HitBTC which is a leading cryptocurrency exchange just announced in a press release that they are lowering the trading fees on their platform to a “market-leading lows”. By doing this, HitBTC has repositioned as one of the most beneficent places to trade crypto. The exchange has come up with a “maker-taker” fee tier system. This is a very common practice in the industry which, basically, means that the users who generate more liquidity, get rewarded.
“When a user places a buy or sell order that is outside of the existing range on the order books, they are in effect making liquidity. By doing this they are paving the road for further asset movement on the exchange, whereas, if a user completes an order that already exists on the books, they are in effect taking liquidity off the board,” reads the release.
Considering all this, HitBTC wants all of its users to receive benefits when trading with them, so they massively lowered the fees for operations under 10 BTC. Previously, the fees for makers were 0,1% and 0,2% for takers, but now these figures have been lowered to 0,07 to both. That makes it a massive rate cut, especially for takers.
Here is an explanatory image of how the tier system is going to work:
However, to be eligible to use this fee system, you have to have an account with 30 days of trading volume. That’s not 30 days of account existence, but 30 days of actual trading. Also, only upgraded accounts can apply to this tier system. As for starter and general accounts are left with the old fee system which is a fixed rate of 0,1% for Makers and 0,2% for Takers, as mentioned above. HitBTC backs it’s incentive by saying that they want to “reward community members for high volume trading.”
Example: The user buys 15 EOS for 1 LTC and at the time of the trade 1 EOS is equivalent to 0.001 BTC. This means 0.015 BTC will then be added to their 30-day trade volume total.
HitBTC is one of the leading cryptocurrency exchanges and started operating as early as 2013. The exchange offers more than 800 crypto trading pairs. HitBTC has a daily volume of almost $700 million and the most used trading pair is BTC/USDT with a daily volume of $241 million. It also offers trading pairs with cryptocurrencies such as Ethereum, Litecoin, Tron, EOS, and others.