Superhero Trading Review: Is Best Share Trading App in Australia?

Superhero is an ASX(Australia Stock Exchange) and US share trading app in Australia that helps users trade shares, no-brokerage ETF purchases, and US shares and ETFs. This Superhero trading review will help you to provide details about the platform like fees, trading options, contacts, pros and cons, alternatives, and many more.

Recently, this trading platform in Australia launched its new auto-invest features in which users can automate investing with ETFs. The Platforms are gaining popularity by providing low-cost brokerage for buying Australian shares and zero brokerage for exchange-traded funds purchases.

Stock Trading App in Australia - Superhero

Everyone wants to choose the best trading app for their investment, So Is superhero trading safe? Well, let's know in this review of Superhero trading app.

How does Superhero App work
Is Superhero Broker Safe
Open Account / Sign-Up Process
Alternative Brokers & Comparison

And many more.

Let's get started.

Superhero Trading Platform

Superhero is an Australian online broker platform that helps to buy and sell ASX & US shares and no-brokerage ETFs. This new Fintech Platform is an Australian ASX share trading app that launched in September 2022. It has the lowest brokerage and is an easy way to trade Australian shares and US shares. Basically, It is like an Australian sight of Stake.

Using their app users can invest in more than 2,500 ASX-listed companies, $0 brokerage on ETF trades, and shares listed on the NYSE and NASDAQ.

It helps to manage your own share trading account at a low cost which is suitable for those who are looking for a broker that offers trading of both Australian and US markets at a reasonable price.

But, Superhero reserves the right to change its brokerage rate at any time, including its $0 brokerage promotion when you buy ASX-listed ETFs.

Founder of Superhero Trading

John Winters and Wayne Baskin are the Co-Founder & CEOs of the superhero trading platform.

Contact & Support

To contact the team or support, users can use their live chat support option or can write an email at hello@superhero.com.au

Superhero Trading Pros and Cons

Pros

Instant ASX and US stock trading
Flat $5 fee no matter the size of the trade or how many trades you make, with $0 brokerage to buy ETFs.
Zero brokerage fee to buy and sell U.S. listed shares and ETFs.
Simple and Easy-to-use platform.
Realtime FX transfers
Start Investment with just $100 per trade
Tax reporting
Earn Qantas points while trading
No monthly fees

Cons

Minimal trading features
Can't trade outside the US or ASX markets
User Can't buy fractional shares of For ASX-listed companies
Your investments are held in a joint custodian account
Not so detail Technical Chart
High Brokerage on FX Trades

Would you like to add some more points? Let us know in the comments.

Superhero Trading Fees & Brokerage Charges

In a nutshell, Superhero offers free brokerage on Australian ETF purchases and low $100 minimum trades on Australian share purchases which may not be available on different platforms. Many new & low amount investors can use this platform.

Following are Fees and Brokerage details as per your trading.

Superhero’s Australian Share Trading Costs

Users can Trade Australian shares at a flat $5 brokerage fee for all ASX stocks and ETFs for $5 at the time of selling ETFs. If you want to sell or transfer out within 12 months, there is a $5 fee per ETF.

Following are the Pricing details for Aussie Shares in Superhero Trading App.

Invest in Aussie shares and ETFs for just $5 a trade. $0 brokerage when you buy ETFs.
$0 Brokerage to Buy ETFs
$5 Brokerage on ASX shares
A $100 Minimum Investment
Live Market Data
Real-Time Deposits with PayID
Comprehensive Portfolio Reporting
No Monthly Account Fees
Invest with your company, trust, or SMSF
Minor accounts available
Earn Qantas Points on Eligible Trades

Superhero's U.S. Shares & ETFs Trading Cost

Invest in U.S. shares and ETFs for $0 brokerage on all trades and real-time FX transfers.

Following are the details provided by the official website regarding US Shares, ETFs, and FX trading.

