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Superhero Review 2021

Superhero Review 2021

To be fair I only ever placed 2 trades on the Superhero platform. So the experience I’ve had with Superhero in 2021 is very limited.

While I found Superhero easy to set up, it was a little more involved to withdraw funds back to my bank account.

The reason why was due to the fact I needed to have deposited money from a bank transfer first. I had only transferred funds using the PayID method which was blazingly fast.

Thankfully transferring money only took a few hours but then I had to wait for the funds to settle – which would be no different to any other trading platform.

How To Withdraw Funds From Superhero Account

Once you’ve had a confirmed deposit from your bank account to your Superhero account then you’ll have a confirmed bank account to transfer funds back to.

If you don’t know what your Superhero bank accounts details are to transfer money to simply open the app, login in, tap on the wallet icon at the bottom and then with Deposit Funds selected you’ll see the available methods to deposit:

Deposit funds using PayID or your Superhero Bank Account

To enable a bank account to withdraw funds to, from your Superhero account, you need to make a deposit using that bank account first.

It may be wise not to use the PayID method when depositing funds, choose instead the bank account method. At least should you need to withdraw funds in a hurry (even though withdrawing funds will still take 1-2 business days) your not further held back by another delay.

To initiate a withdrawal go to the wallet area and instead of clicking on the Deposit Funds section tap on Withdraw Funds.

Unsettled funds cannot be withdrawn

On this screen you will see how much can be withdrawn from the account. Be mindful that only settled funds can be withdrawn.

As I had recently closed my FOOD ETF trade the funds from that trade were not yet settled.

Funds available but waiting to settle

Prior to making any total withdrawal of your account funds, check in the Pending area to see if you’re going to receive a dividend. I had to wait a further few days for a small interim dividend from my FOOD trade before I could finally withdraw my total funds.

While I’ve withdrawn all my funds I still have my account open with Superhero to see how things progress over time.

Summary

Overall Superhero has helped to lower the cost of investing into the Aussie and US markets which many investors would be thankful for. However, my concern is that my investments are held in trust and instead owned by somebody else.

But this would be no different to having funds in a managed fund, or even at ETF – you’re trusting your money with the allocation designated by the ETF manager or with the fund manager.

It still does feel a little weird having stocks held by a custodian, but this does appear to be a growing space with other services doing the same.

Depending on your preference if you want stock in your name and registered against a HIN then Superhero will not be the best for you. This is Superhero’s kryptonite.

But does Superhero excel because of its reduced fees to buy and sell stocks and ETF’s? Of course.

But at what cost overall?

I loved using the platform and the ease by which you can transact, but this platform is not for me and for that I’ve withdrawn my money and will keep a keen eye on how this company progresses throughout the years.