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SelfWealth Trading

Discussion in 'Brokers' started by CNHTractor, Jul 14, 2016.

  1. Habakkuk

    Habakkuk

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    Interesting and a bit weird. Why the delay? It must be the opposite of straight-through processing. But I won't ask any more questions; it's about time I tried it out for myself. Thanks for taking the time to respond.
     
  2. Johny5

    Johny5

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    Well blow me down with a feather, I just tested it again by placing a new order and it only took a couple of seconds. I have tested it many times previously (with a stopwatch) and its often taken 90 - 180 seconds and sometimes would give an error message that the order could not be placed. The only explanation is that they upgraded the software about a week ago and must have fixed the speed and error issues.
     
  3. blue0810

    blue0810

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    how about for cancel or amend order ? ... take 1-5min to be executed
     
  4. Johny5

    Johny5

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    Just tested Amend order, very quick couldn't even time it with my stopwatch. So they must have fixed the problem, I agree is used to take ages to change an order.
     
  5. blue0810

    blue0810

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    Thanks for that . I stop using them because of that.
     
  6. Roller_1

    Roller_1

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    Anyone still using Selfwealth? any reports?
     
  7. CNHTractor

    CNHTractor

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    Have been using for 18 months, no issues to speak of. Use Commsec for real time pricing. Good to have fixed price brokerage.
     
    Roller_1 likes this.
  8. Roller_1

    Roller_1

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    Thanks for that, good to hear
     
  9. HelloU

    HelloU

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    I use sometimes (never yet found the perfect broker) but not had any unexpected problems with them. Have not used for some months so not sure if the following is still completely accurate.

    Issues cf others that may or may not be important to you:
    one portfolio only allowed
    chi-x only pricing
    no stops
    no cash interest
     
  10. Lano_Lano

    Lano_Lano

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    Hi, another noob here I am considering signing with Self Wealth as a cheap way of buying stocks for long term investment. What do others think about this?
     
  11. Country Lad

    Country Lad Off into the sunset

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    G'day LL, reading all the comments in this thread would be a good start.
     
  12. Justicegal

    Justicegal

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    I'm using Selfwealth, IB and Commsec at the same time. I was surprised that Selfwealth doesn't take care of dividend payments into our cash trading account. Only found out when the dividends weren't paid as the registry didn't know of our cash account details and was told to sort it out with registry ourselves. Anyone else have the same problem with Selfwealth? Never had issues with IB and Commsec as they took care of dividend direction.
     
  13. HelloU

    HelloU

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    Interesting as most brokers are very quick for a default dividend payment into their own accounts - IB of course own the shares so get the div first before handing on to you.
    Have you ever tried to pay divs directly into the SW 'bank' account through the registry? Guessing, but if you cannot it may have to do with ownership of the account and trust related issues.
     
  14. Justicegal

    Justicegal

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    Just because shares are broker sponsored, it doesn't mean they own the dividend payments. What do you mean when you say 'IB of course own the shares so get the div first before handing on to you.'? Is this Aus shares or international?
     
  15. HelloU

    HelloU

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    Firstly welcome,
    If you mean sponsoring broker than that is about CHESS transfers using your Holder Identification Number HIN (compare CHESS to Issuer sponsored).
    Concerning my IB 'own the shares' comment - IB are 'custodian' brokers (not CHESS). In very simplistic terms this means that 'they own/control the shares', but this does not necessarily mean that they are 'risky' and it helps to provide you with other benefits such as cheap brokerage.........for a more detailed (and accurate answer) you will need to read your IB Terms and Conditions.
    Also be aware that the 'registry' that is associated with your IB holdings will NOT list those shares (or know about them). By example, if you own National Bank shares with IB then the NAB registry (Computershare) will not know about them, nor know of past dividend payments or franking credits, for these shares - and never will.
     
  16. Johny5

    Johny5

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    Hi HelloU or anybody else that knows

    With IB how do you go about proving a claim for the franking credits at tax time. My accountant prefers that I give him a copy of the dividend statement, but with IB no such thing seems to exist.
     
  17. blue0810

    blue0810

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    There is a tax statement for franking credits available :
    Account Management->reports ->tax
     
  18. Johny5

    Johny5

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    Maybe it's different in my account, in my account under Account Management -> Reports -> Tax I have a choice between "Form 1042S" and "Dividend Report", "Form 1042S" doesn't apply because I don't trade US instruments. The "Dividend Report" has information about the dividends paid but doesn't include details about the franking credits.
     
  19. willy1111

    willy1111

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    From memory the report doesn't appear until some time after the financial year
     
  20. HelloU

    HelloU

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    (Off Topic for Selfweath) Specifically for IB idnk so hopefully memory of Willy is good (or ring help). I suspect your franking info will not pre-fill as ATO data....etax self-fill thing I mean here....so manual entry required. Hopefully someone can confirm this.
     
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