China-based online P2P lender JimuBox has unveiled a new online stock trading platform to provide Chinese affluent class seamless access to the US equities market.
Called JimuStock, the new platform will allow users to open a US regulated brokerage account in less than five minutes via the mobile device and with no minimum account size.
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Using JimuStock’s mobile app, users can directly buy ETFs (Exchange-Traded Funds) through a one-click process. The platform will also offer direct trading access to the New York Stock Exchange (NYSE), the NASDAQ, and the American Stock Exchange (AMEX) as well as real-time quotes.
JimuBox said that JimuStock will offer the lowest commission structure in the industry including the first 100 days commission free as well as a US equities trading cost of $0.005 per share and a minimum trading commission of $1.99 per trade.
The company added that JimuStock marks as a first-step in the launch of Jimubox’s intelligent advisory platform. The move will allow Chinese individual investors to foray into the overseas capital markets.
Jimubox founder and CEO Dong Jun said: "JimuStock opens the door for the emerging Chinese affluent class to participate in the next wave of global economic growth.
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By GlobalData"The JimuStock launch comes at a time when Chinese investors are actively seeking alternatives from the volatility of the local equity markets and have significant concerns about the valuation of the RMB during an anticipated rising interest rate environment in the US.
Jimubox co-founder Barry Freeman said: "Through one Jimu account log-in, our investor base will be able to manage both onshore and offshore investments, including Jimu’s marketplace lending fixed income products, ETFs, US equities, and onshore mutual funds."
