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Selfwealth: $13 Cashback on First US Trade (US$9.50) (Existing Members)

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Selfwealth: $13 Cashback on First US Trade (US$9.50) (Existing Members)
Go to Deal
render on 07/12/2020 - 09:58 help.selfwealth.com.au (1397 clicks)
Last edited 07/12/2020 - 09:59

SelfWealth are launch US Trading next week.
Trading costs US$9.50 (~ A$12.78). The first trade will be refunded (A$13.00) to your SelfWealth account.
FX costs 0.60% - but you can keep a USD balance

We're really excited to launch US trading exclusively to current SelfWealth members. It will be ready to trade next week but you can submit your request to have it added to your portfolio, as of today!

What's new at SelfWealth?
Currently, you can only trade securities listed on the ASX through SelfWealth. That's changed. From Monday 14th December 2020, you will be able to transfer money from your SelfWealth AUD Cash Account to a USD Cash Account and invest directly into US companies, ETFs and other securities.

Your first trade is on us.
The brokerage on your first US trade on all portfolios will be refunded as $13 AUD on approximately the 15th of the month following your first trade, to that portfolio's AUD Cash Account. This offer is only available until the end of February 2020, read more.

FAQ

What is the ownership structure of my US Holdings or USD Cash?
You are the beneficial owner of any US holdings with SelfWealth which will be held in custody with Phillip Securities Pte Ltd. Your cash will be held in a Phillip Capital Trust account with Standard Chartered. SelfWealth has no beneficial ownership or right to either your holdings or cash.

Referral Links

Referral: random (593)

Both referrer and referee get 5 free trades for use within 1 month.

Financial Share Trading

Related Stores

SelfWealth
SelfWealth

closed Comments

  • watwatwat on 07/12/2020 - 10:04
    +7

    Cool, just in time for people to load up on $PLTR.

    • ets27 on 07/12/2020 - 10:10

      eeeek!

    • WillD on 07/12/2020 - 10:11
      +2

      🚀🚀🚀

      • Daisycogs on 07/12/2020 - 10:17
        +11

        3 rockets is enough for me to go all in!

    • tellhimhesdreaming on 07/12/2020 - 10:45
      +1

      I think you mean $GME

      • L0zBargain on 28/01/2021 - 21:20

        Congratulations! So crazy!

    • creamandpaper on 07/12/2020 - 11:08
      +7

      wallstreetbets is internet wide I see

    • dddddog on 07/12/2020 - 16:04
      +1

      it's a good one??

  • WillD on 07/12/2020 - 10:09
    +11

    So what's the main reason to use a platform like selfwealth rather than stake for US stock exchange trading? As far as I can tell, selfwealth doesn't have many advantages as stake offers comission free trading.

      • blighst on 07/12/2020 - 12:34

        Superhero gets a ridiculous amount of unwarranted hate for its ownership structure. For many intraday traders, CHESS sponsorship of holdings means nothing as you're not holding them long - meaning superhero makes a lot of sense.

        The custodian model is what's used for US stocks anyways - if you're comfortable holding US shares, then Superhero's model shouldn't scare you.

        • kipps on 07/12/2020 - 22:25
          +2

          You can’t get ETF tax statements out of a custodian holding on ASX ETFs. The hate for the custodian model in ASX ETFs in this particular aspect is justified.

          • blighst on 07/12/2020 - 22:27

            @kipps: Yep there are some cases where it's favourable to have CHESS from simplicity of stuff like holding statements, but the rhetoric about it being insecure etc.

      • podilamaya on 07/12/2020 - 12:36
        +1

        superhero 5$ is for market orders only

      • Slo20 on 07/12/2020 - 12:39
        +8

        Cheaper doesn't always mean better. Selfweath are CHESS sponsored and you own the shares you buy. Superhero have a custodianship over all your shares.
        If a CHESS sponsored broker goes under i still own the shares, if Superhero went under you'd have to fight the creditors for it………..

        I know which one i would prefer.

        • Antikythera on 07/12/2020 - 14:23

          Selfweath are CHESS sponsored and you own the shares you buy. Superhero have a custodianship over all your shares.

          i too prefer this arrangement

          You are the beneficial owner of any US holdings with SelfWealth which will be held in custody with Phillip Securities Pte Ltd.

          is this a concern in that regard?

