Topic: In case you care about 0% trading fees (Read 580 times)

A bit off topic:
we have launched probably the first in the world USDT/EUR (fiat!) market followed by the BTC/USDT and ETH/USDT.

read my post above. It makes sense  - no worries.

no, you won't be able to. You'll get a duplicated account warning based on your KYC data. Remember, the incentive is activated after KYC is passed. Of course, you can try to bypass this with a relitive's or friend's account, but you will end up caught and terminated (it is agains the rules) or simply run out of... friends.

Binance is actually increasing their referral commissions and it also makes perfect sense when there are not many new traders to attract to Binance. Anyway, we, of course, may change these incentives, but I see no benefit of doing that if it works.

Yes, it is. Mostly ran by me.

Free fees for a month is basically nothing compared to the CPA price (cost per acquisition). We simply invest those fees to be more attractive so that user could decide easier on whether to try Bitlocus out or not.

As I've mentioned before, when you know the numbers all of this makes perfect sense.

This option is suitable for those who trade too often with large sums of money. I think for them 9 euros per month is not such a big fee for commission-free trading. But if we are talking about those who make transactions quite rarely, then for such customers you need to develop another commercial offer. I think you should have a few commercial offers for traders depending on how often they make trades.

That 0% trading fees will not last that I am sure of, no company will survive with that kind of marketing. Someone will take advantage of this but in this case I am not sure if its the traders or the owners. After taking the 30 days 0% trading fee, someone might create a new account to get the 0% trading fee again. Just look at Binance, they have a referral program that resulted to a lot of sign ups but eventually they changed the rules and lowered down the incentives. Here is the official thread of Bitlocus https://bitcointalk.org/index.php?topic=5153420.5

I am not professional on checking off a site if that is a legit or just a scam, but if you have a 0% trading fees then that's too impossible, or maybe you are too rich enough to give those free fees. However, it really looks great and can really attract most traders here especially to those who don't want a big amount of fees.

many market exchanges that only provide 0% trading fee only in crypto pairs, very rarely they provide that 0% trading fee in fiat pairs.
but, really cool, (your exchange) bitlocus gives 0% trading fee to on all pairs even though this promotion only 30 days after successfully doing kyc (tier 2). I have no problem with trading fees, as long as I can make a profit. OK.

hello there , I think you know enough about the current market situation, no wonder trading 0% fee is your choice to make a promo.
but, if I'm allowed to criticize , can u change ur Logo of your exchange ? its quite similliar like a ICO website i knew,
this your logo :


and this other logo with similar concept






I do not know what the meaning behind the hexagon symbol is, but it is like a common symbol to me. nothing special.

You have a nice offer OP however people are just being cautious and conscious of what they do, they don’t get easily attracted to tempting offers. But these Negative comments can make good impact if the projects intention is good, also will motivate the team to do better. Goodluck.

We will. The problem is that most of the current marketing methods(airdrops, trading competitions, etc), tmm, bring no real value and the clients that are attracted this way leave as soon as the promo is over. But I'll have to test it to make sure.


We'll more pairs soon. Currently we are launching USDT (erc20) pairs (USDT/EUR seems to be the first in the world; correct me if I'm wrong), then we'll add PAX and DAI variations amongst stable as well as crypto. I hope such trading pairs will bring value themselves and will gain us users. Top cryptos will also come (BCH, XLM being the first ones to come).
BTW, if you have any suggestions on what pairs to list, let me know.

Basically, you are doing right - trust no one, make your own decisions. Only time will tell if we are a scam or not. Whatever I say is useless right now and I get it. But it makes me sad a bit to be basically called a criminal just because we have launched a crypto exchange.  KYC is smth that must be done if you want to deal with fiat. Regulations will come and will hit crypto as well. That's our bet and that's why we are doing our business in compliant way to. Even crypto/crypto exchanges started to KYC. Regulation is coming. Just like the winter

A few months ago. And your concerns are totally right and... nothing new, tbh. Also, this makes me happy, 'cause more and more of the crypto community become aware of the dangers that crypto brings. That's good for the ecosystem.

This is sustainable when you know the numbers. We have put so much effort and investments to make money, not lose it.

There are two promotions and I'm not sure you get them right:
1. 30-days of free trading to each new client. It is activated right after your identity is confirmed. It happens once per account. I think this promotion will stay forever but don't quote me on that.
2. "Zero trading fee" is not free. It costs 9 EUR/mo. And you have to make your own calculations and decision based on your volume.
3. In case #2 option does not interest you, we have default fee upgrades based on your 30-day volume. https://bitlocus.freshdesk.com/support/solutions/articles/43000009823-trading-and-payment-fees

Fingers crossed

Sounds new exchange for me. To talk about trading fees, that's literally a big difference of course not all of us are taking the fees seriously but in every small amount of it fees really matters and if we are going to buy and sell at the same price we still notice how much the fees are we paying for. This is a good offer. Maybe this is the new kind of system that will click in the market.

