The world’s first Exchange, CoinW, implements free transaction cost for BTC transactions, disrupting the industry status.
On July 5, 2022, CoinW, the world’s leading cryptocurrency trading platform, officially announced the implementation of free transaction costs, becoming the world’s first platform to support BTC transactions with zero transaction fee, hence ‘free of charge’. This became a shocking news and In the community, the topic of ” free of charge” was also high and caused heated discussions amongst users.
So, what does ” free of charge” really mean? Why has it caused such a big uproar?
Advantage 1: Bringing real-money benefits to users.
First of all, users can save a lot of commission costs, which is the most direct advantage.
As a new type of investment, cryptocurrency is very different from the traditional investment market, including a large range of price increases and decreases, 24-hour trading and other characteristics. Moreover, Bitcoin has been steadily taking the top position in the cryptocurrency market, with its market value occupying half of the market value of the entire cryptocurrency world, with many trading users and huge transaction amounts. At the same time, most investors are not coin hoarders and are looking for short term trading opportunities. Buying and selling will be very frequent, and when the market situation comes, they may even trade many times a day, and the cost of fees will be huge.
According to statistics, the current spot trading fees in the world’s mainstream cryptocurrency trading platforms range from 0.02% to 0.5%, which means that if you have a capital of $1500 to enter a transaction, a buy and a sell will be charged a fee ranging from $1 to $15 by the platform. The transaction fee paid by intensive trading users will be even more, and it directly dilutes our profit margin, or even widens the loss. CoinW lately announced that BTC transactions is free of transaction fee, which can be considered a real benefit for investors.
Advantage 2: Expand the number of platform users and trading liquidity.
Secondly, stable profitability is a necessity for exchanges to grow in a healthy and sustainable way. And since 2022 the cryptocurrency industry has been in a deep bear market, along with the loss of both users and liquidity, cryptocurrency exchanges have encountered the most difficult time this year. Now CoinW has launched a ‘BTC transaction free of charge’ campaign to benefit users. Although the revenue from fees has decreased, it has gained a good reputation and a huge number of users and transaction liquidity, which is more beneficial to the development of the trading platform.
It is easy to see from the BTC transaction free of charge campaign, that CoinW actually puts the interests of users in the first place and always aims to improve the user experience, which may be related to its extraordinary background. CoinW, as a stable and safe trading platform, has experienced two rounds of bull and bear market turnover since 2017 and still operates stably, showing its strong strength. It not only has a stable aggregation system, the original and most stringent intelligent risk control system, a fluent user experience and a sound anti-money laundering mechanism. It also holds financial regulatory licenses in several countries. CoinW’s insistence on compliance and cooperation with regulation, has also enabled it to take its place in the volatile cryptocurrency market.
Once the market verifies the feasibility and superiority of this solution, many exchanges will surely adopt the same type of approach in the future, gradually reducing the cost of the entire trading market and providing financial inclusion to ordinary users. It is worth looking forward to.
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