          • Slo20 on 07/12/2020 - 15:28
            +2

            @Antikythera: Yeah it is a concern but unfortunately for international shares you don’t have any alternative as CHESS sponsorship is for the ASX. Obviously you can limit your risk by choosing a broker and custodian owner you believe is established and will still be around in years to come.

        • Aureus on 20/12/2020 - 11:48

          Old thread, but this isn't actually true at all. Your shares are held in a trust that you are a beneficiary of. There is no way creditors would be able to touch your shares and you would eventually get them back, but who knows how long that would take.

    • watwatwat on 07/12/2020 - 10:25
      +2

      Stake UI looks horrendous to me and not professional at all. And their fees are hard to understand. https://hellostake.com/au/pricing/ Does that make it really clear what fee you'll pay on a $10k investment?

      • AussieDeals on 07/12/2020 - 10:59
        +1

        I'm not sure if it is appearing differently in your browser but I see:

        $0 brokerage fee on each trade

        0.70% fee when exchanging AUD to USD (additional 0.5% if wanting an express transfer before next trading session)

        Initial $5 fee to fill out W-8BEN tax form when you add funds to the account for the very first time

        $9 per month if you want to access their extra 'premium' features (not needed to trade though)

        For very large trades looks like Selfwealth's 9.50USD fee is better due to their lower exchange fee. If people are making more frequent, smaller value trades it appears that Stake will have the edge

        • OneTonneRodeo on 07/12/2020 - 11:06
          +9

          It's not actually 0.7% fee with Stake - their marketing 'spin' is quite good with this, but it's actually 70 basis points in USD terms, so it comes out to about 0.94% fee when exchanging

          • AussieDeals on 07/12/2020 - 11:13
            +6

            @OneTonneRodeo: Hmm good catch with that detail. Doing some simple and rough calcs based on that and the current exchange rates as of today, selfwealth's offer is cheaper if you're gonna convert approx $3758 AUD or more and use it for a single trade (this is not including that one off $5 tax form fee for Stake). For trades less than that Stake will be cheaper

            Selfwealth Trade Fee is $12.78 AUD but has 0.34% lower (0.60%) AUD to USD transfer fee compared to Stake (0.94%) which has no fee.

            12.78/0.0034 = $3758.82 AUD this is the point at which Stake and SelfWealth cost for this one hypothetical trade (including exchanging that amount from AUD to USD to make the trade) will even out roughly as of today's exchange rates

            This is assuming they use the same AUD to USD exchange rate - that is another factor we have to look at now.

            Also as od810 highlighted if you already have USD or have an alternative cheaper way to convert AUD to USD you can fund the Stake account with USD with a flat $5 USD fee for any amount which is another avenue to explore for large funding amounts

            • blighst on 07/12/2020 - 12:35
              +1

              @AussieDeals: Remember to double the fee as a trade is going to be in and out usually to get back to AUD

        • od810 on 07/12/2020 - 11:11

          And it can be lower if you chose to transfer the money yourself instead of using their transfer service. I'm thinking of transferring using transferwise. Though accounting with FX, and foreign asset is a nightmare

          • Associatedwatupman @ SelfWealth on 30/12/2020 - 12:42

            @od810: Can you please explain how you would wire transferwise to selfwealth US? Would you still have to pay the brokerage fee?

            Thanks so much buddy

        • watwatwat on 07/12/2020 - 11:17
          +1

          I go to their fees page and what do I see? $0, $0 and $0.

          Only when you click to the next page do you see FX transfer fee of "70bps". I don't know what that means. Does it mean 0.7%? Who knows. Then I see a quote for upgraded account fees. I don't know if they have non-premium account fees. Then a mandatory fee to fill out a w8 form. The whole thing is just suspicous.

        • koali on 07/12/2020 - 11:19

          for 10k, stake seems to be cheaper
          for 20k or more, seems like selfwealth is cheaper

          am i correct?

          why do they use 70bps term instead of the 0.70% fx fees? wonder if it has something different

        • Store RepSelfWealth @ SelfWealth on 07/12/2020 - 12:28
          +1

          We've also got 7,500+ securities to choose from, so no limitations placed on your investment choices.

