Cryptocurrency exchange Uphold has recently announced the launch of zero-fee trading for digital coins. By making this move, the San Francisco-based exchange is joining numerous others, including Revolut and Robinhood. Furthermore, Uphold is also adding new and unique features that its competitors have yet to match.
Uphold’s CEO, J.P. Thieriot, said as much in a
recent statement. Thieriot noted that Uphold is staying true to the fundamental
premise of digital currencies, which is financial self-sovereignty. What this
means is that users can move their funds into private wallets whenever they
want, send funds to anyone who has their own wallet address, and do it all instantly
and with no extra cost.
Naturally, users can also use their coins for
payments, none of which is possible on Revolut or Robinhood at this time,
according to Thieriot.
No fees for fiat deposits, either
Zero-fee trading is still relatively new in the crypto world, and it was turned into a trend by Robinhood, thanks to its stock-based services. Of course, the platform did enter the crypto space when the demand was surging, which is why its model disrupted numerous others in the crypto sector.
Soon enough, other traders were forced to
offer the same deal or watch as their clients leave for Robinhood. Thieriot
noted that there is no easier or more cost-effective way for retail investors
to trade crypto at the moment, as no other platform provides such freedom,
choice, and value for money.
Uphold even eliminated fiat deposit fees for those who
deposit their funds via credit and debit cards, making it extremely convenient
for investors and traders.