$0 Brokerage on U.S. Shares and ETFs
Fractional Shares
US$10 Minimum Investment
Live Market Data
Real-Time FX Transfers
Comprehensive Portfolio Reporting
No Monthly Account Fees
Invest with your company, trust, or SMSF
Minor accounts available
Earn Qantas Points on Eligible FX Transfers

Do you know you need to buy ASX shares with a $500 minimum amount?

But, how does a superhero allows you to invest just $100?

We will cover that in the below part with a clear explanation of our Safe section.

Calculate Superhero’s FX fees

Usually, FX fess 70 basis points which is 0.70% of how much you are transferring, but in the superhero trading app, there is a different rate for Australian people.

Charges are calculated as per USD so an amount equal to $100 USD will charge 70cents (0.70%).

So, now investing in AUD will cost more as per AUD/USD conversion rate. Right!

To calculate, Google ‘AUD/USD’ and divide 0.7% by that number.

You can use a simple basic formula to calculate FX fees on the Superhero app.

Percentage of Fees on FX Trade [ USD ] / AUD/USD Conversion Rate = FX Trading Fees

E.g., If AUD/USD conversion is around 0.65 then it would cost you around 0.7 / 0.65 = 1.07%.

Most Australian brokers that offer international trading charge very high FX fees of between 0.50% and 0.70%, but this is high even compared to them.

What do you think? Am I Right?

I hope you understood our logic, If Yes, then do share this article with your investing partners.

Extra fees on Trading with Superhero App

For Australian trading:

ETFs held under 12 months or transferred out under 12 months are $5 per ETF
BPay deposits attract a $1 processing fee. PayID deposits do not attract a fee.

For US trading:

SEC Fee: $0.051 per US$10,000 of sale proceeds. An SEC Fee for regulator costs
TAF Fee: $0.000119 per share capped at US$5.95. A FINRA fee (a US regulatory body) fee
US share transfers In from another broker: Free
US share transfers Out to another broker: US$100 per account on ACATs. DTC is US$100 per security. DRS is US$115 per security.

Note: Above details might not be up to date, So If you find any changes in the above details then Let us know in the comment section or you can contact us anytime.

Now, Let's come to the important part of our Superhero trading review.

Is Superhero Trading Safe?

Yes, Superhero Trading is legally working as per regulation by the Australian Securities and Investment Commission (ASIC). They also have their own financial services license in Australia.

But wait, Do you know you are not the legal owner of shares you buy with a superhero trading platform?

Yes, Technically.

Just Reading the above sentence is not enough to decide whether it is really safe or not.

For that, we need to understand some important points related to the CHESS System and Custodian Company.

Superhero Trading CHESS Sponsored Details

Australia's stock exchange ASX uses a world-class electronic system called CHESS, where the ASX keeps a list of who owns what shares. When shares are bought or sold, there is a record of those shares being owned directly by you and in your name (via your own personal HIN — Holder Identification Number).

So, Superhero Trading is not directly a CHESS Sponsorship platform.

By this, your shares are not held under your own HIN means in the database you are not the legal owner because it does not directly follow the CHESS Sponsorship system.

Instead, your Australian shares are held in custody on your behalf by a third-party company name Custodian which is Superhero Nominees Pty Ltd, which has a single institutional HIN, and you are the beneficial owner.

As the beneficial owner, you receive the benefits of the asset (proprietary interest in your investments and the income and rights attached to your investments) without legal ownership. The shares purchased within your account cannot legally be accessed by others, including claims from any creditors of the company in case its goes out of business. In that case, your shares could be transferred by you from Superhero Nominees to another broker.

You can learn more from Chess sponsorship Shares

Now, I hope you understood how you are allowed to invest less than $500 in ASX shares.

How Superhero operates US Share?

For US trading, Superhero itself does not provide stockbroking. They provide access to US financial markets by partnering with Apex Clearing Corporation LLC (Apex), which provides both clearing (trade executions) and custodial services.

Similarly, US shares through Superhero are held under a custodian model.

