ShapeShift, one of the world’s leading self-custody crypto trading platforms, continues to change the cryptocurrency industry by allowing users to trade on its platform with no commission or trading fees. ShapeShift is the first platform to institute free trading between cryptocurrencies, and by doing so, the company prepares to entice users away from custodial exchanges. By promoting self-custody, ShapeShift is taking further steps to make a borderless, decentralized financial system a reality.
ShapeShift was the first crypto trading service to pioneer a non-custodial model in 2014, in which users maintain control of their assets. Five years after its original launch, the new ShapeShift platform now enables free crypto trading in tandem with its highly anticipated FOX token, released today.
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 wallets.
“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,” explained Erik Voorhees, Founder, and CEO of ShapeShift.
ShapeShift’s platform enables customers to access deep liquidity, now with some of the best rates in the industry. The company is even displaying the rates of its competitors, which are often 1-2% worse than what ShapeShift platform users now enjoy with its new pricing engine.
“By offering high liquidity, zero trade fees, and a beautiful web-based UI, our goal is to help crypto users transition toward self-custody,” said Voorhees. 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.