Perth-based Marketech has launched an upgraded ASX trading platform targeting high-volume traders, after tapping national investors to fund its development.
Perth-based Marketech has launched an upgraded ASX trading platform targeting high-volume traders, after tapping national investors to fund its development.
Former stockbroker Travis Clark took control of the 20-year-old business last year and since then has focused on developing a trading platform he believes fills a gap in the market.
Mr Clark initially planned a backdoor listing of Marketech but ran up against new ASX rules that discourage such transactions.
Instead he raised about $1.5 million from private investors, including Westgold Resources boss Peter Cook, local investment house Merchant Group, and national firm SG Hiscock.
Mr Clark is still targeting an IPO for Marketech, saying this will be the best way to keep ASX investors informed of its services.
Marketech aims to sit between legacy trading platforms that charge high trading fees and new, low-cost apps that offer basic services.
Mr Clark said it offered information and trading tools that met the needs of serious traders.
Features include live streaming of real-time pricing data, which is rarely achieved on mobile devices.
“This plugs a gaping hole in the online share trading market because no other mobile broker offers such service-rich functionality, while offering a fairer fee structure for active traders,” Mr Clark said.
Marketech’s Focus service has a $45 per month subscription, a minimum $5 brokerage rate and live data. This is designed for active traders.
The FocusLite service, which offers free monthly access, minimum brokerage of $10 per trade and ‘click to refresh’ pricing, is designed for lower-volume traders.
Marketech has also announced this week a partnership with portfolio management company Sharesight.
Its service allows investors to track the performance of their portfolio, track dividend payments and prepare tax reports.
The FocusLite package is similar to the service offered by SelfWealth, which advertises $9.50 flat fee ASX trading.
ASX-listed SelfWealth has a market capitalisation of about $130 million after generating revenue of $8.6 million in FY20 and being cash flow positive in the June quarter.
The number of active traders on SelfWealth grew to 60,000 in October, out of a total market of just one than 1 million online traders in Australia, according to Investment Trends.
SelfWealth plans to add platform-wide live pricing as a paid-for feature, saying this is the most requested feature by clients.
It has also noted that the main reasons clients switch online brokers are pricing and the quality of service on mobile devices.
