In an increasingly competitive cryptocurrency industry, one exchange is announcing a drastic move to separate itself from its peers.
Johannesburg – September 3rd, 2019: As the blockchain industry heats up in South Africa, leading cryptocurrency exchange AltCoinTrader announced this morning (Tuesday 03 September 2019) that they are reducing all fees by more than 50% indefinitely. The announcement comes as somewhat of a surprise to industry insiders who have already seen immense shakeup in the space this year. The exchange said the move was an inevitable one in light of recent industry developments.
“We are seeing new players enter the fray almost on a monthly basis,” explained CEO Richard de Sousa, “which is of course good for the industry. But we need to ensure we remain top of mind for cryptocurrency traders, and this is a move that we believe will be welcomed by enthusiasts across the country.”
South Africa currently has six primary exchanges where consumers can buy and trade cryptocurrencies like Bitcoin and Ethereum. Reducing their fees by half puts AltCoinTrader into second place when ranked by most affordable. Previously charging 0.8% of all trades, the exchange will from today start charging 0.375%.
It is common practice even among international exchanges to charge the customary price of 0.5% per trade, usually taking a fee off the amount of cryptocurrency a customer wants to buy. By moving to 0.375% along with over a 50% reduction in deposit and withdrawal fees, AltCoinTrader are making a clear statement that they want to remain at the forefront of the South African cryptocurrency industry. And with almost R100 million traded in cryptocurrencies every day in South Africa*, it’s an emerging industry that is likely to expand at an increasingly rapid rate.
*Source: Coinmarketcap.com API