Self Bank (SelfBank) Review 2021

Self Bank (SelfBank) Review 2021

Davis J.
Robertson A.
January 2021
Analysis of the Main Features of the Forex Broker

0.7

Overall rating

0.7

/10

Execution of orders

0.5

/10

Investment instruments

0.9

/10

Withdrawal speed

0.7

/10

Customer Support work

0.6

/10

Variety of instruments

0.8

/10

Trading platform

238

Position
in rating

Trading terminals:

Self Bank author's platform
238

Position in rating

0.7/10
Overall rating

Trading terminals:

Self Bank author's platform

Attention!

Due to the large number of negative reviews about this company and because it occupies the low position of number 20 on our Ratings List of Forex brokers, the Traders Union does not recommend cooperating with this broker.

Instead, our experts strongly advise you to select a brokerage from among the Top 5 on our objectively ranked list:

Summary of Self Bank Trading Company

Singular Bank, S.A. (formerly Self Trade Bank, S.A.) (Spain), hereafter referred to as “Self Bank, is a subsidiary of the Warburg Pincus, LLC investment holding and a lending institution that is regulated by the Central Bank of Spain. It has been providing a wide range of banking and financial services to clients of the European Union for almost 20 years. Self Bank provides banking services and offers financial planning, savings accounts, credit and debit cards, deposits, investment funds, pension plans, indices, payroll accounts and allows traders to invest in currencies, CFDs on stocks, indices, commodities, and ETFs. According to Rankia, a leading financial portal, Self Bank was ranked as the best multi-product broker in 2019.

Attention!

Traders Union only works with accounts opened through the Association’s website.

👍 Advantages of trading with Self Bank:

  • Optimal trading conditions for traders who invest in the stock market.
  • Tight market spreads for Forex trading accounts.
  • The minimum deposit to enter the exchange starts at $0.

👎 Disadvantages of Self Bank:

  • The company provides only proprietary terminals for trading Forex instruments. MetaTrader 4 and MetaTrader 5 are not on the list of available platforms.
  • The maximum leverage does not exceed 1:50.
  • There are no options for generating passive income, i.e., there are no PAMM accounts, a platform for copying transactions of successful traders, and affiliate programs.
  • Trading bonuses are absent.
  • The broker has only one Spanish version of the site.

Overall

Self Bank is an online bank specializing in banking rather than brokerage services.

Visit Self Bank

Self Bank Latest Comments for 2021

0
0
0

The reviews by customers of the Self Bank indicate that it is a reliable brokerage company. Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of Self Bank published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

No entries yet.

Expert Review of Self Bank

Self Bank is primarily a bank. Therefore its main priority is the provision of banking services. The company offers financial solutions for profitable placement and storage of funds, including savings and retirement accounts. Forex traders get a limited selection of trading tools, platforms, and analytics here.

Self Bank is focused on cooperation with residents of Spain and other European Union countries. So, to become its client, you need to have tax residency in the European Union, and you need to be a Spanish resident to apply for a Self Bank debit or credit card.

The Self Bank website is only available in Spanish. You can contact online chat specialists only after registration. The broker provides a demo account, but its validity period does not exceed 20 days. The trading web terminal and personal account are available in Russian.

Antony Robertson

Traders Union
Financial Analyst

Analysis of the Main Features of the Forex Broker

0.7

Overall rating

0.7

/10

Execution of orders

0.5

/10

Investment instruments

0.9

/10

Withdrawal speed

0.7

/10

Customer Support work

0.6

/10

Variety of instruments

0.8

/10

Trading platform

Dynamics of the Popularity of Self Bank
in 2020 among the Users of the Traders Union

Dynamics of the Popularity of Self Bankin 2020 among the Users of the Traders Union

Investment Programs, Available Markets and Products of the Broker

Digital Self Bank offers financial solutions for generating independent income in the financial markets. The company is not aimed at cooperating with passive investors. Ergo, social trading, investments in PAMM, MAM (Multi-Account Manager), and trust accounts are not available to its clients.

Important!

If you are a large investor and plan on investments over $ 10,000, contact us at [email protected] or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.

Self Bank affiliate program

The Self Bank broker does not have an affiliate program. For this reason, his clients cannot receive passive income for attracting new users to the company.

