Global cryptocurrency exchange Luno said it will reduce the trading fees on its platform by over 90 percent. The highest fee users will now pay is 0.10 percent and the lowest fee will be 0.03 percent. Prior to now, users in the highest band were charged 1 percent fee for trading on the platform.
In a blog post, the company said it is also introducing an updated tiering structure for taker fees, which makes it easier for users to get rewarded the more they trade. This attracts zero fees. A maker is a user who places an order either a limit buy order below the market price or a limit sell order above the market price. The order waits in the order book and is therefore said to ‘make’ the market.
Luno was recently acquired by Digital Currency Group (DCG), a global enterprise that builds, buys and invests in blockchain companies. With regional hubs in Singapore and Cape Town, South Africa, Luno has grown significantly in recent years, with nearly 400 employees and more than five million global customers spanning over 40 countries.
“This puts Luno’s fees among the lowest in the industry. It’s the result of a thorough review of our exchange and fees that’s been carried out alongside our traders. This has already seen us introduce a number of new features designed to optimise your trading experience, including Stop-Limit Orders, Market Orders, and a sparkling new layout – with more to come,” the company said.
The new fee tiers will come into effect from Monday, September 5. Users will be able to access fee tiers daily based on a 30-day rolling basis.
“This means that you won’t have to wait for the month to end to jump up a fee tier and take advantage of lower rates if your trading activity has increased,” Luno said.
The company is also putting the finishing touches on its bitcoin savings wallet which will allow users to earn while they hold on to their assets on the platform.