Now, finally, time to know about how it works and how you can get started.

How does Superhero work?

When you trade using this platform your traded shares are executed through Finclear, an ASX market participant. The shares are held under the legal ownership of a custodian with Superhero Nominees and you are the beneficial owner of that but not the legal owner.

Similarly, US shares are held in custody on your behalf and are executed by Apex Clearing Corporation, which provides both clearing (trade executions) and custodial services.

Again, it follows the same logic I explained above.

Superhero Sign-up Process | Open a Superhero Account

You can sign up online on their website or through their mobile app.

Follow the below simple steps to register in the Superhero app.

Open Sign up form and provide your details like email address, password, real name, date of birth, and contact details.
Now, Verify yourself using legal Identify proof like an Australian passport, driver’s license, or Medicare card.
Later, Verify your email address to complete your account setup.
Your account is created successfully.

Finally, Add Funds to your Wallet using BPAY or PayID and start investing!

Alternatives to Superhero

Superhero is an excellent trading platform that offers good features but has some pros and cons in it.

The following image shows the basic price comparison of Superhero and its competitors/alternatives.

superhero trading alternatives pricing comparison

Superhero Alternatives Pricing Comparison

So For some reason If you are looking for its competitors then here are some good 7 Best Superhero alternatives.

Pearler
Stake
Commsec
SelfWealth.
Spaceship Voyager
CMC Market
Stockspot

Superhero Broker App Review

Superhero Trading App Review

Like other platforms, Superhero has a mobile app available for both App Store and Google Play users. The Design and User Experience of the app are beginner friendly, easy to use, simple to understand, and easy to manage your funds.

Using the app users can manage personal cash management flow, can hold uninvested cash, see all their trading activity, and where any income or investment distributions they’ve received are deposited.

You can fund your USD wallet either through PayID or BPAY.

And the app is safe to use which keeps your personal and financial data confidential, and they take the highest security measures to respect your privacy.

Superhero Tax Reporting

Superhero provides several reports to help with tax and reporting. These reports include:

Portfolio Valuation Report: This shows you all of your current holdings with a summary of the gains or losses on each holding at the selected date.
Transaction Statements: This shows you all transactions on your account between the dates selected.
Cash Statement: This shows you all of the cash movements on your account between the dates selected.
Unrealized Gain Report: This shows you all of the unrealized (potential) gains and losses on your current holdings at the selected date.
Realized Gains Report: This shows your realized (traded) gains between the dates selected.
Realized Gains Detail Report: This shows you a detailed breakdown of your realized (traded) gains between the dates selected.
Fees & Expenses: This shows you all of the fees and expenses charged to your account between the selected dates. This does not include brokerage, which is capitalized and forms part of the cost base of your investments.

Superhero Trading Review

Superhero is a good trading platform for investing in ASX and US Shares and free EFTs purchases. They offer benefits that cannot be seen on any other Australian broker platform like free brokerage on Australian ETF purchases and the low $100 minimum trades on Australian shares.

If you want to start your investment with a small budget then you can try it.

However, you can try an alternative platform or its competitors like Pearler, Stake, or SelfWealth. Every platform has its own features and cons so it all depends on your requirement based on your investment.

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FAQ: Please also Ask

What is the Superhero minimum trade amount?

A minimum of $100 per trade can be executed on the superhero trading platform.

Does Superhero have auto-invest?

Yes, in 2022 they added an Auto Invest feature in their app.

Is Superhero trading CHESS sponsored?

No, Superhero Trading is not directly a CHESS Sponsorship platform as it works with Custodian to save shares database.

What are alternatives to SuperHero trading?

There are many alternatives and competitors like Pearler, Stake, Commsec, SelfWealth, Spaceship Voyager, CMC Market, and Stockspot.

Who owns superhero trading?

Superhero trading is majority-owned by its creator John Winters and Wayne Baskin, and Nick. Molnar and Larry Diamond are also personal investors.

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