Australian Online Broker SelfWealth will add crypto to its platform

SelfWealth, an Australian online broker will list ten cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies on its trading platform. It aims to offer diversification to customers before the year ends.

This new addition is due to investor demand in the crypto sector. SelfWealth will add this feature to the platform as many have requested it. The best thing about this addition is that investors can trade both equity shares and crypto on one platform. This is the first time both options will be offered on one platform in Australia. PS. The same option is also available in the US on Robinhood.

SelfWealth, which is listed on the Australian Securities Exchange (ASX), is one of Australia’s largest non-bank online brokerages. It has over 95,000 investors. Assets under management exceed 5.9 Billion Australian dollars (US$4.4 Billion).

According to the Australian Financial Review, SelfWealth intends to store cryptocurrency in an integrated third-party account and provide real-time transactions to customers. It will charge for every cryptocurrency transaction with a fixed percentage of its handling fee, similar as traditional stock transactions.

Self-Wealth and Its Crypto Plans

SelfWealth was established almost ten years ago with the intention of providing Australians with a platform for trading shares, without having to pay a large brokerage fee. They were the first to implement flat-fee trading.

Customers were charged a flat $9.50 ($12.70) per trade on Australian stocks, and $US9.50 ($12.70 on US stocks). The company confirmed that it would charge traders a flat percentage fee for crypto trading. This will also account for the part of the exchange partner.

SelfWealth had its second-best quarter with $5.1 mn in revenue and an additional 9195 customers. The country’s most trusted online trading platform, SelfWealth, is growing fast. SelfWealth will make crypto trading a mainstream part of the country’s main investment picture.

 

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