          • clx on 07/12/2020 - 13:26
            +1

            @SelfWealth: Is there an option for us to do the fx conversion ourselves and transfer to a USD denominated acct with Selfweath?

          • BloodSail Admiral on 12/12/2020 - 21:14

            @SelfWealth: Need lots of improvement . if you compare with others many basic thing is missing, so you need to depend on commonwealth or other .

          • Associatedwatupman @ SelfWealth on 30/12/2020 - 12:42

            @SelfWealth: Can you please explain how you would wire transferwise to selfwealth US? Would you still have to pay the brokerage fee?

            Thanks so much buddy

  • 10fps on 07/12/2020 - 10:24
    +2

    $9.50 USD

    :O

    • DingoBilly on 07/12/2020 - 10:30
      +29

      Don't know why people waste their time with crypto after getting into roulette. I can double my money every minute or so.

        • Ultramup on 07/12/2020 - 10:57
          +2

          Why is btc an investment? What makes it increase in value other than the hope and hype?

          • [Deactivated] on 07/12/2020 - 11:07

            @Ultramup: Depends on the coin itself.

            Bitcoin is seen as the "digital gold", it's the go-to crypto investment.

            Ethereum is seen more as the functional asset. The technology behind it and what's possible using smart contracts and decentralised applications is mind blowing.

            Ranging from decentralized finance, commerce, IoT, medicine/health, identitiy management, supply chain management, real estate/tokenizing real world assets, privacy, escrows, prediction markets, non-fungible assets like art.

            Even Google is working on it: https://cloud.google.com/blog/products/data-analytics/buildi…

            I anticipate within 5 years most conglomerates will have a crypto coin of their own. Facebook is already releasing "Libra" and Samsung already offering crypto wallet.

            • fuzor on 07/12/2020 - 11:13
              +1

              @[Deactivated]: I know what you are saying and it is tempting. But the reason that people like Warren Buffet dont believe in crypto is that unlike gold theres nothing to back it up against. At least with gold you have actually hold something.

              Other than Bitcoin which is already established, it seems anyone can just come up with some random named crypto and get suckers money for nothing.

              • [Deactivated] on 07/12/2020 - 11:46
                -2

                @fuzor: Warren Buffet is an old fossil, there are plenty of new-gen billionaires as I have mentioned who are embracing blockchain.

                Not just billionnaires but multi-billion dollar hedge funds and tech companies.

                "it seems anyone can just come up with some random named crypto and get suckers money for nothing."

                Anyone can make their own coin for personal use (beauty of decentralized finance), doesn't mean it has any actual use, function, demand or credibility.
                Tokens aren't hard to make but new blockchain tech is very hard work. Ethereum 2.0 is launching now and has been long time coming.

          • OzzyBrak on 07/12/2020 - 11:13
            +3

            @Ultramup: I wouldn’t expect much of a reply. @ragretz seems more like a copy & paster and less of a think for yourself type.

            I’d be surprised if they are old enough to have ever owned & watched a video on VHS.

            It should be pointed out that Netflix started as a DVD mail order hire business, who transitioned to streaming as internet access became more widespread.

            • [Deactivated] on 07/12/2020 - 11:51
              -2

              @OzzyBrak: We all know Netflix started out as DVD and then became digital. Point is if you if you are stuck in the past you get left behind.

              Crypto has changed my life financially, only wish is I got in earlier! Enjoy your index fund doing 5% a year lol.

              • watwatwat on 07/12/2020 - 11:57
                +1

                @[Deactivated]:

                Crypto has changed my life financially

                You do know that for every dollar you made, you took a dollar from someone else, right? So not everyone can get rich. It is a redistribution of wealth.

                • [Deactivated] on 07/12/2020 - 12:00
                  -1

                  @watwatwat: Well that's how capitalism works duide and has for centuries. No different to the stock market…

              • Diji on 07/12/2020 - 12:01

                @[Deactivated]: It changed my life financially, too - I lost $4K. Never again.

