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Highlights
- The online brokerage firm said it is introducing M1 Finance crypto project.
- M1 Finance said that it will be interested to see how the clients opt to include crypto accounts.
- M1 Finance said that cryptocurrencies may be a good way to diversify your holdings.
Online brokerage firm M1 Finance plans to introduce cryptocurrency trading accounts in the coming weeks, despite the bear market scaring many investors in 2022.
The Chicago-based business was established in 2015 and states that it is currently managing assets worth more than US$ 5 billion. Besides providing retirement accounts, it allows commission-free trading on stocks and exchange-traded funds.
The official Twitter account of the online brokerage firm said it is introducing the M1 Finance crypto project. It will first allow users to learn about cryptocurrency and create cryptocurrency pies. Later, they will be able to make unique cryptocurrency portfolios.
M1 Finance crypto project: Key details
In a blog post, M1 Finance wrote that Bitcoin became popular 13 years ago, and the virtual currency industry is still nascent and volatile. About half of the brokerage firm's users said they wanted to use M1 to invest in cryptocurrencies. Hence, it is launching crypto trading accounts.
M1 mentioned that trading has always been commission-free on its platform, so trading in cryptocurrencies will also be free. While holding cryptocurrency assets in a separate, safe custodial wallet provided by Apex Crypto, users can establish and automate trading strategies like they do with stocks and ETFs on M1.
The brokerage firm said that as cryptocurrency became more popular, many institutional and individual investors rapidly allocated capital to cryptocurrencies and some capital allocators completely avoided it.
M1 Finance said that cryptocurrencies might be a good way to diversify your holdings, investigate alternative investment opportunities, and invest in cutting-edge technologies is crucial for knowledgeable investors.
The firm said that it would be interesting to see how the clients opt to include crypto accounts into their portfolios. Users will soon be able to invest money in cryptocurrencies based on their level of risk tolerance and use automation to ensure their goals are met.
Source: ©Kalkine Media®; © Rizelle Anne Galvez via Canva.com
Bottom line
The crypto market continues to decline rapidly as it has recorded high volatility for the past few months. At 4 AM EST, the valuation of the cryptocurrencies worldwide had gone down by 5.4 per cent over the previous day to US$ 862.63 billion.
Before venturing into the crypto market, it is important to understand the risks associated with the crypto industry.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
