Selfwealth launches US trading
Low cost online broking platform, SelfWealth, is launching its US equity trading platform.
It had been integrated into its Australian Securities Exchange (ASX) platform, which meant investors could access US and Australian equities in the same place.
Selfwealth would charge a flat brokerage fee of US$9.50 ($12.80), similar to its flat $9.50 fee for Australian equities.
It also allowed fee free digital submission of W8-BEN forms which was required for foreign investors of assets for tax withholding.
Investors would gain access to over 7,500 tradable securities on all major US exchanges, including popular US stocks such Facebook, Amazon, Netflix, Alphabet (Google) and Tesla.
The launch of US trading would be followed a brand new Android and Apple iOS app, with development continuing over the following months.
Rob Edgley, SelfWealth managing director, said SelfWealth had been growing strongly off the back of disillusioned investors that had been overpaying to invest.
“Now, they can invest in the US and the ASX in one convenient place at a reasonable price,” Edgley 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 per-trade foreign exchange fees.
“Our hard-working team will now turn their efforts towards additional functionality across the trading platform and new products that our clients have been asking for.”
The trading capability would be provided through PhillipCapital which was the custodian as there was no CHESS sponsorship for US shares here.
AUTHOR
Chris Dastoor
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