SelfWealth is an online broker that charges $9.50 flat fee to buy or sell Australian shares. It has been voted Australia’s cheapest online broker 2 years in a row from Money Magazine.
- All trades via SelfWealth are executed, cleared and settled by OpenMarkets.
- All shares are CHESS sponsored, you are the full legal and beneficial owner of the shares.
- Only ever pay $9.50 per trade – no commissions, regardless of trade size.
- $9.50 per trade
- Easy to use and navigate
- 90 day free trial of Premium service
- Live updates of share prices are delayed
- Premium membership required for in-depth and live information
- Cannot trade international shares as yet
I opened up a SelfWealth account over a month ago, with no prior experience with share trading and found it very easy to use and navigate. When you open an account with SelfWealth, a cash account with ANZ is also opened for you so you can transfer your money to buy and sell shares. Transfers of money usually takes 1 business day.
When you sell a share, the money is immediately available in your account to use which was a surprise. Normally when you sell a share it takes a couple of days before the money is transferred into your account. This is the case with NABTrade. I opened a NABtrade a couple of weeks earlier to SelfWealth.