SafeWealth Review 2022: Best Trading Platform Australia

Australian investors can purchase equities on the Australian Securities Exchange through the online share trading platform SelfWealth for a set transaction fee of $9.50. SelfWealth is one of the best trading platform Australia, offer flat-fee brokerage, making it one of the most affordable and user-friendly online trading tools for Australians working toward financial independence (and genuinely interested in personal finance) (i.e. the price does not scale with the size of the trade).

In this article, I’ll look back on my three years of investing with SelfWealth, review their best features, describe how to join up and utilize the platform, and consider whether they’re a valuable tool for someone pursuing financial independence. It also explains why I switched from SelfWealth to Brilliant goal to automate my investing and why I no longer use SelfWealth. Also check: business

Pros

  • Asset protection through ASIC, ASX, and Open Markets
  • Cheap brokerage – online trading with a fixed cost of $9.50
  • Access all shares and ETFs listed in Australia and the US
  • Excellent and simple-to-use smartphone app
  • Low-cost service keeps prices for customers down.
  • With email trade confirmations, Share sight integration is simple.
  • Linked to trade accounts is an ANZ cash account.

Cons

  • There are no choices for automation.
  • Slow client service
  • The cost of converting AUD to USD is high.
  • The SelfWealth premium induces comparison anxiety and promotes trading.
  • For new investors, wealth check score, safety rating, and member ranking are unimportant and possibly deceptive.
  • Use Share sight for accuracy instead of a Portfolio tracker because it considers rewards and stock split.

Is SelfWealth safe?

SelfWealth customers receive a special holder unique identifier or HIN. Any shares you purchase through SelfWealth are directly under your beneficial and legal ownership. This is the same model at Stockspot, where every client investment is held securely on their own HIN.

How long does it typically take?

It’s up to you. Like easy Markets broker, On SelfWealth, you could buy your shares and then let them ride out the market’s ups and downs, but there has recently been an increase in day traders and swing traders looking to beat the market.

This depends on individual taste, market understanding, and expertise. This may be your chosen strategy if your goal is to acquire and sell investments to generate short-term profits frequently. However, if you’re a long-term investor, it’s crucial to have your evaluation corrected to protect you from market declines.

ASIC and other researchers in other countries have established via their studies that roughly 80% of day traders lose money, and 75% give up within two years. It might be challenging to maintain your portfolio, and services like SelfWealth don’t provide any rebalancing, risk management, or portfolio guidance.

Features & Tools of the SelfWealth Share Trading Platform

You can trade equities and those not with Australian stock brokers. The Australian Securities Exchange maintains a record of every shareholder in a stock. If you don’t have this sponsorship, you must rely on your broker or the firm to keep track of your ownership of its shares.

In other words, even if SelfWealth closed tomorrow, the exchange would still have a record of all the shares you bought, ensuring that your investments remain safe. Shares sponsored by CHESS are direct ownership able. Not through a third party, as some other trading platforms and applications do.

Users of SelfWealth will significantly benefit from this because it provides a solid foundation of core investment security to support the platform’s numerous tools and services. Just like easy Markets ,The user interface of the SafeWealth is really intuitive and easy to use. Even for beginners, everything is quick and quite easy to understand.

Let’s go on to the platform itself. SelfWealth offers more than simply stock brokerage and share trading.

The following divisions of the platform are possible:

  • Benchmarking, Diagnostics, trading research and & Reporting
  • Trading on Self Wealth is comparable to trading on most online trading platforms.
  • Target portfolios, SelfWealth Premium, and Alignment
  • Their Premium membership plan is immediately added when you register for a SelfWealth account.

Several of the features above and functionality are included in the Premium plan, which you can try out for a full 90 days for free before deciding whether to stick with the more limited free version or spend $20 per month.

Community involvement and portfolio analysis are the two main differences between the free and premium editions of SelfWealth. You can follow other members (anonymously) as a Premium member to see what they’re trading and how their portfolio is doing.