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$0 Brokerage Fees on ETF Purchases @ Superhero

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$0 Brokerage Fees on ETF Purchases @ Superhero
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barghunt1 on 06/10/2020 - 10:38 superhero.com.au (595 clicks)
Last edited 18/09/2021 - 11:32 by 2 other users

Superhero are now offering free trades on ETF purchases.

Refer to fees list as of 6/10/2020
https://docs.superhero.com.au/guides/Superhero+Fee+Schedule.…

So $5 share trades, $0 ETFs purchase.

They've also extended their live account access to Jan 2021
"Sign up today and get free access until January 2021. Afterwards, pay just $9 a month (billed annually) or trade it for a free Basic Account"

Important notes:

No limit orders on basic account. I hate this. I don't see limit orders as a premium feature.

Superhero don't offer individual hins just their own hin. This article gave a good explanation of how that works.
https://www.etfstream.com/features/no-superhero-is-not-robin…

Referral Links

Referral: random (217)

Referrer and Referee each earn US$10 worth of Tesla stock. Referee must deposit minimum $100 into Superhero Wallet within 30 calendar days.

Financial Share Trading

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Superhero
Superhero

closed Comments

  • abc on 06/10/2020 - 10:41
    +12

    Just a warning on market vs limit orders. If the stock you are trading is illiquid (this can apply to ETFs too - especially new issues). It is recommended to not use market orders.

    Superhero setting up n00b's for a massive fail in this volatile market.

    • barghunt1 on 06/10/2020 - 10:44
      +3

      Being able to do limit orders is so important. You know what your paying.

      • abc on 06/10/2020 - 10:46
        +1

        You will know the maximum price you will pay yes.

    • Devils Advocate on 06/10/2020 - 12:11
      +5

      Good point, but usually an ETF will have a market maker that keeps the price within 1% of it’s intrinsic value.

      For non-ETFs, and especially penny stocks that is a huge concern.

    • penadillo on 06/10/2020 - 13:43
      +1

      Free accounts can only do limit orders = market makers paying for order flow.

      You are not going to get the best prices on this platform. The market maker is going to screw you.

  • worker on 06/10/2020 - 10:44
    -4

    No thanks, I’ll stick to primexbt

    • Alialh on 06/10/2020 - 10:52
      +4

      Primexbt is a completely different type of trading platform

    • ShoeJunkie on 06/10/2020 - 11:18
      +3

      um, different platforms. With PrimeXBT you can't trade actual stock. Its CFD and Forex from what I can tell.

      • netjock on 07/10/2020 - 13:30

        That is going to come as a big shock for someone.

  • RMBC on 06/10/2020 - 10:52
    +1

    How does asset ownership actually work if it's not on my HIN? Obviously it means that I'm restricted to only selling through them, however what happens if they go bust and owe people money. Are my holdings at risk because they aren't actually mine?

    Interesting idea they're using, I'm just not sure it would be what I'd be using for longer term trades unless the above concerns were sufficiently satisfied

    • whooah1979 on 06/10/2020 - 11:00
      +3

      The assets are held by a custodian. The customers doesn't actually own the underlying assets. They own an IOU.

      • edrift on 06/10/2020 - 11:10
        +1

        Is it an IDPS/wrap platform?

        Edit

        Yes it is:
        https://www.superhero.com.au/fsg

      • RMBC on 06/10/2020 - 11:10
        +2

        Thanks, that would be my concern. Not crazy about an IOU vs the safety of a few extra dollars to actually own them

        May be a different story if day trading

    • barghunt1 on 06/10/2020 - 11:14
      +1

      https://www.etfstream.com/features/no-superhero-is-not-robin…

      Directly quoted from the article linked above.

      "The way Superhero works, however, is that everyone is under the one HIN: Superhero’s. And within that HIN, Superhero runs a subledger that determines which of its users’ own what. (In legalese, Superhero uses a bare trust where investors are beneficiaries.)

      This means that if you have 10 Superhero users buy the same ETF one day, the costs to settle all of those trades are only charged once as there is only one HIN. This then lowers costs for everyone. It also means that Superhero users do not have their own HIN."

      • swimmingtoad on 06/10/2020 - 15:36
        +2

        The downside to the single HIN model is pooled investors do not have legal title to the shares, only beneficial title under the agreement with the broker.

        According to the ASX, investors who do not have a HIN in their name are not afforded protections under the ASX administered National Guarantee Fund (NGF) in the event of a bankruptcy, or for losses incurred trading on the ASX as a result of an unauthorised corporate action for example.

        The NGF was employed to compensate investors for losses after broker BBY failed.

        (Extract from a recent AFR article)

        • netjock on 07/10/2020 - 13:31

          and if the subledger is bad. If it goes under the time it takes to unravel it all.

  • whooah1979 on 06/10/2020 - 10:56
    -2

    People should definitely keep spending those government payments on cheap trading fees to pump the bubble. The best gains are right after it pops. This is where the smart money can pick them up from the floor.

  • noscopedJFK on 06/10/2020 - 10:57
    +1

    Shared HIN is a no go.

    • abc on 06/10/2020 - 11:09
      +1

      It's only a problem if the broker went bust :)

      If it was an established broker like IG or IB I would have more confidence than a startup.

    • edrift on 06/10/2020 - 11:39
      +1

      Why?

      It's an IDPS structure and similar to other investment platforms.

      • swimmingtoad on 06/10/2020 - 15:37
        +3

        Investors who do not have a HIN in their name are not afforded protections under the ASX administered National Guarantee Fund (NGF) in the event of bankrupcy. I.e. Your assets aren't held in your name and you wouldn't be entitled to compensation under the scheme.

