M1 Finance, a US-based brokerage firm, will soon launch cryptocurrency accounts and offer commission-free trading services for ten digital assets.
M1 Finance to Launch Crypto Trading Accounts
M1 Finance announced on Tuesday that it would begin to present its users with the opportunity to own cryptocurrency accounts on its platform. According to a blog post on the brokerage platform’s website, users will be able to use the account to conduct their regular trading activity. The announcement comes at a time when most traders remain concerned about the bear market, which has seen tokens lose a more significant proportion of their value.
M1 Finance sprang to prominence in 2015 and now manages assets totaling more than $5 billion in valuation. Aside from offering users access to its services without charging commissions, the platform also assists users in setting up and managing retirement funds. According to a recent blog post, the company’s CEO, Brian Barnes, stated that the latest development was largely driven by robust consumer demand to invest in crypto assets.
He noted that they had received calls and inquiries from clients about when they plan to offer digital assets and trading over the months. He added that, while there are more people in the market now than in the past, the market is still in its formative stages. He said that the asset class is worth trillions of dollars and that Americans make up around 20% of the market.
M1 Finance to Offer Ten Digital Assets
Barnes stated that the last time the company ran a survey, the majority of respondents selected crypto when prompted which asset class to add to the platform. He also noted that having this asset available on the platform will allow users to hold and trade it for an extended period of time. This is due to the fact that, like everyone else, he sees a future for crypto space.
When the update goes live, the platform will initially allow access to ten digital assets, according to the company’s statement. Bitcoin and Ethereum are leading the charge, with “other large-cap liquid crypto assets” joining the mix.
In addition to removing commissions from assets similar to competitors such as Robinhood, the statement notes that the firm will eventually open the door for additional asset classes.
Pie-Based Investing
Pie-based investing is one of M1 Finance’s core features, allowing users to design a portfolio of “Pies” in which each asset and its exposure percentage is displayed as a slice on a pie graph. Based on the investor’s original investment plan or asset allocations, the service is supported by algorithmic software that can dynamically balance each portion of the pie.
The company also provides its own personalized and automated Pies, which provide passive exposure to a variety of equities. Pie-investing will also be available on the new crypto accounts, according to M1 Finance.
“Create a crypto portfolio that fits your financial goals and risk tolerance. You can build custom crypto Pies or use Expert Pies, which are pre-built using thematic strategies such as DeFi, Web3, and large-cap crypto,” the company blog post read.
Source: https://crypto.news/online-brokerage-m1-finance-support-crypto-trading-accounts/