Rebate and Discount Programs of the Traders Union for Self Bank

Spread compensation is available to traders who have opened an account with a broker through the Traders Union website. The Union pays rewards to partners on profitable and unprofitable Forex trades. Rebate (return of the spread) from Traders Union on the Self Bank broker can be received only by those of its clients who have opened a trading account using the TU’s referral link. Traders Union does not work with accounts opened in any other way.

Try it!  You’ll like this!

Trading Conditions for Self Bank Users

Self Bank offers favorable conditions for investors who trade on the stock exchange. Conditions of the Forex instruments account cannot be considered the most optimal on the market. The maximum leverage does not exceed 1:50. There are no cryptocurrencies among the available assets. Self Bank does not deposit and withdraw funds through e-wallets; moreover, it charges a commission for withdrawing money from accounts. In addition to the spread, the company charges an additional fee if the trading volume's minimum requirements are not met.

From $0

Minimum
deposit

Up to 1:50

Leverage

14/5

Support

Self Bank author's platform
Trading platform: Self Bank author's platform
Accounts: Demo, currency account, and CFD trading
Account currency: EUR, USD
Replenishment / Withdrawal: Bank Transfer, Mastercard and Self Bank cards
Minimum deposit: From $0
Leverage: Up to 1:50
PAMM-accounts: No
Min Order: 0.01
Spread: From 0,0002 pips
Instruments: Currency pairs, CFDs on stocks, ETFs, indices, commodities, bonds
Margin call/Stop Out: Not indicated
Liquidity provider: Saxo Bank
Mobile trading: Yes
Affiliate program: No
Orders execution: Market execution
Trading features: No cryptocurrencies, no access to MT4 and MT5
Contests and bonuses: No

Comparison of Self Bank with other Brokers

Self Bank FxPro XM Group Admiral Markets UK AvaTrade
Trading
platform
No MT4, MobileTrading, MT5, cTrader MT4, MT5, MobileTrading MT4, MT5, iPhone, iPad, Android, MT4 Supreme Edition MT4, MobileTrading, Zulu Trader, Mirror Trader, AvaTrader, AVA Option
Min deposit No $100 $5 $200 $100
Leverage No From 1:1
to 1:500
From 1:1
to 1:30
From 1:25
to 1:500
From 1:200
to 1:400
Trust management No No No No No
Accrual of % on the balance No No No No No
Spread No From 1 point From 1 point From 0 points From 0 points
Level of margin call
/ stop out
No 25%  /  20% 100%  /  50% 100%  /  30% 25%  /  10%
Execution of orders No Market Execution, Instant Execution Market Execution Market Execution Instant Execution
No deposit bonus No $100 $30 No No
Cent accounts No No Yes No Yes

Broker comparison table of trading instruments

Self Bank FxPro XM Group Admiral Markets UK AvaTrade
Forex Yes Yes Yes Yes Yes
Metalls Yes Yes Yes Yes Yes
Crypto No No No Yes Yes
CFD Yes Yes Yes Yes Yes
indexes Yes Yes Yes Yes Yes
Stock Yes Yes Yes Yes Yes
ETF Yes No No Yes No
Options No No Yes No No

Commissions & Fees Self Bank

Information

Experts at Traders Union have analyzed Self Bank's conditions for trading and non-trading commissions. The main trading commission of the company is the spread. When trading below specific amounts, for example, below €50,000 on the EUR/USD pair, an additional $10 fee will be charged. A non-trading fee is also charged for withdrawing funds from accounts: 0.25% (min €2): for regular SEPA transfers, 0.30% (min €20) for urgent transfers and transactions not through SEPA.

Account type Spread (minimum value) Withdrawal commission
CFD and Currency Account From €0.2 Yes

There are swaps (commission for moving a position to the next day). The Association's analysts also compared the average commissions charged by Self Bank with its competitors. For greater clarity, the test results are presented in the form of a comparative table.

Broker Average commission Level
Self Bank $0.2 Low
Admiral Markets UK $5 High
AvaTrade $4 Medium
Self Bank
$0.2
Admiral Markets UK
$5
AvaTrade
$4
Conclusion

Self Bank offers low spreads on foreign currency accounts. However, a withdrawal commission and an additional trading fee do not allow us to call this broker the best intermediary for entering Forex.

Detailed Review of Self Bank

Self Bank is a Spanish bank that was the first to offer an innovative system for opening accounts with video identification, which allows you to become a client in a few minutes without providing documents. The company allows investing in 165 currency pairs, CFDs on stocks, ETFs, indices, commodities, and bonds. Provides favorable terms of cooperation for private traders and corporate companies. Self Bank focuses on the stock and commodity markets' trading assets: more than 3,500 investment funds are available to its clients.

