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Trading fees for the Bitcoin

Wednesday, January 25, 2017 2:05 AM GMT

New standards are coming for the cryptocurrency. As it seems, the top three Chinese bitcoin exchanges will start charging it with trading fees. Releases from BTCC, Huobi, and OkCoin have said that the fees being implemented aim to "further curb market manipulation and extreme volatility."

There will be a flat fee of 0.2% for each transaction and comes in contradiction with Chinese exchanges policy with no trading fees and sized margin practices. Many bitcoin traders wonder how this will affect the Chinese trading market as China is the biggest bitcoin industry in the world while Japan is second.

Bitcoin had a great rally during first days of 2017. According Cryptocompare "In the first 24 hours of the new year, over 5 million bitcoins were bought in Chinese yuan, equating to $3.8 billion. In contrast, just 53,000 bitcoins were bought in US dollars” . However all the profits were gone after China’s announcement that they will begin inspecting bitcoin exchanges in Beijing and Shanghai on suspicion of market manipulation, money laundering, unauthorized financing, and other issues.

Currently Bitcoin is flattening and traders expecting that market volatility will decrease, as they have to deal with extra trading fees from now on.

Bitcoin H4

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