AltCoinTrader announces surprise fee reduction

In an increasingly competitive cryptocurrency industry, one exchange is announcing a drastic move to separate itself from its peers.

Johannesburg, 27 Aug 2019
Read time 1min 30sec

As the blockchain industry heats up in SA, leading cryptocurrency exchange AltCoinTrader announced this morning (Tuesday, 3 September 2019) that it is reducing all fees by more than 50% indefinitely. The announcement comes as somewhat of a surprise to industry insiders, who have already seen an immense shake-up in the space this year. The exchange said the move was an inevitable one in light of recent industry developments.

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

SA currently has six primary exchanges where consumers can buy and trade cryptocurrencies like Bitcoin and Ethereum. Reducing its fees by half puts AltCoinTrader in second place when ranked according to "most affordable". Previously charging 0.8% of all trades, the exchange will, from today, start charging 0.375%.

It is common practice, even among international exchanges, to charge the customary price of 0.5% per trade, usually taking a fee off the amount of cryptocurrency a customer wants to buy. By moving to 0.375%, along with a more than 50% reduction in deposit and withdrawal fees, AltCoinTrader is making a clear statement that it wants to remain at the forefront of the South African cryptocurrency industry. And, with almost R100 million traded in cryptocurrencies every day in SA*, it’s an emerging industry that is likely to expand at an increasingly rapid rate.

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