• 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.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance hits six-month peak as LINK extends gains

Chainlink social dominance surged to a six-month peak on Friday as LINK holders increased their activity. LINK traders started taking profits, on-chain data trackers show. LINK price added 6% on Friday, extending its gains from mid-week.

More Chainlink News

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance helps Taiwan crack a virtual asset money laundering case, BNB sustains above $570

Binance’s Financial Crimes Compliance (FCC) department joined forces with Taiwan’s Ministry of Justice and helped resolve a case of money laundering worth NT$200 million, or $6.2 million. 

More Binance News

Bitcoin Weekly Forecast: Is BTC out of the woods? Premium

Bitcoin Weekly Forecast: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

More Bitcoin News

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

XRP trades steady at $0.50 as Ripple shares plan to expand services in Africa

Ripple hovers close to $0.51 on Friday, above the psychologically important $0.50 level, as traders await the court ruling of the lawsuit against the US Securities and Exchange Commission and amid new commitments from the firm to expand its services in Africa. 

More Ripple News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin (BTC) price action in the past two days has confirmed the resumption of the bull run. However, BTC needs to clear a few key hurdles before investors can go all-in. 

Read full analysis

BTC

ETH

XRP