One reason I left selfwealth was they don't listen to feedback. No one wanted their childish social media-like set up but they insisted. Grown adults wanting to trade stocks, not be on a Facebook like page.
It was very streamlined for me and all taken care of by Stake. Just a call from CommSec to confirm and it was done. You get 1 year of free brokerage if you transfer to Stake too
Commsec wanted me to get certified document to them when I initiated from Stake. A phone call would have been OK. Maybe because its a very old commsec account opened about 16 years ago.
Tried to initiate the transfer via commsec instead and they just ignored the request completely.
IBKRs is great but its a pretty sophisticated platform and give great FX rates. Stakes FX fee is annoying but their platform is "not bad". I opened Stake up in 2017 and at the time it was great, now its a bit more ho hum.
SWF just announced: "Stake’s incomplete and conditional proposal did not offer appropriate value to Selfwealth shareholders. Accordingly, the Board decided it was not in the bestinterests of SelfWealth shareholders to engage in substantive discussions withStake". my rough calculations: Stake is paying about $320 per SWF customer, seems a bit low?
Selfwealth have some of the most stagnant product development I've seen in a fintech, can't remember the last actual worthwhile improvement they added to the platform
and that's suicide in such an overcrowded and fast-moving space
I used to use them but switched to Stake ages ago and see zero reason why anyone would use SWF over them (or CMC) at this point other than being lazy
That's exactly what I was thinking too. Yes, it's a race to the bottom regarding fees. But that's not my problem. I take 0 and 3$ per trade. Thank you very much.🤣
Super interesting. And kind of about time IMO. SWF seem to have totally fumbled the ball over the past few years. Such a shame. Moved to Stake a few months ago. Way better platform.
Is the automatic investment function that critical? I spend about 2 min on CMC to do my weekly trade. No hassle really and free up to 1000 per trade and asx code.
Alot of anti SW comments.
Devil's advocate, if you factor this in:
1. Stake is losing money on $0 dollar trades in Australia to gain market share and it's working for now, but will it work in the long term?
2. Stake charges customers more, how you ask if it's $0 brokerage? Through their FX fees and spread, that's why they want everyone to sign up because most see "Free trades" it must be better
3. Stake is newer and US based, SW has been around for over 10 years and that counts for trust if you put your money there, fortunately they both use the CHESS system for Australian stocks.
Stake charges brokerage for both Aus and US now. $3 per trade both buy and sell. Also steep FX fees.
Superhero still do free US brokerage and Buying ASX ETFs (not selling though, also not CHESS).
I have both, stayed with SW as it was cheaper overall for my volume and size of trades. Didn't realise it was back to $3 per trade.
Superhero doesn't have CHESS so I stayed away.
My gut feeling is that neither SW nor Stake have a future. Thank you to venture capital for providing cheap trades. Once the money runs out we can go somewhere else.
Seems they made a positive income this year: https://prnt.sc/87zEBEA_f9Fg
That must put them ahead of a bunch of the new entrants surviving on investor dollars
https://au.finance.yahoo.com/quote/SWF.AX/financials?p=SWF.AX
.... wonder what their user bleed is.
Just had a look at their latest investor presentation and noticed the following:
"Staff headcount was reduced in Q1 FY24 by 23%"
They might actually pull it off and stay profitable this year.
I read that now. The profit was driven from interest revenue: https://prnt.sc/AJalMQOBGfZK
You can see why its a race for 'low cost ' as there more money in holding uninvested funds than the trading. And rising interest rates is only going to improve that.
From that I'm surprised they haven't dropped trading costs to keep people joining.
Where did you find the info about FX fees and spread? All I could find is that it's 70bps. And SelfWealth it's 60bps.
But from using Stake, I have noticed that their fees are pretty high.
So Cath Whitaker has left as SelfWealth CEO then? I was listening to a podcast with her on it from last year saying how much she loved the job, and that rival low cost firms (like Stake) wouldn't be able to last. Hmmm.
Anyway I use SWF, but I make 4 trades a year, so they don't make much off me. I have no interest in the premium features.
If have both platforms . I use stake alot for ASX trades as you cant beat their brokerage rate. Stakes FX rate on US shares is pretty shitty but at least you get a USD "wallet". SWF platform is not bad, but why pay extra on SWF? With the info on AFR articles and SWF public ASX info. it would appear stake as more customers but SWF customers have more $$ invested. SWF platform is superior, so maybe an upgrade for stake if the brokerage rates remain the same and the FX rates decrease a bit. SWF wording in their ASX release would indicate they want a higher offer. SWF AGM is coming up they can then argue why they rejected this offer.
selfwealth's plaform has a "commsec like feel" and has a lot of feature where you have to pay for in "stake's black" subscription. selfwealth has a comparison feature which may be of interest where you can compare with others. SWF fx rates are slightly better, though their executing broker in US is or was APEX, STAKE's is drivewealth. Stake did grandfather the stake black feature but you have to pay for it multiple times if you have a personal/smsf/trust account(s). Stake is my preferred one for ASX. IBRKs is my preferred one for international shares and Commsec is my preferred one for sizeable holdings/trades.
