BUX announced this Monday that it has continued its European expansion by officially launching its zero-commission mobile investing app, BUX Zero, in the German and Austrian market.
BUX is a retail brokerage based in the Netherlands. The mobile investing app officially enters the new markets with already having established itself within nine European countries and 2.5 million users, the investing company said.
Commenting on the launch, Nick Bortot, Founder and CEO, BUX said in the statement: “As the economic landscape continues to change across Europe, and it becomes more difficult for younger generations to prepare for their financial future, young Europeans need better options to help them build wealth.”
“With the introduction of BUX Zero in Germany and Austria, we are offering a simplified investing experience for a new generation of investors who are looking for a convenient, inexpensive solution to put their money to work.”
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The BUX Zero app is tailored for both experienced investors, as well as beginners. The trading app is powered by its own back-end broker. In addition to entering new markets, the app has been expanding its product range, by adding commission-free trading for US stocks and heading into cryptocurrencies.
COVID-19 boost for BUX
The investment app is launching within Germany and Austria during a time of heightened trading activity. As Finance Magnates reported, volatility, driven by the coronavirus pandemic, has seen a new wave of traders enter into the markets. Many of these are first time traders.
According to the statement, this unprecedented market activity has been a solid boost for BUX, with assets under management almost tripling in March alone. Furthermore, the trading app said it didn’t experience any system failures during this period.
BUX Zero was officially launched in the Netherlands in September last year, as Finance Magnates reported. Following its official launch announced today, the company will target France as the next phase of its European expansion plans.