Xinja Bank, an Australia-based neobank, announced on Tuesday plans to launch a U.S. share platform for Australian investors, Dabble. According to Xinja, Dabble will sit alongside the neobank’s bank account and savings account Stash. It will provide quick and easy access to US shares, many with globally-recognized names including Tesla, Facebook, Google, and Amazon.
“Dabble also offers ‘fractionalised trading’: investors will be able to buy whole shares, or a portion of a share depending on how much money they have and how much they want to invest.”
Xinja further revealed that for Dabble, a flat monthly subscription fee of $8 will be charged for unlimited trading (although pattern day trading is not permitted) on top of a competitive 1% FX fee per trade. There are no brokerage fees. Xinja Founder and Chief Executive, Eric Wilson, stated:
“We want to lower the cost and make it simpler to bring those opportunities to Australians. We are offering low cost, easy access via the Dabble platform, and the option to buy a portion of a share, which we hope opens up markets and investing to people who want to grow their wealth over the long term.”
Xinja also noted that In Australia, through Dabble, orders will be automated, and executed when the US market is open. There is no ‘broker’ or human intervention in the trade: once an investor decides to buy a share or a portion of a share, the order is placed and executed as soon as the US share market opens for business.
