Sharesies makes Aussie shares available to Kiwi investors
The popular trading app now lets Kiwis invest as little as 1 cent in ASX-listed shares and ETFs.
Sharesies’ latest launch means investors on this side of the ditch can buy into companies like Afterpay, Xero and Qantas, with no minimum investment. More than 2,000 ASX-listed companies and exchange-traded funds are available.
It follows a big year for Sharesies, with users now numbering more than 350,000 following 227% investor growth in 2020.
ASB Securities and Jarden Direct (formerly Direct Broking) also offer access to ASX shares, but require a minimum investment of $500.
The platform’s subscription fee remains the same, though there is a transaction fee of 0.5% for orders up to AUD$3,000 and 0.1% for any amount over that. An exchange fee of 0.4% also applies for converting New Zealand dollars into Australian dollars.
If you already have ASX shares with another broker, you won’t be able to transfer them to Sharesies just yet, though they are working on making this possible in the future.
Sharesies launches in Australia
Sharesies has also debuted in Australia and is the first trading platform to offer fractional share trading for NZ, US and Australian securities.
This means Aussies will be able to buy part of a share, rather than a whole share. While some Australian brokers already offer fractional trading for US shares (including Stake and eToro), Sharesies will be the first to do so for ASX shares.
Sharesies co-founder Brooke Roberts told Finder Australia she believes that someone with $5 should have the same investment opportunities as someone with $5 million.
“No matter what you want to invest in, you can invest from as little as one cent. So that equalises the playing field,” said Roberts.
“It also enables you to build portfolios with dollar amounts, rather than individual stocks in mind.”
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