                • [Deactivated] on 07/12/2020 - 12:03
                  +1

                  @Diji: Lol I've lost way bigger than that in crypto, such is life. Most of my cash is in those safe regulated accounts just collecting 10-15% compound interest at the moment. Waiting for another Eth dip.

                  Lost $4k from what?

                  • Diji on 07/12/2020 - 12:09
                    +2

                    @[Deactivated]:

                    Lol I've lost way bigger than that in crypto, such is life.

                    And there it is.

                    Lost $4k from what?

                    BTC, ETH, early '18. Super bad time to buy, after the latest ATH, follows that trend then encouraging people to buy into crypto now is not good advice.

                    • [Deactivated] on 07/12/2020 - 12:27
                      +1

                      @Diji:

                      And there it is.

                      Net gains are what is important here my friend :)

                      BTC, ETH, early '18. Super bad time to buy

                      BTC hitting another ATH recently. Historically it goes on to do another massive x5 run once it goes past previous ATH. I feel like there's a lot of institutional money flowing in to crypto next year.

                      • Diji on 07/12/2020 - 12:40
                        +5

                        @[Deactivated]: If you're already well off, then sure, make some gambles in crypto. But for every story of "I put half my life savings into crypto and it changed my life" there's hundreds who lost it all. It's just like penny stocks.

                        For a "normal" investor, you could maybe look at investing a small amount in BTC or ETH which are pretty proven and holding it long term. Anything else is way too volatile and pretty much for penny stock speculators, forex junkies, and /r/wallstreetbets types.

                        I still have a very small amount of BTC that I'll hold onto because why not, but it's not going to make me thousands of dollars. Buying around ATH is awful advice, IMO. It leads to people getting emotional (as I did) and selling once it plummets (as in 2018).

                        • [Deactivated] on 07/12/2020 - 13:11
                          -1

                          @Diji:

                          If you're already well off, then sure, make some gambles in crypto. But for every story of "I put half my life savings into crypto and it changed my life" there's hundreds who lost it all. It's just like penny stocks.

                          I feel like if you're already well off then stick to more safe stuff. If you have a small amount then you have more to gain and less to lose. I invested when I was a student with no job lol. So I wasn't well off at all.

                          • Diji on 07/12/2020 - 13:33

                            @[Deactivated]:

                            I feel like if you're already well off then stick to more safe stuff. If you have a small amount then you have more to gain and less to lose. I invested when I was a student with no job lol. So I wasn't well off at all.

                            Maybe I just have a lower risk profile compared to others my age considering my family situation (no kids to look after, but they might as well be).

                        • whapkaplit on 07/12/2020 - 14:49
                          +1

                          @Diji: You don't have to YOLO into high risk altcoins that behave like penny stocks. Even my skeptical boomer parents have a chunk of stablecoins pegged 1:1 to the dollar sitting in Celsius earning ~12% interest. Find a savings account that does that.

                          • Diji on 07/12/2020 - 15:18
                            +1

                            @whapkaplit: My crypto that didn't get wiped out did end up in Celsius but I'm also prepared for Celsius to close down or just say "sorry we can't let you withdraw" in 10 years. Don't think I can risk anything more than ETFs these days.

                          • Shleepy on 08/12/2020 - 00:36

                            @whapkaplit: Something just doesn't seem right about this (over the longer term). You have a currency peg, OK. But whereas you can get about 1% APY on a US deposit, you can get ~12% on the digital currency. So where does the extra 11% come from? Is it an expansion of the currency base? If it is expanding (this is a form of monetary policy essentially) the currency should be depreciating and you're going to see inflation which would undermine the peg right? This would seem plausible since the USD has low inflation and a very low interest rate and currency exchange rates are closely connected to interest rate differentials -and a peg is a peg only insofar as certain conditions are met.

                            My question is: what happens if the US federal funds rate starts to increase? Let's say it was to hit 2-3%. How would the peg be maintained? How would the 12% be maintained? Same question, where is the 12% coming from in this instance? It feels like you cannot really have free capital flows because the currency can only be traded, not created as a sort of IOU, so maintaining an interest rate differential by buying more coin from outside the system is not an option. How is it sustainable in the longer term?

