In response to the growing demand for cryptocurrency trading, Dutch retail brokerage platform BUX launched its commission-free cryptocurrency trading platform BUX Crypto.
In a statement published April 8, the company announced that BUX Crypto is now available across 25 European countries.
BUX stated that its new offering aims to bring new traders into cryptocurrency markets by simplifying the crypto trading process. BUX CEO and founder Nick Bortot said:
“We see BUX Crypto as a natural extension of our current lineup, which is focused on offering products that make it simple and affordable for even the newest investor to get into the financial markets.”
At present, the platform supports the trade of six major cryptocurrencies, namely Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and the platform’s native token BUX. Per the release, the company plans to add more cryptocurrencies to its portal over time.
Although the platform says that it allows users to trade cryptocurrencies without charging a commission, there is a catch. Only the first 5,000 users to sign up on BUX Crytpo will actually be able to trade commission-free. Those following that will have to hold at least 2,500 BUX Tokens to be eligible for free trading.
Sticking to regulations
The platform assured its users that they will register with Dutch Central Bank (DNB) as a cryptocurrency service provider, though they did not clarify when. It would be a crucial move for BUX Crypto in winning trust from its new users and further spreading the message that cryptocurrencies, after all, aren’t illegal assets.
For its part, the DNB began regulating cryptocurrency-related firms on Jan. 10 of this year. Enforcement began following an announcement last fall, in which the bank noted, “In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers, must register with De Nederlandsche Bank.”
