Desirable Changes Taking Place On the Poloniex Platform
The blockchain technology has been flooded with various investment opportunities. Every week we tend to identify several new platforms that seem to be very promising, as they keep evolving with the trends that are taking place in the market. One that we would like you to look keenly on is the Poloniex platform, one that is proving to be promising for the various investors who are present.
Changes on the Poloniex platform
The blockchain technology keeps evolving with every new investment that keeps presenting itself, and with this, the Poloniex platform would not want to be left behind. The platform has taken the necessary steps to ensure they review their whole system and also the user experience with a fine-tooth comb. From this, the company has identified an apparent hanging fruit that will require immediate improvement, and this is their current trading fees.
The company last updated the Bitcoin dominated fee tiers in March 2016; this was back when the BTC remained relatively stable at $415. And since then we have seen that a lot has changed in the world and also this ever-growing market, particularly the cryptocurrency prices; thus the current fees of the platform need some little adjustments.
Three changes to look out for…
On May 15 2018, the platform will be rolling out these three changes, so read on to be well informed on the changes you should expect.
Exciting news from the Circle Poloniex team today – we're lowering our trading fees on May 15! Read more here: https://t.co/xEynTJYhx5.
— Poloniex Exchange (@Poloniex) May 1, 2018
The trading fee tiers will be based on the 30-day volume in US Dollars instead of Bitcoins. The platform remains as a crypto only exchange but only collaborating with a volatile currency like the Bitcoin might lead to some confusions and also inconsistency for the various users. The company is making this change to ensure there is a reasonable expectation on the fees the multiple users will pay based on how much they trade; this is regardless of the drastic changes that we see in currency prices.
The company will also lower the trading fees that have been set across the board. As an exchange user, you have come to experience competitive pricing in the last year, leading to an influx of the liquidity players in the market. For the company to bring their pricing a little bit more in line with the current market standard, they have gone ahead to lower the starting taker fee to about 0.20% while the starter maker fee at 0.10%.
But this is not all as the company will also lower the volume thresholds to offer fee discounts. The company will be rewarding their various users for high trading activity; this is by reducing the 30-day volume thresholds that are required to access the fee discounts. The fees for the makers will go to about 0% when you are able to trade $7,500,000 within 30 days, while prices for makers will go to around 0.10% when they trade about $30,000,000 in 30 days.