Exchange Review

SelfWealth Review

Quick-Take: SelfWealth is a secure and low fee online stock brokerage that offers ASX stocks, ETFs, US stocks, and much more. Their platform still does not offer cryptocurrency trading, however, they plan to release an exchange in 2022.

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Founded in 2012, SelfWealth is one of Australia’s largest online share brokerage platforms that is wholly Australian-owned and operated. They offer an award-winning platform that is highly regarded in Australia thanks to their low-fee trading and modern user interface.

Since its inception, SelfWealth has grown to develop a client base of over 200,000 investors Australia-wide. Their trading platform is available for individuals, companies, and SMSFs or family trusts.

SelfWealth Alternatives: SelfWealth vs CommSec SelfWealth vs eToro

Table of Contents

SelfWealth Markets

The SelfWealth brokerage platform allows users to trade both Australian and US Markets for very low fees. Trading ASX and US Stock shares on SelfWealth are also CHESS sponsored, which means that you own the shares directly in your name. Some platforms allow you to buy shares, however they hold the legal rights to the assets. This is one of SelfWealth's best features.

ASX and US Stocks on SelfWealth
List of tradable ASX & US markets on SelfWealth.

SelfWealth Fees

SelfWealth is known in Australia for being the lowest fee share trading service. Their platform currently offers a fixed fee on both Australian and US market trades at $9.50 per transaction. This ultimately means that if you are trading larger sizes, you will not get hurt by expensive commissions that scale with your order.

Trade Size SelfWealth CommSec NAB ANZ
$5,001 Trade $9.50 $19.95 $19.95 $24.95
$10,001 Trade $9.50 $29.95 $19.95 $29.95
$50,001 Trade $9.50 $60.00 $55.00 $55.00
Application Fees Free Free Free Free
Stock Transfer Fees Free Free Free Free
Off Market Transfer Fee $27.50 $54 $55 $50


How do I sign up to SelfWealth?

Getting started on SelfWealth is very straightforward. New accounts can get signed up and have access to trading all in the same day. The guide below provides a quick overview on how to start trading on SelfWealth.

  1. Create a free account (personal, company, SMSF or trust)
  2. Transfer Australian Dollars via Bank Transfer or BPAY
  3. Select the market you want to trade, and then stock to buy
  4. Once you have made your first investment, monitor your portfolio

Key Features

SelfWealth’s online trading platform is highly regarded thanks to their diverse suite of trading tools and products. The list below provides high level overviews of some of the key aspects associated with trading on the platform.

SelfWealth Mobile App

SelfWealth offers one of the best mobile trading applications in Australia. Their platform allows you to buy & sell any stock listed on their platform any time via iOS or Android. The SelfWealth mobile trading app does not charges extra fees like CommSec, who charges an extra $10 if you buy a stock from your Mobile device, compared to going through the CommSec web app.

SelfWealth Mobile


Flexible Order Types

Unlike other simplified trading platforms like Stake, SelfWealth allows investors and traders to set ‘good until end date’ orders. This essentially means that you can place an order for a share at a certain price, which you can leave open until a date chosen by you. This feature makes it easy to place set and forget orders that allow you to patiently buy the dips!


SelfWealth Premium

When you first create your account on the platform, SelfWealth will enable their Premium service for free for the first 90 days. This gives you access to live pricing information, stock analysis, detailed reports, and much more. Once your 90 days expire, SelfWealth Premium costs a monthly subscription fee of $20.


Securely Managed Funds

All Australian Dollar deposits on SelfWealth are securely held in ANZ Bank accounts. This means that in the event of insolvency by SelfWealth, customers will still be able to claim their funds back as they are in a closed trust held in the Australia and New Zealand Banking Group accounts.


Final Verdict: SelfWealth Review

SelfWealth is the best local Australian trading platform thanks to their low fees that are fixed at $9.95 per trade. Their platform also offers a significantly better user experience than alternatives like CommSec or ANZ Share Investing because of their modern user interface.

We recommend SelfWealth to any Australian investor looking to get safe access to the top Australian and US Markets.

Pros

  • Lowest trading fee brokerage in Australia
  • Wide range of US & ASX Markets
  • User friendly iOS/Android mobile app
  • Low and fast AUD deposit fees

Cons

  • Doesn't offer cryptocurrencies
  • Doesn't offer markets outside of Australia and the USA.
Visit SelfWealth

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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