Selfwealth Reviews 

Just wanted to let everyone know what I am currently experiencing with SelfWealth. I’ve been trying to withdraw my funds for over a month. I’ve provided them with everything they have asked for. More information and documents than what is required for a home loan.
They continue to ask for the same information/documents and not responding to many of my emails. (Sending three to their one email and they takes nearly a week to respond)

This platform has now cost me much more then they could of every provided in value. Even just have these funds on my mortgage would be saving me $50 per day but also the opportunity cost of using these funds for other investments.
Absolutely terrible service and looking like I need to get my solicitor involved just to withdraw my own money!!!
Consider this before using Self Wealth, I would not recommend them to anybody!!!!

I recently used Selfwealth's AUD>USD exchange service (only option to fund your US Trading Account), and I have to say that my experience was incredibly frustrating and disappointing. Despite being advised of the standard SLA multiple times, the funds I transferred have yet to clear, causing me to miss out on a potentially lucrative opportunity.

What's more frustrating is that when I attempted to contact customer service for a status update, I received no response for an extended period. Even after reaching out multiple times, the service representative I chat with was unhelpful and unwilling to escalate the issue or offer any satisfactory solution.

This level of incompetence and lack of customer support is unacceptable, and it has caused me significant stress and inconvenience. As a result of this experience, I will be looking for alternative exchange and moving my funds to a more reliable platform, like Moomoo or Webull.

If you're considering trading the US Markets, I urge you to think twice and carefully consider the potential risks involved. It's crucial to do your research and compare different platforms to find the one that best suits your needs and provides you with the level of support and reliability you require. Their fees are to the most competitive when you explore other new entrants to the market.

Very happy with selfwealth, easy to sign up and provides (CHESS) sponsor, plus quick trade executions.

Good and easy to use platform. The stock review, forecast and market depth analysis is helpful.
The updates need to be quicker as the real time delay is an important aspect in trading.

The web site is good however the app is bit clunky. Support service is very responsive and helpful. You can subscribe to trade ideas and see how the market is going.

Learning as I go. I finding this site really easy to use.

Needs much more advanced charting along with alerts.

Options to customize home screen and turn off what you don't want would be good

Selfwealth could have all of my business if only it had Conditional Orders ??????

Likes:
. Rask & Owens training in general. It would be nice to find similar & more targeted training/news on my portal also not just through webpage or podcasts. For example targed news videos on my shares that I am currently holding.

. I enjoy the ease of finding reviews, updates and news via each companies page....

. Love the Notifications & watch lists

Improvements:
. More SWF News or updates (The mining guys post daily) It would be good to hear more regurly improvements being made to SWF not just the financials

. Offer a few free orders if you are like me and have placed well over 100 orders over a few months. It would be nice to be rewarded for being a frequent loyal user.

. As a SWF stock holder I would like to make more frequent smaller orders but will not due to the $9.50 fee. If I'm buying SWF stock it would be nice to get free orders as an owner.

. Provide a really really really small dividend

. Offer a interest rate on the cash being held

. In the future I would be interested in getting a portfolio overview, Tax advise and a personalised retirement plan or some general advise. SWF could direct their clients.

I'm new but like many of my mates we are enjoying the education and the rewards that come with long term investing.

Works well, big learning curve for myself as I have never bought or sold shares before, I'm not over tech savvy but I find this works for me, I still have a lot to learn and enjoy the podcasts they can be very helpful!

IG trade App is light year ahead for mobile or PC usage, trading.
Only reason using this service is the DRP plan and It supports Family trust and Children account. Also the trading Fees or
Wait for EST business working hours to convert AUS to US.

Great platform, easy to use and set up.

I recently opened by account with Selfwealth after interacting with Commsec and NABTrade for over two decades. I really enjoy the flat rate brokerage charged by Selfwealth. I have placed few orders and they were executed straightaway conisdering they use Openmarkets for ASX orders. Selfwealth brokerage is very attarctive and I have saved money on it as opposed to Commsec & NABTrade.

My money transfers from CBA were almost instant and received the email confirmations from Selfwealth within 5 mins. So far I don't have an issue with this platform. Individual HIN is issued.

The only thing I miss at Selfwealth as opposed to Commsec is that I can't use my existing holdings as security to place new ASX orders and then transfer the money prior to settlement in T+2. With Selfwealth I'm compelled to transfer money prior to placing an order.

Very easy to use, competitive brokerage and plenty of resaerch info to help.

Update 2/2/23 - Once this review was posted, Selfwealth contacted me and are organising a refund of the funds which I am most grateful for.

Original message
On 7 October, I decided to try a demo account with Selfwealth. So paid for the 12 months subscription (I should have just done the one month!)
After playing with the demo Selfwealth during the day, I decided Selfwealth was not for me.

I email a request to cancel my account and refund me the 12 month subscription (was happy to lose a months subscription).

Selfwealth cancelled the account but no refund, no mention of refund over several emails and then after closure of account, they refused to email respond to any other email I sent asking about the refund.
Its been 11 days and they stopped responding to emails after the account was closed.

It would be useful if options were given instead of just cancelling an account, ignoring the other question.

Hi
Today I placed the buy order ANZ at $ 22.52, but system only allowed $22.50 or $22.55, I tried two phones, what’s happening? This through the APP, never happened before

Despite advising a change of address its till not done after 6 weeks. Meanwhile dividend cheques and other correspondence is still going to to old address. The problem was again advised by email and still nothing done despite promising a fix.

Self Wealth is a great online broker. I love them! What I hate about them is their OSKO payments system.

Four times I have used the OSKO system to transfer funds from my bank to my trading account with SW. Despite the fact that OSKO is supposedly instant payment, this is not the case when you try to get funds into your SW trading account.

Twice I have submitted feedback about this and twice I have been told to contact my bank. Rubbish!

My bank confirms that my payments start off as OSKO payments. It is the fact that ANZ is the processing bank for SW. They are known (ANZ) to have a lot of problems with OSKO payments. Instead of the funds appearing almost instantly, it takes at least 18 hours for the fund to appear in the SW account. This leads to missed opportunities for the client and loss of income for SW.

So to the managers of SW stop blaming others. Talk to your incompetent ANZ supplier and get this sorted! Don't try making it your customers' problem. It is YOUR problem to deal with.

App has been broken for over a week. Only fix creators have is to tell their app users to reinstall. lol.

I have been using SelfWealth now for 10 months. In that time it hasn't failed me once and has only gotten better with time (e.g., instant deposits). I see other people have some complaints about certain aspects of the tool, but I don't see it myself. It has been virtually perfect in my experience. Deposits to my trading account are essentially instant. Withdrawals (only ever did one, yesterday) appear to be completed within hours. Proceeds from sales are available instantly in your trading account (which differs from my experience with US based trading platforms; which have several days to settle proceeds of sales).

I like the ability to access company news and research all through the same interface and also get a read on the community sentiment towards particular stocks. I find myself spending time on the platform every day to learn more about the opportunities that exist out there.

I'll point out that I use the web interface on my PC. I can't imagine doing something as serious as share trading on a phone app to be honest, but that is just me.

I would imagine that a lot of the "issues" that I have heard people report (but never seen myself) are associated with phone apps, and not having them up to date and/or phone operating systems up to date. Pro tip: Use the web version with a recent browser and you are always up to date.

I'm in the process of signing up family members (daughters) and have no hesitation to recommend this service to others.