Trading fees are disadvantageous to all investors, as they usually take up a lot of the crypto funds. Not only that, but exchanges frequently charge hidden fees, such as conversion fees, withdrawal commissions, and so on. Thus, you end up giving more to the exchange instead of making the most of your trade. Amplify is a crypto brokerage that believes traders should not have to pay fees when they make trades.
About Amplify and Its Purpose
Amplify is among the few exchanges in the crypto industry that has zero trading fees. The platform was launched in 2019, it’s accessible to people from 150 countries, including Ireland, and it’s supported in nine native languages. The Amplify suite combines Industry-leading portfolio management tools and an intuitive user experience; and, best of all, it’s based right here in Ireland with headquarters in Dublin!
Amplify makes use of high-end technologies, including blockchain, in order to provide the best security and trading experience, as it is the standard with top cryptocurrency brokerages.
The CEO of the exchange, Justin Tabb, has expressed his opinion that today’s exchange industry is taking advantage of traders, by charging higher fees on their trading, extending lockup periods for money market suite products, and using their centralized power to force traders to conform to the rules of their platform. Inspired by top traditional financial trading platforms such as Charles Schwabb and Fidelity which do not charge any fees for their trading, Tabb created Amplify Brokerage to be the first global crypto brokerage that would not charge trading fees.
Amplify’s Roadmap and Achievements
True Commission Free Trading
The first feature of the Amplify Brokerage that rolled out in 2019 was their commission-free model, which distributes the fee charged for filling the order onto the liquidity provider matching the order, instead of the end-user/trader.
Big firms, such as TD Ameritrade and e*Trade, launched their zero-fee trading model, and Amplify has followed their example to launch the first cryptocurrency exchange that has zero fee commissions. When compared to a regular exchange, such as Coinbase, Amplify allowed traders to earn 1.4% more Bitcoin on the exact same Bitcoin order.
What Cryptos Can You Trade With?
Amplify has an ample list consisting of 40 currency pairs, which can be traded by all residents of the available countries at globally regulated spot pricing. Amplify’s supported tokens list is:
- Bitcoin Cash
- Stellar Lumens
- Ethereum Classic
- Basic Attention Token
- Amplify Loyalty Token (AMPX)
Fast and Simple Onboarding
Most exchanges implement a time-consuming and difficult process, but Amplify wants to make things easier for all traders. The platform was developed to allow traders to create a Level 1 account in less than a minute.
In order to become a Level 2 trader, which gives access to higher daily deposit and withdraw limits, users require less than 3 minutes. This enables first-time customers to use an exchange quickly, and the site also includes instructional videos on how to onboard and use the account.
Amplify strived to make its platform as secure as it is facile to use. Most of the exchange’s funds are stored in cold wallets, which benefit from industry-leading technology. Cold storage is the most secure way of keeping crypto funds safe from online attackers or hacks.
In 2019, the platform added insurance to its cold storage funds. The insurance covers losses of up to $100M. Moreover, funds are 100% safe, and users can rest assured that, in case of a breach, they will be refunded.
The Amplify platform interface featuring portfolio management tools and mobile web optimized trading
Accurate Profit and Loss Tracking
The Amplify platform is among the few that have implemented profit and loss tracking. Their proprietary Profit & Loss system was created by trading experts, enabling users to manage the performance of their portfolio. The mechanism benefits from highly accurate asset analytics to help users make the best trades. The interface of Amplify connects with external trading platforms, brokerages, and exchanges and calculates the best bid and ask offers on the market. The profit and loss tracking functionality will see further updates in 2020.
New Features to Come
Amplify will add new exciting features in the first half of 2020, including fiat onramps and offramps. This will make Amplify the only zero-fee trading exchange to provide fiat trading options against cryptos. Users will be able to buy or sell cryptos by using their bank account. Credit & Debit Card processing from global service providers will be implemented in 2020 to also enable debit or credit card purchases.
Deep liquidity requires the use of multiple liquidity providers. Amplify has ensured liquidity so far by using a large number of exchanges that agree to their commission-free model, as the liquidity provider covers the user fees.
Additional liquidity providers will be added to their list in 2020 in order to offer an enhanced experience on the platform.
Amplify is currently available in 9 different languages, but the platform wants to add more to cater to its global audience. The exchange is going to offer users the possibility of trading without fees in their native language. Because of this, more languages, educational content, and marketing emails will be added on the platform in 2020.
The most awaited feature for early 2020 is Amplify’s Pro Exchange. This new platform will change the way users make their trades and give valuable insight into the performance of their trading strategy.
Signing up on Amplify:
- Access the https://amplifyexchange.com site;
- Go to the upper right corner and click the green “Register” link;
- Enter the required details, such as your first name, last name, email, date of birth. Put in your country and choose a strong password;
- Pass the “CAPTCHA” confirmation;
- Click “Continue;”
- A confirmation screen will appear, and you will receive an email;
- Click on the link you received in the email;
- Enter the password for your Amplify account;
- Click “Continue” for account confirmation;
- Enter your wallet address in the blank spaces;
- Click “Continue;”
- Log in again and start trading without fees.
Amplify is an ambitious exchange project that has started with a lot of enticing features, such as zero trading fees, and has many more functionalities and upgrades for 2020. We can’t wait to watch where they will go next and we’re excited to be along for the journey.