Japanese securities company Monex Inc. on Thursday announced the launch of its new mobile-based equity trading app targeted to the young traders.
Dubbed ferci, the mobile application was launched last June; however, trading functionalities were not introduced then.
The recent upgrade of the app has introduced Japanese equities trading along with the buying and selling of investment instruments like Exchange -traded funds (ETFs) and real estate investment trust (REIT).
“The app ferci allows young traders to conduct everything on their smartphones from opening general accounts at Monex to depositing and trading equities (cash). Users can deposit and trade all Japanese stocks available through Monex,” the announcement noted.
As the platform is targeted to young investors, most of whom do not have any experience in the stock market, it also added a community function that allows traders to interact with each other, making it easier for beginners to start investing by referencing more experienced traders.
The trend to target millennials
The move by the Monex Group subsidiary came when a number of trading platforms in Europe and America started to target the millennial traders.
The trend was most likely started by the United States-based firm Robinhood, which dropped charging trade Execution fees and targeting only Millenials. Many established players, including Charles Schwab, TD Ameritrade, and Interactive Brokers, also jumped into the commission-free trading trend to attract the untapped young crowd.
Over in Europe, the same trend has been carried on by crowdfunded UK startup Freetrade.io.
According to Monex, this new move will bring financial awareness to the youths and make them learn about asset formation.
“The smartphone app is designed to provide younger generation with a new choice for asset formation, who faces future financial risks living in a super-aging society and with issues with pension system,” the announcement added.