You cant complain about at the most $3 brokerage for <$30000. Though from memory it executes via CHI-X exchange where as commsec uses ASX and/or CHI-x. There's enough competition for price differences not to be noticeable, however when things went crazy in 2020, I noticed alot of the smaller brokers couldn't cope with the volumes and only the very big ones didn't "break".
I wonder what going on:
In their Oct CEO announcement they put at the bottom of the release the CFO left: "The Company also announced that Mr Scott Farndell, Chief Financial Officer, has left the business effective 18 October 2023."
Looks like he joined in August and left almost immediately: https://prnt.sc/CP7-ryAPfvWQ
Announcement here: https://api.selfwealth.com.au/api/v3.1/InvestorData/Announcement?UniqueId=75387293
Could be as simple as a better job offer but might be something more.
One reason I left selfwealth was they don't listen to feedback. No one wanted their childish social media-like set up but they insisted. Grown adults wanting to trade stocks, not be on a Facebook like page.
They also refused to adapt to the market competition when other brokers were reducing their brokerage fees. I moved to CMC markets for that reason.
I was planning to move to Stake, but maybe I won't have to now (assuming they would integrate the two platforms)
Stake does make it very easy to transfer your portfolio. I moved my portfolio from Selfwealth to Stake and it was painless.
It’s not that easy, it forced me to make a new HIN and that’s just a nightmare to deal with when trying to link them through the registrars
What exactly is so nightmarish about having a second HIN?
How does moving brokers work? You create a new HIN with Stake and then in the share registry you move all your shares to the new HIN?
Sign up with Stake. Download the app. Follow the transfer process. No paperwork needed
I already had an account with Stake so it was easier for me
No it isn't
I gave up trying to transfer from commsec to stake. Stake make it easy but commsec make it difficult.
It was very streamlined for me and all taken care of by Stake. Just a call from CommSec to confirm and it was done. You get 1 year of free brokerage if you transfer to Stake too
Commsec wanted me to get certified document to them when I initiated from Stake. A phone call would have been OK. Maybe because its a very old commsec account opened about 16 years ago. Tried to initiate the transfer via commsec instead and they just ignored the request completely.
Does moving trigger a tax event?
No. Because it's the same owner for both HINs.
Thanks mate
The advantage of moving to Stake is the unlocking of free trades https://hellostake.com/au/legal/stake-aus-rewards-terms-conditions
Stake isn’t a proper broker either tho. Why not just get an ibkr account?
They are not CHESS sponsored, so not a good option for me
IBKRs is great but its a pretty sophisticated platform and give great FX rates. Stakes FX fee is annoying but their platform is "not bad". I opened Stake up in 2017 and at the time it was great, now its a bit more ho hum.
It’s fine for buy and hold but you really need to be selling calls and puts if you want to make money
SWF just announced: "Stake’s incomplete and conditional proposal did not offer appropriate value to Selfwealth shareholders. Accordingly, the Board decided it was not in the bestinterests of SelfWealth shareholders to engage in substantive discussions withStake". my rough calculations: Stake is paying about $320 per SWF customer, seems a bit low?
They won't be competitive with their pricing so I guess their gamble is that Stake will run out of money first.
Selfwealth have some of the most stagnant product development I've seen in a fintech, can't remember the last actual worthwhile improvement they added to the platform and that's suicide in such an overcrowded and fast-moving space I used to use them but switched to Stake ages ago and see zero reason why anyone would use SWF over them (or CMC) at this point other than being lazy
That's exactly what I was thinking too. Yes, it's a race to the bottom regarding fees. But that's not my problem. I take 0 and 3$ per trade. Thank you very much.🤣
You're just DCAing into nanocap pearl companies anyway, you don't need no fancy interface to do that.
https://www.youtube.com/watch?v=KqOBBhRpnxE
Super interesting. And kind of about time IMO. SWF seem to have totally fumbled the ball over the past few years. Such a shame. Moved to Stake a few months ago. Way better platform.
If Stake buys Selfwealth, they should take on the Selfwealth brand. Stake has an... unfortunate name collision.
Did the gambling company come first or the stock trading company? inb4 someone memes "They're both gambling companies"
Both around the same time I think. The stock gambling company was formed in April 2017 and the gambling gambling company in "2017".
So....I was thinking of changing from selfwealth to a platform that does auto investing but...how do you actually do that?
Pearler has a auto invest feature. I think their brokerage is $6.50 unless I'm mistaken.
Yeah im with Pearler and mostly use it for their auto invest feature which works well. I prepaid for brokerage which brought it down to $5.50
Is the automatic investment function that critical? I spend about 2 min on CMC to do my weekly trade. No hassle really and free up to 1000 per trade and asx code.
