Commission-Free Cryptocurrency Investing App Launched By Circle

FinTech, Investing, News | March 16, 2018 By:

Cryptocurrency platform Circle recently launched a cryptocurrency investing app that provides retail investors with commission-free trading for five cryptocurrencies.

Called Circle Invest, the app allows users to invest or trade bitcoin, ethereum, Bitcoin Cash, Ethereum Classic and Litecoin, with more tokens coming in the future. It would be available in “early access” form to US citizens in 46 states. Residents of Minnesota, Wyoming, and Hawaii are excluded from the group of potential mobile brokerage platform users due to some regulatory restrictions, while New York residents will gain access “very soon.”

Circle Invest allows users to connect their bank accounts to facilitate instant deposits, while the app also supplies market data. The app offers commission-free trading. It makes its money by taking a 1.5-2 percent difference between a coin’s buy and sell prices. All user assets are stored offline in cold storage, and the app does not currently support cryptocurrency deposits or withdrawals.

Circle is not the only company that advertises free crypto trading. Commission-free investing app Robinhood debuted in February to offer zero-fee trading of ‎bitcoin and ethereum ‎alongside traditional investment products‏.‏

Circle, which has received funding from both Goldman Sachs and Chinese tech conglomerate Baidu, also announced that it will hire 100 employees to expand into Asia and improve operations at Poloniex, which the company reportedly acquired for $400 million last month.

The company said they will use many of these new hires to improve customer support and operations at Poloniex. Other new employees will devote their efforts toward helping Circle’s institutional trading desk — Circle Trade, which manages about $4 billion in volume per month — begin processing trades in Asian fiat currencies. About one-third of the new hires will be stationed in offices spread throughout mainland China, Hong Kong, South Korea, and Japan