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During the last months we have seen how different cryptocurrency exchanges and platforms started to reduce trading and withdrawal fees. At the same time, another important virtual currency trading platform, Robinhood, offers crypto trading services without fees. Now, Zebpay, the largest bitcoin exchange in India, has decided to reduce fees for intraday transactions.

Zebpay Cuts Bitcoin Fees

Zebpay has decided to increase its competitiveness against other international cryptocurrency exchanges by reducing its fees. Now, users that buy and sell bitcoins or other cryptocurrencies during the same day will have 0.1% fee.

The information has been announced by Zebpay in a blog post on April the 2nd. The title of the post is “Drastic Reduction in Intraday Fees.”

The post reads as follows:

“We’re happy to announce that the fees for intraday transactions has been drastically reduced. If you buy and sell any cryptocurrency on the same day, you’ll be charged a small fee of only 0.1%. 0.1% fee means Rs. 10 fee for a Rs. 10,000 trade.”

This is part of a strategy to compete with other cryptocurrency exchanges and platforms that offer lower fees for trading and withdrawing cryptocurrencies. For example, Robinhood, a United States-based application, offers Bitcoin and Ethereum trading on its platform without fees for traders.

“Next month, round-the-clock (February), commission-free cryptocurrency trading comes to the Robinhood platform. Trading will be limited to Bitcoin (BTC) and Ethereum (ETH), with more coins tradable later. Trading functionality for BTC and ETH will be released gradually in waves to Robinhood residents in California, Massachusetts, Missouri, Montana, and New Hampshire. Robinhood Crypto will be available in more states soon.”

Zebpay explains using an example how the fees would be reduced while trading.

(0.1% while buying) + (0.1% while selling)

(0.1% of Rs. 5 lakh) + (0.1% of Rs. 5.2 lakh)

= Rs. 500 + Rs. 520

i.e., a total Zebpay fee of Rs. 1020.

Binance and Kraken Fee Reduction

These two cryptocurrency exchanges have also decided to reduce fees one month ago. Binance announced that they will be reducing 50% BTC withdrawal fees, and will only be 0.0005 BTC.

Additionally, Kraken has also reduced its withdrawal fees of Bitcoin (XBT) to 0.005 and Bitcoin Cash (BCH) to 0.0001.”

With Robinhood, Binance, Kraken, Zebpay and other cryptocurrency exchanges and platform reducing their fees, the market is becoming much more competitive and fair for traders and crypto enthusiasts.

Lower fees can be translated into more cryptocurrency activity and better services for users. Furthermore, by reducing fees, individuals that have been using crypto exchanges in the past, feel that the bad customer service that some of them offer is being compensated by lower trading and withdrawal fees.

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Image Courtesy of Bitcoin News

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