The SelfWealth Ltd (ASX: SWF) share price is on the rise today. This comes after the company announced that United States (US) trading for SelfWealth retail clients will be launching on 14 December 2020. At the time of writing, the SelfWealth share price is up 5.36% to 59 cents.
What’s driving the SelfWealth share price higher?
The SelfWealth share price is marching higher following an expanded offering to its retail customers.
According to the release, SelfWealth advised that, from today, its 65,000 active members will have the option to submit a request to have the US trading feature added to their portfolios. For any new clients joining SelfWealth after 14 December, a selection for the trading feature will be available during the sign-up process.
The US feature will include a cash account, which will use FX rates when transferring funds across international accounts. The company said that over 7,500 US securities can be accessed between the major exchanges, with a flat-fee brokerage of US$9.50 per trade.
No fees will be charged with the opening of the new trading feature.
To assist in the smooth transition, SelfWealth has integrated the new addition with its ASX trading platform. Furthermore, new mobile applications for iOS and Android are expected to be released later this month.
SelfWealth stated that it anticipates a strong uptake of the new feature from its existing customer base and acquisition rates.
Management commentary
SelfWealth managing director, Mr Rob Edgley, commented on the new offering, saying:
For years, SelfWealth has been growing strongly off the back of disillusioned investors that have been overpaying to invest. 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.
SelfWealth share price summary
The SelfWealth share price has been climbing higher since the start of April, gaining over 440%. The company hit a 52-week low of 9.5 cents in March and reached an all-time high of 82 cents in September.
Although the SelfWealth share price has settled back to 59 cents, the company has been making tailwinds this year. Its active trader base has increased by 35% from FY20 numbers, to 65,000.
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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