In a significant move to enhance client value, ACY Securities, a leading multi-asset CFD broker, has announced the removal of all payment channel fees for cryptocurrency deposits. This update underscores the firm's commitment to providing a more efficient and cost-effective trading experience for its users.
Key Updates to Cryptocurrency Deposit Policy
This policy change means that traders choosing to fund their accounts using digital currencies will no longer incur any payment channel fees from ACY Securities. Previously, the broker absorbed 1% of a total 1.5% fee charged by payment channels. Effective from October 2, 2024, clients benefit from a full fee waiver, allowing more of their capital to reach their trading accounts without deduction.
This initiative is designed to support the growing preference for digital assets as a funding method. By removing this cost barrier, ACY aims to make financial markets more accessible.
Understanding Gas Fees
It is important to note that while ACY Securities has removed its internal fees, clients may still encounter minimal network gas fees when executing transactions on the blockchain. These fees are paid to network validators to process and secure transactions and are a standard part of blockchain operations, entirely outside the control of any brokerage.
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A Step Towards Enhanced Client Experience
This update is part of a broader series of enhancements aimed at optimizing the overall client journey. Jimmy Ye, CEO of ACY Securities, commented on the development: "We recognize the increasing popularity of cryptocurrency as a deposit method. Removing these fees allows us to better serve our clients' evolving needs, benefiting both our existing community and attracting new traders who prefer using digital assets. Our goal is to ensure every client enjoys a more convenient and cost-efficient trading experience."
Recent platform improvements also include a major upgrade to the Swap-Free Islamic Account, where the administration fee charging cycle has been extended from 2 days to 4 days, offering greater flexibility for specific trading strategies.
Frequently Asked Questions
What exactly has ACY Securities changed about its fee structure?
ACY Securities has completely eliminated the payment channel fee previously associated with depositing funds using cryptocurrency. Clients now deposit without any fee deduction from the broker.
Are there any fees at all when using crypto to deposit?
While ACY charges no fees, a small gas fee is required by the blockchain network to process your transaction. This fee varies based on network congestion and is not collected by ACY.
Why are gas fees still applicable?
Gas fees are essential for processing and validating transactions on a decentralized blockchain network. They are paid to miners or validators who maintain the network's security and functionality, and are independent of any brokerage service.
How does this benefit me as a trader?
This change means that a larger portion of your deposited funds arrives in your trading account, improving your initial capital efficiency and reducing the cost of funding your account.
What other recent improvements has ACY made?
Beyond the crypto fee removal, ACY has enhanced its Swap-Free Islamic Account by extending the time before an administration fee is charged from 2 days to 4 days, providing more flexibility for traders.
Commitment to Innovative Trading Solutions
With over 13 years in the industry, ACY Securities has established itself as a trusted provider of innovative trading solutions. The firm offers a secure and advanced trading environment with access to a wide range of financial instruments, including forex, commodities, indices, ETFs, shares, futures, and cryptocurrencies. All services are supported by robust platform technology and dedicated client support.
This move to eliminate cryptocurrency deposit fees is a testament to ACY's client-first philosophy, continuously adapting its services to meet modern trader demands.