The famous cryptocurrency trading platform Uphold is no longer charging its users a commission, this was announced on Tuesday by the company.
Welcome to #TheNewUphold, the easiest & most cost-effective trading platform for #crypto & other assets: 0% trading commissions, 0% fees on credit/debit card deposits, 0% withdrawal fees, #AnythingToAnything in 10 seconds.
— Uphold – #AnythingToAnything (@UpholdInc) January 28, 2020
Ever since TD Ameritrade and Schwab have begun to stop charging their traditional markets customers commissions for trading, it’s very likely other companies in the same category, including Uphold, have seriously thought of doing the same.
The Move Was Made After More Liquidity Providers Have Been Gained
JP Thieriot, the CEO of Uphold says the move was made because Uphold is now able to net trade at lower costs, after it has gained more liquidity providers. These are Thieriot’s exact words:
“In the old paradigm you charged a spread and a fee. Now, the fee part has gone away, there's a spread on anything that’s traded. We’ve gotten to a level of precision in the way the platform functions to be able to operate on spread and have a lower spread overall.”
Supported Assets to Be Traded in Real-Time on the Platform
Fees for the Uphold customers who are funding their Uphold accounts with debit or credit cards are going to be eliminated too. Aside from removing the fees, the company has also announced the launch of a new feature that allows customers to trade supported assets in real-time on its platform, so the need for a bridge currency like the US dollar for converting between assets is eliminated. Uphold has simplified the trading interface on its platform soon after completing the integration with the ledgers holding the currencies that it supports, also the native pre-currency of the same ledgers.
Uphold Supports 27 Cryptocurrencies
Known in the past as Bitreserve, Uphold rebranded itself back in 2015. It provides international remittances and exchange services in Bitcoin (BTC) and fiat currencies. At the same time, it offers efficient e-commerce services. The Uphold platform works in 182 countries and has support for 27 cryptocurrencies and 29 fiat ones. Back in January 2018, the chief risk officer at Ripple, Greg Kidd, made a $57.5 million in the company, in order to create its research and development arm, Uphold Labs.