Online brokerage M1 Finance to launch crypto trading accounts

U.S. brokerage firm M1 Finance will soon roll out commission-free crypto accounts and trading services for ten digital assets. Although the bear market scared off many crypto investors in 2022, online brokerage firm M1 Finance is expected to launch crypto trading accounts and trading services in the coming weeks.

The Chicago-based company was founded in 2015 and claims to have over $5 billion in assets under management (AUM). The brokerage also offers retirement accounts in addition to offering commission-free trading in stocks and exchange-traded funds (ETFs).

In a Tuesday blog post explaining the move, M1 CEO and Founder Brian Barnes noted that it was primarily driven by strong consumer demand to support crypto assets:

“The crypto market is still young and volatile; bitcoin emerged just 13 years ago. approximately $1 trillion in which more than 20% of Americans have invested, traded, or used:"

"This is the most requested asset addition, with around half of users surveyed wanting to use M1 to invest in crypto."

Adding them to the platform gives clients the choice to incorporate this booming asset class into their long-term investment strategy, he said.

The company will initially support ten crypto assets such as Bitcoin (BTC), Ether (ETH), and “other large-cap liquid crypto assets.” M1 Finance said it would expand its offerings over time and cryptocurrency trading would be commission-free, like competitors such as Robinhood.

One of M1 Finance's main offerings is Pie Investing, which basically allows users to create a portfolio of...