Australian Crypto Exchange MyCryptoWallet Gifts Users No-Fee Trading For BTC, ETH, XRP And LTC
MyCryptoWallet, An Australia-Based Cryptocurrency, To Roll Out Zero Fee Trading
After a tumultuous start of the year, myCryptoWallet seems poised for greater things. The Aussie-based cryptocurrency exchange, one of the leading in the ‘Land Down Under,’ has reportedly announced zero fees charged on all transactions done on the platform.
From the 6th day of February, 2019, myCryptoWallet will become the first Australian crypto exchange to charge absolutely nothing on all trades done on it. This, of course, is already some great news to its users.
myCryptoWallet at the moment supports five major coins namely BTC, ETH, Ripple, LTC and Power Ledger. But according to the exchange’s CEO, Jaryd Koenigsmann, the gesture is meant to grant its users “the best trading experience.” He admitted that the hefty charges slapped on trades in some exchanges effectively mean that the traders end up losing a lot from their earnings.
Zero Fee Trading To Precede Introduction Of more Cryptocurrencies
Koenigsmann further added that they exchange was hoping to increase the portfolio of cryptocurrencies supported by the exchange to over 50 in 2019. He says that the move will be in response to what customers have asked for.
The diversity and increase in the available trading options, according to the exchange’s CEO, will later make the platform more flexible. He says the cryptocurrencies will be carefully selected, hand-vetted and listed, if successful.
News of zero fee trading is coming at a time when the NIB bank fiasco is coming to an end. The bank had frozen all the funds belonging to the exchange in what the CEO says no explanation was given. Although the issue was resolved, the amount of inconvenience it caused was so huge that forced thousands of the platform’s clients to forego their money, albeit temporarily.
It’s reported that all the affected myCryptoWallet customers will recover their money by the end of the week. Koenigsmann, however, remains puzzled why their funds had to be held without any explanation.