Ann: SelfWealth delivers record growth in FY21, page-132

For me the Moat is the trust advantage which I'll happily pay $6.50 more per trade for, while Stake will be individual HIN's the shenanigans their Broker-Dealer (Drivewealth I think?) in the US pulled during the Gamestop Saga on Gamestop, AMC and Nokia has killed my trust in the Stakes/Robinhood's of the world and that's the kind of customer that SWF are trying to attract right? Saying that if I was pip trading the $3 trades would be attractive.

I personally don't see crypto as a 'huge' game changer - it will be attractive for those who want to dip a toe into crypto but I really can't see there being significant day trading, and even if there is, to be competitive you'd have to be charging 0.1% or less on trades, which means in order to really make much on this you'll be needing large trades or high volume, which I really can't see SWF becoming a high volume crypto platform when it will only be offering I believe 10 or so coins? I do see it as a differentiator though, when a new investor is looking to identify a broker having crypto is a selling point, even if you don't really plan to trade crypto, so from a customer acquisition perspective its.. priceless?

Further to that point on customer acquisition, the old phrase 'network effects' springs to mind which I guess is what Datt was alluding to in the AFR article the other week, SWF has the ability to transition into other financial services, it is even on their roadmap with 'peer to peer' lending. Saying that though other brokers could do the same so its not really a moat...