Yeah, it's great if you don't mind not having 2FA to log in and getting pillaged in fees. From their fee table at
https://796.com/vip Tier Total volume Futures trading commission Stock trading commission Withdraw fee
VIP0 0 0.6% 1.2% 1.2%
VIP1 10 0.6% 1.2% 1.2%
VIP2 100 0.5% 1.0% 1.0%
VIP3 1000 0.4% 0.8% 0.8%
VIP4 10000 0.3% 0.6% 0.6%
VIP5 100000 0.2% 0.4% 0.4%
VIP6 1000000 0.1% 0.2% 0.2%
You have to trade 1,000,000 BTC volume before you get on PAR with btct.co's trade fees, nevermind that you'd already spent a fortune in fees to get there. And you can NEVER get on par with btct.co's withdrawal fees which are basically free with the exception of the bitcoind client's fees.
I don't think I've seen fees that bad anywhere.
Hi burnside,
Since we’re futures exchange, the volume will be great with leverage. The VIP value is easy to earn. And we count 3 times value for automatic settle on Sundays. There has already several members with VIP4 so far. And this VIP tier plan will show its great advantage in the near future. Another reason for the commission plan is that we have free 796Futures-PD exclusively:
https://796.com/stockpd?lang=enNow we gift stocks according to trading volume. For earlier investors, the value of the stocks they get has increased 5 to 10 times; and now the investors can get free stocks for their trading and the value of the stocks can compensate the commission. We guess this is preferable and comforting. See here:
https://796.com/other/stock.html?lang=enAbout login, users are required to enter Google authenticator after they enable it when they access to their accounts(Mt. Gox style). Besides, we have our creational security code which is saved completely separated and members are requested to enter the security code manually when they want to withdraw. And then we will check the code ourselves. That’s to say, we could definitely protect our users’ fund unless they let out their security code themselves.
Thanks for your attention and your advice.
796 Exchange
Glad I was wrong on the 2FA. (It must be on some second step page somehow?)
Regarding the fees... If you do the math using the table by the time a trader reaches VIP6 (PAR with btct.co at 0.2% with 2FA enabled) the trader will have paid:
(900,000*.004 = 3600) + (90,000*.006 = 540) + (9,000*.008 = 72) + (900*.01 = 9) + (100*.012 = 1.2) = 4222.2 BTC in fees.
Or, you could just turn on 2FA on btct.co and for your first 1,000,000 in volume pay less than half that at (1,000,000*.002) = 2000 BTC in fees.
I realize there are some alternate products, but for ASICMINER trading, you're paying a lot more in fees unless you hold enough stock to get 50% of the fees back... 2222.2 BTC is a pretty wide gap to close with dividends.
