Updates to BitX Exchange trading fee

Team Luno
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2 minute read

We have several updates coming to the BitX Exchange, which we'll announce in the coming weeks, but first we want to announce a simplification in the way we charge trading fees.


Currently trading fees are charged in BTC for buy orders and in local currency (MYR, NGN, ZAR, KES, IDR - depending on the currency) for sell orders.

After 1 March, 2016 trading fees will be charged in BTC for both buy and sell orders.

There is no change to the fee percentages. The only change is that fees will now consistently be denominated in bitcoin.

We believe that using a consistent fee currency will help to simplify accounting and trading calculations, and make for a better trading experience overall.


Q & A:

When will the change happen?

The changeover will happen at midnight GMT on the last day of February i.e. 2016-03-01 00:00:00 GMT.

Does this affect maker or taker orders?

Liquidity providing trades (maker orders) will continue to have zero fees and will therefore be unaffected by this change. Liquidity consuming trades (taker orders) will be affected as described above.

How does this affect the API?

There are no differences for buy orders.

For sell orders, you will notice some differences:

  • when you place a sell order (e.g. sell 1 BTC) it will reserve 1.01 BTC from your available balance rather than 1 BTC
  • after a sell order is matched, the fee will be indicated in the “fee_base” field of the order and the “fee_counter” field will be zero
  • for both buy and sell trades, the fee will now be recorded as a separate item on the statement rather than being subtracted from the trade statement item.

If you have any questions, please feel free to reach out to our Customer Engagement team at [email protected]

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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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