AJ Bell, the wealth management platform, has no plans to allow cryptocurrency to be traded on its new commission-free trading app Dodl now or in the future, the company told Proactive today.
Dodl was unveiled today as a low-cost alternative for investors buying shares, funds or managing Isas, and SIPPs and eventually overseas shares.
But crypto will not be part of the new product, which launches next year, said a company spokesman even though trading in crypto has become a crucial part of trading apps in the US.
Meme favourite Robinhood, in particular, has seen its crypto revenues surge though in its last quarter trades fell to US$51mln from US$233mln in the previous three months.
Britain still does not recognise crypto-based products as financial instruments and reports at the weekend suggested the tax office is planning a 2% levy on crypto exchanges operating in the UK.
Last week at an event for financial advisers, Kevin Doran, AJ Bell’s chief investment officer, said that crypto should be “nowhere near rational portfolios.
“‘If people want to run crypto in their strategy, fence it off as a position in a safe facility,’ he was reported as saying.