with my stopwatch. So they must have fixed the problem, I agree is used to take ages to change an order.
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Thanks for that . I stop using them because of that.
 
I use sometimes (never yet found the perfect broker) but not had any unexpected problems with them. Have not used for some months so not sure if the following is still completely accurate.

Issues cf others that may or may not be important to you:
one portfolio only allowed
chi-x only pricing
no stops
no cash interest
 
Hi, another noob here I am considering signing with Self Wealth as a cheap way of buying stocks for long term investment. What do others think about this?
 
G'day LL, reading all the comments in this thread would be a good start.
 
I'm using Selfwealth, IB and Commsec at the same time. I was surprised that Selfwealth doesn't take care of dividend payments into our cash trading account. Only found out when the dividends weren't paid as the registry didn't know of our cash account details and was told to sort it out with registry ourselves. Anyone else have the same problem with Selfwealth? Never had issues with IB and Commsec as they took care of dividend direction.
 
Interesting as most brokers are very quick for a default dividend payment into their own accounts - IB of course own the shares so get the div first before handing on to you.
Have you ever tried to pay divs directly into the SW 'bank' account through the registry? Guessing, but if you cannot it may have to do with ownership of the account and trust related issues.
 
Just because shares are broker sponsored, it doesn't mean they own the dividend payments. What do you mean when you say 'IB of course own the shares so get the div first before handing on to you.'? Is this Aus shares or international?
 
Firstly welcome,
If you mean sponsoring broker than that is about CHESS transfers using your Holder Identification Number HIN (compare CHESS to Issuer sponsored).
Concerning my IB 'own the shares' comment - IB are 'custodian' brokers (not CHESS). In very simplistic terms this means that 'they own/control the shares', but this does not necessarily mean that they are 'risky' and it helps to provide you with other benefits such as cheap brokerage.........for a more detailed (and accurate answer) you will need to read your IB Terms and Conditions.
Also be aware that the 'registry' that is associated with your IB holdings will NOT list those shares (or know about them). By example, if you own National Bank shares with IB then the NAB registry (Computershare) will not know about them, nor know of past dividend payments or franking credits, for these shares - and never will.
 

Hi HelloU or anybody else that knows

With IB how do you go about proving a claim for the franking credits at tax time. My accountant prefers that I give him a copy of the dividend statement, but with IB no such thing seems to exist.
 
blue0810 said:
There is a tax statement for franking credits available :
Account Management->reports ->tax
Click to expand...
Maybe it's different in my account, in my account under Account Management -> Reports -> Tax I have a choice between "Form 1042S" and "Dividend Report", "Form 1042S" doesn't apply because I don't trade US instruments. The "Dividend Report" has information about the dividends paid but doesn't include details about the franking credits.
 
(Off Topic for Selfweath) Specifically for IB idnk so hopefully memory of Willy is good (or ring help). I suspect your franking info will not pre-fill as ATO data....etax self-fill thing I mean here....so manual entry required. Hopefully someone can confirm this.
 
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