The Uphold Exchange announced that they’d implemented commission-free trading for all cryptocurrency services. This San Francisco-located corporation is incorporating this new business model, following the likes of competing exchanges like Revolut and Robinhood. Additionally, features are being provided to exclusive traders that have displayed loyalty towards Upholds services, with those features not yet revealed.
The chief executive officer for Uphold, JP Thieriot, spoke on this new service. This well-known executive stated: “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.”
Upholds Uphill Struggle
The Uphold Exchange is following business models that were first popularized by Robinhood across North America. Robinhood quickly became famous for offering commission-free trading on stocks and cryptocurrencies. Uphold will struggle to acquire customers that already operate accounts with Robinhood. Especially when Uphold isn’t providing commission-free trading to stocks.
It should be noted that Robinhood altered how online trading is engaged, with large wall street firms having to follow this business model. TD Ameritrade and Charles Schwab have both introduced identical products. The potential for clientele shifts is becoming more limited to Uphold with each passing month. Another factor of growth for Uphold will be the implementation of zero fiat deposit fees. No other exchange currently maintains this offering.
JP Thieriot continued his statements by saying: “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 much choice, freedom, and value for money. 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.”