Hong Kong's BitVC Adds Fees For Exchange Traders

Pete Rizzo
Jan 24, 2017 at 15:52 UTC
NEWS

Hong Kong-based bitcoin exchange BitVC announced an update to its trading fee policies today.

Following news from last week that the exchange would add 0.2% to both sides of domestic bitcoin trades, BitVC said it will enact the same pricing for international users as other major bitcoin exchanges including BTCC, Huobi and OKCoin.

All three exchanges previously offered both services without trading fees.

Fees on BitVC, the exchange said, will be calculated daily at 13:00 local time, and it detailed how fees would be exacted from customers and in which digital and fiat currencies.

Founded in 2014, BitVC is notably a Hong Kong-based entity originally founded to offer margin trading services. (Early users were able to borrow up to 200% of the value of their assets).

As such, the move perhaps signals that China's bitcoin exchanges will move to enforce trading fees – even in subsidiaries outside of the country. Sources close to exchanges had previously expressed a willingness to keep lower fees in these markets.

The announcement comes as the global bitcoin markets continue to adjust to the change in policies at China's three largest exchanges, three of the largest by volume in the world.

At press time, volume figures were down across all three exchanges, though the price remained largely unchanged, continuing to hover around $900 as it has in recent sessions.

Correction: An earlier version of this article stated that BitVC is owned by Huobi. This has been revised.

Image via BitVC

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