Key Features
SelfWealth doesn't offer a large variety of features compared to other brokerage platforms. The key features on SelfWealth include a mobile app, flexible order types, SelfWealth Premium (provides access to live pricing information, stock analysis and detailed reports) and the ability to trade Australian, US and Hong Kong markets.
CommSec offers a more feature-rich platform with useful products and services including the ability to trade in over 25 global markets (ASX, NYSE, TSE, Hang Seng and more), investment opportunities in more asset classes (ETFs, securities, bonds, options, commodities etc), a mobile app and a beginners platform, CommSec Pocket.
Winner: CommSec is a global platform that offers more features than SelfWealth.
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Available Markets and Assets
SelfWealth currently only offers securities in Australian, US and Hong Kong Markets. It offers all the same asset types as CommSec but in significantly less markets. In saying that, they have announced that they will begin to offer cryptocurrencies in 2023, which is an asset class CommSec doesn't offer.
CommSec provides investors access to 28 different global markets including the ASX, New York Stock Exchange, NASDAQ, Hong Kong Exchange, London Stock Exchange and many more. This means that if you are looking to invest in alternative emerging markets, CommSec may be the better option for your specific needs.
Winner: CommSec supports more global markets than SelfWealth and offers more assets overall.
Security
SelfWealth is widely regarded to be the most secure brokerage platform in Australia. It offer high levels of security, with robust data encryption and strict regulatory compliance requirements to protect investors' assets. It's regulated by ASIC under the Australian Financial Services Licence number 421789. Additionally it offers safe and secure CHESS sponsored holding accounts.
CommSec is a less secure platform, although they're backed by Australia's largest bank, Commonwealth Bank, they do not offer the same robust security measure to prevent cyber attacks that SelfWealth does. Furthermore, CommSec had to pay penalty of over $27 million for systemic compliance failures in October 2022.
Winner: SelfWealth offers better security features and measure than CommSec and is registered with ASIC, Australia's regulatory authority.
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Fees Schedule
SelfWealth is the most affordable trading platform in Australia and offers a fixed fee on both Australian and US market trades at $9.50 per transaction, no matter the size of the trade. This ultimately means that if you are trading larger sizes, you will not get hurt by expensive commissions that scale with your order.
CommSec has significantly higher and more extensive pricing with different prices depending on your trade size. It's $10 for trades up to $1,000, $20 for trades over $1,000 and up to $10,000, $29.95 for trades over $10,000 and up to $25,000 and 0.12% for trades over $25,000 AUD in value.
Winner: SelfWealth provides considerably lower fees to invest in shares with their fixed rate.
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Supported Cryptocurrencies
Both SelfWealth and CommSec do not offer native support for their users to buy, sell or trade cryptocurrencies like Bitcoin and Ethereum. However, as previously mentioned, SelfWealth will be adding a crypto-investing feature in 2023. In the mean time, the best way to invest in digital assets is by going through Australia's most secure exchange, CoinSpot.
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Mobile App
SelfWealth offers a mobile application version of its web platform, that can be downloaded on both the Apple App Store and the Google Play Store. The SelfWealth app offers the same UI and features as its web counterpart and allows users to access their portfolios and open positions on the go.
CommSec also provides a mobile app version of its platform on both iOS and Android devices. However, if you make trades on the CommSec mobile app, you will be charged an additional $10 fee to open a position. For this reason, we recommend avoiding the CommSec application.
Winner: SelfWealth offers a better mobile trading experience as it doesn't charge any additional fees to make trades on the app.
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SelfWealth vs CommSec: Conclusion
At a glance, SelfWealth stands out as the clear winner when it comes to key features like easy-to-use interfaces and powerful investment tools. In addition, SelfWealth has lower fees than CommSec, making it more affordable and accessible for investors of all types.
