Superhero Reviews: Is It Worth It to Try Superhero Trading?

superhero reviews

Do you want to invest in shares like 9.5 million Australians?

If yes, you might need a trading platform to get started.

Superhero is one such beginner-friendly, innovative and steady platform to start your trading journey.

In this Superhero Review, we evaluated all aspects of the trading platform to answer the question “is it worth it to try Superhero trading?” 

PROS:

Free registration

No monthly account fees

Earn Qantas points while trading 

CONS:

The brokerage on ASX shares is $5 per trade

Highlights  & Ratings

Market Availability5/5
Transparency4.5/5
Customer service4/5
Rates and fees4/5
Application process5/5
Overall rating22.5/25

What is SuperHero, How It Works and More..

Superhero Overview and Highlights

With over 7000 investment options, Superhero allows you to invest in Australian and US shares, and ETFs. The platform offers depository and custodial services to its customers rather than portfolio services that are investor-directed. 

The Superhero palette of financial products includes 

  • Life Insurance
  • Contracts for foreign exchanges 
  • Depositing and payment products
  • Superannuation
  • Securities
  • Managed investment schemes

What sets Superhero apart from the competition?

  • It is beginner-friendly. It uses no jargon and explains offers and financial products in an understandable way. However, if you are a beginner, this guide can help you get started
  • Trading with it is also easy and cost-effective.
  • As for security, it has two-factor authentication and bank-level encryption.

How to Open a Superhero Account?

Like all other trading platforms, we started this Superhero Trading platform review by evaluating the basic yet important detail of the process of opening an account on the platform.

Opening a Superhero account is quite a straightforward process.

  1. Go to the Superhero Australia website
  2. Click on Register to open the registration form.
  3. Fill out the registration form with your mobile number, email and password
  4. Click on Register again to verify your mobile number.

In the process of creating an account, the broker can ask you to provide additional personal information like postal address, bank account details, source of funds, your salary, reasons for opening the account, and photo identification in order to complete your account verification. 

After finishing these steps, you will officially be a Superhero member.

Note: With Superhero you can also open an account for your company and an account for minors.

How Does Superhero Work?

As we mentioned earlier, investing cannot get any easier than with Superhero trading. 

Step 1: After opening your account, you should put funds into your Superhero wallet. You can do that instantly with PayID. You can also use BPAY or Bank Transfer (these 2 might take a day or 2). 

Step 2: The next step is to go to the Invest tab and browse from the more than 7,000 US and Australian shares and ETFs.

Step 3: Once you have found the trades you want to invest in, you should open the share and buy it. 

When your purchase is made, you will get a text message or a push notification with the order you placed. 

Superhero Super

With Superhero Super, you can invest 75% of your super in ASX market shares and ETFs. The best part is that you won’t need Self Managed Super Funds (SMSF) to invest your money. With the superannuation fund of Superhero, you can choose between two levels of investment control.

  • Autopilot account
  • Control account

With the autopilot account, you can invest 30% of your super balance in any of these 6 themes: US Tech, Asia Tech, Global Healthcare, Global Sustainability, Gold and High-Interest Cash. These are called theme investment options.

Source: Superhero

You can put up to 10% on one themed investment, and the sum of all your themed investments cannot exceed 30% of your super balance. The remaining 70% of your super will be for your Diversified Global Index Portfolio. 

The Superhero control account offers a broader range of options to invest in your superannuation compared to autopilot mode. The options include: 

  • Diversified Global Index
  • ETFs and LICs
  • Direct Equities
  • Cash Account
  • Life Insurance 
  • Death and TPD Insurance

With the Control account, you can invest up to 75% of your supper in the ASX market shares 300 index, LICs and ETFs. The other 25% balance will be invested in Diversified Global Index Option.

Source: Superhero

Eligibility: To be eligible for an autopilot account or a control account, you must be between 25 and 55 years old. 

Fee: The Autopilot account is $52 + 0.49% of the account balance per annum, and the Control account is $108 + 0.49% of the account balance per annum. In addition to these, there are other expenses like indirect investment fee

Source: Superhero

Note: Moving your Super to SuperHero needs to be done with extra care. This RESOURCE details the additional information you might need in the process or talk to a certified financial advisor or registered professional stock broker.

Superhero Features

Manage Reports and Track Your Portfolio Performance

Superhero has multiple free reports that you can analyse and make your investing experience easier and better.

  • Portfolio Valuation Report – shows you all of your current holdings and their performance like gains and losses
  • Transaction Statement – you can see all of your account transactions made in the period you have selected
  • Fees and Expenses – every fee and expense that you have been charged without the brokerage fees
  • Cash Statement – shows your cash flow
  • Realised Gains Report
  • Unrealised Gain Report
  • Realised Gains Detail Report 
  • Income Report – contains all of your dividends
  • Attribution Managed Investment Trust Member Annual Statements – shows dividends for ETFs

You can see every report from the above mentioned in the Reports tab in your account. 

The Dashboard of Superhero is well organised and you can see your overall portfolio performance on your Dashboard by going through your portfolio value, holdings, and sector diversification. 

In addition to reporting and performance evaluation features, trade confirmation and broker-to-broker transfer are other two useful features.

Trade Confirmation: With every trade you make with Superhero you will get a pdf Trade confirmation that will be available in the Activity tab of your Superhero account.

