Austrian crypto trading platform Bitpanda has introduced trading services for digitized gold and silver along with digital assets.
The digitized mental trading instruments are backed by physically stored metals which are securely kept in a vault in Switzerland and are 100 percent insured, according to the May 13 announcement.
Introducing a brand new asset class to Bitpanda: Metals! Gold and silver will be soon available to buy and sell on Bitpanda with ultra-low fees and the same ease as our other assets. Read more about Bitpanda Metals at https://t.co/s0TdbZGU7l #gold #silver pic.twitter.com/LaKDknjKWm
— Bitpanda (@bitpanda) May 9, 2019
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For the supply of precious metals, the retail crypto exchange has partnered with two metals brokers – Pro Aurum and Philoro.
“With Bitpanda Metals we are bringing the user experience and convenience of buying digital assets to the world of precious metals,” the exchange noted. “The physically backed gold and silver can be traded with the same ease as with other digital assets on the Bitpanda platform.”
Minimum trading fees
As a promotional offer, the exchange will keep no trading fees until June 15 but will charge 0.5 percent of the trading value. In addition, customers have to pay 0.0125 percent of the value as storage fees. However, the platform will not charge any value-added tax (VAT) for the traders.
Being a crypto exchange, Bitpanda will also facilitate swapping services from metals to digital assets as well.
“To celebrate the launch of Bitpanda Metals, Bitpanda charges no premium on buying gold, plus users receive €5 to €200 worth of tokenized gold or silver when they invest at least €25 in gold or silver on the Bitpanda platform,” the exchange noted.
The European crypto exchange last month gained a payment service provider license from the Austrian market regulator the Financial Market Authority Austria (FSA), which allows the company to offer its services in both the European Economic Area (EEA) and the European Union.