SelfWealth Review

What is SelfWealth?

SelfWealth is an Australian online brokerage platform that empowers individual investors to take control of their financial future. It offers a flat-fee trading structure, eliminating the percentage-based commissions that can eat into investment returns. The platform also features a unique social networking component, allowing users to follow and learn from successful investors within the SelfWealth community. 

This democratises financial information, making informed decisions easier for everyday investors. Additionally, SelfWealth offers a range of analytical tools and real-time market data, designed to help users build and manage a diversified portfolio. The platform aims to combine affordability, community engagement, and robust analytics to create a comprehensive trading experience for investors of all levels.

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SelfWealth Key Features 

SelfWealth offers a streamlined platform for trading a variety of ASX-listed stocks and ETFs, but doesn't venture into other financial instruments like options or futures. Here's a quick rundown of the services and features you can expect from SelfWealth:

1. Flat-Fee Trading: Execute trades for a flat fee of $9.50, regardless of the trade size, making it one of the most cost-effective platforms in Australia. 
2. SelfWealth Community: Follow and learn from other investors by joining the SelfWealth community, which allows you to compare your portfolio against others and gain insights. 
3. In-Built Wallet: Keep your investments in a secure wallet that consolidates your holdings for easy management. 
4. Research & Analysis: The platform offers a free research and analysis service that curates the best research in global markets for its users. You can get the latest breakdowns on US stocks like Tesla or GME, and Australian stocks like Commonwealth Bank and BHP Billiton.
5. SafetyRating and Wealth Check: The broker offers unique metrics like SafetyRating and WealthCheck scores, which evaluate the risk and performance of your portfolio compared to others in the SelfWealth community.
6. Dividend Reinvestment Plans (DRP): SelfWealth supports Dividend Reinvestment Plans, allowing investors to automatically reinvest their dividends back into more shares of the same stock, thereby compounding their returns over time.
7. International Trading: The platform recently introduced U.S. stock trading, allowing Australian investors to diversify their portfolios by investing in American companies.
8. Tax Reporting: It provides comprehensive tax reports that are easy to download, making it simpler for users to file their taxes or share the information with their accountants.
9. Mobile App: Trade wherever you are with SelfWealth's mobile application, compatible with both iOS and Android devices, offering a seamless trading experience on the go.

Is SelfWealth Regulated? 

Absolutely, SelfWealth operates as a regulated online brokerage in compliance with Australian financial regulations. SelfWealth Ltd is an ASIC-registered company, holding an ABN (50 154 324 428). As a trading platform based in Australia, it strictly follows the guidelines and requirements set forth by the Australian Securities and Investments Commission (ASIC) to ensure a secure and transparent trading environment for its users.

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Supported Assets

SelfWealth primarily offers a platform for trading Australian Securities Exchange (ASX)-listed stocks and ETFs. It provides investors with a wide range of options from blue-chip stocks to emerging companies across various sectors. Recently, the platform expanded its offerings to include U.S. stocks, allowing Australian investors to diversify their portfolios by trading in well-known American companies. 

While it doesn't support other financial instruments like options, futures, or cryptocurrencies, SelfWealth's asset offerings are tailored to investors looking for straightforward stock and ETF trading.

Fee Schedule 

The broker offers the lowest fees in Australia when compared to other major trading platforms in the country. Their fee structure is simple, with a flat charge of $9.95 per trade. This makes them half the price of other brokerages like CommSec, NAB Trade, or ANZ Share Investing.

• CommSec: $19.95 per trade
• NAB Trade: $19.95 per trade
• ANZ Share Investing: $24.95 per trade

The only other multi-asset brokerage cheaper than SelfWealth is eToro, which charges 0 fees up front but takes a small fee in the spread. It also provides users access to over 3000 shares, ETFs, indices, commodities, forex and even cryptocurrency like Bitcoin.

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Mobile Application 

In addition to its web-based platform, SelfWealth also offers a mobile application that is accessible on both iOS and Android devices. The SelfWealth mobile app provides a simple and intuitive user experience, setting it apart from other Australian brokerage apps, largely due to its easy user interface. The app enjoys high user ratings, boasting a 4.7 star rating on the Apple App Store and a 4.5 star rating on the Google Play Store.

Customer Care 

SelfWealth claims to offer customer service, but it's important to note that it's not available 24/7. You can reach out to their team via email or phone during Australian business hours. Our team tried these channels and received timely responses, which suggests a focus on customer satisfaction. In addition to customer support, SelfWealth offers a range of educational materials aimed at helping investors of all skill levels better understand stock and ETF trading.

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Final Thoughts‍

In conclusion, SelfWealth is a compelling choice for Australian investors seeking a cost-effective and user-friendly trading platform. Its flat-fee model of $9.95 per trade offers one of the most affordable trading experiences in the Australian market. The platform not only democratises financial information through its unique community feature but also provides robust analytical tools and real-time market data to help investors make informed decisions.