Updates to BitX Exchange trading fee

We have several updates coming to the BitX Exchange, which we’ll announce in the coming weeks, but first we want to announce a simplification in the way we charge trading fees.

percentage

Currently trading fees are charged in BTC for buy orders and in local currency (MYR, NGN, ZAR, KES, IDR – depending on the currency) for sell orders.

After 1 March, 2016 trading fees will be charged in BTC for both buy and sell orders.

There is no change to the fee percentages. The only change is that fees will now consistently be denominated in bitcoin.

We believe that using a consistent fee currency will help to simplify accounting and trading calculations, and make for a better trading experience overall.

 

Q & A:

When will the change happen?

The changeover will happen at midnight GMT on the last day of February i.e. 2016-03-01 00:00:00 GMT.

Does this affect maker or taker orders?

Liquidity providing trades (maker orders) will continue to have zero fees and will therefore be unaffected by this change. Liquidity consuming trades (taker orders) will be affected as described above.

How does this affect the API?

There are no differences for buy orders.

For sell orders, you will notice some differences:

  • when you place a sell order (e.g. sell 1 BTC) it will reserve 1.01 BTC from your available balance rather than 1 BTC
  • after a sell order is matched, the fee will be indicated in the “fee_base” field of the order and the “fee_counter” field will be zero
  • for both buy and sell trades, the fee will now be recorded as a separate item on the statement rather than being subtracted from the trade statement item.

If you have any questions, please feel free to reach out to our Customer Engagement team at [email protected]

Werner van Rooyen
Werner heads up Business Development and Growth at BitX. His passions include payments, e-commerce, technology, marketing and design: something that he has been fortunate enough to do on three different continents. Werner has lived and worked in South Africa, the United States, Indonesia, Taiwan and China.