• thinkrichmum

A Quick Guide on How to Open a Trading Account in SelfWealth

Get to know the most affordable online broker in Australia. Won Money Magazine's 'Cheapest Online Broker' award for 2018 and 2019. Register to SelfWealth using this link to earn 5 free trades for you and me.

AFFILIATE DISCLAIMER: I may have financial agreements with some affiliated companies referenced on this post. This means that I may be compensated if readers choose to use the links. You are NOT obligated to click on any link, buy any product, read any post, or use anything whatsoever that is advertised on this blog.

We prepared ourselves before we invested in the share market - we made sure that we were "unshakeable" during market fluctuations, educated ourselves in the behavior of the market, set our short-term and long-term goals, evaluated our risk profile and researched on what index funds to buy. Basically, we changed our whole mindset before plunging our hard-earned money into stocks. And one of the best finds in my stock investing journey was SelfWealth.

When we were ready to buy stocks, we looked for online brokers and there were lots to choose from. I work for one of the big banks in Australia, so I was inclined to use the online platform readily available to me. But my frugal self led me to look for other options and found SelfWealth to be the cheapest and affordable - flat rate $9.50/trade. How good is that?

Register to SelfWealth using this link to earn 5 free trades for you and me. Easy.

Their platform is available in desktop and mobile. For me, the dashboard is just awesome. Once I open the app from my phone, it gives me a snapshot of my earnings and shows a graph of the live performance of my portfolio vs the market. I have no issues in trading ASX listed securities. Placing and monitoring orders are just easy to do. You can get more information from their website.

It is worth mentioning that SelfWealth has a nice feature - a community where you can benchmark your portfolio to other investors. SelfWealth just suits me. I am more of a DIY investor and I like to be hands-on. I don't entertain the thought of giving my money to a fund manager who could definitely rip me off with fees and commissions. Basically, I buy ETFs and hold them for like.... forever 😊.

SelfWealth has a referral program - you and your friend will receive 5 free trades each via a referral link. This enables you to save on brokerage fees. However, the free trades expire in 1 month, so make sure that you are just about ready to buy shares when you register. Since I have a SelfWealth account, a referral link is available for me. Register to SelfWealth using this link to earn 5 free trades for you and me. Easy.

How to create a SelfWealth account

Creating a SelfWealth account is straight-forward. Here are some illustrations to guide you on the registration process.

1. When you're ready to invest in the share market via SelfWealth, my referral link will take you to this page;

You'll need to enter your email address and create a password for your account.

2. Once you click the Create my FREE Account button, you have to check your email to activate your account. Sample email below;

3. After the email confirmation, you will be taken to this registration page.

Basic details are required for SelfWealth account - Community Nickname, First Name, Last Name, Gender and Referral.

4. The next page will take you to Start Application page.

If you are a first time investor in the share market, the red arrow doesn't affect you.

If you have your own HIN and Holdings, here are some requirements

I'm moving over my HIN and Holdings

You will also need : Holder Identification Number (HIN) and Broker Name

I'm only moving across my Holdings

You will also need : Holder Identification Number (HIN), Broker Name, Holdings Code and Quantity

5. Once you start your application, you are required to choose the application type.

Select the application type depending on your own circumstance. Mine was Individual.

6. At the next page, you need to provide the required details.

7. Moving on with the application (INDIVIDUAL tab), you will need to enter more individual details like ID/Drivers License Information, Tax Information, Residential Address (Cannot be a PO Box), and Contact Details (Phone and Email).

8. At the next page (ACCOUNT DETAILS tab), you'll see the CHESS sponsorship page. You'll need to select a couple of options shown below;

In the simplest definition, CHESS Sponsorship means that you own the shares directly, rather than someone else holding them on your behalf. SelfWealth offers CHESS Sponsored shares. Some online broker such as IG Brokers and Interactive Brokers holds the shares in your behalf.

For the first time investor, you'll need an HIN. This is your ID and the shares are attached to your HIN. You can have multiple HINs from different online brokers.

Another type is Issuer Sponsored holdings - shares that are managed by the company. These are attached to a SRN (Securities Reference Number). If you want to convert these shares to your HIN, click the yes button.

Existing broker holdings - means that you have holdings/shares attached to another HIN that you created from another online broker. If you want to transfer these holdings/shares, click the Yes button.

9. The OTHER INFORMATION tab requires your mailing address.

10. Next steps will be review and submission of the application.

11. The application will be reviewed and would take around 2 days.

12. An ANZ account will be automatically created. This is used to hold your funds in Selfwealth trading.

13. An HIN will be allocated to you. Maybe will take another 2 days.

14. Once the Selfwealth account is created, you can log-in via desktop or app and start buying shares.

15. Don't forget to use this link to earn 5 free trades for you and me. Goodluck!

NOTE: If you get stuck, SelfWealth FAQs for applying for a trading account can be found here.