Canadian Crypto Trading Platform Launches Commission Free Trading for Cautious Investors
TORONTO, July 30, 2018 /CNW/ - Canadian investors are generally known for being risk adverse, but when it comes to trading cryptocurrencies investor anxiety seems to be tied directly to age and income. This, according to a recent Environics survey commissioned by Coinberry, Canada's first federally registered commission-free crypto trading platform.
According to the survey, younger Canadians are more confident in the rewards of cryptocurrency investing than older Canadians. 40% of investors aged 18-34 identified cryptocurrencies as 'high return investments.' Younger investors (36%) were also more likely than older age groups (18-26%) to believe that wealthy Canadians invest in cryptocurrencies.
However, the same survey also showed younger investors are more concerned about fees. 42% of respondents aged 18-34 cited the high cost of fees as a 'major concern' in cryptocurrency investing, a much higher number than older groups.
In an effort to make cryptocurrency trading more attractive to Canadian investors, young and old, Coinberry is launching free trading for cryptocurrencies through the Coinberry.com platform.
"We are leading the pack with 0% fee trading, it's a Canadian first." said Andrei Poliakov, President of Coinberry. "Coinberry wants to enable Canadians of all ages to invest even as little as $50 to understand the technology and opportunity of Cryptocurrency. Based on our research, Coinberry's 0% fees will remove a major barrier for Canadians to invest."
Key Survey Findings:
Younger Canadian Investors See Value in Cryptocurrency Investments
- 39% of all 18-34 year olds surveyed, cited cryptocurrencies as an investment with high returns. Older age groups ranged from 5% to 22% believing cryptocurrency investments have a high return, with the numbers dropping as age increased.
- 40% of 18-35 year old investors surveyed, identified cryptocurrencies as investments with high returns
Younger investors really hate fees
- 42% of respondents aged 18-34 said the high cost of fees were a major concern in cryptocurrency investing
- Interestingly, the older the investor, the less concerned they were with fees:
- 33% of 35-51 year olds said high fees were a major concern
- 23% of 52-69 year olds said fees were a major concern
Canadian women are significantly braver than men with Cryptocurrency Investments
- Canadian men were much more likely than women to cite risk as a concern with cryptocurrency investing than women (71% vs 55%)
- Canadian men were also more concerned about security in cryptocurrency investing (62% vs 55%)
Fear of risk may be holding men back from cryptocurrency investments
- Despite their concerns about risk, male investors were more likely to believe that cryptocurrency investing is a high return investment than female investors (35% vs. 18%) suggesting that men see the value in cryptocurrency investments but are sidelined by perceived risk.
Wealthy Canadians worry more about risk…
High income earners (100K+) are more worried about risk than all other income categories at 84%. (<25K = 49%, 25<50K = 61%, 50<75K = 64%, and 75<100K = 70%)
High income earners (100K+) were also more concerned about security in cryptocurrency investing, 76% compared to a range of 45 - 63% in other income categories.
Ironically, high income earners (100K+) were also mostly likely to site a lack of understanding (72%) as a barrier to cryptocurrency investing.
Coinberry is Canada's first federally registered commission free crypto trading platform. Similar to Expedia, Coinberry secures the best cryptocurrency prices from trusted exchanges using proprietary algorithms. Coinberry makes the process of getting in and out of crypto very easy, in fact, users can sign up and start trading in under 5 minutes. Coinberry allows users the seamless convenience of immediate access to multiple exchanges from a single Coinberry account. Coinberry also offers incredible rates on Bitcoin and Ethereum. With thousands of users registering for early access to 0% trading, the public is ready for a fee-free future.
About the Environics survey:
This report presents the findings of an online survey conducted among 1,000 Canadian adults from July 9 - 11, 2018. In order to qualify for this survey respondents had to be 18 years of age or older and reside in Canada. Of the 1,000 respondents interviewed 688 indicated that they were investors.
For further information: Patrick McCaully, Pointman News Creation, email@example.com, 416-855-9427 x-301, Pointmannc.com