According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
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- Self Bank platform
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Our Evaluation of Self Bank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Self Bank is a moderate-risk broker with the TU Overall Score of 5.74 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Self Bank clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Self Bank is an online bank specializing in banking rather than brokerage services.
Brief Look at Self Bank
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.
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- 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.
- 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.
TU Expert Advice
Author, Financial Expert at Traders Union
Self Bank provides trading services through its proprietary platform, offering access to currency pairs and CFDs on stocks, ETFs, indices, commodities, and bonds. It is structured to accommodate investors in the stock market, featuring no minimum deposit and tight spreads for Forex trading. The bank-only trading platform allows for ease of use, while regular and digital accounts are supported with bank transfers and cards for transactions.
However, Self Bank's trading conditions may present drawbacks, such as limited leverage up to 1:50 and the lack of support for popular MetaTrader platforms. The absence of passive income options and bonuses may not appeal to some traders. Considering its focus on European clients, Self Bank could be more suitable for traders prioritizing traditional banking integration over innovative trading tools.
Self Bank Trading Conditions
| 💻 Trading platform: | Self Bank author's platform |
|---|---|
| 📊 Accounts: | Demo, currency account, and CFD trading |
| 💰 Account currency: | EUR, USD |
| 💵 Deposit / Withdrawal: | Bank Transfer, Mastercard and Self Bank cards |
| 🚀 Minimum deposit: | From $0 |
| ⚖️ Leverage: | Up to 1:50 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | 0,1 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 |
| 📋 Order execution: | Market execution |
| ⭐ Trading features: | No cryptocurrencies, no access to MT4 and MT5 |
| 🎁 Contests and bonuses: | No |
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.
Self Bank Key Parameters Evaluation
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Trading Account Opening
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:
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.
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.
The following tabs are available in the Self Bank personal account:
There are also many other useful functions and features, such as:
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the “Research” section contains an economic calendar and the latest news from the financial markets.
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Real-time currency quotes.
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Active operations log with information on all actions in the trading terminal.
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A window for communication with specialists using online chat.
Regulation and safety
Self Bank has a safety score of 9/10, which corresponds to a High security level. The safest brokers are those with Tier-1 regulation, a long history (over 10 years in the market), and participation in investor compensation schemes.
- Tier-1 regulated
- Track record over 30 years
- No negative balance protection
Self Bank Regulators and Investor Protection
| Abbreviation | Full Name | Country of regulation | Investor Protection Fund | Regulation Level |
|---|---|---|---|---|
| Banco de España | Banco de España | Spain | Banking deposits up to €100,000, Investor protection up to €20,000 | Tier-1 |
Self Bank Security Factors
| Foundation date | 1995 |
| Negative balance protection | No |
| Verification (KYC) | Yes |
Commissions and fees
The trading and non-trading commissions of broker Self Bank have been analyzed and rated as Low with a fees score of 8/10. Additionally, these commissions were compared with those of the top two competitors, Pepperstone and OANDA, to provide the most comprehensive information.
- Low Forex trading fees
- Tight EUR/USD market spread
- No inactivity fee
- No deposit fee
- No withdrawal fee
- Complex fee structure
Trading Fees and Spread
Below, we evaluated and compared the trading commissions of Self Bank with those of two competitors. We focused on the spreads and other transaction fees directly associated with executing trades (e.g commission per lot on an ECN account). This comparison aimed to provide a clear understanding of the cost efficiency of each broker.
Standard Account Spread
For Standard accounts, Self Bank’s commissions are part of the floating spread, which varies with market conditions. Typical values are provided, but during high volatility, the spread may exceed these.
Self Bank Standard spreads
| Self Bank | Pepperstone | OANDA | |
| EUR/USD min, pips | 0,2 | 0,5 | 0,1 |
| EUR/USD max, pips | 0,6 | 1,5 | 0,5 |
| GPB/USD min, pips | 0,4 | 0,4 | 0,1 |
| GPB/USD max, pips | 0,7 | 1,4 | 0,5 |
RAW/ECN Account Commission And Spread
The spread on ECN/RAW accounts is market-based and fluctuates, with average values given during active hours. It may vary during volatility spikes. A commission per lot is also charged.
Self Bank RAW/ECN spreads
| Self Bank | Pepperstone | OANDA | |
| Commission ($ per lot) | 3,5 | 3 | 3,5 |
| EUR/USD avg spread | 0,1 | 0,1 | 0,15 |
| GBP/USD avg spread | 0,1 | 0,15 | 0,2 |
Non-Trading Fees
We conducted a detailed analysis of the non-trading fees associated with Self Bank. This review offers a comprehensive overview of the additional costs that may impact traders beyond regular trading activities.
Self Bank Non-Trading Fees
| Self Bank | Pepperstone | OANDA | |
| Deposit fee, % | 0 | 0 | 0 |
| Withdrawal fee, % | 0 | 0 | 0 |
| Withdrawal fee, USD | 0 | 0 | 0-15 |
| Inactivity fee ($, per month) | 0 | 0 | 0 |
Account types
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:
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.
