Good news for people in Colombia who don’t want to open accounts with brokers: Trii has now enabled the option to trade global stocks through its mobile app.
With this update, users of the Colombian app will be able to trade with the 19 assets that are part of the Colombian Global Market (MGC), a transactional system of foreign securities managed by the Colombian Stock Exchange.
This will prevent users from registering with foreign traders and having to deal with the usually complicated process of sending money to other countries.
For trading MGC assets, Trii will keep the same commissions of $10,000 Colombian pesos + VAT on transactions up to $5 million Colombian pesos, and 0.1% on those exceeding that amount and 1% of dividends.
In addition, those who want to trade more than $18 million Colombian pesos will have to open a formal account with a commission agent.
Trii wants to challenge cross-border transactions
The fintech company was founded in 2020 by Carlos Guayara, Esteban Peñaloza, and Luis Patt. It currently has a total of $5.9 million in funding. Its latest round of investment was a $5.5 million seed round led by Global Founders Capital.
Trii emerged as the first national platform to allow trading on the Colombian Stock Exchange through an app. It has no minimal investment amount and allows investing up to $18 million Colombian pesos.
However, now that it’s trading global shares, Trii will allow to invest a higher amount.
Trii is following the example of other apps that are opening up investing to a broader audience, mostly young people. Robinhood was the first of its kind. Founded in 2013, this platform gained popularity when the pandemic hit in 2020, as it allows anyone with a Robinhood account to invest directly in Wall Street stocks.
Currently, Trii just has operations in Colombia, but it seems that it will soon expand to Peru and Chile according to local reports.