I have been using SelfWealth for 3 weeks for real trading of my super portfolio and I have done over 40 trades. I have tested trading progress using live continuous data feed from another account and found no issue with trade queue placement and trade implementation. It was as fast as a live data feed. So for me, top mark to Pershing which is processing orders for SelfWealth. Could not say that about any of my past major trading houses I used in 20+ years of trading. I have calculated that I would save around 70% of the yearly commission which was 0.012% flat. Trading actually costs nothing but you have to purchase first trading tokens, which are then used for trading. Tokens are valid for a year.
SelfWealth has a number of interesting and unusual concepts which provides a variety of stock buying data/suggestions/safety ratings from all users. One important fact is that all other users which have the Premium option can see under a nickname, what shares you hold in your portfolio, what is % value for each share and how is your portfolio doing over time. Al in % not in absolute value. This exists regardlesss wheteher you are member Premium subscription or not.
There is a number of issues with SelfWealth which needs to be fixed, the biggest is the delay in a data feed.
It is near impossible to trade correctly with delayed prices in my portfolio, it is all up to 30 minutes late. The only time you get spot current price is when you open place order tab. No market depth or course of sales at all. I use current data from my second private account and utilise 2 screens. So it is workable but not ideal.
There are some other issues which I personally do not like:
No trading option/account in Virtual (trial) portfolio option.
Inability to disconnect or delete Virtual portfolio when no longer used.
Default first logging to Virtual portfolio regardless what was selected in configuration (bug).
Trading messages to my email cannot be switched off.
Visibility by premium users cannot be switched off.
There is no user suggestion list record, which SelfWealth could comment on as accept or reject. Accepted ideas could be used to fast improve the software.
So it is work in progress and I hope that major slice of funds from IPO will be allocated to the software development because it is unique. If that happens and I see positive changes I will buy shares.
If on the basis of my comments you decide to give it a try, please use following URL for login so I get some free trade tokens.
https://secure.selfwealth.com.au/Registration/Plan/5/yLY9r
(20min delay)
