Australians seeking to trade the world’s largest stocks like Tesla, Apple and Facebook will be able to through online share trading site Selfwealth (ASX: SWF) for low-cost flat-fee brokerage of USD $9.50 per trade.
The imminent launch on December 14 will be available to the existing 65,000 active SelfWealth clients using the same account as their Australian equities portfolio without the need to open an American bank account, as a simple add-on feature.
“For years, SelfWealth has been growing strongly off the back of disillusioned investors that have been overpaying to invest,” said SelfWeath Managing Director, Rob Edgley.
“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 foreign exchange fees on every trade.
“Our hard-working team will now turn their efforts towards providing additional functionality and new products across the trading platform. We’re looking forward to announcing these additions in the new year.”
Through the upgraded SelfWealth platform, Australian investors will be able to trade more than 7,500 US securities across all major US exchanges at the flat low-cost brokerage fee of USD $9.50 per trade with SelfWealth managing foreign exchange between customers’ AUD and USD.
Once investors apply from their account to trade US securities, they will also be able to do the same through SelfWealth’s iOS and Android apps over the coming months.
SelfWealth expects a high-level of uptake from existing clients and an increase in new account opening from retail investors seeking to trade US and Australian securities, all from one platform.