Selfwealth Ltd (ASX: SWF) shares are up 2% after making an announcement about its US trading.
US trading update
The broker business said that it had successfully launched its US trading functionality on schedule on 14 December 2020, saying that the launch was flawless.
Management said that the the US trading launch went better than expecting with more than 7,000 active traders requesting to have the US trading feature added to their Selfwealth portfolios in the nine days since the company announced pre-registration on 7 December 2020.
Clients began adding cash to their US cash accounts from Monday morning and placed trades in the US markets’ Monday session.
The company said it is continuing to see new account registrations since the launch of the US trading announcement.
Selfwealth Managing Director Rob Edgley said: “To reach the milestone of more than 10% of SelfWealth’s existing customers registering for US trading in such a short amount of time is a significant achievement and many months ahead of our expectations.”
This will add two new revenue streams for Selfwealth, both foreign exchange revenue and US dollar brokerage.
Summary thoughts
Selfwealth is doing the right things to increase its scale and attractiveness to clients and potential clients. Being able to invest in international shares gives clients access to more of the potential investments that people may want to make.
In the financials space, I think Magellan Financial Group Ltd
(ASX: MFG) is a solid choice with long term compounding potential, combined with a solid dividend.
