Leading digital money platform Uphold has introduced zero-commission trading on cryptocurrencies in a milestone for the industry designed to open up affordable access to one of the world´s most important new asset classes for millions of retail investors, the company said.
Initially available only on iOS and Android mobile apps, the move represents a seismic shift in a sector that until now has largely resisted the commission-free model revolutionizing stock and ETF trading. Before today´s announcement, cryptocurrencies were one of the more expensive asset classes for retail investors to trade, with fees north of 200bps on some mainstream platforms.
As an established platform listing 50+ currencies and providing account funding via seven cryptocurrency networks, debit/credit cards and bank connections in more than 40 countries – with the UK, Canada, Poland, Romania, Croatia, and Hungary added earlier this month – Uphold is the first major US cryptocurrency venue to offer commission-free trading.
The new interface surfaces Uphold´s unique advantage over its rivals: customers can trade directly between any supported asset, free from the limitations of Currency Pairs that still constrain choice and create unnecessary cost and complexity at many trading venues.
Whereas on most exchanges a conversion such as Mexican Pesos to XRP would require two trades and incur two sets of fees – Mexican Pesos to USD and USD to XRP – on Uphold, the process is one seamless, commission-free transaction.
The web version of New Uphold is expected to launch later this month. iOS and Android Mobile Apps available to download now.
Uphold is a digital money platform with more than 1.7 million customers globally and almost USD 6 billion in transactions to date. The platform offers 27 national currencies, 30 digital currencies, and four precious metals. Uphold is available through web, iOS and Android applications.