Here's info from the official selfwealth account on reddit in regards to international trading: https://www.reddit.com/r/AusFinance/comments/ick9fj/psa_details_on_us_trading_on_selfwealth_to_stop/Cash
You will have a USD cash account, you get money into this by transferring from your AUD account. The bid/ask spread (FX rate) will be 0.60%. This compares to STAKES which is ~1% and most banks at 0.50%. and others that are higher Your cash can sit in that USD account and you can move it between as much as you like. You can't transfer directly to this account.
Brokerage
We will charge $9.50 USD per trade. Flat-rate. Still none of this commission business or percentage fees. We'd compare this to the banks, but you know, there's no comparison at all -- they're VERY expensive. We've saved investors over $20m in fees on ASX investing^ alone and hope to do the same with US trading. STAKE and the likes offer free brokerage but unfortunately, we're not in a position to offer that, yet, and we're lower on the exchange rate anyway... so depending on your investment it might end up similar.
When
We will be launching US trading before Christmas, with beta testing happening in a month or so, with a select few clients. A new iOS and Android app (WIP!) is planned for a similar period. More international markets to be added in the future.
Can I move US stocks to SelfWealth?
Yep! We'll release more details closer to launch but it's not as straight forward (for us) as moving your HIN around or moving CHESS sponsored holdings.
Anything we've missed? Happy to add more points as the questions come in.
FYI this is the most detailed information on US trading on SelfWealth, anywhere...
^ Compared to if they had have used a particular yellow and black competitor. No, the Tigers aren't a broker.
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