myCryptoWallet introduces zero-fee trading after bank scuffle

Posted: 5 February 2019 1:50 pm

It's back, but myCryptoWallet is still in the dark about its account cancellation.

Late last month, the myCryptoWallet exchange found its NAB bank account cancelled without explanation, as has happened to many other exchanges before it.

"We're certainly not the first exchange to have our account frozen," myCryptoWallet CEO Jaryd Koenigsmann said at the time. "We've seen it happen to many exchanges around the world. It’s also not the first time it's happened to us."

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The incident has been resolved, myCryptoWallet says, although it's yet to receive an explanation for the account closures.

"We're still yet to receive an explanation from the National Australia Bank as to why the account was closed," Koenigsmann says. "We would have been more than happy to work with them to resolve the issue and any concerns they had that led to the closure. But, so far, we haven't had this opportunity. We're still in the dark about why it happened."

For reasons which may or may not be related, myCryptoWallet has also announced that it will be introducing zero-fee trading from Wednesday 6 February, applying to all cryptocurrencies available on the platform including bitcoin, Ether, XRP, Litecoin and Power Ledger.

"Some of the fees exchanges charge are through the roof, and are a big hit to trading profits. We're introducing zero fee trades to make the myCryptoWallet trading experience even better and more profitable for our customers," Koenigsmann said.

And for the rest of the year, there are plans to introduce more than 50 new cryptocurrencies to the platform in 2019.

"Our customers have been telling us they want more trading options and flexibility on our platform, and we’re excited to be adding dozens of new coins in the coming months. These will be handpicked by our team and carefully vetted prior to listing," Koenigsmann said.

Such a full roster of cryptocurrencies would give myCryptoWallet one of the wider selections in Australia. This might be especially timely since Cryptopia – the New Zealand-based king of variety among crypto exchanges – is currently indisposed.

Disclosure: At the time of writing, the author holds ETH.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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