Summary of the change
Coinfloor is moving to zero fee trading and will be replacing trading fees with percentage fees (in addition to bank processing fees) on GBP and other fiat deposits and withdrawals. Bitcoin deposits will be free and bitcoin withdrawals will be charged a flat 0.0005 XBT fee to cover fees charged by the bitcoin network. Zero fee trading will go live later this week (17/1/2017) and fiat deposit and withdrawal percentage fees will go live early next week (24/1/2017). Full details of the new fees can be found on our fees page.
Why the change?
We are already the most liquid GBP/XBT exchange but we believe this change will increase trade volumes and improve liquidity even further.
What does this mean for you?
If you are a regular buyer or seller on Coinfloor, you should find that your overall costs (i.e. deposit/withdrawal costs and trading costs) will stay roughly the same.
If you are a regular trader on Coinfloor Exchange, you can now trade bitcoins for free, not paying fees other than as part of any occasional deposits or withdrawals. Also, if you are depositing, trading and withdrawing profits in XBT, you will only pay the nominal XBT withdrawal fees.
What does this mean for Coinfloor?
We are setting the deposit, withdrawal and trade fees at levels which we believe are sustainable for Coinfloor and attractive to our customers.
However, this is a significant and unprecedented change so we will be monitoring how it performs and if necessary, we will revert to a more traditional trading fee based structure.
We are excited to see how this change is adopted by our customers and are happy to hear any feedback that you may have.