Hey all, I know the whole 0% trading fee has been the hot topic in terms of China volume, but now BTCChina has a new trick up its sleeve:
$165 promotion
http://www.coindesk.com/btc-china-accepting-bank-deposits/
BTC China has also launched a promotion to bring awareness to its Maker-Taker programme and reward its customers.
Maker-Taker is a system whereby those posting multiple buy/sell offers and increase liquidity in the market (“makers”) are paid a fee, whereas those who take the offers and remove market liquidity (the “takers”) are charged a fee of 0.3%.
Until 15th February, company is giving 1,000 RMB ($165) to one maker and one taker every time the amount rebated to makers exceeds 100,000 RMB.
“The prizes go to the maker and the taker who push the rebate threshold over the next 100,000 mark. We have already given out over 3m RMB in rebates and given prizes to 62 winners,” Lee explained.
He went on to say BTC China’s domestic competitors charge 0% commission, but he believes Maker-Taker is a more compelling deal. Lee said:
“Obviously if you’re a taker, to go and buy and sell bitcoin actively, you have to pay a small commission, however, the reason you pay for that is access to the liquidity and the depth of our order book.”
Because of this model and the depth of the order book, BTC China states customers can easily buy and sell tens of thousands of bitcoins without moving the market.
“We’re not trying to be different for the sake of being different. We’re trying to be innovative and benefit bitcoin in China. The Maker-Taker method accomplishes two things – it brings more market depth and more liquidity to the site, plus it reduces volatility, which makes for a healthier for market for bitcoin in China,” Lee concluded.What do you think? Instead of offering 0% trading fees like other Chinese exchanges, they have a rewards program where those who provide liquidity to the market (and thus make BTCChina more attractive to large investors who loathe slippage) are given an incentive to keep providing this much-needed liquidity.
If you do a lot of trading, i.e. if you would potentially qualify for these prizes, does this attract you? If you were eligible, would you consider using BTCChina for this reason? Or would you prefer a different exchange with 0% trading fees.
