- Do I have full ownership of my shares?
Yes, following the establishment of your SelfWealth trading account your investments are held in your own name, Trust, or SMSF as elected by you on your SelfWealth trading account application. All shares purchased through SelfWealth are CHESS sponsored.
- How are my shares and cash kept safe?
Your shares are held on your own Holder Identification Number (HIN) which means the shares are directly held in your name, you simply use SelfWealth to view, buy, and sell them. Your cash is held in a trust account automatically created with ANZ when you sign up (although, it’s not a retail account so you won’t see it in your app or at the bank) and you are listed as the beneficiary. We provide this service for free, and we aren't allowed to move the money without your explicit consent.
- Is SelfWealth CHESS sponsored?
Investors that have bought 'CHESS Sponsored' shares are the full legal and beneficial owner of those shares. Shares bought through SelfWealth operate under this manner, while some other platforms operate under a custodian model where the platform holds them on your behalf. To read more about CHESS sponsorship, go to this article.
- Can I use my existing bank account for trading activities with SelfWealth?
No, you can't buy shares directly from your existing bank account. We automatically give you a 'cash account' on the platform, which you can deposit into using regular bank transfer or BPAY.
- What’s the minimum amount I can invest?
The first minimum amount for an ASX stock is $500, (but we’d suggest depositing $600 to cater for fluctuations in price). For US stocks the minimum amount is $100 USD. Once you have placed your first order of a company or ETF, you can then buy smaller amounts of that company.
- Can I transfer from another trading platform to SelfWealth?
Yes you can. We tell you all about it here.
- What types of shares can I trade with SelfWealth?
A diverse range of securities listed on the ASX, NYSE and Nasdaq, including: Australian Ordinary Shares, Australian Listed Property Shares, Australian Listed Investment Company shares (LICs), Australian Listed Debt Securities, Australian Exchange Traded Funds (ETFs), US Ordinary Shares, US ETFs, US Notes, and American Depository Receipts (ADRs)