A few figures about Self Bank that will be of interest to traders choosing a broker:

  • Self Bank is part of the Warburg Pincus holding conglomeration with more than 50 years of experience.

  • It provides access to over 3500 investment funds.

  • It has been operating in the European market for over 19 years.

Self Bank is a broker that guarantees safety to clients.

Self Bank is a financial holding company that provides banking and investment services. For Forex trading, foreign exchange accounts are operated by Saxo Bank, a company regulated by the Danish Financial Supervision Authority (DFSA). Self Bank provides its clients high-security:

  • Uses the leading (anti phishing and malware).

  • Encryption software.

  • Provides the Self Protect service to protect debit and credit card transactions.

  • Uses multi-level operational access codes.

  • The company works with digital documentation to eliminate the risks of sending personal data by mail.

The professional web platform Self bank allows you to access trading without installing any software on your computer or Android device. Owners of iPhone and iPad can use the author's mobile applications for trading.

Useful services of Self Bank:

  • Infomarkets Service. A fundamental and technical analysis tool allows you to determine the volatility of trading instruments.

  • Trading Central. Customizable web platform with 80 indicators and oscillators.

  • Economic calendar. Displays the leading financial news and events online.

Advantages:

1

Tight market spreads for popular currency pairs in a calm market.

2

No minimum deposit requirements.

3

Supervision by the Central Bank of Spain with reports according to the unified reporting standards CRS (Common Reporting Standard).

4

Compliance with the anti-money laundering and terrorist financing policy, operating under FATCA (Foreign Account Tax Compliance Act) and MiFID II (Markets in Financial Instruments Directive).

5

Membership in the Deposit Guarantee Fund with insurance up to 100,000 euros per client.

6

A convenient personal account that provides access to trading through the web platform.

Traders are allowed to hedge positions and use signals to improve trading efficiency.

How to Start Making Profits — Guide for Traders

Self Bank is a digital bank that offers a wide range of accounts for private and corporate clients. The broker provides only one type of account for trading currency pairs and CFDs.

Account types:

Account Type
Description
CFD and Currency Account
CFD and Currency Account are standard accounts with up to 1:50 leverage. The spread for the EUR/USD pair starts from 0.0002 pips, but the minimum commission is 10 US dollars. There are no requirements for the amount of the minimum deposit.

A demo account is available with a validity period of up to 20 days. The Self Bank broker aims to cooperate with European traders who prefer to invest in the stock market.

Bonuses Paid by the Broker

Self Bank does not provide bonuses to traders who have opened a Forex trading account. A limited selection of bonus offers for banking services is only available to Self Bank customers from Spain.

Traders Union bo

uses.If you trade on the Forex market, then cooperation with the Traders Union rebate service will reduce your trading costs. For the provision of services, the broker calculates a rebate on the spread and returns to you a part of the funds that you paid to the intermediary as a trading commission. To receive compensation for the spread register on Traders Union, and open a trading account using a unique partner code. Rebate (spread refund) is available only to those Self Bank clients who have opened an account with a broker, as described above. If you already have a trading account with this broker, read the link-to on how to transfer it to the Traders Union partner group here.

Investment Education Online

Information

All educational information about financial markets is available in the Help section of the official website. The company is focused on traders who invest in the stock market, so most of the training is devoted to this issue.

Information provided in the Help section
Information not available on the Self Bank website
Investment funds and portfolios reference guides
Glossary of Forex Terms 
Description of tools and platforms for trading in the stock market
Dow Jones news
Webinars and exchange rates
Technical and fundamental analysis
 
Descriptions of the platform’s functionality  for currency trading

Self Bank has a demo account with which a potential client can practice applying the theoretical knowledge gained during study.

Security (Protection for Investors)

Information

Self Bank or Singular Bank SAU is a credit institution controlled by the Central Bank of Spain (Banco de España).

 Self Bank is listed in the register of national credit institutions of the Bank of Spain and has a Deposit Guarantee Fund (DGF). In case of a Self Bank bankruptcy, each depositor of the company can receive compensation up to 100,000 euros.