                            Then again, maybe that doesn't actually make a whole lot of sense. Regardless, something feels off to me.

                            • whooah1979 on 08/12/2020 - 01:00
                              +1

                              @Shleepy: The lender get an x% APY because the borrower is paying an xx% APR.

                              Fintech use the same lending model used by the legacy banking system minus the fractional reserve part.

                              • Shleepy on 08/12/2020 - 01:06

                                @whooah1979: OK. So, this makes sense to me: someone is borrowing the digital currency. What do they do with it? Convert it to USD for productive use?

                                • whapkaplit on 08/12/2020 - 09:03
                                  +1

                                  @Shleepy: I don't fully understand crypto loans, but I gather people do it to get access to more crypto without selling their existing stacks and therefore triggering capital gains tax.

                                • whooah1979 on 08/12/2020 - 10:29
                                  +1

                                  @Shleepy: What they may do is to use the loans to accumulate more assets for a capital gain, trading in other markets, lifestyle improvements or pizzas. These type of loans are called a CDP. A CDP in this space is similar to an HELOC in the real world.

                                  The most common CDP has three conditions.
                                  1, The borrower must provide >150% worth of assets to the contract as collateral.
                                  2, They must maintain the >150% at all times or face liquidation. A liquidation will take back 100% of the loan plus a 15% penalty fee.
                                  3, They must pay back 100% of the loan plus interest and an x% stability fee before they can access their collateral.

                                  The fees may look high for someone that is new to this type of lending, but it's fair considering the criteria used to approve the loan. Anyone that has applied for a mortgage, business, secured or unsecured personal loan from a bank knows that they will go for the jugular before they say yes. That is assuming they say yes.

                                  A CDP doesn't discriminate. It doesn't care about the borrower's income, profession, savings history, credit score, defaults, bankruptcy, skin tone, nationality, sex, marital status, dependents, other assets, etc.

                                  • Shleepy on 08/12/2020 - 23:07

                                    @whooah1979: I appreciate the comprehensive answers. Seems like a peer-to-peer or crowdsource lending program essentially, but with bitcoin as a medium of exchange.

                • whooah1979 on 07/12/2020 - 13:22

                  @Diji: I'm pretty sure your $4k is in regrets ledger yearning 🍣 or 🦄.

                  • [Deactivated] on 07/12/2020 - 13:31
                    +1

                    @whooah1979: Another degen yield farmer i see?

                    • whooah1979 on 07/12/2020 - 14:57

                      @[Deactivated]: Who doesn't like a mouthful of big juicy 🍣 while riding a pink 🦄.

                      Nobody likes their fiat to be inflated to oblivion. Keeping up to date with current trends that really matters is the best way to not be left behind.

                      Btw beehive 2 is 800% APY for anyone that locked in lp for 60 days. How much are banks paying again?

                  • Diji on 07/12/2020 - 13:34
                    +1

                    @whooah1979: Sushi and unicorn? wat?

                    • [Deactivated] on 07/12/2020 - 13:45
                      +1

                      @Diji: Hahahah

                      Sushiswap and Uniswap. Only the degens will understand. Great gains were had.

            • netjock on 07/12/2020 - 11:53
              +2

              @OzzyBrak:

              Bitcoin is seen as the "digital gold"

              Don't think they know about what happened to gold. Booms and busts.

              • [Deactivated] on 07/12/2020 - 11:58
                -3

                @netjock: It's literally impossible to have lost money on bitcoin. New ATH recently, it'll smash through to 100k usd at the next ATH. Big time institutional money is starting to flow in.As I said S&P will offer bitcon index next year.

                • netjock on 07/12/2020 - 12:00
                  +1

                  @[Deactivated]:

                  It's literally impossible to have lost money on bitcoin.

                  That is what they said about Titanic sinking until it did. Some countries buy lots of gold to retain value but have a look at the charts. Don't be so sure. Make hay while the sun shines just watch your back.

                  • [Deactivated] on 07/12/2020 - 12:02

                    @netjock: I'm looking at gold zoomed out. Gold hit another ATH recently.

