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SelfWealth dips despite bright quarterly

Shares in the independent online trading platform, SelfWealth, took a hit on Monday as the company released its second-quarter activities report.

Despite a largely positive update, shares dipped over 10% as SelfWealth confirmed it continued to grow its market share, with Active Traders up 9.5% quarter on quarter to 117,674 and securities held on HIN up 17% quarter on quarter to $7.97 billion.

The company also achieved record activity levels in November, with the second-highest number of ASX trades in a month and the highest number of unique portfolios trading.

It also managed to diversify its revenue base, with revenue from US share trading now accounting for over 10% of total SelfWealth revenue, in line with its strategy to diversify revenues by product and geography. In addition, it become the first Australian retail platform to offer USA Early Access and the launch of Hong Kong international trading is on track for the next quarter.

SelfWealth also executed a Heads of Agreement with BTC Markets, Australia’s largest cryptocurrency exchange to provide access to select cryptocurrency assets via the SelfWealth platform. SelfWealth aims to be the first Australian-based online platform to combine direct Australian equities, US equities and cryptocurrency in a single account on one platform.

Managing Director and CEO, Cath Whitaker, commented, “Our team is committed to building a sustainable wealth creation platform with diversified revenues and we are focused on strategic initiatives to attract and retain retail investors, including new education content, consumer behaviour analytics and improved user experience. We are very pleased to see that our market share growth over the past six months has been confirmed by the independent Investment Trends report for July to December 20212 , in a competitive market environment, showing our strengthened position as the fourth largest wealth creation platform in Australia.”

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