Selfwealth Vs Superhero Vs Alternatives

Who has used what and how has your experience been to date?

I have been using the BT Panorama platform for my current managed funds that I hold. I am looking at now investing under a new entity so looking at opening a new trading account. Planning on keeping holdings under this new entity simple. VAS & VGS. Most likely monthly purchases ranging between $20k-$100k per buy.

For something so simple I think a low fee platform will be more than suitable. Self wealth with $9.50 per trade looks good. From what I understand the holding is under your individual HIN while superhero has some custodial arrangement which seems to concern some people. Self wealth also provides all the necessary reporting for tax purposes and I read a comment somewhere that superhero has some gaps there with regards to capital gain reporting. Superhero is basically free for what I am looking at buying, being only ETF's. But I am always cautious with anything that's free. Nothing is ever free, and you are paying for it in one way or another.

Is it fair to conclude that Self wealth would be the better choice?

 

Hi @Big A I can only comment on Self wealth I use them no issues happy with them GUI could be better but all good, with Custody also think might be PITA if you ever want to move those holding to another broker could be wrong but I know HIN is always straight forward and would always be my preferred option but will let others comment further

 

I use Selfwealth regularly (~10 trades a month) for the last couple of years and love it.
The charting is rubbish and the data is 15mins delayed but if you're not day trading it is fine (I just use tradingview).
I agree with your conclusion - wouldn't touch Superhero for that reason.

The other one to consider might be Interactive Brokers. I use this for international trades only and has very reasonable rates.

Since it was requested, Selfwealth referral code (5 free trades): Registration (Premium 90 Day Trial)

 

Hi everyone!

@geoffw that's not correct, there aren't any platforms that don't let you trade on unsettled funds. You can't withdraw the funds until they have settled, though. This is normal everywhere.

Correct on Superhero front -- not a new concept, just a lot of advertising. It's a custodian set up meaning they own hold your shares on your behalf. Look for CHESS sponsorship for ASX trading, it means you own the shares directly. The banks and us are all CHESS sponsored.

@LIDM your referral link actually gets both people 10 trades until 18th of June 2021.

 

Appreciate the feedback. The whole trading and withdrawing funds thing doesn’t bother me. If I ever sell down and wish to withdraw funds I have no issue with waiting a few days.

Will wait to set up the account and do the first buy next month, being a new financial year. Thank you for the referral code @LIDM .

 

Super Hero shares are held with CHESS and can be transfered to other brokers no other party has a right to them The custodian who is a licenced seperate entity to Super Hero trading does not own the share, they are nominees who can act on behalf of client . They use NAB as such is subject to the $250,000 government ADI guarantee. STAKE for one allows you to trade with unsettled funds.

 

There's also Opentrader

CHESS Sponsored Account, if this is important to you
$5 Trades starting at $5 and go up depending on the trade size

And Pearler

Again, CHESS sponsored
$9.50 trades up to a maximum $17,500 trade size
43 brokerage free ETFs
Auto investing Feature

 

I attempted to open a SelfWeath account for my SMSF a few months ago. I got fed up waiting (weeks) and opened an account with ANZ.

 

See Selfwealth now doing Minor accounts

Does SelfWealth Support Accounts for Kids / Minors?

 

I was also going to mention OpenTrader.
OT does'nt have a mobile app if that's what you're after.
At $5 per trade though it makes small amounts and reinvesting dividends more feasable.

 

Superhero has one CHESS sponsored HIN that every member is attached to. You do not have your own individual HIN. So, while technically, sure your shares might be CHESS sponsored, the ASX sees all shares under that HIN as Superhero shares, you are then assigned the beneficial rights.

Very different from having your own HIN, where the ASX ledger knows that you own those shares.

 

That was most likely when we were getting hammered with new accounts, due to interest in US stocks GME etc. Our response times were way beyond the standard, they're now better than they ever have been thanks to process improvements and more staff. Come on over!

 

Oh man! I not long ago set up trading accounts for my kids in commbank. Would have preferred selfweatlh..

 

You can move it over, just apply for an account and transfer your HIN.

 

@SelfWealth , you're not affiliated with @Superhero are you?

 

Selffwealth

 

Nope, completely different companies -- competitors actually.

 

@SelfWealth any plans to introduce osko/pay ID/instant payment into the cash account?

The day a broker offers CHESS + Low fee trades + trading app + instant deposit, is the day I switch broker. For now CMC is serving me well.

 

Yep, aiming to release it this quarter.