Australian broker to offer real-time cryptocurrency trading
|- SelfWealth plans to add cryptocurrencies to its share-trading platform.
- Bitcoin, Ethereum, and another eight cryptocurrencies to be added to the platform by the end of 2021.
- Opportunity for cryptocurrency exchange partners to absorb demand from Australian share-trading platforms and offer trading functionality.
SelfWealth has a bullish outlook on cryptocurrencies. In a move to make crypto trading seamless for Australian traders, the platform plans to partner with a cryptocurrency exchange.
Largest non-bank online trading platform on ASX plans to add cryptocurrencies
Growing institutional interest in cryptocurrencies among Australian traders has motivated the trading platform SelfWealth to offer crypto trading services to its users. Before working on a plan to add crypto to its offerings, SelfWealth conducted a survey. Insights revealed that 30% of them actively trade cryptocurrencies and an additional 38% of customers indicated that they are interested in cryptos.
In response to its users’ demand, the Australian Securities Exchange-listed platform has announced plans to cater to its customer base of active crypto traders and investors.
SelfWealth is one of the largest online non-bank brokers, with 95,000 investors. It now intends to add up to ten of the more established crypto assets including Bitcoin and Ethereum through a partnership with a cryptocurrency exchange to integrate a third-party wallet provider.
According to Cath Whitaker, Chief Executive at SelfWealth, the company is Australia’s first to offer real-time cryptocurrency trading alongside US shares and CHESS Sponsored local shares.
Competitors like micro-investing platform Raiz offer investors the option to expose a fixed percentage of their portfolio to Bitcoin, and they regulate it as a managed investment scheme. However, this is different from the direct share-trading that SelfWealth plans to offer.
Whitaker said,
Australians have decided that cryptocurrency is here to stay and are looking for trusted platforms to facilitate their investment decisions.
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