Australian digital challenger Xinja Bank is to launch a share trading platform dubbed Dabble.
This will give investors access to more than 3,000 US shares and exchange traded funds (ETFs) via the Xinja app.
Xinja Bank Dabble platform key features include:
- Zero brokerage fees;
- $8 monthly subscription for unlimited trading, + 1% FX fee;
- In a first from an Australian bank, investors can buy a fraction, or a ‘slice’, of a US share;
- More than 3000 US stocks and ETFs available;
- Seamless integration with Xinja Bank account for swift, transparent funds transfer when buying or selling, and
- Share prices & trades easily monitored in both currencies.
Xinja Bank founder and chief executive Eric Wilson said Dabble will give investors access to an alternative investment option in a period when interest rates, and an ability to earn a return on invested funds, remains very low.
Low cost and easy access
“We are offering low cost, easy access via the Dabble platform, and the option to buy a portion of a share, which we hope opens up markets and investing to people who want to grow their wealth over the long term,” says Wilson.
“Many US-listed companies’ shares trade at very high prices, which locks a lot of people out of the market. So, while brand recognition for leading US companies is very high, few people invest directly. And entering the market hasn’t been easy. We want to lower the cost and make it simpler to bring those opportunities to Australians.”
Investors will only be able to invest as much money as is currently in their bank account. Leveraged ETFs have been filtered out and investors who buy and sell a stock within a day, four days in a row will have their account blocked. Options are also not available. Tobacco and weapons-related stocks are also excluded.