South African crypto-exchange cuts trade fees in half

South African crypto-exchange cuts trade fees in half
South African crypto-exchange cuts trade fees in half
South Africa currently has six primary exchanges where consumers can buy and trade cryptocurrencies like Bitcoin and Ethereum.

Cryptocurrency exchange, AltCoinTrader has announced that it plans to reduce all fees by more than 50 per cent, indefinitely. The exchange says the move to cut fees in half, which may come as a surprise to industry insiders, was inevitable and is the result of the blockchain industry in South Africa ‘heating up’ over the course of 2019.

“We are seeing new players enter the fray almost on a monthly basis,” says AltCoinTrader CEO, Richard de Sousa. “This is, of course, good for the industry – but we need to ensure we remain top of mind for cryptocurrency traders, and this is a move that we believe will be welcomed by enthusiasts across the country”.

According to the crypto exchange, South Africa is currently home to six primary exchanges. These platforms are where crypto investors and enthusiasts alike can buy or trade cryptocurrencies, such as Bitcoin and Ethereum. By reducing their fees – from 0.8 per cent on all trades to o.375 per cent – AltCoinTrader hopes to move into second place when ranked by affordability.

AltCoinTrader says that they want to remain at the forefront of cryptocurrency in South African as it’s an industry where upwards of $6.5 million is traded in the country alone on a daily basis – and hopefully, by moving to 0.375 per cent along with a 50 per cent reduction in deposit and withdrawal fees they’ll manage to do just that.

Edited by Jenna Cook

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