Hi and welcome.
Is Virtex planning on lowering those high trading fees anytime soon?
Thanks
Hi Portnoy,
Thank you for your question. We do get ask this quite regularly.
The fees we charge reflect the value of service we provide and the legal realities of keeping funds in Canadian banks with an Alberta corporation.
We operate our exchange with a team of dedicated full-time people. We also have a business plan that will add many more features to our exchange (you can view it in our prospectus:
https://www.havelockinvestments.com/reportdownload.php?id=7).
On the legal and regulatory front, we are paying for legal advice on how to operate in Canada with the utmost safety to customer funds.
You will find that other smaller competing exchanges that offer low fees may not have a full-time team, a publicly viewable business plan or any legal or regulatory efforts underway.
(Note: With enough trading volume you can reduce fees to 0.5%.)
Thanks for your response.
I would suggest that you would probably make even more money if you had reasonable fees.
I know more than a few people who use libertybit.com ( 0.5% regardless of volume ), and other services, just because your fees are so high.
You would get more people signing up and trading ( especially with so many disappointed with MtGox right now )...
e.g. it is better to have 1000 customers and charge them a nickle then have 10 customers and charge them $10.
Right now you seem to cater mainly to the rich. Who can afford to have a 120 Day Volume of more than 2500 BTC in order to get their fees down to 0.5%?
The fact that you get this question quite regularly, as you say, should tell you that there are many people out there eager to trade.
Right now your fees are prohibitive.
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