By Bitcoin.com PR — Jan 20, 2018 0 3089
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On average, the typical stock purchase costs between $10 and $20, while the cost to exchange a cryptocurrency costs anywhere from 0.15%-0.25% of the amount being traded. You are probably thinking “Fantastic” if you’re playing with $500. But what if your trades start growing larger as you become more successful? Or if they are already something substantial, like $5,000?
Whether you trade through Poloniex, Bittrex or any other current exchange, the fees involved severely prohibit the profitability of crypto trading. Most exchanges use something called a “maker and taker” system. The maker creates volume. This important market function comes with the built-in incentive of lower fees. On the other end, the taker is simply the trader who benefits from this function by executing orders on prices offered by the maker. The cost of utilizing these functions is a higher fee. Traditional fee systems have set makers at 0.15%, with takers ranging between 0.20%-0.25%. If you’re starting out small with a couple thousand dollars and keep trades to a minimum, you will be largely unaffected. Meanwhile, active investors and traders with substantial amounts of coins will be faced with fees that prevent them from meeting their required rates of return! For a day trader executing a single $3,000 transaction, this 0.2% fee equals out to $6! If you take it a step further and include the exchange fee required to get back to their original position, they could expect to pay nearly $12 per trade. Every day these outrageous fees turn thousands of investors and traders away from the trading opportunity of a lifetime.
With all of this coming to light, a new cryptocurrency exchange has risen to challenge the status quo, bringing both a professional and mature fee system to this sector. Bitmora has popped up in the news these past few months and has been a trending topic on social media. It is becoming clear that people really love the idea they’ve brought in: a revolutionary fee system that doesn’t bind the user to any set fee system, but instead allows them to choose what works best for them. Upon registering on the exchange, the user will be given a choice between a traditional and a fixed fee system and will be given the ability to change this at any time. Both large and small volume traders alike will be able to trade calmly and effectively without the worry of their profits being eaten away by outrageous fees.
The first fee system includes your traditional maker fee at 0.14% and a taker at 0.24%. Nothing to get too excited about, but perfect for you small volume traders out there. The real action comes into play with their fixed base fee system, which is a near carbon copy of what you see in the stock market. The fixed base fee system features a standard maker fee of 0.01% and taker of 0.03% with a flat $7 added on top. Any trader with $5,000 will feel the benefit of keeping more of their money in their pockets. Any trader with $8,000 will be needing a bigger wallet as they’ll be saving nearly half their profit in fees. The fee system being created by Bitmora is a game changer and might spell the end of exchanges charging such predatory fees.
Bitmora is creating a cryptocurrency exchange to please all ends of the spectrum. By creating this revolutionary system, they have displayed a willingness to accommodate any trader or investor. The Bitmora Exchange is not released yet. It is still in development, and its funding stage is coming to an end soon. If you’re interested in investing and helping to fund the Bitmora Exchange, go here https://bitmora.com/register.php to sign up and learn more. It’s completely free to sign up, and you’ll be able to create suggestions and vote on other user suggestions through their portal.
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