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SelfWealth and Superhero Review

Before the debut of Superhero, funded by the Zip and Afterpay founders in 2020, SelfWealth was the most frequently used broker besides the four major banks.

SelfWealth Fees

They are most popular on the Australian Securities Exchange (ASX), where they charge $9.50 per trade regardless of trade size, with a minimum investment of $500. Other brokerages employ a scaling pricing model, which means their trades will cost more as the volume increases. In other words, the greater your trade volume, the higher your brokerage expenses. 

 

When SelfWealth first launched, the investment community was so enthusiastic about it, and for a good reason. Commissions are one of our most vexing elements of the investing process, so fees are a major source of worry.

CHESS Sponsored SelfWealth

When it comes to owning shares, SelfWealth is a CHESS-sponsored company.

You won’t receive a NICE chess set if you buy and trade stocks.

 

The acronym CHESS stands for “Clearing House Electronic Subregister System,” which is the system utilized by the ASX to keep track of who owns what equities.

 

If your shares are CHESS-sponsored, the exchange is aware of your equities.

 

The Holder Identification Number (HIN) is a 16-digit sequence that identifies the shares you own.

 

SelfWealth does not purchase shares through a broker but rather uses CHESS to acquire them. This is crucial because, as a result of this method, you are the legal owner of your stocks in ASX’s eyes.

SelfWealth User Experience

SelfWealth’s user experience is good. You can access everything you need, such as real-time pricing, depth, conditionals, and even a stop-loss function. Despite its simplicity, you must activate the stop-loss function.

 

Many people have compared it to the mid-2000s user interfaces, and I can’t blame them; it certainly appears that way.

 

The forex market has a lot of bells and whistles that allow you to swiftly examine thousands of equities, bonds, commodities, options—and other things—at the touch of a button.

 

The difficulty is that there are so many options in each trade, which makes it difficult for too many traders to keep on track.

SelfWealth Safety

No matter your level of experience, you can still use SelfWealth. Although the layout appears somewhat old-fashioned, they provide many instructional films to teach you how to invest. Live assistance is especially helpful when you’re unsure about purchasing or selling shares.

 

There are several extra features to assist you in making the most of your investment decisions. Stock analysis, safety ratings, and how you compare to other SelfWealth members are just a few examples.

 

A $20 premium membership for premium users allows you to look at other members’ portfolios or “advanced” stock research. I research my investments, and the add-ons appear to be a gimmick.

SelfWealth Security

In my opinion, SelfWorth’s CHESS-sponsored shares, stop loss and condition orders, and a monthly overview of how your portfolio performed to make it a reasonably safe brokerage platform.

 

While it is true that investing is a gamble, having an open mind can help minimize the risk.

SelfWealth Final Verdict

For me, SelfWealth’s flat cost per trade in ASX and US equities and CHESS-sponsored shares enables it to perform its job effectively while remaining affordable.

However, keep in mind that your situation may be different than mine. For this reason, check out their official website to see if SelfWealth is a good fit for you.

Superhero Review

Just when SelfWealth was getting used to the investment world, Superhero also gained popularity, winning the hearts of many. With a $5 flat fee structure for ASX listed shares and brokerage FREE for ASX listed ETFs, Superhero sure lives up to its name.

 

Besides CommSec Pocket, Superhero is the only broker that allows clients to invest less than the usual $500 minimum investment amount. By offering the lowest minimum investment requirement ($100 plus brokerage expenses), Superhero serves clients who wish to invest modest sums of money. 

 

A standard account does not provide real-time pricing, and live prices are only available through the Superhero live account, which costs $9 per month.

Superhero Shares

When it comes to holding stock in a Superhero account, you are the beneficiary of the custodian account in which your shares are kept. This indicates that Superhero is not a CHESS partner, so they will not be assigned to your HIN if you buy your stocks through them. If Superhero goes bankrupt, you can sell your shares via Openmarkets, a broker specializing in cryptocurrency trading.

Superhero Safety

The safety of the Superhero exchange depends on whether you want to keep the shares under your name or through a CHESS sponsorship, so yes, Superhero trading is safe. Another thing to consider is that Superhero provides two-factor authentication and strong encryption, so their platform is highly secure.

Superhero UX

It’s as basic as it gets, except for Superhero live, and there are no leaderboard comparisons or fun gimmicks like comparing your portfolio to others in the community. It’s just a short dive into the stock’s depth, price, and news.

Superhero Final Verdict

Superhero is not only a competitor in the field of share trading platforms but is also bringing young investors who previously utilized micro-investing applications such as Raiz, Spaceship, or CommSec into the fold with their new offering.

 

The big question is whether a modest minimum investment and a low commission rate are adequate to make up for the custodian holding arrangement on ASX stocks in general.

Remember that the custodianship model is essential for investors who want to make small investments with low brokerage costs.

Conclusion

So, what do you think? Do you believe it’s enough to refer people to join Superhero? Whatever you decide, make sure you go through their official website to get a deeper understanding of the platform.

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