It has been relatively quiet around the HaoBTC Bitcoin exchange for some time, but the team has been working on a new feature in the past few months. Their new Maker-Taker fee schedule puts the platform on par with other major exchanges around the world.
HaoBTC Maker-Taker Fee Structure
Various Bitcoin exchanges around the world use a maker-taker fee structure, which seems to be something a lot of traders prefer over a flat fee principle. HaoBTC, who recently launched their cryptocurrency exchange platform, introduced their own maker-taker fee structure earlier today, which should bring more liquidity to the platform’s order books.
This decision sets HaoBTC apart from most other Chinese exchanges, though, which do not take a fee for trades executed on their platform. At the same time, a 0%-fee model is subject to criticism and accusations such as “faked volume”, which is not a term any Bitcoin exchange wants to be associated with at any given time.
HaoBTC CMO Eric Mu told The Merkle:
“Under the new Maker-Taker system, makers will earn a fee by placing an order below the ticker price for buy orders and above for sell orders; takers of that order will continue to pay a fee. The maker will earn 0.01% of the value of the transaction, while taker pay 0.02%.”
As part of the HaoBTC trading system design, it is impossible to have two orders with the same timestamp. If traders would put in orders at the same time, the first one will always be labelled as the maker, whereas the other will be the taker. In return, this gives traders an extra incentive to place orders faster, which will bring liquidity to HaoBTC.
The company firmly believes this maker-taker model will cement their reputation as a reputable and legitimate Bitcoin exchange platform, with honest volumes and full transparency. All order types on the HaoBTC platform will be subject to this new fee structure, and the changes have gone into effect earlier today.
Source: Press Release Via Email
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.