Selfwealth Vs Superhero Vs Alternatives

If you are trader then stake is still not ready for it in my opinion as they don't have market depth and stop loss feature which makes it very very very difficult to trade as you constantly need to watch screen between other broker to find market depth.

if you are investor with long-term view where you don't trade then may be ok as you just buy and hold it.

 

Question for Stake users:

Does anyone know if there is a fee to transfer your portfolio out of stake to another ASX Chess sponsored broker?

I know there is no fee to transfer in, but if there is a change to how Stake operates I would like to know how much it would cost to move out to another broker.

Thanks!

 

i don't but if you send email to [email protected] and they will give quick response.

 

I have just signed up for Stake SMSF before the beta pricing expires tomorrow.

 

looks like the paperless future is (finally) here

 

Not sure why people use post in first place... !

 

Unfortunately not all brokers have yet to get with the times just a select few presently.

 

Hi BigA,

It's been a few years since you posted this and I am curious if you still are with SelfWealth? How are you liking the platform? Would you feel comfortable holding your entire shares portfolio on there?
Bonus question: do you know if they have a password/pin for executing trades?

For context: I am considering switching brokers away from Commsec and moving to one that offers 2 factor authentication like SelfWealth does. Fees are not my primary concerns, I am more interested in how secure & robust the platform is.

Thanks for your insights!

 

- Just quoted the wrong message by accident in my previous reply, so tagging you here @Big A

 

Hey mate,
Yes still using selfwealth. Did my first purchase on it in July last year and so far so good. At this time I’m holding 50% of my total equities portfolio on the selfwealth platform and will end up holding the bulk of my portfolio on it between VAS & VGS.

I would be comfortable holding the whole portfolio on it. Should I not be? No, there is no pin for executing trades. I can’t imagine there is anymore risk in using selfwealth than say commsec. Is the concern someone hacking into your account and selling your shares and transferring the money out? Or is it more about the platform going under?

Personally I haven’t given the security of the platform use much thought. I assume the platforms have safeguards to ensure safety of your holdings. You said selfwealth offers 2 factor authentication. Is that for When you enter an account for cash transfers back out of the platform? Can’t remember if I set that up. I’ll have to jump on tomorrow and check that.

 

@Ouga ive been using SelfWealth for a while, 4/5 years. Was previously CommSec.

I have had absolutely no issues with it. I heard the CEO on a podcast recently, they're the second biggest trading platform in Aus now, only behind CommSec.

The user interface is a bit ****. You have an avatar, they compare your portfolio to some ridiculous SW portfolio, reporting is 20 mins delayed.

However if you are just accumulating like I am and only go on quarterly to buy, then its a great, cheaper alternative to CommSec.

 

I've started using SelfWealth recently and the one minor annoyance I have with it is the phone app insists on showing your daily gain/loss as the prominent figure when you log in. Being a long term investor I don't really want to be shown one days performance all the time! It either makes my days work feel pointless if it's been a good day in the markets or despondent if it's been bad.

 

I have to agree with the above not a massive fan of how the platform looks however the amount of data on there is decent if you like that and you get live market data as you submit an order which I like as opposed to Stake I believe security seems decent and brokerage is cheap also the law of diminishing returns like managed fund fees if they drop from 1% to 15bps that's a lot but 15bps to 7bps like the Betasahres A200 does it make a big difference?

I don't buy/trade enough for $5 saving on every trade to make a difference

Passive investing had a good broker comparison but think that was mostly on fees

Online trading platforms comparison — Passive Investing Australia

 

Can confirm that Stake does indeed display live pricing on the order page.

I've been using Stake for about a year, since their beta program, cannot fault them, and the user interface i think is excellent, both in web version and in the app.

But best of all, they support electronic CHESS statements - just login into ASX statement portal and download PDFs for your records, give your postie a break.

 

Unfortunately last time I checked Stake do not support trust accounts. Company and SMSF yes, but not trusts.

 

Can confirm. I invest through a trust and Stake is a definite no.

 

Hi mate,

Thanks for the reply, I really appreciate it!
I am glad to hear you are happy with the platform and comfortable holding your portfolio on it. There is no reason not to be, but just with SelfWealth being a smaller broker than say Commsec, there could potentially be concerns around that from a resources point of view. I know it is Chess sponsored, so that is fantastic, should the platform ever go under.
My concerns were more around resources deployed in the cyber security department to try and minimise the chances of having an Optus or Medibank scenario expose your share holdings along with balances and home addresses etc. Although I realise it's extremely hard (impossible?) to assess how much a broker is doing on that front. I have to assume (perhaps incorrectly!) the larger the company, the more resources are deployed in this area. Of course unwanted access to the platform could also mean someone would initiate the sale of shares you hold.

The 2 factor authentication is to log in the platform. Definitely recommend you get it setup. Not sure about whether that is for cash transfers out, but I would certainly hope so! If you find out, please let me know!

 

Hi Geoff, I think you are mistaken here: they offer 2FA through an authenticator app. The codes you are referring to are most likely backup codes, that you can use if you have lost access to your authenticator app. Generally you'll have like 10 codes you can use 1 time each. You could print them out or write them somewhere, so if you lose your phone or access to the authenticator app, you can still log in the platform and make changes to re-establish your access.

 

Thanks for the clarification was not aware of that was that always the case from launch or recently added?