Crypto exchange platform bitFlyer is set to introduce a new trading fee structure for users that places the company as having the cheapest trading cost charges in the United States. With retail and institutional interest in cryptocurrencies on a high, the move could see bitFlyer claiming an even largest percentage of the market.
Amid the increasing interest in crypto trading comes the search for regulated exchange platforms. Government regulators in different countries are paying closer attention to best practices compliance on the part of spot and derivatives crypto trading services.
bitFlyer Rewarding High Volume Traders with Lower Fees
According to a press release shared with Blockonomi, bitFlyer making wholesale changes to the crypto trading fee structure on its Lightning platform. Based on the details of the announcement, maker/taker fees for volume below $50,000 will now attract a fee of 0.1% while volume above $500 million will see fees pegged at 0.03%.
In total, the exchange is introducing eight crypto trading tiers based on volume. Users will be assigned to one of the fees categories based on their previous 30-day trading volume
This new trading fee regime firmly places bitFlyer as the regulated crypto exchange with the lowest fees in the U.S. Commenting on the move towards a more discounted crypto trading structure, bitFlyer COO and head of the platform’s U.S. division Joel Edgerton remarked:
At bitFlyer USA, we always look to add more value to our customers, and the simplest way to do that is to lower fees. We do not have any complicated requirements, allowing customers to simply focus on their trading strategies. It has long been our goal to increase crypto adoption through making bitFlyer the cost-effective, safe alternative for US retail and institutional traders.
According to the press statement, the new trading fee regime comes into effect on Nov. 4. Users will have between now and then to come to terms with the new changes. Traders can also refer to the platform’s FAQ page to glean other pertinent information about crypto trading fees.
Trading fee reduction may likely drive more retail and institutional patronage for bitFlyer. Back in Oct. 2019, the crypto community reacted negatively to Coinbase increasing crypto trading fees for retail users. According to bitFlyer, the trading fee plan will also help to improve liquidity and order depth allowing for a more seamless trading experience for its users.
With Bitcoin (BTC) expected to end the year on a bullish note, exchanges are positioning themselves to capture new and veteran crypto traders. Despite failing to break a multi-year resistance at above $13,800, the consensus is that BTC is on course to set a new 2020 high above the $14,000 price level.