Circle had announced their cryptocurrency investment application, ‘Circle Invest’ in late 2017. Four months following the initial announcement, the Circle Invest app has finally launched in 46 states in the US! Circle Invest is a cryptocurrency investment and storage app - which gives Coinbase a run for its money! The app is now available for all US-based users of the App Store and the Google Play Store.
The app has been released for all the states in the US apart from New York, Wyoming, Minnesota and Hawaii. The app allows users to trade cryptocurrencies without any fee. The Circle Invest app may sound a lot like a traditional cryptocurrency exchange, but it isn’t one, as it does not come with additional, complex features such as setting buy/sell/limit orders, etc. The app only allows users to buy and sell cryptocurrencies at market rates and deposit/withdraw money.
Circle Invest, at the moment, supports Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ethereum Classic only. The app is very similar to Coinbase in terms of operations. It does not have any complex features and simply allows the users to buy or sell cryptocurrencies using fiat money. Both these platforms are visually appealing and easy to use. However, the biggest difference between the two platforms is the fact that Circle does not charge any fees whatsoever!
Depositing cash into a Coinbase account is free of charge, but every time a cryptocurrency is purchased using fiat money, Coinbase charges a fee of 1.49%. There is no such fees of Circle. The app allows instant purchase of cryptocurrencies below $10,000, beyond which a user may have to wait for a few days. Circle Invest is also quite clear about their spread (the difference between the buy and sell prices), stating that there is a spread of 1.5 to 2% which may vary from time to time.
Circle has been in news lately over their recent acquisition of Cryptocurrency Exchange Poloniex. Following this acquisition and the launch of the trading app, Circle soon plans to launch their own full-fledged cryptocurrency exchange in the near future. Circle Invest isn’t the only app which offers cryptocurrency trading at without any fees. Platforms such as Robinhood and Revolut also have similar services. However, these apps are not backed by an exchange and act as a broker with other exchanges. Circle, on the other hand, has bigger ambitions.
However, while the app has been launched, it is still in an early phase and is being termed as an ‘early access version’. Circle Invest comes with a tagline - ‘Crypto without the Cryptic’, which basically makes it clear that the app has been designed in an easy to use manner, even for new and novice investors. Circle also intends to get their app into the four states where it hasn’t entered yet, but these states require a lengthier regulatory process.