SelfWealth hits record customers on US trading boost
On Friday, SelfWealth updated the market on the record increase in customer acquisitions on the back of its US trading launch. The flat fee broker saw its strongest ever months of new client registrations, resulting in record numbers of new active traders, as well as record numbers of trades across both the domestic and US markets. The growth eclipsing previous peak growth levels seen in March and April of 2020, at the beginning of the COVID-19 pandemic.
The launch of its US trading functionality has seen 23% of all active traders adding the service to their existing ASX portfolios, with US trades approaching 10% of total daily trade numbers.
The average daily registrations to join SelfWealth increased from 240 per day in the December quarter to 605 per day during January, then jumping up to an average of 855 per day in February. A record number of daily registrations, 2,211, was achieved on 29th January at the peak of the GameStop trading frenzy amidst platform issues and trading restrictions at competing trading platforms.
January saw record activity on the SelfWealth trading platform with 151,811 trades for the month. These comprised 143,711 (also a record) Australian trades and 8,110 US trades in the first full month of US trading. February has seen further trade growth with total trade numbers standing at 131,412 (ASX 120,805 and US 10,607) as of the end of February 17th, and are set to create a new monthly record.
Funds Under Administration
SelfWealth now holds half a billion dollars in total client cash on the trading platform, along with $5 billion in total securities held on HIN, up from $4.3b at the end of December 2020
SelfWealth's Managing Director, Rob Edgley noted, "The decision to focus our resources during 2020 on the development and launch of our US trading capability has proven to be the correct move. Interest in the US share market from Australian retail investors is at an all-time high. By providing simple access to this market at a reasonable price, we have seen unprecedented interest from new clients to join the SelfWealth trading platform."
Despite the positive news, SelfWealth shares ended the day 11% lower.