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Digital money platform Uphold has launched zero-commission trading for cryptocurrencies in order to open up “affordable access” to this emerging new asset class.
The company pointed out cryptocurrencies were among the expensive asset classes for retail investors to trade, with fees north of 200bps on some mainstream platforms.
With its latest announcement, Uphold said that it is the first major U.S. cryptocurrency venue to offer commission-free trading. The platform lists over 50 currencies and provides 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 said that zero-commission trading is currently available only on iOS and Android mobile apps.
J.P. Thieriot, CEO of Uphold, said that the platform allows users to move their crypto into private wallets at will and send funds to funds to virtually anyone, anywhere, instantly and free of charge. It also allows users to use their holdings as a medium of exchange for payments. “None of which you can do at Robinhood or Revolut,” he said.
“Our goal is to create the easiest and most cost-effective place for retail investors to buy and sell cryptocurrencies and other assets,” said Thieriot. “And unlike our competitors, we’re staying true to the fundamental premise of cryptocurrencies: financial self-sovereignty.”
In addition, Uphold announced the launch of, what it calls, the world’s easiest trading interface, consisting of just two fields: ‘From’ and ‘To’. For example, converting Mexican Pesos to XRP usually requires two trades and incur two sets of fees – Mexican Pesos to USD and USD to XRP, but on Uphold, the process is one seamless, commission-free transaction.
The company explained that ‘Anything to Anything’ screen would allow users to fund their account, send money to other people, or trade from any asset into any other asset directly, in two taps – on one screen.
“In practical terms, there’s now no easier or more cost-effective way for retail investors to trade cryptocurrencies and other assets,” said Thieriot. “No other platform gives customers such choice, freedom, and value for money.”
Furthermore, Uphold is also adding new funding and withdrawal options to the platform, allowing customers to fund their accounts with zero fees via credit (and debit) cards. Instant withdrawal to debit cards will be available in the coming weeks, Uphold said.
“The convenience of being able to withdraw your funds immediately to a bank-issued debit card is going to be a huge attraction for customers,” said Thieriot. “And in many parts of the world, it will be a first for a cryptocurrency platform.”
The web version of New Uphold is expected to launch later this month.
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