👍 Advantages

  • The broker provides services following the legislation of the European Union
  • Active negative balance protection 
  • All account holders are eligible for compensation if the company is declared bankrupt

👎 Disadvantages

  • Complicated procedure for opening an account for foreign citizens
  • Verification is a mandatory procedure when opening an account
  • No high leverage under the regulator’s requirements

Withdrawal Options and Fees

 Available withdrawal methods: bank transfer (domestic and international), Self Bank cards (Spain residents only), Mastercard (Eurozone residents).

  • Self Bank charges a withdrawal fee from all account types. Commission size: regular transfers from SEPA (Single Euro Payments Area) accounts of individuals: 0.25% (min €2), urgent transfers and non-SEPA transactions: 0.30% (min €20).

  • The timing of crediting money depends on the client's jurisdiction, the exact time of the request for withdrawal of funds, and the currency specified in the application.

  • National transfers SNCE and international SEPA, withdrawn before 17.00 hours, are made on the day of request; after 17.00 hours, on the next business day.

  • International systems (except SEPA) credit money on the day of application for withdrawals in euros and dollars, the next day for withdrawals in pounds and Swiss francs.

Customer Support Service

Information

The broker's support service answers customer questions from 8:00 to 22:00 hours from Monday through Friday local time.

👍 Advantages

  • Not only clients but also traders without registration can contact Self Bank representatives by phone and email

👎 Disadvantages

  • Not available on weekends
  • Only the company's clients can get advice in the online chat
  • Support is provided in Spanish only

There are several ways to contact support:

  • by phone numbers indicated on the website;

  • by fax;

  • by email;

  • by using the feedback form;

  • via online chat on the website (registered customers only).

Support is available from the broker's website and your personal account.

Contacts

Registration address Singular Bank, S.A.U. (Self Trade Bank S.A.U.) Calle de Goya, 11.28001 Madrid

Review of the Personal Cabinet of Self Bank

You need to open a trading account to start making money with Self Bank. To do this, you need to visit the official website of the company and follow these steps:

1

Click “Become a client” and choose the appropriate type of account from the line offered by the company.

The account “Cuenta de CFDs y Divisas” (“CFD and foreign exchange account”) is intended for trading currency pairs and CFDs.

Self Bank Review: Account Opening
Self Bank Review: Account Opening
Self Bank Review: Account Opening
2

Choose to open a digital or regular account. If the digital method (Self Now) is selected, you must enter personal data, confirm your identity using digital video identification and receive an electronic key to enter your personal account. After entering personal data, the customer receives by email all product information and a temporary security password when opening an account without Self Now. Further, you need to send identity documents via email.

3

The following tabs are available in the Self Bank personal account:

1. “Personal account” – your personal account is for performing financial transactions and generating trading reports:
Self Bank Review: Account
Self Bank Review: Account
2. The “Trade” tab takes you to the web terminal and so you can start trading:
Self Bank Review: Trading
Self Bank Review: Trading
1. “Personal account” – your personal account is for performing financial transactions and generating trading reports:
Self Bank Review: Account
2. The “Trade” tab takes you to the web terminal and so you can start trading:
Self Bank Review: Trading
Self Bank Review: Trading

There are also many other useful functions and features, such as:

  • the “Research” section contains an economic calendar and the latest news from the financial markets.

  • Real-time currency quotes.

  • Active operations log with information on all actions in the trading terminal.

  • A window for communication with specialists using online chat.

The Oldest Reviews of the Self Bank

The reviews by customers of the Self Bank indicate that it is a reliable brokerage company. Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of Self Bank published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

No entries yet.

Author of this Review

Self Bank broker’s review prepared by

John Davis

Traders Union Author and Analyst

John Davis is a Financial and Economic Analyst working with the Traders Union since 2016. During this time, he has written more than 100 analytical articles on technical and fundamental analysis, reviews of financial companies and has developed more than 10 proprietary trading systems. John's motto is to help everyone go from a novice to a professional trader.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

Do reviews by traders influence the Self Bank rating?

Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about Self Bank you need to go to the broker's profile.

How to leave a review about Self Bank on the Traders Union website?

To leave a review about Self Bank, register on the Traders Union website or you can also leave a review through Facebook.

Is it possible to leave a comment about Self Bank on a non-Traders Union client?

Anyone can leave feedback about Self Bank on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.

Why is it more profitable to work with Self Bank through Traders Union?

Because you will receive additional payments from Traders Union every month while all other functions on your chosen trading platform remain the same.