Home > Support > FAQs

What are the benefits of using a custodian?

At Superhero, we could follow the legacy brokers and use the system the ASX is desperately trying to replace. Instead, we carefully selected a custodian model to serve our customers better. Here’s why:

  1. Low pricing and transparent fees: We’re all about keeping things affordable and our fees in plain sight. By adopting the custodian model, we strip out unnecessary ASX fees that other brokers may choose to pass onto you in one way or another. We’re committed to offering a clear and sustainable fee structure from the start.
  2. Reducing communication overload: We understand that frequent investors can receive an overwhelming amount of communication containing their holding details from CHESS—sometimes up to 50 letters a month! With Superhero, we manage and consolidate these communications on your behalf, giving you a hassle-free, paper-free investing experience. 
  3. Globally recognised model: Having a custodian is the globally-accepted operating approach used by most Australian superannuation funds but also by other reputable market players like IG Markets, Interactive Brokers, Spaceship, Pearler Micro and Stake (for U.S. shares).
  4. Compliant with U.S. operations: U.S. shares cannot be held in your name under a “CHESS-sponsored” arrangement as CHESS is an ASX-only system. Therefore, a custodian is used to safeguard your U.S. shares while offering you the full benefits of ownership.
  5. Seamless participation in corporate actions: Superhero can facilitate your participation in company offers directly. If you’re an eligible shareholder, we’ll promptly deliver the offer information to your email inbox for you to participate in things like share purchase plans and entitlement offers.


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’.

Applying for Payment – Financial Hardship

What is a U.S. Publicly Traded Partnership (PTP) and how are these securities taxed?

A U.S. publicly traded partnership (PTP) is a business organisation owned by two or more co-owners whose shares are regularly traded on an established securities market.

Section 1446(f) of the U.S. Internal Revenue Code imposes new withholding and reporting requirements on sales of a partnership interest. Generally, the securities affected are classified as partnerships for U.S. tax withholding purposes. Such securities include Master Limited Partnerships, Publicly Traded Partnerships, and Exchange Traded Funds.

All non-U.S. tax resident or citizen accounts holding securities that are in the scope of section 1446(f) will be subject to additional withholding requirements.

Current section 1446 regulations already extend to include withholding on partnership distributions. Additional requirements include a new withholding rate on distributions as high as 37%, and a 10% withholding tax on proceeds of sale for partnership securities, regardless of whether a gain or loss has occurred.

Please review Section 1446 regulations with your tax professional to determine whether you will be subject to the new/increased U.S. withholding tax and additional reporting requirements.

My SMSF has a Superhero account and the fund’s auditor has requested a report on Superhero’s internal controls.

Superhero can provide a copy of an audited controls report directly to your auditor for use in auditing your SMSF. Please reach out to us via Chat or email us at

How do I set a stop loss order with Superhero?

  1. Choose a holding from your portfolio and set ‘Order Type’ to ‘Stop Loss Order’.
  2. Set the trigger price. This is the price at or below which your shares or ETF units will begin to sell.
  3. Choose the number of units you would want to sell in case the price falls to or below the trigger.
  4. Tap ‘Review’ and check the details of your new Stop Loss Order. 
  5. If you’re happy with it, submit it. You can always edit or delete the order later from your dashboard under the ‘Pending’ tab.


  1. Stop loss order explainer


If you wish to change or cancel your stop loss order, log into your Superhero account and click on the ‘Dashboard’ tab followed by ‘Pending’.

You will be able to view and make changes to your stop loss order/s once you click on the order/s that you wish to amend.

Please note: Stop Loss orders are currently available for AU Trading only and valid for 180 days after you place the order.

What is a stop loss order?

A stop loss order is an order to commence selling a stock once the share price reaches a specified price, known as the ‘stop’ or ‘trigger’ price. 

When the ‘stop’ or ‘trigger’ price is reached, a stop loss order becomes a market to limit sell order. For market to limit sell orders, an order will be placed at the price set by the highest buyer in the market at the time the order is placed and remains at that price until the order trades, or expires.

Stop loss orders are most commonly used by investors to assist in limiting downside risk.

Note, that because the trigger order will be a market to limit sell order, the price you receive may not be the exact price you set the trigger price at.

Example: You purchase a stock at $10 per share and you set a stop loss order at $8 to protect yourself from further losses. The trigger price is reached and your stop loss order is sent into the market as a market to limit order and to sell your shares at the best available price in the market and remains at that price until the order trades or expires.


Stop loss order explainer

Please note: Stop Loss orders are currently available for AU Trading only and valid for 180 days after you place the order.

What are recurring orders?

Recurring orders allow you to schedule automatic buy order(s) on a regular schedule. 

You can set up a recurring order for any share or ETF (Australian or U.S.) on the Superhero platform:

  1. Log in to your Superhero account.
  2. 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).
  3. Find the share you want to invest in from the ‘Invest’ tab or the search bar and select ‘Buy’.
  4. Select the ‘Recurring Order’ option and set up your investment amount and schedule.
  5. 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 available in your Wallet 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 do I change/cancel my recurring order?

If you wish to change or cancel your recurring order, log into your Superhero account and click on the ‘Dashboard’ tab followed by ‘Pending’.

You will be able to view and make changes to your recurring order/s once you click on the order/s that you wish to amend.

What time of day will my recurring order trade?

Your recurring order/s will be placed as a market order as soon as the market opens on a regular market-open trading day.

Keep in mind that for recurring orders of Australian shares the minimum order size is A$100 or one whole share, whichever is greater, as Australian shares cannot be bought in fractional units.

For recurring orders of U.S. shares the minimum order size is US$10 and you will need to have funds already converted into U.S. dollars.

If you do not have sufficient funds in your account, we will attempt to retry your order/s on each subsequent day, until the order is placed.


can't find what you're looking for? 

chat with us.