Melbourne-based SelfWealth — Australia’s leading low-cost online share trading platform — has catapulted into US trading. The launch of its US trading product, which the company seamlessly integrated into its existing industry-leading ASX trading platform, means Aussie investors can now access US and Australian equities in one place at affordable prices.
All of SelfWealth’s 65,000+ Australian investors can pre-register for a US trading account, which will mean they’re ready to start trading US stocks come 14th December 2020. The US trading account will be added to their existing ASX trading portfolios, with only a few clicks to apply. The highly anticipated launch will see Australian investors using Australia’s most popular low-cost online share trading platform, have access to over 7,500 tradable securities on all major US exchanges, including popular US stocks such Facebook, Amazon, Netflix, Alphabet (Google) and Tesla – all of which have seen large gains in 2020.
SelfWealth continues to challenge the incumbent banks, with a flat-fee USD 9.50 per trade and competitive FX rates, compared to percentage-based fees that can see investors charged hundreds per trade. The use of a US dollar cash account also means investors will avoid multiple foreign-exchange fees when trading in US stocks. There are no other fees attached with any SelfWealth share trading account, which has resonated strongly with the investing community.
The launch of US trading will be promptly followed by a brand-new Android and Apple iOS app, which will deliver one of the best mobile investment experiences in Australia. Development on the mobile app will continue over the subsequent months, as member feedback and additional features are adopted.
SelfWealth’s Managing Director, Mr Rob Edgley, enthusiastic about the support shown by SelfWealth members leading up to the launch, had this to say, “For years, SelfWealth has been growing strongly off the back of disillusioned investors that have been overpaying to invest. Now, they can invest in the US and the ASX in one convenient place at a reasonable price. There’s now no need for multiple trading accounts and apps to access some of the most popular stock markets, and SelfWealth members will have a US cash account to help them avoid per-trade foreign exchange fees.
“Our hard-working team will now turn their efforts towards additional functionality across the trading platform and new products that our clients have been asking for.”
6% of Australian investors now use SelfWealth, ranking it as the equal second-largest non-bank online trading platform in Australia^. SelfWealth launched its trading platform in 2017, offering a simple-to-use and low-cost alternative to bank-banked trading platforms. SelfWealth is listed on the ASX under ticker code SWF.
SelfWealth’s US trading capability is provided through a long-term partnership with a global financial organisation, PhillipCapital. PhillipCapital group globally has more than 5,000 employees and over 1 million clients worldwide, with assets under management amounting to more than USD 35 billion and shareholders’ funds in excess of USD 1.5 billion. In Australia, Phillip Capital Limited specialises in wholesale stockbroking services to financial services licensees and is one of the most integrated providers in the country providing customised solutions and access to Australian and International markets via its suite of proprietary technologies.
^ Investment Trends, 2020 First Half Australia Online Investing Report.