BTC China to Drop Bitcoin Trading Fees to 0%
Published on March 18, 2014 at 15:18 BST
BTC China is set to reduce the trading fees across its digital currency exchange to 0% and it has today added the option for users to trade bitcoin for litecoin and vice versa.
At the beginning of the month, BTC China added litecoin support, enabling users to buy the popular altcoin using local currency CNY with 0% trading fees.
CNY-BTC trades on the site currently come with a 0.1% fee, but from 21st March, this will be removed.
A statement from the company reads:
"In order to standardize the three trading methods, we have decided to waive the BTC/CNY trading commission fee from March 21, 11:00am (GMT +8)!"
Those who want to withdraw their litecoins from the site will have to pay a fee, though, of 0.001 litecoins (under $0.01). The current CNY withdrawal fee is 0.5%.
The company has also added a collection of new features to its service, including the option for users to add and manage multiple bank accounts.
Other new features include:
New Voice SMS Verification Code
If you are unable to receive SMS, you can opt for Voice SMS Verification Code.
New Confirmation Dialogue Box
A confirmation dialog box will pop-up when you place an order to minimize error occurrences.
No minimum CNY withdrawal limit
Even if your account balance is under 200CNY, you are able to withdraw all the remaining balance.
Litecoin API trading is now available
More Markets added to the Homepage
Back in November, BTC China beat Bitstamp and the now-defunct Mt. Gox to become the world's number one bitcoin exchange. Its daily trading volumes regularly exceeded 14,200 BTC.
At the time, Bobby Lee, CEO of BTC China, said: “It’s an honor to see that BTC China has been propelled ahead to number one in the worldwide rankings. The real credit goes to the people in China, for having recognized the importance and value of bitcoin.”
However, this has since changed dramatically, with Bitcoin Charts showing the exchange's current daily volume at around 3,370 BTC. Bitstamp is currently at the top of Bitcoin Charts' table, with a daily volume of around 15,625 BTC.
Bitcoin exchange data site BTCKan shows Chinese exchange Huobi as having a volume of 86,871 BTC over the past 24 hours, with OkCoin's volume reaching 79,691 BTC in the same period. There have been suggestions that both these exchanges are faking volume data, but Huobi's CEO recently emphatically denied doing so.
Lee told CoinDesk the motive behind dropping trading fees was to create consistency across the platform, having the same 0% rate for litecoin and bitcoin. However, it could be an attempt to gain back some of the customers it lost to its competitors when it imposed fees late last year.
Bitcoin smartphone image via Shutterstock.
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