SelfWealth broker is planning to add crypto to their platform. They are currently one of the largest online bankers in Australia. And the addition of cryptocurrency on their platform will be great for the industry. It will also bring crypto services to 95k investors who use SelfWealth. They are planning to partner up with a crypto exchange in order to add the options to the platform.
SelfWealth will add crypto support.
The company is planning to add almost 10 popular cryptocurrencies to their platform. The support will be added to a third party wallet which will be in integration with the crypto exchange. Talking about the fees that will be charged by SelfWealth, they are planning to charge a flat fee for the trades conducted by the investors. The charging pattern will be similar to equity trade conducted by brokers.
The reason for this new addition is the demand of investors in the crypto space. A lot of them are asking for the option on the platform, which is why SelfWealth is planning to add the same. The best part about this addition is that investors will get the option to trade equity shares and crypto on the same platform. This is going to be the first time in Australia that both options are available on the same platform. PS: The same option is available on Robinhood in the US.
SelfWealth’s size
At present, it is the largest broker in Australia, over $80 million is being traded daily. They also have over $51.5 billion in AUM. Their reviews are also quite good, and the platform has won the Money magazine award for 4 consecutive years. And now, the addition of crypto on their platform has put them under the radar of both crypto and equity investors.
What are your thoughts on the addition of crypto to SelfWealth’s platform? And do you think that this will get them more users on the platform? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Unjustified tax regime for crypto staking in the US
