ShapeShift Brings Zero-Commission Trading to Crypto
ShapeShift is taking further steps to make a borderless, decentralized financial system a reality.
ShapeShift is one of the world’s leading self-custody crypto trading platforms. It continues to change the cryptocurrency industry by allowing users to trade on its platform with no commission or trading fees. It is the first platform to institute free trading between cryptocurrencies, and by doing so, the company prepares to entice users away from custodial exchanges.
ShapeShift was the first crypto trading service to pioneer a non-custodial model in 2014-this is where users maintain control of their assets. Five years after its original launch, the new ShapeShift platform enables free crypto trading in tandem with its highly anticipated FOX token, released on November 2 .
All users of ShapeShift’s new platform receive 100 FOX tokens, and by holding them, customers enjoy perpetual zero-commission trading — a first in the blockchain industry. While trading is commission free, network miner fees still apply to each trade. Each FOX token provides $10 of free trading volume on a rolling 30-day basis. The tokens aren’t spent or consumed- customers just hold them in their wallet.
Erik Voorhees, Founder and CEO of ShapeShift explained, “We believe that tokenized assets create powerful new mechanisms for customer engagement. ShapeShift’s FOX token, which perpetually grants zero-commission crypto trading to those who hold it, is our initial demonstration of this thesis.”
The platform enables customers to access deep liquidity offering some of the best rates in the industry. The company is even displaying the rates of its competitors which can be worse than what ShapeShift platform users enjoy with its new pricing engine.
Traders can access ShapeShift’s web-based interface or API, and can enjoy an integrated wallet experience with their KeepKey or Trezor hardware wallet. Last week, ShapeShift integrated Portis so that users don’t need a hardware wallet to interact with the platform.
ShapeShift was founded in 2014 as a cryptocurrency trading platform. Its focus is on serving users based on four guiding principles – security & self-custody, free trading & high liquidity, 24/7 customer service, and an effortless user experience. The ShapeShift Platform allows users to buy crypto with fiat, trade, track, and secure their crypto through a simple web interface.