coincodex.com
Key highlights:
- Crypto.com Exchange has reduced trading fees by up to 80%
- The platform's trading fees for spot and derivatives markets now start at 0.075% and 0.034%, respectively
- $CRO stakers can benefit from trading fee reductions, and users with a stake of 100,000 $CRO or larger enjoy negative maker fees
Major crypto trading platform Crypto.com has reduced its trading fees by up to 80% to allow existing users to create a more competitive offering for its Crypto.com Exchange product.
According to an announcement from August 18, $CRO stakers will benefit from immediate fee reductions. The benefits increase as the size of the stake gets larger, but even users staking at least 1,000 $CRO (about $125 at the time of writing) can enjoy a trading fee reduction.
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New Crypto.com Exchange trading fee structure highlights
Trading fees on spot and derivatives markets will now start at 0.075% and 0.034%, respectively. There is no minimum trading amount for transactions. The fees have also been simplified for VIP, Margin, Spot and derivatives traders.
Meanwhile, users that have a $CRO stake of 50,000 tokens or more don’t have to pay any maker fees. Users with a stake of 100,000 $CRO or higher have negative maker fees, which essentially means they get a small rebate every time they submit a maker order instead of having to pay a fee.
The move comes less than four months after the exchange received criticism from the cryptocurrency community for revamping its loyalty programs and revising $CRO staking rewards, which effectively brought significant reductions in rewards. The community, especially on social media, was very pessimistic about the changes at the time, and the $CRO token saw a big price drop following tremendous selling pressure.
Crypto.com is likely hoping that the new fee structure will improve sentiment among its community, and create more incentives for holding and staking $CRO.
The Crypto.com Exchange lists more than 200 different crypto assets for trading, and handled around $664 million worth of trading volume in the last 24 hours. This places the platform among the top 10 most active centralized exchanges. On the derivatives side, Crypto.com’s platform processed $1.6 billion worth of trades in the last 24 hours.