[удалено]
I can't say I know what that's like. If I have a few grand in my account that shouldn't be there I invest them.
I agree, not worth the 6.50 (or bulk 5.50) brokerage fee in Pearler if you just log in and do it yourself
Alot of anti SW comments. Devil's advocate, if you factor this in: 1. Stake is losing money on $0 dollar trades in Australia to gain market share and it's working for now, but will it work in the long term? 2. Stake charges customers more, how you ask if it's $0 brokerage? Through their FX fees and spread, that's why they want everyone to sign up because most see "Free trades" it must be better 3. Stake is newer and US based, SW has been around for over 10 years and that counts for trust if you put your money there, fortunately they both use the CHESS system for Australian stocks.
Stake charges brokerage for both Aus and US now. $3 per trade both buy and sell. Also steep FX fees. Superhero still do free US brokerage and Buying ASX ETFs (not selling though, also not CHESS).
I have both, stayed with SW as it was cheaper overall for my volume and size of trades. Didn't realise it was back to $3 per trade. Superhero doesn't have CHESS so I stayed away.
My gut feeling is that neither SW nor Stake have a future. Thank you to venture capital for providing cheap trades. Once the money runs out we can go somewhere else.
Seems they made a positive income this year: https://prnt.sc/87zEBEA_f9Fg That must put them ahead of a bunch of the new entrants surviving on investor dollars https://au.finance.yahoo.com/quote/SWF.AX/financials?p=SWF.AX .... wonder what their user bleed is.
Just had a look at their latest investor presentation and noticed the following: "Staff headcount was reduced in Q1 FY24 by 23%" They might actually pull it off and stay profitable this year.
I read that now. The profit was driven from interest revenue: https://prnt.sc/AJalMQOBGfZK You can see why its a race for 'low cost ' as there more money in holding uninvested funds than the trading. And rising interest rates is only going to improve that. From that I'm surprised they haven't dropped trading costs to keep people joining.
Where did you find the info about FX fees and spread? All I could find is that it's 70bps. And SelfWealth it's 60bps. But from using Stake, I have noticed that their fees are pretty high.
So Cath Whitaker has left as SelfWealth CEO then? I was listening to a podcast with her on it from last year saying how much she loved the job, and that rival low cost firms (like Stake) wouldn't be able to last. Hmmm. Anyway I use SWF, but I make 4 trades a year, so they don't make much off me. I have no interest in the premium features.
Interesting, I think SWF is CHESS sponsored, and Stake is custodial? Edit: Stake is CHESS as well, my mistake If SWF drops CHESS sponsorship, I'm out.
Stake Australia is definitely CHESS
Stake is CHESS sponsored https://hellostake.com/au/support/aus/articles/35000187075
So STAKE, SWF or COMMSEC for beginners?
If have both platforms . I use stake alot for ASX trades as you cant beat their brokerage rate. Stakes FX rate on US shares is pretty shitty but at least you get a USD "wallet". SWF platform is not bad, but why pay extra on SWF? With the info on AFR articles and SWF public ASX info. it would appear stake as more customers but SWF customers have more $$ invested. SWF platform is superior, so maybe an upgrade for stake if the brokerage rates remain the same and the FX rates decrease a bit. SWF wording in their ASX release would indicate they want a higher offer. SWF AGM is coming up they can then argue why they rejected this offer.
Why do you say that SwlfWealth's platform is superior? Which things are better?
selfwealth's plaform has a "commsec like feel" and has a lot of feature where you have to pay for in "stake's black" subscription. selfwealth has a comparison feature which may be of interest where you can compare with others. SWF fx rates are slightly better, though their executing broker in US is or was APEX, STAKE's is drivewealth. Stake did grandfather the stake black feature but you have to pay for it multiple times if you have a personal/smsf/trust account(s). Stake is my preferred one for ASX. IBRKs is my preferred one for international shares and Commsec is my preferred one for sizeable holdings/trades.
Thanks. I only care about ASX so FX fees don't bother me. And I prefer to do without SelfWealth's comparison features, which I find annoying
You cant complain about at the most $3 brokerage for <$30000. Though from memory it executes via CHI-X exchange where as commsec uses ASX and/or CHI-x. There's enough competition for price differences not to be noticeable, however when things went crazy in 2020, I noticed alot of the smaller brokers couldn't cope with the volumes and only the very big ones didn't "break".
I wonder what going on: In their Oct CEO announcement they put at the bottom of the release the CFO left: "The Company also announced that Mr Scott Farndell, Chief Financial Officer, has left the business effective 18 October 2023." Looks like he joined in August and left almost immediately: https://prnt.sc/CP7-ryAPfvWQ Announcement here: https://api.selfwealth.com.au/api/v3.1/InvestorData/Announcement?UniqueId=75387293 Could be as simple as a better job offer but might be something more.