M1 Finance announces support for crypto trading accounts

M1 Finance has announced that it will begin to offer its users the opportunity to own crypto accounts on its platform. According to a blog post on its website, the brokerage platform also mentioned that users would be able to use the account to carry out their daily trading activities. Despite that, most traders are still wary of the bear market, which has seen tokens lose a larger portion of their values.

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M1 Finance came into the limelight in 2015 and currently boasts funds of more than $ billion under its management. Asides from allowing users access its services without charging them commissions, the platform also helps users set up and manage retirement accounts. According to the blogpost released recently, the firm’s CEO, Brian Barnes, mentioned that consumers were the ideal drive behind the new update.

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He mentioned that they had received calls and inquiries from users over the months about when they intend to support digital assets and trading. He mentioned that although more people are now in the market than in the past, the market is still in its early stages. He noted that the asset class is worth roughly trillions, and the figure of Americans in the market is roughly around 20%.

M1 Finance will support ten digital assets

Barnes said that the last time the company conducted a survey, most respondents ticked the crypto option when they asked which asset class to add to the platform. He also mentioned that providing this asset on the platform will enable users to hold and trade them for a long time. This is because, like everyone else, he sees a future with crypto. The platform also announced that it would first provide access to ten digital assets when the update kicks into effect. Leading the charge are Bitcoin and Ethereum while adding other small-cap tokens to the mix.

Asides from making the assets commission-free, it will also enable other assets in the nearest future, the statement reads. One of the benefits of trading on M1 Finance is because of its Pie based portfolio representation. This allows users to see the tokens they hold and their percentage out of the total token amount in a pie shape. The feature is backed by software that automatically updates the figures anytime a change is made to the balance on the portfolio.

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