An Amsterdam-based retail brokerage agency, BUX, introduced the smooth launch of its service that permits customers to commerce US shares for free of charge, with customers who need entry to extra superior functionalities paying a small payment for the execution of their transactions.
BUX’s providing is the same idea to commission-free investing app Robinhood, which additionally has zero brokerage charges and has reached 13 million customers within the US. Robinhood raised this month its newest spherical of funding, bringing in $280 million at an $8.three billion valuation.
Lately, the corporate introduced the official launch of BUX Crypto, a platform that permits customers to commerce cryptocurrencies commission-free. The platform is at the moment accessible to clients in 25 European international locations, together with the Netherlands, Germany, Austria, and France.
Many companies are actually utilizing low cost or free buying and selling to draw shoppers to extra worthwhile companies. For now, they’ll hold their free platform afloat by making compromises to some enterprise points akin to not having many bodily places, a small workers for consumer service, and never spending on large promotional campaigns.
BUX competes with Robinhood-like choices in Europe
Earlier in January, BUX acquired Blockport, a European social cryptocurrency funding platform, in a bid to additional develop its service choices. Blockport was rebranded to BUX Crypto and registered with the Dutch Central Financial institution (DNB) as a cryptocurrency providers supplier beneath the BUX model.
Customers have been capable of entry quite a lot of digital belongings, together with Bitcoin, Ethereum, and XRP. The corporate is predicted to scale its improvement workforce to help their progress as they begin to roll-out its product throughout Europe.
Based in 2014 by Nick Bortot in Amsterdam, BUX goals to supply European merchants Robinhood-style experience although it has not too long ago introduced its brokering in-house. Along with cryptos, the corporate additionally affords commission-free investing that lets customers spend money on manufacturers and corporations they like by way of its personal app.