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Friday, December 4, 2020

First Crypto Exchange with No Fees is About to be Launched

  • A fintech firm known as Fasset recently announced the launch of a new exchange in the Middle East.
  • The exchange, called Fasset Exchange, will offer a unique experience as it won’t have trading fees.
  • Users will still have to pay for withdrawal and OTC fees, however.

While buying, selling, sending, and trading cryptocurrencies is significantly cheaper than working with fiat, crypto exchanges still have fees that their users need to pay in order to enjoy their services. However, this also may be about to change, as the first-ever cryptocurrency trading platform with no trading fees is about to be launched.

Introducing a First Zero-Fees Exchange — FEX

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According to a Thursday announcement, a new exchange is about to be launched in the Middle East, but unlike every other crypto exchange in the world — it won’t charge any trading fees to its users.

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The platform will service users located in around six countries in the Gulf Region, including Kuwait, Bahrain, Oman, Saudi Arabia, Qatar, and the UAE. The platform’s name is Fasset Exchange (FEX), and it had already started sign-ups for a private beta. 

However, the announcement also revealed that other crypto users won’t have to wait for long, as the public rollout is scheduled to also take place in 2020, just a bit later down the line.

There is a Catch, though

The exchange is being launched by a fintech company known as Fasset, and its goal will be to offer regular cryptocurrencies such as Bitcoin (BTC) or Ethereum (ETH), as well as stablecoins, such as Tether (USDT).

However, it is important to note that users still won’t have a 100% fee-less experience. While there will be zero trading fees, users will still have to pay for withdrawals, as well as Over-The-Counter (OTC) fees. 

As mentioned, the platform is allowing users to sign up for private beta testing. Those who do will immediately receive full access to the platform, as well as the marketplace.

Another thing to note is that Fasset made an announcement, back in July, which said that the company plans to launch an operating system based on Ethereum. The plan was to use such a system to help with tokenizing investments in climate-friendly infrastructure.

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