Introducing Zero-Fee BTC Trading
In a groundbreaking move, bitFlyer, a prominent cryptocurrency exchange based in Tokyo, has rolled out a commission-free trading option for Bitcoin (BTC) against the U.S. dollar as of January 30. This offer is a game changer for U.S. customers who are keen to dip their toes into the world of cryptocurrency without drowning in fees.
The lay of the Land
bitFlyer is not just a name thrown into the crypto ring—it’s a heavyweight player licensed to operate in 47 states, boasting the prestigious New York BitLicense. For those who might be imagining a slick office in Manhattan, bitFlyer USA actually launched its services in the Big Apple (and beyond) back in November 2017. So yes, they know their stuff.
How It Works
The zero-fee feature specifically applies to the BTC/USD trading pair on bitFlyer’s pro trading platform, bitFlyer Lightning. Whether you’re a seasoned trader or a curious newcomer, this offer is automatically applied once you sign up. But here’s the kicker: the end date for this novel campaign remains a mystery, giving you plenty of time to seize the moment—at least until they finally decide to put a pin in it.
Understanding Regular Fees
While the no-fee trade is enticing, it’s wise to know what you’re getting into. Normally, bitFlyer charges a laughably low fee—0.00000001 BTC or just one satoshi—for each transaction, which is under a cent. If you’re looking to withdraw, you will feel a slight pinch with a Bitcoin withdrawal fee of 0.0004 BTC (around $3.70), and if you’re dealing with Ether (ETH), it’s about 0.005 ETH (roughly $0.90). And don’t forget, there’s also a $10 fee for wiring USD out of the bitFlyer account. Ouch!
Hold onto Your Hats—Trading Competition Ahead!
But wait, there’s more! To top off this already exciting launch, bitFlyer USA is gearing up for its first trading competition, dubbed the “Trade Grand Prix.” From February 10, participants can showcase their trading prowess, with the top 10 earners winning a total of $1,600 based on their trading volumes. It’s like the Olympics of trading—minus the 10,000 meter race and plus some sweet cash prizes!
Context in the Market
bitFlyer’s entry into the zero-fee space aligns with a growing trend in the U.S. market. Competitors like Robinhood Crypto have already set the stage by offering commission-free trading on major cryptos. Even SoFi joined the party in 2019, providing a platform for commission-free trading through SoFi Invest. With bitFlyer stepping up, it’s safe to say that the rug of transaction fees is being pulled out from under feet across the crypto landscape.
