Within the past few years, cryptocurrency has gained traction as a commodity for trading, and with that traction more people around the world are learning and accessing the markets for cryptocurrency. However until recently, there have been multiple barriers to entry, particularly the difficulty of putting money directly from a bank account into a trading account, like traditional security trading.
Amplify is proud to offer a solution to this accessibility problem by providing a fiat gateway. A fiat gateway is a service that allows you to directly deposit currency like USD or EUR, and then use those funds to trade cryptocurrency. By offering this service, it allows customers and prospective traders to more easily enter or leave the market. Traditional fiat gateways require users to convert their fiat into Bitcoin (BTC) or Ethereum (ETH) before trading BTC and ETH for altcoins. Because of the multiple trades required, this can cause users to incur multiple fees and takes time as each trade being made is finalized, as visualized below. Amplify, on the other hand, has solved this problem.
Amplify goes even one step further than other exchanges in reducing trading fees than other fiat gateways. As seen in the image below, instead of requiring users to convert their fiat into BTC or ETH to make trades, Amplify allows its users to directly trade altcoins for fiat. This saves Amplify users time and money by reducing fees and eliminating multiple waiting periods from trading.