HomeTodays NewsBitpanda offers gold and silver trading options along with cryptocurrencies
Bitpanda offers gold and silver trading options along with cryptocurrencies
May 11, 2019
The debate on cryptocurrencies being a replacement for gold has been going on in the space for a long time with several proponents from both sides making their case. In a bid to combine both assets, Bitpanda, a popular cryptocurrency trading platform has revealed that gold and silver will be added as a new asset class to Bitpanda: Metals.
The organization’s tweet read:
“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 http://www.bitpanda.com/metals #gold #silver”
Bitpanda has stated that a user buys shares of real god and silver bars from Pro Aurum and Philoro, the organization’s partners. According to the platform:
“When you buy gold and silver on Bitpanda, you are the owner of a specific share of real gold and silver, stored in a secure vault.”
Bitpanda claims that the gold and silver purchased is stored in a secure wallet where it is “100 percent insured”.
Just like other transactions related to cryptocurrencies, trading in gold and silver also incurs fees, although there are no buy/sell fees for gold at the moment. Bitpanda elucidated:
“Please note that you pay a storage fee of 0.0125% per week of the total amount you hold for insurance and storing, which is a lot cheaper than the usual amount for storing precious metals in a secure and insured vault. It will be calculated daily and reduced from your respective Metals wallet on a weekly basis (if the wallet balance is 0, no fees are deducted).”
There were also user queries on this latest development as Max Lewis, a cryptocurrency enthusiast, asked:
“Will we be able to claim and hold physically?”
To this, Paul Klanschek, the Chief Executive Officer [CEO] of Bitpanda, replied:
“Yes. We will announce details for this in the future!”