Poloniex reduces commission fees

On its official website, the Poloniex exchange announced a reduction in commission for active traders in three areas at once. This will happen in mid-May.

According to the developers of the trading platform, this decision was dictated by the high volatility of the digital asset market. Such changes will allow users to have a clear understanding of the upcoming commission fee. Now the fee will be calculated based on the trading volume for the past month in dollars, and not in Bitcoin (BTC).  

Poloniex has a complex tariff schedule, which is not the same for the seller (Maker), nor for the buyer (Taker), nor for the amount exchanged. In addition, the fee also depends on the volume of trading transactions. Every 24 hours, Poloniex calculates the transaction volume for the last 30 days for each user (taking into account immediate and credit settlements) and automatically determines the commission in accordance with the tariffs. 

Previously, if the monthly volume was less than 600 bitcoins, the commission for the “maker” (the one who places the order) was 0.15%, and for the “taker” (the one who buys this order) - 0.25%. As the trading volume increased, the commission amount gradually decreased. At the same time, in order to reduce the commission by an insignificant 0.01%, it was necessary to trade in an amount of more than 600 bitcoins. 

Now the commission fee will be reduced: starting taker fee – 0.2% and starting maker fee – 0.1%. The Circle team is also looking to lower the 30-day trading volume thresholds to benefit from lower fees.

So, the maker fee could be 0% for 30-day volume of $7.5 million, and the receiver fee would be 0.10% based on $30,000,000 in trading volume over a 30-day period.

Poloniex is a cryptocurrency exchange based in San Francisco. It was registered in 2014 and quickly earned a reputation as one of the leading trading platforms, which is among the top ten resources in terms of sales volume.

At the end of February this year, blockchain startup Circle, which was backed by venture capital, acquired stock exchange. Already at the beginning of April, the first joint Poloniex-Circle press release appeared, which states that the developers will make every effort to make the Poloniex trading platform as convenient and comfortable as possible, as well as regain the trust of their clients..

The last time the rules for paying commissions in Bitcoin on Poloniex were changed was more than two years ago, in March 2016. At that time, the price of Bitcoin was around $415 and was a stable price position.