SAN FRANCISCO--(BUSINESS WIRE)--Leading digital money platform Uphold today introduces 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.
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.
‘Our goal is to create the easiest and most cost-effective place for retail investors to buy and sell cryptocurrencies and other assets,’ explained J.P. Thieriot, C.E.O. of Uphold. ‘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.’
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 U.S. cryptocurrency venue to offer commission-free trading.
Simultaneously, Uphold is launching the world’s easiest trading interface, consisting of just two fields: ‘From’ and ‘To’. The ‘Anything to Anything’ screen means that a novice user can fund their account, send money to other people, or trade from any asset into any other asset directly, in two taps - on one screen.
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.
"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."
Uphold is also adding new funding and withdrawal options to the platform, which is now attracting up to 7,000 new accounts every day. For the first time, customers can fund their accounts with zero fees via credit* (and debit) cards - a new standard for the industry. Instant withdrawal to debit cards will be available 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," said Thieriot. "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."
The web version of New Uphold is expected to launch later this month. iOS and Android Mobile Apps available to download now.
* For deposits into cryptocurrencies.
Uphold is a leading digital money platform with more than 1.7 million customers globally and almost $6 billion in transactions to date. It serves both retail investors and businesses. Leveraging blockchain technology, Uphold provides its customers with easy access to cryptocurrencies, national currencies, precious metals, yield/credit products, and soon crypto-backed debit cards. Customers can trade with zero commissions. Or send funds to virtually anyone, worldwide, free of charge, including payments to businesses and employees. Uphold is unique in translating all supported asset classes into a common digital language, which means that any asset can be exchanged directly into any other asset, creating an easy and intuitive trading experience. This Anything to Anything architecture cuts out unnecessary fees and complexity compared with other platforms relying on currency pairs, which would require an intermediate trade to exchange Mexican Pesos into XRP, for example. Businesses use Uphold to pay people around the world, or to accept customer payments in cryptocurrencies and convert them automatically into national currencies. Accounts can be funded via seven cryptocurrency networks, bank connections in around 40 countries, as well as debit and credit cards. The platform offers 27 national currencies, 30 digital currencies, and four precious metals. Uphold is available through web, iOS and Android applications.