                    Don't think too short term.

                    • netjock on 07/12/2020 - 12:05
                      +1

                      @[Deactivated]: Did you adjust for inflation?

                      Also did you compare it to the S&P500? Don't forget to include dividends reinvested.

                      Just looking at notional values means you don't know the value of money or economics. Good for you on crypto but I'd suggest you watch your back.

                      If you invested in gold if you could stay solvent during the trough then lucky for you. Locking your money up for decades waiting for another ATH to get out. How much have you missed out on?

                      • [Deactivated] on 07/12/2020 - 12:10
                        +3

                        @netjock: Bro gold run for 11 years from 2001 to 2012 looks CRAZY.

                        You can get 'dividends' with BTC through lending, DeFi, CeFi by the way. Digital gold > gold.

                        "Locking your money up for decades waiting for another ATH to get out. How much have you missed out on?"

                        I mean that's how investing goes man, not everything does well. I'm just saying bitcoin has made new ATH and going on another bullrun. DYOR and invest what you can lose. There are plenty of stocks that never recovered like from the dotcom bubble. So I would say gold and bitcoin has done better than most.

                        • netjock on 07/12/2020 - 12:13
                          +1

                          @[Deactivated]:

                          Bro gold run for 11 years from 2001 to 2012 looks CRAZY.

                          11 years isn't long term. Go back 40 years.

                          You can get 'dividends' with BTC through lending

                          If you don't understand the difference between dividends and lending income you need to read up more. If crypto tanks then who is going to borrow your crypto? If the economy goes down the drain Woolies and Coles still make money and pay dividends.

                          I would suggest you haven't done enough of your own advice of DYOR.

                          • [Deactivated] on 07/12/2020 - 12:20

                            @netjock:

                            11 years isn't long term. Go back 40 years.

                            Ehh that's super long term for me. I haven't even been investing that long. I don't invest over that timeline, life is too short.

                            If you don't understand the difference between dividends and lending income you need to read up more.

                            Hence the apostrophes. You can get yields and diviends through methods called yield farming. On some projects the ROI has been 100-2000% per annum.

                            If crypto tanks then who is going to borrow your crypto? If crypto tanks then who is going to borrow your crypto? If the economy goes down the drain Woolies and Coles still make money and pay dividends.

                            Bro it's all about your risk profile. IF you want to invest in woolies making a few % of dividends a year then good for you and that's safe. IF you want to do high risk investments where you can do ten thousand % (like myself and other) in few years then crypto has options.

                            But crypto also provides safe options now as it is being legitimised by financial institutions, hedge funds and tech companies. I mean if even Paypal is integrating it then that's pretty good. I'm making safe, insured 10-15% interest with my cash.

                            • whooah1979 on 07/12/2020 - 13:37

                              @[Deactivated]: People should just stay in their lane and let the smart money do what it always does. They will change lanes when the select few have accumulated a big enough long position.

        • Mr Haj on 07/12/2020 - 13:11

          Mexico's second richest man put 10% of his liquid assets in bitcoin. Soooo the other 90% is in cash and stocks? Apple co-founder, Elon Musk and Jeff Bezos have made all of their money from owning a company… The richest people in the world have made their money from company ownership, not bitcoin.

          • [Deactivated] on 07/12/2020 - 13:27

            @Mr Haj:

            Apple co-founder, Elon Musk and Jeff Bezos have made all of their money from owning a company

            Coincidentally they are starting/investing into crypto projects/companies too.

            Wozniak is co-founder of Efforce (https://efforce.io/). Bezos invested in a crypto trading project that raised 30 mil. There are tons of companies/projects in crypto that made people insanely rich. This is the next dotcom bubble and once the dust settles, new billionaires will be formed purely from crypto projects.

            The richest people in the world have made their money from company ownership, not bitcoin.

            lol ok man then we can all go and start our own Amazons and become billionaires!

        • trixpan on 07/12/2020 - 13:37

          You want an insured (through Lloyd's of London), fully licensed regulated savings account? You can get 10-15% APR from depositing your USD/dollar.

          Errrr. I am assuming you are referring to a crypto savings account?

