Popular cryptocurrency exchange Poloniex announced that starting January 8, 2020 it will be implementing a new payment schedule.
The schedule is designed to allow its users to enjoy one of the lowest service charges available in the crypto space. At least that’s how the company portrays it. Poloniex made this announcement on its official twitter handle.
The tweet reads: “We’re rolling out a new fee schedule that gives our customers the lowest fees in the market. […]Check out our new fees coming January 8th.”
Prior to this time, the exchange had been running its spot trading at zero fees with plans to end it on December 31, 2019. The exchange has, however, disclosed that it will be extending this service for one more week. So that customers can trade their “way into 2020 for free!” The zero-fee spot trading will end on January 7, 2020 at 23:59 UTC. On January 8, 2020, Poloniex will also enact its updated fee schedule.
The proposed fee schedule
First on the list is its spot and margin trading fees. They will be revised as follows:
Source: Poloniex blog
Alongside this huge discount, users will have the opportunity to further reduce the fees they have to pay. To enjoy these additional benefits, users will need to partake in either the Poloniex Plus or Market Maker scheme. Poloniex Plus is a VIP program designed to reward high volume traders with much lower fees. Alongside several other incentives such as first-hand access to premium features, priority support etc
The Market Maker, on the other hand, is for excellent liquidity providers on the exchange. With this feature, users will enjoy benefits such as refund on maker fees, devoted account manager, very low taker fees etc
Below is the summary of Poloniex Plus and Market Maker revised fees.
Source: Poloniex blog
Click here to register for the Poloniex Plus or Market Maker program.
The exchange also has plans in place to include discounts for TRX holders or users. This service will allow users who hold or use TRX to receive a discount as high as 30% on their maker and taker fees. They will also be qualified for future incentives such as listings, competitions, and airdrops.
Below is TRX proposed fee schedule
Source: Poloniex blog
This proposed fee schedule will provide Poloniex users with the lowest fees available in the crypto space. Irrespective of how much they are trading. The exchange also recently reached a daily trading volume of $100 million. In October, it broke away from its parent firm Circle.
