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Looking at the growing demand, the US brokerage firm will allow its users trading crypto assets.
American financial services provider company, M1 Finance is launching crypto trading accounts. After the launch, users of the prominent brokerage firm can create crypto trading accounts and start crypto trading. The services are to be seen on the platform in the next few weeks.
Cryptocurrencies across the global crypto market are facing a heavy downturn. Yet non-traditional crypto firms seek their ways to enter the ecosystem. Chicago based brokerage firm, M1 Finance was founded in 2015 and has approx $5 billion worth of assets under management (AUM).
The firm is traditionally known to offer commission free trading services on stocks and ETFs alongwith the retirement accounts. For M1 Finance, this is going to be the first encounter with crypto related operations. On 11th July, CEO and founder of brokerage firm – Brian Barnes announced the crypto trading offerings on the platform, via blog post.
Barnes noted that the growing public demand is the primary reason for financial services company to look towards crypto. He added that in a survey of M1 Finance users, about half of them wanted M1 to offer crypto trading services.
While putting his thoughts over cryptocurrencies, Barnes mentioned that crypto assets were here for just 13 years ago. They are still young and volatile assets in nature. Regardless of this, Americans are heavily interested in cryptocurrencies given more than 20% of them are trading, investing or using them regularly, he added.
The brokerage firms will offer its users to choose crypto assets as a long term strategy. Initially they will be offering about ten cryptocurrencies including top crypto assets like bitcoin (BTC), Ethereum (ETH) and several others. The company also said that it will expand its offerings gradually and make crypto trading free of commission fees.
US based brokerage firms have a lot of different investment strategies offerings, where most well known of them is Pie-based investing. This method allows users to create their investment portfolio in the form of Pie. Since it is backed by algorithmic softwares, this method is automated and balances the account according to initial investment strategy. Upcoming crypto trading accounts are also said to come with similar offerings.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
