Bitfinex to Reduce Transaction Fees for Newly Listed Tokens by 6 Months

04/20/2023 04:31 • Metaverse Matters • 88 views

On April 20th, it was announced that Bitfinex, the cryptocurrency exchange, plans to reduce the transaction fees for all newly listed tokens by six months. Bitfinex customers can trade newly listed tokens, such as Crypto GPT (GPT), Onomy (NOM), Wrapped Minima (WMINIMA), Toncoin (TON), Lido (LDO), Prema (PRMX), Bitgert (BRISE), and Arbitrum (ARB), to reduce fees and pay 0 basis points to market makers and 4 basis points to recipients on certain spot trading pairs. These transaction fees should apply within six months from the date of the transaction in that currency.

Bitfinex plans to offer transaction fee discounts for new tokens launched

An Overview of Bitfinex’s Latest Move

On April 20th, Bitfinex, one of the leading cryptocurrency exchanges, announced its plans to reduce the transaction fees for all newly listed tokens by six months. This announcement has been welcomed by Bitfinex customers, who can now trade newly listed tokens on the platform while enjoying a reduction in fees.

What are the Newly Listed Tokens?

Bitfinex has listed several new tokens recently, which customers can now trade with reduced transaction fees. These tokens include Crypto GPT (GPT), Onomy (NOM), Wrapped Minima (WMINIMA), Toncoin (TON), Lido (LDO), Prema (PRMX), Bitgert (BRISE), and Arbitrum (ARB). These transaction fees will only apply within the first six months from the date of the transaction in that specific currency.

Reduced Fees for Bitfinex Customers

The reduced fees are applicable to both market makers and recipients on certain spot trading pairs. The market makers will pay zero basis points in transaction fees, while the recipients will pay four basis points. This move is aimed at encouraging more customers to trade on the platform and enhance the overall trading experience.

Benefits of Reduced Transaction Fees

Reducing transaction fees has several advantages, which can benefit customers in the following ways:

Increased Trading Volume

Lower transaction fees lead to increased trading volumes as traders are incentivized to trade more frequently and in larger amounts. By reducing transaction fees, Bitfinex aims to boost the overall trading volume on the platform and attract more customers.

Improved Liquidity

Reduced fees also lead to improved market liquidity as traders are more likely to place orders on the platform. Bitfinex’s latest move to reduce transaction fees for newly listed tokens is expected to create a more robust and liquid market for those tokens.

Cost Savings

Lower transaction fees can also help customers save costs when trading on the platform. Bitfinex’s reduced transaction fees will ensure that customers can trade more cost-effectively and improve their overall profitability.

Conclusion

Bitfinex’s announcement to reduce transaction fees for newly listed tokens is a welcome move for customers looking to trade on the platform. This move will not only increase trading volumes and improve liquidity, but it is also expected to make trading more cost-effective and enhance overall profitability. Customers who trade newly listed tokens on the Bitfinex platform within the first six months can expect to enjoy reduced transaction fees.

FAQs

Q1. Can existing Bitfinex customers benefit from the reduced transaction fees?

A1. No, the reduced transaction fees are only applicable to newly listed tokens and within the first six months from the date of the transaction.

Q2. How much will market makers and recipients pay in transaction fees under the reduced fee plan?

A2. Market makers will pay zero basis points in fees, while the recipients will pay four basis points.

Q3. Is there a limit on the amount of trading volume that can benefit from the reduced transaction fees?

A3. No, there is no limit on the amount of trading volume that can benefit from the reduced transaction fees.

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