Key facts:
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With Neverless you can buy and sell cryptocurrencies without deposit or trading fees.
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The app offers “Strategies”, an account for automatic and stable investment.
Three former Revolut executives have launched Neverless, an app for trading Bitcoin and cryptocurrencies without fees, and investing in an automated account that promises to revolutionize with its returns.
His team managed to raise $6.7 million in one of the largest pre-seed funding rounds in Europe. A few months ago, the company registered with the Central Bank of Spain as VASP (Virtual Asset Service Provider).
“We are going after all the platforms that abuse their users with commissions,” said Rita Riera, director of Neverless Spain. Neverless allows buy and sell cryptocurrencies with 0 commissions for deposit and 0 commissions for trading.
The app is very easy to use and allows you to deposit funds in euros, something other platforms have recently stopped offering. Additionally, some cryptocurrencies in the app, such as bitcoin, automatically generate interest, added to the user’s account daily.
‘Strategies‘, an automated investment account
Neverless offers a market-neutral investment account, which allows users to invest automatically and steadily. Although past performance does not guarantee future results, Strategies has an excellent track record, with an average annualized return of 14.01% over the past 90 days and an average of 12.08% over the past 12 months.
In the world of cryptocurrencies, price fluctuations can be extreme, but Strategies seeks to provide stability without depending on market volatility.
“Other platforms have similar products, but none with the potential return and flexibility in terms of permanence and deposits like our ‘Strategies’ investment account.”
Rita Riera, director of Neverless Spain
Neverless offers the same potential returns to all its users, with no minimum deposits or commitment. And without having to pay for a ‘premium’ account with higher returns.
This is definitely something that has not been seen before, as other platforms with similar products have different subscription ranges and the annual return changes depending on the user’s range.
The technology behind Strategies
Neverless uses automated strategies that are market-neutral. Although this technology is not new and is already used by large private investment funds, Neverless has made it accessible to the general public, no minimum investment.
Rather than predicting future prices, their strategies scan the market in real time to take advantage of inefficiencies, such as small variations in the price of a Cryptocurrency across different exchanges.
The algorithm of Neverless detects these differences and can act immediately: buy the currency on the cheapest exchange and sell it on the most expensive oneso the user benefits from the difference. This process is repeated millions of times per second, achieving stable returns without being exposed to the market direction, since these transactions are based on real prices and not predictions.
Testing Neverless, the commission-free bitcoin trading app
To check if the trading functionality in Neverless charges zero commissions, you just need to make the same transaction on another exchange, at the same time.
In this case, the example below shows the purchase of $10,000 worth of bitcoin on a well-known platform, at the same time as on Neverless. The result: 1.49% less bitcoin on the other platform.
From Revolut to Neverless
Having been part of the team that built Revolut into what it is today, the founders of Neverless identified issues with both the current financial system and the crypto world. Lack of transparency and large commissions are an unfortunate reality in this sector, a reality that they decided to change.
“Neverless was created for personal reasons: it was impossible to find an app that was transparent enough, easy to use, and above all, that didn’t give the impression of being scammed with commissions. Since it didn’t exist, the opportunity presented itself.”
Rita Riera, director of Neverless Spain
Much of their team of programmers also comes from Revolut. They are responsible for developing the Strategies algorithm, a product that Neverless has the only patent.
Growth and future plans of the Neverless trading app
Although the app has been available for a few months, Neverless Neverless already has thousands of users and a transaction volume of over 100 million dollars. Now, it wants to make Spain one of its main markets. Its registration with the Bank of Spain as a VASP is a sign that Neverless is betting heavily on the national market, and it seems it wants to stay.
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