Rakuten Wallet Launches Crypto Spot Trading Services

Reading Time: 2 minutes

Rakuten is one of the biggest e-commerce platforms in the world and it’s been plotting its venture into the crypto world for quite some time now. Back in 2018, Rakuten announced that it would deploy its own cryptocurrency to serve as a new reward points system, a feature that got off to a bright start. Now, Rakuten Wallet has announced that its crypto spot trading feature is ready and live. The app has been in the works since April 2019 and allows users to trade Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH).

Say Hello to No Fee Trading

No fee crypto trading is a growing trend that’s caught the eye of numerous crypto traders. Some spot trading platforms can charge upwards of 2% for trades, meaning small gains are easily wiped out. In a press release, Rakuten Wallet has announced there will be no fees tied to the platform, including when opening an account, depositing money, purchasing or selling crypto. This comes as huge news and could be the driving force behind the mass adoption of the no fee crypto trading business model. Lykke is already offering free crypto trading, but Rakuten has the huge user base behind it to help make this feature become more mainstream.

Get Your Hands on the Android App Today!

If you want to try out Rakuten’s free crypto trading service, all you have to do is head on over to the Google Play Store and download the Rakuten Wallet app. You will have to pass KYC and complete the account creation process, but once you’re given the green light you can enjoy a world of fee-free crypto trading. Unfortunately, iOS users will have to wait until September to see a version of the app created for them – Rakuten will make a special iOS announcement as soon as the app is ready. Rakuten Bank customers will be able to sign up for the platform by clicking a few buttons and with limited stress or KYC to pass through.

This move from Rakuten is huge and with its massive user base we could very well see mass adoption sooner than we previously thought. If Rakuten implements crypto payments on its massive global marketplace then we could really see mass adoption grow. With its own spot crypto trading app in hand, we could see this as the next step for the e-commerce giant once the iOS app has been launched to the public.