As part of its concerted effort to bring more users into the crypto ecosystem, AAX is unveiling a zero-fee initiative aimed at lowering trading costs while focusing on educating newcomers and raising awareness.
Crypto Services Provider Explores Bold Strategy To Woo New Users
Amid climbing network transaction costs and intense competition for new clients among exchanges, blockchain financial services provider AAX is advancing a new cost structure for trading major cryptocurrency pairs and DeFi currencies listed on its platform.
Set for rollout in August, AAX will reduce its market-maker and taker fees to 0.00% across its supported spot and derivatives pairs, marking a steep drop from the industry average of 0.30% per trade.
With a leverage of up to 100x available for derivatives transactions, which include both bitcoin-margin and USD Tether-margined futures contracts, the fee model will help traders reduce overall transaction costs while encouraging greater trading volume by attracting more users.
According to COO, Toya Zhang, “The financial revolution, spurred on by crypto has only just begun, and we believe now is the right time to make a big move. We live in historical times where we will discover the power of collective action and focus in driving one of the biggest social and economic transformations of the century. With just under 2% of the world’s population in crypto, there is still so much room for growth and we believe removing as many barriers as we can to drive adoption is the right course of action at this stage”
AAX, which first launched services in 2019, showcases its team’s know-how and experience in the form of enterprise-grade infrastructure designed to match the demanding needs of professional and institutional investors.
The integration of the London Stock Exchange Group’s (LSEG) Millenium order-matching engine assures high-speed performance and trade execution for platform participants. This technology capably handles significant order flow, reducing the likelihood of exchange outages during volatile trading periods characterized by elevated transaction volumes.
With more than 500,000 clients and plans to bring many more through this zero-fee offer, AAX is already prepared for an influx of volume thanks to its robust technology stack. This strategy will also help introduce clients to other valuable services embedded in the ecosystem like the peer-to-peer lending functionality, the OTC trading platform which supports large institutional clients, and the option to quickly buy cryptos without needing to place trades.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.