          1.insurance will not guarantee the loss of values due to potential currency depreciation

          1. Profit will be highly dependent on CX when depositing and withdrawing.

          2. You can get intensity rates like that or even higher if you don't mind dealing with jurisdictions like Argentina, Mongolia, etc

          • [Deactivated] on 07/12/2020 - 13:50
            +1

            @trixpan:

            1.insurance will not guarantee the loss of values due to potential currency depreciation

            Same for any bank lol..I'm earning on the USD.

            Profit will be highly dependent on CX when depositing and withdrawing.

            cx?

            You can get intensity rates like that or even higher if you don't mind dealing with jurisdictions like Argentina, Mongolia, etc

            Which we can't readily access and shady af.

            Nexo and Celsius is available globally. Very easy to set up, fast to deposit and withdraw. These guys are more reputatble than Mongolia imo.

            • whooah1979 on 07/12/2020 - 14:11
              +1

              @[Deactivated]: cx = forex.

            • trixpan on 07/12/2020 - 16:25
              +1

              @[Deactivated]: I am glad you made a killer so far but if you accept my suggestion:

              Read your PDSs more carefully.

              Nexo "deposits" carry far more risks than you seem to realise.

              Starting with an insurance that is 100m large. It may sound an incredibly large number, but using as a reference the 250k FCS the Aus Government offers:

              Now imagine if CBA told us: Hey come bank with us, in case we fail, 400 of our clients will get their money back. Hardly impressive.

              Know this guy who was making a killer on government bonds from a 3rd world country. One day that govt defaulted and investors like him where left with a significant loss.

              There's a reason why certain parties pay more interest than others:

              Risk.

              • whooah1979 on 07/12/2020 - 16:33

                @trixpan:

                the 250k FCS the Aus Government offers:

                This is all good on paper until APRA directs the CBA to convert their customer's deposits to CBA stocks. Their customers will go from being stakeholders to shareholders.

                • trixpan on 07/12/2020 - 19:21

                  @whooah1979: @whooah1979 No doubts… But still illustrate the idea 100m is peanuts in financial services losses.

                  • whooah1979 on 07/12/2020 - 19:48

                    @trixpan: The insurance is only one part of the asset security. The first safety net is the 150% CDP that the borrowers have to agree to before they can access loans. Their collateral is locked in a contract while they're required to maintain the CDP at >150% or face liquidation. A liquidation will take 100% of the amount borrowed plus a 15% penalty fee.

                    This ensures that the borrowers do the right thing and that the lender's assets are safe from defaults.

              • [Deactivated] on 07/12/2020 - 16:48

                @trixpan: Yeah I mean every investment has risk and risk dictates the rewards. I didn't get my profit by doing low risk investments or trades.

                I'd rather put my money in regulated and licensed company like Nexo than Mongolia.

                $100M insurance being signficant depends on how much is actually deposited on Nexo I guess. Also dont think this 250k insurance by the government is so bulletproof either.

                What other risks are you speaking about re:nexo, would be keen to hear.

        • Stingey on 07/12/2020 - 18:19
          +2

          In 6-12 months when BTC crashes again - username will check out

    • follow on 07/12/2020 - 10:43

      name?

      • [Deactivated] on 07/12/2020 - 10:51
        +1

        Base Protocol just did x100 for investors due to the rebase.

        Efforce (Steve Wozniak's project) did x10.

        • tunzafun001 on 07/12/2020 - 12:09
          +2

          Sounds like the real money is in releasing your own crypto??

          Can I release 'tunzafunds' and people just send me money?

          I'll limit it to a thousand billion 'Tunzas'. You can mine one Tunza by physically talking to your neighbour, or any other human outside a 20m radius of your home, requiring 2 humans to make the block chain transaction, and one for every 30 days you leave your PC turned off and stop wasting power..

          • Diji on 07/12/2020 - 12:10

            @tunzafun001:

            Can I release 'tunzafunds' and people just send me money?

            I'm in.

          • [Deactivated] on 07/12/2020 - 12:11

            @tunzafun001: You could but nobody would buy it. You would probably lose money.

            • tunzafun001 on 07/12/2020 - 12:12

              @[Deactivated]: Why?

