BUX, a retail brokerage based in the Netherlands, officially launched its BUX Zero trading app to waitlisted users in the Netherlands on Wednesday. By launching the trading app, the broker has signaled the beginning of its European rollout.
The BUX Zero app is tailored for both experienced investors, as well as beginners. The trading app is powered by its own back-end broker, and will soon be available to users across Europe, as the company doesn’t need to secure third-party back-end brokerage partners in multiple countries.
Nick Bortot, the CEO and Founder of BUX
Commenting on yesterday’s launch, Nick Bortot, BUX Founder and CEO said: “Today, we are proud to invite our Dutch users to be the first to experience BUX Zero. Since 2014, we have made it our mission to make the world of finance a more approachable, accessible place for more than 2 million users across Europe."
“Our experience in building engaging mobile apps, along with our background in operating across Europe has allowed us to create a better solution for investing for a whole new community of digital natives.”
BUX Zero to roll out to Germany and Austria
Following its launch, BUX Zero will start with onboarding users on its waitlist, before moving on to onboard new users over the coming weeks. Now that it has launched in the Netherlands, BUX will be rolling out its offering to users in Germany and Austria.
Initially, the BUX Zero app offers Market Orders and Limit Orders, which are available commission-free until the end of the year. In 2020, a third-order type will be added to the app, the “Basic Order.”
When selecting the Basic Order, the trader’s order will be executed at a fixed time once a day. According to the statement, this order type will be commission-free forever. Once this order type is added to the app, it will charge €1 for Market Orders and €2 for Limit Orders.
Nick Bortot: it was worth the wait
“It has taken some time, but we have built a full-fledged stockbroker while simultaneously building the BUX Zero app. Having this full-stack back-end gives us a tremendous amount of flexibility because we aren't tied to a third party's legacy system,” added Nick Bortot.
“It makes our operations incredibly cost-efficient, so we can offer zero-commission investing. We can also easily offer innovative features, like fractional stock ownership in the future.”
At the same time, the app introduces the Basic Order, it will also launch a subscription plan. This will give traders the option of paying a fixed monthly fee, instead of having to pay commissions on all order types. The subscription will be lower than the commission of a single transaction at a traditional broker, the statement said.
