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Chicago-based cryptocurrency exchange Seed CX has lowered its trading fees in a bid to place the platform in a competitive position.
As per a press release, the new fees are said to be some of the lowest levels in the industry. The move follows after Seed CX’ trading volumes were reportedly higher than other top exchanges including Bittrex and Winklevoss brothers’ Gemini.
With its aggressive fee schedule and low slippage books, Seed CX founder and CEO Edward Woodford said the company looks forward to “continuing to lead institutional digital asset trading with best execution, operational support and technology.”
Fees for takers is cut down from eight to five basis points on the Seed Digital Commodities Market. On the other hand, makers who used to trade for free will receive a rebate of one basis point.
“The new fees will allow us to compete with the deals that the bigger exchanges are making with some of our biggest clients,” Woodford told CoinDesk.
He further noted that instead of implementing a multi-tiered fee structure that provides traders a lower rate for reaching a certain transaction volume, Seed CX aims to offer the best rate possible to all its participants.
Woodford also hinted that the platform will soon add more fiat-crypto pairs including euros and Japanese yen.
Just recently, its subsidiary Zero Hash has launched support for derivatives enabling clients to settle bilateral derivative transactions. It now supports all back-office settlement for forwards, with plans to expand the functionality for options in the future.