Deposit and withdrawal
Self Bank received a Medium score for the efficiency and convenience of its deposit and withdrawal processes.
Self Bank provides a reasonable range of deposit and withdrawal options with moderate fees, in line with industry standards.
- Bank card deposits and withdrawals
- No withdrawal fee
- Low minimum withdrawal requirement
- Minimum deposit below industry average
- USDT payments not accepted
- Wise not supported
- Limited deposit and withdrawal flexibility, leading to higher costs
What are Self Bank deposit and withdrawal options?
Self Bank provides a basic range of deposit and withdrawal options, covering essential methods in line with industry standards. This set of options is sufficient for most traders, with available methods Bank Card, Bank Wire.
Self Bank Deposit and Withdrawal Methods vs Competitors
| Self Bank | Plus500 | Pepperstone | |
| Bank Wire | Yes | Yes | Yes |
| Bank card | Yes | Yes | Yes |
| PayPal | No | Yes | Yes |
| Wise | No | No | No |
| BTC | No | No | No |
What are Self Bank base account currencies?
A wide range of base account currencies minimizes the need for currency conversion, potentially reducing transaction costs for clients worldwide. Self Bank supports the following base account currencies:
What are Self Bank's minimum deposit and withdrawal amounts?
The minimum deposit on Self Bank is $10, while the minimum withdrawal amount is $1. These minimums may vary depending on the chosen account type and payment method. For specific details, please contact Self Bank’s support team.
Markets and tradable assets
Self Bank offers a wider selection of trading assets than the market average, with over 14000 tradable assets available, including 165 currency pairs.
- Passive income with bonds
- Crypto trading
- ETFs investing
- Futures not available
- Copy trading not available
Supported markets vs top competitors
We have compared the range of assets and markets supported by Self Bank with its competitors, making it easier for you to find the perfect fit.
| Self Bank | Plus500 | Pepperstone | |
| Currency pairs | 165 | 60 | 90 |
| Total tradable assets | 14000 | 2800 | 1200 |
| Stocks | Yes | Yes | Yes |
| Commodity futures | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes |
| Stock indices | Yes | Yes | Yes |
| Options | No | Yes | No |
Investment options
We also explored the trading assets and products Self Bank offers for beginner traders and investors who prefer not to engage in active trading.
| Self Bank | Plus500 | Pepperstone | |
| Bonds | Yes | No | No |
| ETFs | Yes | Yes | Yes |
| Copy trading | No | No | Yes |
| PAMM investing | No | No | Yes |
| Managed accounts | No | No | No |
Customer support
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:
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by phone numbers indicated on the website;
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by fax;
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by email;
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by using the feedback form;
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via online chat on the website (registered customers only).
Support is available from the broker's website and your personal account.
Contacts
| Foundation date | 1995 |
|---|---|
| Registration address | Singular Bank, S.A.U. (Self Trade Bank S.A.U.) Calle de Goya, 11.28001 Madrid |
| Official site | selfbank.es |
Education
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.
Self Bank has a demo account with which a potential client can practice applying the theoretical knowledge gained during study.
Comparison of Self Bank with other Brokers
| Self Bank | Eightcap | XM Group | RoboForex | TeleTrade | IC Markets | |
| Trading platform |
Self Bank platform | MT4, MT5, TradingView | MT4, MT5, MobileTrading, XM App | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | MT4, MT5 | MT4, cTrader, MT5, TradingView |
| Min deposit | $1 | $100 | $5 | $10 | $10 | $200 |
| Leverage |
From 1:1 to 1:50 |
From 1:30 to 1:500 |
From 1:1 to 1:30 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | 10.00% | 1.00% | No |
| Spread | From 0 points | From 0 points | From 0.8 points | From 0 points | From 0.2 points | From 0 points |
| Level of margin call / stop out |
1% / 1% | 80% / 50% | 100% / 50% | 60% / 40% | 70% / 20% | 100% / 50% |
| Order Execution | Market Execution | Market Execution | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | No | No | Yes | Yes | No |
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:
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Self Bank is part of the Warburg Pincus holding conglomeration with more than 50 years of experience.
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It provides access to over 3500 investment funds.
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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:
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Uses the leading (anti phishing and malware).
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Encryption software.
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Provides the Self Protect service to protect debit and credit card transactions.
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Uses multi-level operational access codes.
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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:
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Infomarkets Service. A fundamental and technical analysis tool allows you to determine the volatility of trading instruments.
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Trading Central. Customizable web platform with 80 indicators and oscillators.
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Economic calendar. Displays the leading financial news and events online.
Advantages:
Tight market spreads for popular currency pairs in a calm market.
No minimum deposit requirements.
Supervision by the Central Bank of Spain with reports according to the unified reporting standards CRS (Common Reporting Standard).
Membership in the Deposit Guarantee Fund with insurance up to 100,000 euros per client.
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.
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