What is a CHESS-sponsored trade?
The term “CHESS-sponsored trades” has been bandied around by marketing teams of various brokers but what does this term actually mean? CHESS stands for Clearing House Electronic Subregister System. Basically, it’s a computer system operated by the ASX that facilitates the buying and selling of shares listed on the exchange by managing the settlement of share transactions and recording shareholdings.
In reality, there is no such thing as a ‘CHESS-sponsored trade’ as all trades in Australia, whether through ASX or Cboe (including those placed on Superhero), are cleared and settled via CHESS.
However, when people use the term “CHESS-sponsored,” they most likely mean that your shares are held by a market participant in your name on a Holder Identification Number, usually referred to as a ‘HIN’.
Can I auto-invest with Superhero?
Yes! Auto-investing can be set up within your Superhero account.
You can set up recurring buy orders for any Australian or U.S. share within Superhero:
- Log in to your Superhero account.
- Deposit funds into your Wallet (you can set up a recurring payment from your bank to your Superhero BSB and Account Number to automate this step).
- Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
- Select the ‘Recurring Order’ option and set up your investment amount and schedule.
- Confirm your order.
You’ll be able to see your recurring orders in the ‘Pending Orders’ tab of your Dashboard.
Australian shares have a minimum of A$100 and cannot be bought as fractional shares and U.S. shares have a minimum of US$10 per trade. You will need to have these minimums in the correct currency before you set up recurring orders.
You can also set up automatic deposits from your bank account to your Superhero account to ensure you always have funds to cover your recurring orders.
How long will it take for my account to be verified?
We will attempt to verify your account during the onboarding process. If we are unable to verify your identity instantly, we may require additional information and verification may take a few business days.
We will notify you via email and/or SMS when your account has been verified and you’re ready to start investing.
Can I open a Superhero account with my Company?
Yes, you can open a Superhero account with your Company.
You must be a Director of the company in order to set up a Company account with Superhero.
To open a Superhero account for your Company:
- Log in to your Superhero account
- Go to the Profile tab and select ‘Add New Account’
- Select Company (incl Corporate Trustee)
- Provide your ACN
- Select whether your company is a trustee of a trust or SMSF:
- If Yes, provide details of your trust and upload your trust deed
- If No, provide the details of your company and company directors
Your account will then be verified. We will notify you via email and/or SMS when your account has been verified and you’re ready to start investing.
If you already hold shares with another broker for your Company, you can transfer your shares to Superhero once you have set up and verified your account.
Can I set up an SMSF with Superhero?
Superhero is not a self-managed super fund (SMSF) provider. Once you have set up a self-managed super fund, you will be able to set up a Superhero account under your SMSF.
For more information on setting up a self-managed super fund visit the ATO website or the government’s moneysmart website.
Alternatively, you can join Superhero Super which provides you with up to 75% direct investment control without the need for an SMSF. You can learn more about Superhero Super here.
Can I open a Superhero account with my Trust?
Yes, you can open a Superhero account with your Trust if you have a company trustee (joint trustee and individual trustees coming soon).
You must be a Director of the Corporate Trustee in order to set up a Trust account with Superhero.
To open a Superhero account for your Trust:
- Log in to your Superhero account
- Go to the Profile tab and select Add New Account
- Select Company (incl Corporate Trustee)
- Provide your ACN and select Yes under Corporate Trustee
- Select Family Trust and fill out the details of your Family Trust including the details of all Company Directors
- Upload your Trust Deed for verification
Your account will then be verified (this may take a few days).
If you already hold shares with another broker for your Trust, you can transfer your shares to Superhero once you have set up and verified your account.
Can I open a Superhero account with my SMSF?
If you have an existing SMSF with a company trustee, you are able to open a Superhero account with your SMSF (joint trustee and individual trustees coming soon).
You must be a Director of the Corporate Trustee in order to set up an SMSF account with Superhero.
In order to create a trust account, you will need to have an existing individual account with Superhero. If you do not have a Superhero account, you can create an account.
To open a Superhero account for your SMSF:
- Log in to your Superhero account
- Go to the Profile tab and select Add New Account
- Select Company (incl Corporate Trustee)
- Provide your ACN and select Yes under Corporate Trustee
- Select SMSF and fill out the details of your SMSF including the details of all Company Directors
- Upload your Trust Deed for verification
Your account will then be verified. We will notify you via email and/or SMS when your account has been verified and you’re ready to start investing.
If you already hold shares with another broker for your SMSF, you can transfer your shares to Superhero once you have set up and verified your account.
What is a certified ID and who can provide certification?
Superhero can accept certified copies of the documents on chat or via email (hello@superhero.com.au).
A ‘certified copy’ of an original ID is a copy that has been verified as being a true copy of an original ID.
Steps to certify an ID include:
- Make a copy of the original document.
- An approved ‘certifier’ must then write or stamp – ‘This is a certified true copy of the original as sighted by me’ on the document.
- The certifier must also write their full name, their signature, their occupation, their phone number, and the date on the document.
The below list of approved persons who are allowed to certify identification:
- Bank officer with 2 or more continuous years of service;
- Chiropractor;
- Dentist;
- Justice of the Peace;
- Optometrist;
- Permanent employee of the Australian Postal Corporation with 2 or more years of continuous service who is employed in an office supplying postal services to the public;
- Pharmacist;
- Physiotherapist;
- Public Servants (police officer);
- Registered nurse;
- Sheriff; or
- Sheriff’s officer.
What are the fees to trade with Superhero?
The full fee schedule for Superhero can be found here.
