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First Crypto Exchange With No Trading Fees to Launch in Middle East

Jaspreet Kalra
·1 min read

A new cryptocurrency trading platform is gearing up to offer zero-fee trades to users in six countries in the Gulf Region. Announced on Thursday, the platform Fasset Exchange (FEX)  has started sign-ups for its private beta and is planning a public rollout later this year. 

  • According to a press statement emailed to CoinDesk, FEX will be available to investors in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

  • Launched by fintech firm Fasset, the exchange aims to service both tokens backed by real world assets like gold and cryptocurrencies like bitcoin (BTC), ether (ETH) and USDT.

  • While the platform plans to not levy trading fees, it will charge consumers for services like withdrawal and over-the-counter fees. According to the emailed statement, users who sign up for its private beta testing, will have full access to the FEX platform and marketplace.

  • Earlier in July, Fasset had also announced the launch of an Ethereum based operating system to help tokenize investment in climate-friendly infrastructure.

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