Circle’s Poloniex Exchange Lowers Trading Fees and Automates Cost Structure for Users
Cryptocurrency exchanges across the world are in a heavy battle for the increasing market share of investors. Despite the rapid market growth of the industry, exchanges are deploying different strategies to dive deeper in the blue ocean market. Poloniex cryptocurrency exchange is the latest to take up the challenge with a massive reduction in the trading fees. The exchange will further reduce the tier levels of the trading fees from 11 to just three.
The announcement made by Circle editor, Christina Pawlikowski, confirmed the traders on the exchange will experience lower trading fees starting this Wednesday, 6th March 2019. Poloniex exchange is structured in a volume-tiered, market maker schedule where the fees charged are deduced on per-trade basis.
Basically, the more “total volume” you trade on a rolling 30 day basis, the lower your fee on subsequent trades. The exchange will calculate your fees based on your last 30 days of trading volume based on the daily average of the BTC-USD rate (24-hour weighted average price) and dynamically adjust your fees accordingly in the three tier levels below.
New fees on Poloniex cryptocurrency exchange effective 6th March 2019 (Poloniex)
For trading volumes below $1 mln USD, the maker pays a fee of 0.08% while the taker pays 0.02%. Monthly trading volume above $1 mln USD to $20 mln USD will have the maker’s and taker’s fee set at 0.02% and 0.15% respectively. Finally, if your monthly trading volume for the trailing 30 days is above $20 mln USD, the maker does not pay any trading fees while the taker pays 0.10% in fees.
The latest upgrade on the platform is set to improve customer experience and come on the heels of technical upgrades, asset listings, and new features that better the user experience on the exchange.