Circle has long been hyping up in cryptocurrency markets with its promise of zero-fee trading platform. Now, they launch Circle Invest in US except for NY, MN, HI and WY and release an app to allow users to instantly buy and sell cryptocurrency without any fees. The app is already available in AppStore and Play Store.
The app itself isn't a full-fledged exchange tool, because it hides most of the stuff present on one – you can't take a look at the order book and you can't submit limit orders. For now the functionality is limited to fiat deposits and withdrawals and buying and selling cryptocurrency at market prices. Currently Circle Invest supports Bitcoin, Bitcoin Cash, Etherium, Etherium Classic and Litecoin.
It seems awfully similar to Coinbase, you may say, and you would be right. The parallels are there, but there is also a crucial difference – Circle Invest lets you do all the same things, but for free.
For example, while fiat transfers to account are free on both platforms, on Coinbase you would pay 1.49 percent for exchanging USD to digital currency. On the other hand, Circle gives you an option to transfer up to $10,000 instantly, and anything above that sum takes several days to process, but after that you are free to change your USD to any presently supported crypto without any fees whatsoever.
Of course, on stock markets nothing comes truly free, and everyone knows that. The prices for buying and selling Bitcoin have a spread of about 1.5 to 2 percent between them, as stated by Circle.
The company is a hot topic in the news lately with the acquiring of Poloniex exchange, so we can expect a growing ecosystem around the app soon. That's the difference they promise to bring to the market. For example, Robinhood also provides zero-fee cryptocurrency trading, but they are only intermediaries between users and connected exchanges. In Circle's case, they plan to launch their own cryptoexchange, so the rumors about expansion to a full-stack blockchain company don't seems so far-fetched.