Uphold, a digital asset exchange service with more than 10 million users globally, has launched free Bitcoin trading in an innovative move, Bankless Times learned from a press release.
Buy and sell BTC using EUR and USD
Customers of the trading platform can transact in Bitcoin for free using US dollars, euros, and other major fiat currencies.
The standard trading fee on BTC exchanges charge is up to 2%. A buy and sale of Bitcoin worth $1,000 would cost you $40 in fees alone.
Despite pressure in broader markets, Bitcoin has held its own in recent weeks. There has been an increase in the number of holders. In 2022, another 4.5 million people joined the ranks of holders against the backdrop of crypto winter and the prolonged bear market.
Connected to dozens of exchanges
Uphold’s customers can benefit from the fact that the platform is connected to 28 underlying exchanges, in addition to the lack of a fee for Bitcoin trading. They will have access to some of the best Bitcoin prices because a few Decentralised Exchanges (DEXs) are among Uphold’s partners.
Company CEO Simon McLoughlin said, “We believe there’s no better place for people to buy and sell Bitcoin. There is variation of 10-20 bps in the price of Bitcoin from one platform to another because crypto markets are still less efficient than traditional asset markets like equities. Uphold’ leverages smart-routing technology to capitalize on these opportunities for customers.
“This, combined with a goal of onboarding as many people as possible, made removing trading fees for Bitcoin on our service a no-brainer.”
The decision to remove fees comes after Uphold’s impressive growth, which occurred after they introduced zero commissions on crypto staking until the beginning of next year, an industry-first offer.
McLoughlin added, “We’ll keep coming up with powerful and innovative ways to help our customers and make digital assets more accessible and affordable for everyone.”