1. That assumes the trades are under $20000, which for many...

1. That assumes the trades are under $20000, which for many people is not the case. If trades are $30000 for example. It is 0.11% vs flat rate $9.50. E.g $33 vs $9.50
2. SWF still pays interest rates of 0.5% to 0.75% for amounts above 10K.
3. Cherry picked the 1 broker that offers these rates, and offers lower rates for amounts above $1M indicating that is a loss leader.
4. Ignores other business opportunities like 100M AUM in their ETF.

SelfWealth is an early stage business, the fact that it can compete already at such a small scale is testament to its better and increasing pricing power. It doesn't make sense to evaluate the business on current levels and profitability. You need to think about the future. You know that is what investing is about right? Predicting future cash flows yeah?

I guess we can't all be winners.