If you look at their cash flow statements, a lot of those costs...

If you look at their cash flow statements, a lot of those costs are from starting the ETF next year and marketing costs.

Burn should be down lower to 500K per quarter soon, and if member numbers continue to increase at the current pace, even lower.

Their aim is just to be a more efficient broker in every way basically.

Online support only (to begin with), new designed infrastructure from the ground up scaleable in the cloud, a fair deal for the customer.

Revenue sources include trades, interest, peer system (this doesn't make much, still interesting as the infrastructure behind it allows some of their other features like ETFs). Future revenue will come from new peer style ETFs partnering with ETFS Capital, Margin Lending, SMSF Robo Advisor (not sure how much demand there is for this, still interesting), international stocks, currencies. They have cool ideas on ETFs, believe in wisdom of the crowd, have an interesting whitepaper and know their stuff.

Sure they aren't there yet, but I like someone who can dream big. I don't want to be stuck with the likes of Commsec and CMC forever.