        This is much riskier for a start-up company vs. than someone like SelfWealth who charges $10 per trade.

        • edrift on 06/10/2020 - 16:15
          +1

          Thanks, good to know. Had no idea such a thing existed

  • barghunt1 on 06/10/2020 - 11:17
    +1

    Does anyone have a superannuation account that offers direct share ownership such as australian super? With those kind of accounts when your purchase your own shares do you get your own hin for the super account or do they operate by some other arrangement?

    • randomdude14 on 06/10/2020 - 12:04
      +1

      not that i know of - would be pretty popular if there was one

      • barghunt1 on 06/10/2020 - 12:48
        +1

        Bit confused by your comment. They are already on offer within some superfunds for an extra fee such as australian super, hostplus or ing living super. My question was when you buy shares within products like that do you get your own hin or do they have another ownership structure.

    • Alialh on 06/10/2020 - 13:22
      +1

      Pretty sure its not your own hin but I could be wrong

      • barghunt1 on 06/10/2020 - 14:15
        +1

        I was suspecting this too but I don't know either.

        So if its true that superfunds may not operate on a hin model when buying asx shares within fund then the difference between superhero not doing it and the superfunds with direct ownership would be things like startup and reputation and not having a choice unless you wanted to do a smsf.

  • pronoun on 06/10/2020 - 12:13
    +3

    Free access to live market data until January 2021; is a deal in itself?

    • Alialh on 06/10/2020 - 13:22
      +1

      Not sure why you got negged, live market data is ~$25 a month on its own and I'd say free live data is great for new traders who are wanting to explore investing

    • barghunt1 on 06/10/2020 - 14:37
      +1

      Get them charging for live pricing. Don't get them charging for limit orders.

    • edrift on 06/10/2020 - 16:17
      +1

      Not really? You can get that with CommSec, nab trade and Westpac for free anyway.

      So open a free account with one of the banks, use their live pricing and just trade with superhero

  • ozmk on 06/10/2020 - 15:03
    +5

    After signed up last week and did a few tests. It seems too risk for this kind startup?!@%$

    1. The share ownership / HIN? I think more questions to be raised before you take the plunge
    2. Tested deposit which is using PayID. But the money isn't went to the account instantly. It takes more than a hour to show the money in my account.
    3. My available of fund can't be withdrawal so far. The "Withdraw Button" is still greyed
    4. There is no any customer support function on the website

    Please share your user experience here …

    • barghunt1 on 06/10/2020 - 15:24
      +1

      Good to hear some feedback. Would like to hear more.

    • edrift on 06/10/2020 - 16:19

      Do these guys allow day trading from uncleared funds? Eg. Sell in morning and buy in the afternoon

      • jezza p on 07/10/2020 - 08:56

        Their FAQ says they do I’m pretty sure.

        • edrift on 13/10/2020 - 11:51

          Yeah I tested it and they do.

          Good feature

    • blighst on 07/10/2020 - 00:39

      The PayID point is probably your sending bank flagging the payment for a first time send. Often they'll hold for a few hours, and subsequent transfers are isntant.

  • Sheng on 07/10/2020 - 00:18

    How does tax work then…?

    • jezza p on 07/10/2020 - 08:56

      Kinda what to know about this as well…especially for CDIs that requires W8-BEN form.

  • jezza p on 07/10/2020 - 08:53

    Can see this being popular if we can actually transfer the ETFs out to my own HIN after settlement. They said they are working on broker to broker transfer. If settlement under one HIN is what saves money, wouldn’t it nice to give everyone a choice to have an individual HIN as well to create this hybrid model? Settlement can be done using the single trust HIN, and then transfer the ownership through “HIN to HIN” transfer internally, then people can either sell it through their own HIN (which superhero can charge for a higher brokerage and make more $ if someone need an urgent sell) or transfer back to the trust HIN before selling (I know that can cause delay but for many of us who hold ETFs or companies for years to come, it doesn’t matter). Plenty of brokers do HIN to HIN for free…I assume it doesn’t really incur any cost? In this way, everyone is happy. The day traders can stay on the trust HIN while long term holders would stop worrying about losing their shares or having to jump through hoops should anything happen to the company.

  • vis on 07/10/2020 - 21:06

    Vanguard ETFs can be free traded directly with Vanguard

    • SydOzber on 31/10/2020 - 06:05

      Thanks for pointing out. Just looked up on their website and found out 0.2% account management fees.. is that something that’s charged for ETF’s as well ?

      • powerhead on 01/11/2020 - 19:42

        yes, and not only on ETFs, but afaik also on cash in the account

  • Meovel on 13/10/2020 - 11:43

    Limit order seems available for free ETF trading?

    • edrift on 13/10/2020 - 11:50
      +1

      It's only available right now because you get free access to the premium package till December.
      I will be looking for a new provider then

      • Meovel on 13/10/2020 - 12:07

        Thanks for the info, still great for 2 month free premium :)

  • edrift on 06/11/2020 - 10:23
    +1

    Sometimes you get what you pay for (or rather don't pay for).

    Superhero portal is down, market is going bananas and I can't touch my pending orders or cash.

    Customer service is uncontactable

    Well played superhero, well played.

  • mrvaluepack on 18/09/2021 - 08:44
    +1

    Beware, its free to buy but $5 to sell.

    • powerhead on 18/09/2021 - 09:09

      it's also $5 to transfer out ETF's if held under 12 months

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