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ETF provider Global X temporarily cuts fees on European crypto ETPs to zero
Renowned Exchange Traded Funds provider, Global X, has reportedly reduced commissions for two of its Exchange Traded Product (ETP) offerings to zero, as part of its commitment to the European market and investors.
According to a recent report By The Financial Times, the US-based company controlled by South Korea-based multinational financial services company Mirae Asset Financial Group will remove its Global Bitcoin and ETP Global
Recall that the two products mentioned above were first listed on the Frankfurt and Zurich stock exchanges in March 2022 with a commission of 0.65%, however, with the latest update, investors will be able to enjoy a commission-free service for the next seven months.
Speaking about this development, the head of Global
X Drops Global Commissions as WisdomTree and 21Shares Products Debut on the London Stock Exchange
Meanwhile, the reduction in fees for Global X’s cryptocurrency ETPs follows the introduction of comparable Ethereum and Bitcoin products by WisdomTree and 21Shares on the London Stock Exchange. Please note that the UK’s Financial Conduct Authority (FCA) must approve entry into the stock exchange’s primary market and only qualified investors will be able to access the products.
In March, financial regulators announced that while they would allow the sale of exchange-traded cryptocurrencies to institutional investors, they would still maintain a ban on retail investments.
With a 0.35% management fee ratio, the two WisdomTree ETPs are among the lowest fees for institutional-grade Bitcoin and Ethereum ETPs that are fully collateralized by the underlying assets, according to the firm. However, with Global X temporarily eliminating commissions, the company offers a more attractive investment.