A platform for trading cryptocurrency without any trading fees… Get to know it
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Answer A platform for trading cryptocurrency without any trading fees… Get to know it
In a statement published the day before yesterday, Wednesday, November 20, by the “Shapeshift” platform announced Through it, trading on its platform will be without commission.
The platform decided to do this to attract more clients to its platform and push its decentralized financial system without limits.
Eric Voorhees, Founder and CEO of ShapeShift, said:
By eliminating commission fees, it will remove two of the biggest problems that noncustodial trading platforms face:
Lack of liquidity and high service cost.
The move is expected to draw crypto traders from custodians of user funds to noncustodians, an effort Voorhees has been working on for nearly a decade.
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In this regard, he stated:
We believe token assets create powerful new mechanisms for customer engagement.
He added:
ShapeShift’s FOX Token, which always gives commission-free crypto trading to those who hold it, is our initial offering for this offering.
How does Shapeshift work?
The new model is very simple.
All Shapeshift participants will receive an estimated 100 FOX tokens – the company’s loyalty tokens – representing a free trade value of $10.
If users stick to FOX token, they will enjoy commission-free trading.
If not, they will have to pay the fee normally to the Shapeshift platform.
Every 30 days, the $10 Premium Free Trading Representation is updated, and this will remain permanent.
Obviously, the number of users who can get free trading depends on the number of FOX tokens they currently own.
Shapeshift platform Even with the provision of no-fee trading, the platform will still be profitable.
As people may choose not to hold onto their FOX tokens, another option for Shapeshift to generate income is to sell their FOX tokens for commission-free trading.
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Shapeshift’s business model differs from the operations of exchanges that operate on the principle of guarding users’ currencies such as Coinbase and Binance.
Shapeshift does not store users’ private keys, money, and personal information.
Instead, participants will keep their money and data within the hardware wallet.
With this new model, Shapeshift expects a 30% increase in trading accounts.
Read also:
The truth about the statistics related to the processing of trading deals in cryptocurrency trading platforms
Important tips to help develop self-discipline when trading in the crypto world
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