Is anyone using Selfwealth? I am considering moving to them and wondering if can share their experiences with them, good or bad? Thanks in advance Rob.
$9.50 per trade virtually any value, includes GST, Chess ownership, no interest on money held in trust in an ANZ account, lots of useless comparisons to others, good reporting, easy to use, live data in ‘depth’ and shows position in queue, operates the new ASX timings of open and close, contact help not that easy unless you have a phone number, can log in multiple accounts on same device, can avoid 2 factor auth.
Rob, I’ve been with them many years, no complaints, however have opened account with Stake 3USDollars a US trade and $3 AUD ASX, and will most likely switch to them for at least US trading, despite neither having MOC orders. It’s only an inconvenience in the winter as I’m usually up anyway after the daylight saving swing in time. Look for posts on Stake earlier in the history.
cheers
Dennis
Hi Rob & Dennis, I have been using Selfwealth for 5+ years. No problems at with them. It is good for larger portfolios as the $9.50 per trade applies regardless of trade value. I have also been using Stake for a smaller portfolio for ~ 1 year, also with no problems. Both Stake & SW use CHESS system. The $3 trades with stake are up to trade value of $30k, then a % brokerage applies. No MOC with either though.
Thanks Guys, the flat rate of $9.50 is attractive compared to nabtrade who I have been using. Their 0.11% on large trades is painful!
Cheers Rob
Hi Robert,
I previously used them without any issues, currently I use Stake for ASX and interactive brokers for USA. Interactive brokers offer MOC for ASX and USA I found them significantly cheaper on brokerage than Saxo.
Interactive brokers fees
- Australian Stock Commissions:
- 0.08% of trade value with a minimum of AUD 6.00.
- For very high volume traders, the commission can be as low as 0.015%.
- US Stock Commissions:
- USD 0.005 per share with a minimum of USD 1.00.
I’m considering moving my stake to interactive brokers for the benefit of MOC
Hope this helps
Thanks James
I also use IB for all my trading in a SMSF & family trust acct - I only trade in the USA.
It’s a lot cheaper than the Australian brokers been using it for over 20yrs now no problems works well.
I convert once a month from USD to AUD to pay the Visa & you get 1 free transfer a month back to your Australian bank acct so the fees only the $1-2 to change my money to AUD once a month to cover our expenses Cheers Paul
Thanks James and Paul. I basically do the same thing as you Paul but using nabtrade which I have been using for a log time. I completed an extensive ‘experiment’ using the simulator to understand the profitability for numerous stock and ETF mixes over a range to time frames and different trade action timings, MOO, MOC etc. It made me realise more clearly that my brokerage fees are too high with nabtrade compared to lower alternatives which is now my impetus to move. I know that is sort of intuitive but it has been good to quantify differences in returns over 5, 10 and 15 year timeframes which proved to be significant. Whist MOC on buying and selling comes out on top in most scenarios, the different between them is small on the ASX over 15 year period and since I am retired I can manually time execution of MOC without much effort. Thanks again for your feedback. Rob.
Hi Robert,
With some ASX brokers you can place a Market order before the market opens and it trades on the open match-up, meaning it is the same as a MoO order.
There is no additional cost for pre-market placed Market orders with Saxo / Totality but there is for ASX MoC orders.
Having recently run similar Sims as you have, I will be moving to this type of order for the ASX Public Portfolio to reduce brokerage. Been waiting for the next Portfolio Considerations webinar to announce it.
Self Wealth does not support placing pre-market-open Market orders.
Just on the subject of Brokers, as a matter of interest in dealing with the Saxo re-brand to Totality ( which is a bit of a fiasco) it came to my attention that Saxo Bank’s stake has been reduced to just 19%, so Totality is 81% owned by what appears to be a tech company
this raises counter part risks for me so I will look for an alternative broker
Hi Gary, we may be talking about different terms here.
I occasionally place pre-market orders in Self Wealth. I look for the highest bid and place a buy order at the same price. Effectively MOO
Wakefield you have me a bit concerned now. I didn’t realise they weren’t at least 50% Saxo bank owned. Gary or anyone else - do you share any concerns. I’ve been with them roughly 15 years so it would be a real pain to move and their reporting is good I think compared to Stake at any rate.
Thank you for that information Wakefield. My experience with the Saxo-Totality transaction has been very time consuming and tedious. James from Gleneagles has been fantastic, but the whole thing has taken far too much of his and my time. The new ownership of Totality might be enough for me to go back to SelfWealth for US trades, and try to emulate MOC trades by placing them early in the morning our time.
Thanks Dennis.
Will try that with Self Wealth. Assume it’s a Market then Limit Order you place at the highest bid?
Tim,
I hadn’t done this research but IMO the more important issue is not the ownership of the business but who the Prime Broker is that Totality uses in Australia for ASX and for USA stocks.
And then whether the beneficial ownership has changed or not. All invested monies in stocks and CFDs must be the owner of the trading account.
Yes Gary. I’ve had good and not so good results trading at the Open. Normally I look at the SPI Futures and the likelihood of a gap up, otherwise leave the trade to after lunch.
I must add, am very happy how my trading has improved with LTTP.
Thanks for starting it.
Hi Dennis,
Pleasure. The feedback we’ve had from those who do an LTTP Study Group PROPERLY has been absolutely brilliant.
Would love to have thought of the concept years ago. Beat myself for not! 
All the clues were there.
Mark Douglas: “The first stage is the mechanical stage… flawlessly execute a trading system.” His lots of 20 trades ‘exercise’ was another strong clue even tho it never quite did the trick of transforming traders.
I knew for 20 years that the biggest hurdle for traders to overcome is drawdown. Mark put it as the “fear of losing and being wrong”. Huge clues.
The real trick is to getting good at anything is to “face you fears”. We all do this at various stages of our lives from toddlers to mature people.
So the idea of intentionally seeking drawdown to live the experience of coming out of it w/o missing a beat in your process (i.e. consistency) is THE transformation step that LTTP facilitates. With all the supporting ‘theory’ from Mark Douglas, James Clear, Daniel Coyle and Daniel Kahneman.
Pretty simple with the benefit of hindsight for those who’ve gone through it, but still terrifying (of varying degrees) for those who face doing it.
Like standing on the tip of 10M high diving board for the first time and the queue of kids behind you who’ve jumped many times shouting at you to hurry up and jump!