SelfWealth now the fourth largest retail share trading platform, while reaching 100,000 members
Australia’s only ASX-listed low-cost trading platform SelfWealth has rocketed to fourth place in the most popular online broker platforms for consumers.
In the December 2020 report, SelfWealth was in sixth place but has now jumped over the top of two other broking platforms, including one of the Big 4 banks.
SelfWealth CEO Cath Whitaker said the jump in popularity is exciting, with the company’s security and low-cost brokerage being a game changer for the industry.
“Alongside this news, we are pleased to announce that we’ve reached 100,000 active members. Since our exciting beginnings in 2017 as Australia’s first flat-fee trading platform, our members have saved more than $48 million in brokerage fees trading with us compared to if they had have used a bank platform,” she said.
“That is a significant saving and money that can be invested elsewhere. Importantly, we can see through the Investment Trends report that SelfWealth ranks equal highest in regards to those investors switching platforms – a clear message that Australian investors are wanting change.
“Our own research of our members shows a similar trend with 39% coming to our platform off the back of a recommendation from family or friends.”
The Investment Trends report showed almost three quarters of online investors associate SelfWealth with value for money. The company launched Australia’s first flat-fee share trading platform in 2017, and has been on a growth path since, as retail investors search for more value-centred investment platforms.
The bi-annual Investment Trends report is considered the most comprehensive report on the state of the industry. Investment Trends is a market research company that delivers independent, deep insights research on the behaviours and needs of investors to help financial services companies develop market-leading products and services that help them stay ahead of the curve.