Dutch retail brokerage platform BUX has launched its commission-free cryptocurrency trading platform BUX Crypto in response to the growing demand for cryptocurrency trading.
The company announced in a statement that BUX Crypto is now available through 25 European countries.
BUX stated that its new offering aims to introduce new traders into the cryptocurrency markets by simplifying the process of cryptotrading. 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.”
The platform currently supports trade in six major cryptocurrencies, namely Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC) and the native token BUX of the platform. The company plans to add more cryptocurrencies to its portal over time.
Even though the platform says it allows users to trade in cryptocurrencies without charging a commission, a catch is present. Only the first 5,000 users who sign up for BUX Crytpo can actually trade commission-free. Those that follow will have to hold at least 2,500 BUX tokens in order to qualify for free trade.
BUX to Register with Dutch Central Bank (DNB) Soon
The platform has assured its users that they will be registering as a cryptocurrency service provider with Dutch Central Bank (DNB), although they have not clarified when.
It would be a crucial move for BUX Crypto to gain confidence from its new users and spread the message that after all, cryptocurrencies are not illegal assets.
For its part, as of January 2020, the DNB started regulating crypto-currency-related firms. Enforcement started after an announcement last autumn 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.”