The heat in South Africa’s crypto exchange wars just intensified. In the latest move that will no doubt please thousands of traders across the country, AltCoinTrader have officially announced that they are slashing all fees on their exchange indefinitely by more than 50%.
In a phone call with CEO Richard de Sousa on Thursday 29 August, Global Crypto was informed that the exchange were planning on the drastic move within the next week. This move was confirmed this morning by the company’s head of marketing. From today, Tuesday 03 September 2019, traders on the platform will no longer pay 0.8% per trade, but instead 0.375% – a 53.1% reduction in fees.
“We are seeing new players enter the fray almost on a monthly basis,” explained de Sousa, “which is of course good for the industry. But we need to ensure we remain top of mind for cryptocurrency traders, and this is a move that we believe will be welcomed by all crypto enthusiasts.”
South Africa currently has six primary exchanges where consumers can buy and trade cryptocurrencies like Bitcoin and Ethereum. Reducing their fees by 53% puts AltCoinTrader into second place when ranked by most affordable.
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 over a 50% reduction in deposit and withdrawal fees, AltCoinTrader are making a clear statement that they want to remain at the forefront of the South African cryptocurrency industry. And with almost R100 million traded in cryptocurrencies every day in South Africa*, it’s an emerging industry that is likely to expand at an increasingly rapid rate.