As per a Blog Post released on the Luno website this morning, the largest exchange in Africa will be reducing their taker fees. The post reads as follows:
On 5 October, Luno will reduce taker fees for all Exchange customers. The highest fees that any customer will pay will be 0.10%, while the lowest will be 0.03%. This is a huge reduction of over 90% – down from a rate of 1% for those in the highest band. The exchange is also introducing an updated tiering structure for taker fees, which makes it easier for customers to get rewarded the more they trade. Makers will continue to pay 0 fees across the board.
This puts Luno’s fees among the lowest in the industry. It’s the result of a thorough review of the exchange and fees that’s been carried out alongside their traders. This has already seen Luno introduce a number of new features designed to optimise the trading experience, including Stop-Limit Orders, Market Orders, and a new layout – with more to come they say.
Following their recent acquisition, Luno say they will be announcing a lot more exciting changes for customers across the globe. It’s their mission to make sure that customers have easy access to an equitable and highly-liquid crypto marketplace that’s built to drive growth.
The new reduced fee tiers
The new reduced fee tiers are based on rolling 30-day trade volume…
When will the reduced fee tiers start?
On 5 October, the new fee tiers will come into effect. Customers won’t have to do anything.
How will customers be assigned to a fee tier?
Fee tiers will be assessed daily based on a 30-day rolling basis. This means that traders won’t have to wait for the month to end to jump up a fee tier and take advantage of lower rates if their trading activity has increased.
Where can traders see their fee tier?
Traders be able to view their 30-day volume and fee tier using My Orders or via the API.
What about trader’s other fees?
Luno’s instant buy/sell fees will remain the same at this time, although the exchange are constantly reviewing all of our fees.