Broker To Broker Transfer: If you have previously used another broker and now want to use Superhero, you can transfer your shares without additional costs. You’ll need to fill out the Broker to Broker Transfer Form. Your shares will be transferred within 7 business days, and you can manage them directly from your Superhero account.

Superhero Trading and Brokerage Fee

Knowing about trading, brokerage or other kinds of fees incurred in trading with a platform beforehand can be a deal-breaker in choosing a trading platform.

So how much are Superhero trading fees?

Brokerage Fee per Trade

Australian Listed Securities: SuperHero charges a flat $5 brokerage fee for every trade on ASX (transaction value or volume doesn’t affect it). When it comes to EFT purchases, there is no brokerage fee. However, every time you sell them, you still will have to pay $5 as a brokerage fee.

For US-listed securities, there is no brokerage fee. 

Monthly Account Maintenance Fee

With Superhero you won’t have to worry about monthly invoices for the maintenance of your account. Also, there is no monthly fee for holding funds in its Superhero Wallet.. 

Currency conversion fee

For every 100 AUD converted to USD, you end up paying an extra 70 US cents as conversion fee. 

For instance, let’s say you have 100 AUD to invest in Tesla shares

Let’s say the AUD/USD pair is trading at 0.7500. 

This means you should be able to buy 75USD worth of Tesla shares. However, 70 USD cents will be charged as FX transfer fee and you will get 74.30 USD worth of Tesla Shares.

Inactivity fee

Superhero doesn’t charge its customers for not using their accounts.

Minimum investment

The minimum investment or trade size is $100 for Aussie shares and USD$10 for US shares.

Deposit and Withdrawal Fees

Superhero doesn’t have any fees for withdrawing money from your account.

Bank transfer deposits and PayID deposits are without charge. If you want to deposit money with BPay you will be charged a $1 fee. 

Off-market transfer fees

For AU trading, transferring your current shares from one Superhero account to another will cost you $22.00 per security. 

In addition, the off-market external transfer fees are $55.00 per security.

You can check US trading and fee information in the following screenshots.

Source: Superhero

Superhero Investing App Review

Superhero has a mobile app that is available for download on the App Store and Google Play. The app is reliable and offers a number of features that make it easy to track your investments and monitor your progress. You can quickly navigate through your dashboard, invest, activity, wallet and profile sections of the app and invest or see  how your investments have changed over time. 

Many people tend to wonder is the Superhero app safe? And the answer is absolutely yes! The Superhero developers team makes sure all of your personal and financial data is confidential, and they take the highest security measures to respect your privacy.

Overall, the Superhero App is a great option for those who are looking for an easy and more accessible way to get started in the stock market.

Customer Service

The efficient customer support of Superhero can be contacted in two ways. 

No matter the channel you use for your questions or complaints, you should be sure that your request will be professionally dealt with in a timely manner. The broker has a strict resolution procedure that needs to be followed.

Their customer service is described as a friendly, highly trained and experienced team. They always go out of their way to make sure that customers are satisfied with the service they receive.

Customer Reviews

The real picture for the broker can be seen from the honest Superhero trading reviews. So, here is how the Aussie customers describe their experience with the broker. 


“I have used Commsec to trade Australian shares for about twenty years and recently switched to Superhero because it is so much cheaper. As a medium term trader the platform is ideal for me – very easy to use and without the bells and whistles that I would never use anyway.“

“Superhero is the cheapest and easiest to use broker in Australia. All the banks should hold their heads in shame at the rates they charge, and don’t forget, you pay to buy and then again to sell. Only needs to improve transparency on maximum amount $5 fee covers .” 

“Cheap fees, good execution and reporting, easy to use and all of the registry’s admin is done for you. What’s not to like? – been trading for over 30 years and Superhero continuously surprises on the upside.” 

Is Superhero Safe to Use?

Superhero or Superhero Securities Limited has an Australian Financial Services Licence that guarantees transparency and fairness of the broker.

Also, for AU trading, Superhero agrees to follow all ASIC MIRs and Australian Exchange trading rules in its terms and conditions which assures safety in dealing with it.

As for the security of your account, funds and investments, you can rest assured that everything will be in order because Superhero uses top-notch two-factor authentication and bank-level encryption.

Bottom Line

Well over 100,000 traders trust Superhero as their broker platform. Considering everything mentioned above, ​​we can safely say in our Superhero share trading review that the broker is definitely worth trying out and is SAFE. 

If the Superhero trading platform really sounded like a superhero in this review, you can go to their website, open an account, make your first investment today and become a superhero yourself!

FAQs:

1. Why is Superhero so cheap?

There are two main reasons why Superhero is low cost. Firstly, the broker isn’t selling order flow they are trading on exchange. With Superhero trading every trader is under one HIN and custody structure, unlike others where every investor has its own HIN. For instance, with Stake every investor gets their own HIN. 

Also, Superhero is replacing the ASX’s ledger with a sub-ledger which makes their services cheaper.

The broker makes money from other services like tax reports and providing live data.

2. Is Superhero a broker?

Yes, Superhero is an online share trading broker.

3. What is the minimum investment in Superhero?

With Superhero the minimum investment per trade is $100 for Australian shares and $USD10 for American shares. Feel free to read our entire Superhero review to find out more information about the broker.

Leave a Reply

Your email address will not be published.