- Online trading platform SelfWealth (SWF) will soon offer its clients the option to trade on the U.S. stock markets
- In an update released today, SelfWealth said it was on track to launch its new U.S. trading feature on December 14
- The company has teamed up with PhillipCapital to support the new feature, with clients soon able to access 7500 U.S. securities across all major exchanges
- SelfWealth is expecting a high take up rate amongst its 65,000 active clients, as well as an increase in acquisition rates
- Shares in SWF are trading up a slight 5.31 per cent at 59.5 cents
SelfWealth (SWF) will soon begin offering its clients the option to trade on the U.S. stock markets.
The online trading platform released an update to the market today, stating it was on track to release the new feature on Monday, December 14.
All of SelfWealth’s 65,000 active clients will be able to add the U.S. trading feature to each of their approved Australian equity portfolios.
No extra fees will be charged to use the feature, but the standard flat-fee brokerage of US$9.50 per trade (roughly A$12.78) will apply.
The company is expecting a high take-up rate amongst its existing clients, as well as an increase in acquisition rates.
Commenting on the new U.S. trading feature, Managing Director Rob Edgley said this was a “much-anticipated” release.
“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 U.S. and the ASX in one convenient place at a reasonable price,” he said.
“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 foreign exchange fees on every trade,” he added.
SelfWealth is launching the new feature with support from their existing partner PhillipCapital, a global financial institution with over one million customers.
Shares in SWF have jumped 5.31 per cent this morning, trading at 59.5 cents each at 12:18 pm AEDT.