Uphold, the leading digital money platform, has announced Commission-Free Model trading on cryptocurrencies in order to provide affordable access to one of the world’s most important new asset classes for millions of retail investors.
The commission-free model will be available only on iOS and Android mobile apps initially. The platform lists more than 50 currencies and offers account funding via seven cryptocurrency networks, debit/credit cards and bank connections in more than 40 countries. The US cryptocurrency venue has recently launched in the UK, Canada, Poland, Romania, Croatia, and Hungary added earlier this month.
Using the conversion of Mexican Pesos to XRP as an example, which usually requires two trades and two sets of fees – Mexican Pesos to USD and USD to XRP – Uphold offers a commission-free transaction.
J.P. Thieriot, Chief Executive Officer of Uphold, commented: “Our goal is to create the easiest and most cost-effective place for retail investors to buy and sell cryptocurrencies and other assets. And unlike our competitors, we’re staying true to the fundamental premise of cryptocurrencies: financial self-sovereignty. At Uphold, you can move your crypto into private wallets at will; send funds to virtually anyone, anywhere, instantly and free of charge; as well as use your holdings as a medium of exchange for payments. None of which you can do at Robinhood or Revolut. In practical terms, there’s now no easier or more cost-effective way for retail investors to trade cryptocurrencies and other assets. No other platform gives customers such choice, freedom, and value for money.”
Uphold is also launching what it calls “the world’s easiest trading interface” that allows a novice user 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. It has only two fields: ‘From’ and ‘To’. Uphold intends to use the interface as a unique advantage over its rivals as 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, the firm stated.
Uphold claims its platform is now attracting up to 7,000 new accounts every day. The firm is adding new funding and withdrawal options to the platform, including instant withdrawal to debit cards in the coming weeks.
“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. And in many parts of the world, it will be a first for a cryptocurrency platform. These are the biggest changes we’ve made since we started in 2014. Together, they make Uphold the easiest and most cost-effective place for retail investors to buy and sell cryptocurrencies and break down the barriers that prevent people from investing and enjoying world-class financial choice”, said Thieriot.
