MI Finance refers to an online brokerage establishment. The cryptocurrency marketplace is in the grip of a bearish trend. It also knows that crypto enthusiasts’ mindsets remain steeped in uncertainty. Regardless, MI Finance is keen to launch cryptocurrency trading accounts. It is equally keen to initiate trading services. More details about Blockchains, may be found here.
MI Finance’s Background
MI Finance has its headquarters in Chicago. It came into existence in 2015. As per its own declaration, it possesses assets worth $5 billion. These assets are known as Assets Under Management (AUM).
This is not the only benefit that the brokerage firm offers. It also provides retirement accounts. Then again, there is trading on stocks, fully commission-free. Another benefit is ETFs, or exchange-traded funds, again involving commission-free trading.
Self-directed investors look to the firm as an affordable/inexpensive robo-advisor. They are happy that the firm does not go in for account management or commission fees. Furthermore, it has a financial services app in place. The app permits integrated banking, investing, and borrowing. As a result, investors can view the status of their finances, all in one place. They may even opt for borrowing, to leverage their investments.
As for the official website, it is easy to sign up on it. The pages are easy to navigate, revealing everything about the performance metrics. These metrics, include information about the concerned investor’s holdings, activity within the portfolio, graphs displaying breakdown of allocations, and buttons (for selling, purchasing, and rebalancing). The idea is to improve users’ online experiences.
MI Finance’s Mobile App
The company offers users the choice of using a desktop PC or a mobile application. If the desktop version is easy to use, so is the mobile app. In fact, the workflow on both, the official website, and the app, are almost similar. It is possible for users to do anything they want, on both. Consumers have the right to their choices.
The official website of MI Finance conveys information about diverse types of account services. They tend to permit users’ greater flexibility with the usage of their funds. It is easy to transfer cash, both, into the platform, and out of it. The process is very streamlined.
Users even have the choice of scheduling auto-deposits into their respective portfolios. The scheduling may be weekly, bi-weekly, or monthly. It is also possible for users to opt for individual trade orders. This permits even greater flexibility.
In case, users have accounts in other places, they may transfer them to MI Finance. Such accounts may be under the umbrella of retirement or external brokerage accounts. The transfers will ensure the consolidation of all holdings under a single broker.
Apart from the above, investors may opt for margin accounts. This enables the borrowing of up to 35% of the account value. However, this borrowing is possible, only when the balance goes beyond $10,000.
Launching of Crypto Trading Accounts
The founder and CEO of MI Finance is Brian Barnes. He provided an explanation for the company’s decision on launching crypto trading accounts. According to him, it was in alignment with consumers’ demands. They were vociferous about protection for their cryptocurrency assets.
He also stated that the digital currency market was quite young, as well as, volatile. After all, Bitcoin had entered the arena, a mere 13 years ago. In fact, digital currencies were in a class by themselves. They could possibly provide assets running to trillions of dollars. Additionally, at least, 20% and more Americans, had already used, invested in, or traded in, cryptocurrencies.
Consumers had been requesting the addition of cryptos as an asset. Furthermore, they did not wish to go to any other establishment. They wanted MI Finance to invest in virtual currencies.
The company does not wish to disappoint its regular/loyal customers. Therefore, it wishes to offer them a chance to make good use of this burgeoning asset class. They will be welcome to make long-term investments in digital currencies. Hence, the decision to launch crypto trading accounts, commission-free, even during the bearish run.
At the outset, the firm will lend support to ten assets only. They include Ethereum, Bitcoin, etc. Expansion will take place, gradually.