Selfwealth Vs Superhero Vs Alternatives

That is very true and I am happy to allow them some teething issue while they work on their platform as I just bought WBC today without any brokerage... !

I did transfer my selfwealth portfolio in two parts and they basically lost first application and only second one is with them now for two days.. let's see how long it will take them to transfer.

 

the joys of beta testing

forgot to add another quirk (or a feature):

Stake autoupdated the bank account details with the share registry so the dividends/distributions are credited to the stake anz account. It doesn't bother me, but worth keeping in mind if not reinvesting distributions back via their platform.

 

we can always go into registry and change the bank detail to our bank detail?

 

for sure, that's my understanding

 

Has anyone here tried transferring their selfwaelth portfolio to stake?

@SelfWealth playing tricks with my transfer as they rejected my application twice to transfer my portfolio from selwealth to stake with a reason that they need wet-ink signature ...

is there a way i can force @SelfWealth to give back my security and stop dictating where i keep my security and which broker i use?

also where can i complain @SelfWealth stopping me to transfer my security to different broker ASIC or fairtrade or ASX?

stake told me that they are facing issue from @SelfWealth but no issue from other brokers which now tells me that i am better off closing my account completely with selfwealth and move everything to stake once i workout how to do it... !

 

I'm using Opentrader.
They are cheap at $5 per trade and basic.
Charting may be a bit better than some budget brokers though i think it's basic.
The stock tradingview screener they use is ok and the data needs to be double checked.
I don't have much interest in ETFs.

 

Yes a couple of weeks back.

Are you initiating it via the stake app? I had a few issues getting stake to accept the photos of my ID and matching signature photo but once they accepted it, there were no blockers from SelfWealth.

SelfWealth must be losing quite a few customers. I wonder if they are trying to put on the brakes.

 

I am using stake app but they rejected signature twice and now want wet-ink signature so I need to fill in form and send them scanned copy to process it.

Selfwealth making it hard to transfer account. They probably worried about their quarterly update on ASX ... !

 

Anyone know how feature rich the Selfwealth bank account is? I currently use Commsec and one of the features I like is that the CDIA account that comes with it has no fees and operates as a normal bank account. ie. I can setup direct debits/EFT/BPAY etc from it. So I can have loan payments and dividends straight from that account and don't need another account alongside it.

From what I read on the Selfwealth side it says their cash account is through ANZ but can't be accessed through their banking app. That would suggest to me it's more limited. Can anyone please confirm?

Thanks,

Jason

 

You won't be able to do anything with selfwealth account. It is simply used to deposit fund before you start trading. Withdrawal is managed through selfwealth website.

 

2 weeks later and cost base still not fixed, contacting them 2nd time now

Has anyone else had same issue?

 

My stock just transferred last week without any issues on average purchase price. Before they transferred shares to stake I bought some on stake and when new stock added to stake they average share price correctly.

 

Stake ASX trading is now open to everyone. $3 fixed brokerage (free until 2022), CHESS sponsored

 

@Hockey Monkey Is it easy to set up and swap over? Im with SW, buy and hold ETFs/LICs only and purchase in private company/trust structure.

There is no real need for me to swap but I would lash out and purchase maybe 2 different ETFs when I rebalance with inflows. Hopefully @SelfWealth comes to the party soon.

 

Very easy. I have both an individual and SMSF account.

Transfer is a digital experience but involves a new HIN so share registry settings need to be done again (Eg DRP, accounts, mail settings etc)

 

Awesome. Thankyou.
Will get onto it during the quiet time over Christmas.

 

So which is better, SW or stake? I've never used either but looking to get started. As I'll be buying US ETFs, looks like main advantage of SW is FX fee 0.6% vs. 0.7%.

 

neither for US trading. Go with Interactive Brokers

Note Stake is more like 1% as it is 70 basis points in USD

 

Ouch 1%. I am not an active trader, just buy and hold. However even then it's 1% when you buy, then 1% again when you sell.

With IB - I mean this is for an SMSF (including setup and accounting etc). I already have an IB account outside super. I guess I could set up an SMSF and do the tax etc myself, and put the money in IB, but I'm guessing that works out even worse than copping the 1% fee on Stake SMSF.

 

No need to do the tax yourself. Just use another SMSF admin that is not tied to Stake as the broker. You can still use Stake for ASX trading in a SMSF without using them as the SMSF admin