A popular social trading platform, eToro has declared that it is all set to slash its cryptocurrency trading fees by half to stimulate the market so that the traders get attracted to its service. Another reason for trimming down the price to half is due to the bearish crypto market that has petrified casual investors from investing in it.
The traders must remember that the trading platforms always charge a certain amount of fees for each transaction. With a reduction in price, the users can perform transactions with minimum spread fees and will certainly get more attracted to it. Having served more than 10 million users worldwide, eToro now plans to increase the mass adoption excessively.
According to Yoni Assia, CEO of eToro, the company has taken this huge step to promote cryptocurrency trading and make it accessible for the investors to buy, sell and hold the digital currencies. Whereas, cutting the costs of spreads will keep more the clients’ financial profits, which is very important to retain them and bring in more users into it.
For those cryptocurrency investors who are interested in using this platform, the London-headquartered company presently provides 12 options to choose from: Bitcoin, Ripple, Bitcoin Cash, Ethereum, Litecoin, Stellar, Cardano, Ethereum Classic, NEO, Dash, IOTA and EOS, as reported by Ethereum World News.
Presently, the lowest spread fees of the platform are now on the world’s most popular cryptocurrency, Bitcoin running at 0.75 percent. Whereas, the fee for Ethereum, Ethereum Classic, Bitcoin Cash, Litecoin and NEO has been kept at 1.90 percent. eToro has set the spread fee for XRP and Steller at 2.45 percent and Dash, IOTA, Cardano and EOS at 2.90 percent.
Cryptocurrency trading is not only expensive, but it is also quite a risky activity. Crypto Briefing states that the exact amount for this trading depends on the exchange, but most of the trading platforms charge some sort of fees for each transaction. For instance, Coinbase charges $2.99 per transaction below $200, and an additional 1.49 percent variable for making the transactions above that amount. The charge may be acceptable for occasional transactions, but such amounts discourage the investors in making small transactions frequently.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]