              • [Deactivated] on 07/12/2020 - 12:13

                @tunzafun001: Well you should try it and see how you go.

                Wozniak's project seems pretty innnovative like yours.

                https://efforce.io/

                • tunzafun001 on 07/12/2020 - 12:16

                  @[Deactivated]: It actually does ..Out smarted by Wozza.

                  But "Tunzafunds" …surely got the back seat apple man covered. Does he mean e-force ..what's ef force … Sounds like a swearing platform!

                  I guess that's the point though. What happens when Kogan coins, Bezzo bucks etc etc floods the market. Sounds like a platform the rich, money launderers can control (hello Mexico…tunzas…get on em) … by adding withdrawing huge sums?

                  • [Deactivated] on 07/12/2020 - 12:31

                    @tunzafun001:

                    I guess that's the point though. What happens when Kogan coins, Bezzo bucks etc etc floods the market. Sounds like a platform the rich, money launderers can control (hello Mexico…tunzas…get on em) … by adding withdrawing huge sums?

                    Then you join and get rich together.

                    There's a lot of shit coin projects that just die so watch out for that. Blue chip coins will always be bitcoin and ethereum though. Wozzie's coin is literally built on ethereum.

                    • tunzafun001 on 07/12/2020 - 12:42

                      @[Deactivated]: What makes Bitcoin a "blue chip"?

                      Launched in 2009..sounds like a Crypto has been. Hasn't moved with the times..

                      Tunza's is where it's at.

                      I won't even use a poker term …Tunza's are a 'Granny Smith' currency. Won't be devaluing it as a 'coin'.

                      • [Deactivated] on 07/12/2020 - 12:45

                        @tunzafun001: Oldest blockchain. Highest market cap in crypto. Highest volume in crypto. Most regulated and financially licensed crypto. Most supported and offered crypto.

                        Bitcoin is worth 61% of all the crypto market cap in the world.

                        • tunzafun001 on 07/12/2020 - 12:58

                          @[Deactivated]: But when Bezzos, the Gonzales Cartel and 99% of China pump 15 trillion a week into Tunza's Titanic Wallet… Bitcoins market cap will soon look like chicken feed.
                          The rats will scurry from the Bitcoin barge … Those still holding will be left with a cache valued at rat poop.

                          The natural successor to Tunza Titanic will be 'Ice Berg'…

                          • [Deactivated] on 07/12/2020 - 13:51

                            @tunzafun001: Then those coins will become the next blue chip when that happens!

                    • Diji on 07/12/2020 - 12:48

                      @[Deactivated]:

                      There's a lot of shit coin projects that just die so watch out for that.

                      That's the thing, though. How do you sort out the shit from the diamonds? Do you rely on other people, and hope that they are reputable and knowledgeable and not just pumping for their own game?

                      It's not like there's really fundamentals to rely on like stocks (and stocks are bad enough unless you're really willing to research companies and markets in-depth, otherwise you're just following a piper and hoping they know what they're talking about).

                      I will agree about BTC and ETH, though.

                      • [Deactivated] on 07/12/2020 - 12:51

                        @Diji:

                        That's the thing, though. How do you sort out the shit from the diamonds? Do you rely on other people, and hope that they are reputable and knowledgeable and not just pumping for their own game?

                        That's the million dollar question, same goes for buying stocks too though i guess.

                        Constantly researching and being ahead of the game. You can research the team, tokenomics, marketing/hype, technology/github, partnerships etc.
                        There are lots of pumps and dumps, sometimes you can join in early and exit.

                        • Diji on 07/12/2020 - 13:00

                          @[Deactivated]:

                          That's the million dollar question, same goes for buying stocks too though i guess.

                          Constantly researching and being ahead of the game. You can research the team, tokenomics, marketing/hype, technology/github, partnerships etc.
                          There are lots of pumps and dumps, sometimes you can join in early and exit.

                          I'd classify that as trading rather than investing. I'm merely a CS student so most of the tech side of things is still way over my head to make a judgement about.

                          • [Deactivated] on 07/12/2020 - 13:02

                            @Diji: I do that for both trading and investing.

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