China's BitVC Adds Trading Fees For Exchange Traders

China-based bitcoin exchange Huobi has announced another update to its trading fee policies today. Following news from last week that the exchange would add 0.2% to both sides of domestic bitcoin trades, Huobi said it will enact the same pricing for international users via its BitVC platform. Huobi had previously offered both services without trading fees. Fees, the exchange said, will be calculated daily at 13:00 local time, and it detailed how fees would be exacted from customers and in which digital and fiat currencies. Founded in 2014, BitVC is notably a Hong Kong-based entity....

Huobi is launching a bitcoin futures trading feature on its BitVC platform with a 10-day simulated trading competition to get users involved. The exchange is offering prizes of funded trading accounts to the top 50 traders in the competition, which closes at 12:00 (Beijing time) on 19th September. The only catch is, winners must then turn those accounts into profits to pocket the winnings. BitVC COO Wang Huaiqiang explained the competition's purpose: "We tried to design BitVC Futures to be easy for beginners to understand and convenient for experienced traders. Playing the game is a good....

The world’s largest bitcoin market saw a steep fall in trading volumes on the day in which exchanges began charging trading fees at a flat 0.2 percent from midday (Beijing time). In a 1-hour trading period after bitcoin exchanges introduced trading fees, trading volume at BTC China fell over 80%. Huobi and OkCoin, the two other exchanges that were investigated and saw discussions held with the People’s Bank of China saw declines of over 90 percent and 80 percent respectively. The drop in trading volume can be attributed to the lack of automated bitcoin trading, previously making up for a....

Alongside its plan to pool 20% of all trading fees into a 'system reserve fund', Huobi informed CoinDesk it has now reimbursed all users who suffered from its "system loss allocation policy" in the form of credit for future trading fees. "BitVC will continue working toward our goal of providing a fair, transparent and stable trading platform, and we always welcome user feedback and suggestions," the platform added. BitVC, the digital currency futures trading platform owned by exchange Huobi, found itself on the receiving end of customer anger last week when it took 46.1% of traders'....

Chinese bitcoin exchange BTC China has announced it will lower trading commission fees from 0.3% to 0.1% for all trades executed after midday China time (4:00 am GMT) today, 24th February. It will also retain its 'maker-taker' fee model, meaning those placing limit orders at prices set by them (market 'makers') will still be exempt from all fees, and actually receive a 0.1% rebate. The model is useful because it adds to market liquidity. BTC China had previously reduced fees for withdrawal into Chinese yuan from 1% to 0.5% on 3rd January. The company had been China's largest and busiest....