Exchanges that op say are still not very familiar and I better not take the risk by investing or putting funds in an unclear exchange. the risk is that our money is in full control of the exchange voters and we certainly do not want that to happen and harm us. but if you believe it, please. usually new exchanges often provide promos to attract the attention of traders

There is no free stuffs in this world actually. Sometimes we pay with money and sometimes we are forced to pay with our other important things like time and health.

In this case, you are forced to pay with your identity and it's your decision whether to take or just leave it.

I can see why traders would high volume would appreciate such a fee structure where they're only charged a fixed fee.

However, can I know how you guys plan on making this sustainable, or is this just a ploy to get customers initially? Because the idea behind most exchanges is that as their volumes rise, they'll gain more commission earnings somewhat proportional to the volume they generate.

However, with you guys, it's kind of different because higher tier traders will likely just buy your 9EUR subscription instead. What's your profit model in the long run? Also, how do you plan on attracting these whales in the first place with low liquidity?

I really like the 0% trading fees policy, but it's worth watching out for. It could be a web scam, because I used to trade on a website that has a 0% trading fees policy, so that my account suddenly can't be opened even though the assets there pretty much around 200 $ therefore don't easily trust a website like that, I started to switch to binance because trading fees there are very cheap. but thanks for your sharing brother.

I haven't heard yet about Bitlocus! When Bitlocus has launched? No one like a new exchange because everyone wants security. Because of many scam/pishing website now no one wants to move into a new exchange website. I won't trade in Bitlocus though there has no trading fee, because security is most important than a trading fee.

Their promotion is a good one but I also think the same way nobody would take their offer seriously right now,
A new trading site that I have never heard of I don't even know if somebody would really trust their system passing their KYC or submitting a personal information to unknown site just to get their zero percent trading fee?
Or paying up 9 EUR / month? I don't really see it as a 0% the only people who would try it is the daily trader with a huge amount to trade but those trader would only use the famous site .

You do got the point which I would prefer on the same thing.Entrusting new services is somewhat still a hindrance due to scams.We have seen some situations
where they do hold up depositors fund and  become scam later on.

So with these kind of situations its always better to put up the minimal amount for you to trade until the platform do get sufficient support and positive feedback.
We cant say all new services are scams but its better to be careful than sorry in the end.

They have trading sites who are more trusted and have a good fee or low fee offer for every trade you made in their site.
also hard to trust to the new trading sites now because I encountered before I trade to nee trading site and they scam me or I did not withdraw my money so I will choose the site that I know who operate more than years now and have a lot of good feedback with low fees offer.

Your marketing promotion requires more fund to the product introduction section (site), your site is not among the top exchanges. There are already a number of exchanges that offer a 0% trading fee promotion, a good step is "zero trading fee service 9 euros / month" for full-time traders who are often in the spot book. It's just that you don't add the altcoin / btc pair, the service you provide is aimed at users of daily and full traders

Well, that will depend on how you promote your exchange to the public, especially in the cryptocurrency community. Perhaps, you can give other promotions, make some programs that will attract more customers to come to your site. The important thing for a new exchange is just promotion because without making a promotion, it is impossible for any new site can grow. You can share your website on social media, and I guess that will be a good media to promote your exchange. Besides that, you can influence more people to visit your exchange.

Sometimes, it is not about how much you are paying for trading, withdrawal fees, it is about the security a certain platform can give to its users. Assuming you can save from fees, but you are in panic all the time or in doubt because you don't know the security it can give you. So, it is fine if you are paying for as long as you have peace of mind that your account is safe.

Or maybe if not really sure about it, use very small money although it is risky. But if me i will like other people, will wait for other user's reviews first although it have a lot of promo in there. But hope for the owner can be really big and trustable market.

I was about to say that. Anyways, I won't critisized here, it looks like the exchange is fairly new and understandable that it will take a lot of heat from the community members here, LOL. But I do like the fact that the OP is answering every question constructively. I guess you can start to test zero withdrawal fee for a while to attract potential customers? No? We all know that it's hard to maintain this kind of services specially in the beginning, but giving your customers what they needed is a good way to start.

It will be more cool if there will be zero withdrawal fee.
That pulls a lot of customers in and maybe make them stay too.

But this kind of promotions are still good.
Sacrificing the profits from trading fees is somehow hurtful in the long run.
Thanks for sharing it here.

There's a lot exchange where they can only offer few trading pairs. They should atleast add more pairs before they launch the service. So traders would be able to enjoy the service because there's a lot of choices. There's a lot of exchanges out there offers IEO. They should talk to upcoming ICOs to promote their token thru IEO. So the exchange will have more activities and increase popularity.

Its quite understandable for a new exchange to have lower volumes than others.The thing i dont like for the arrange is that it do still requires for you to be verified to be
eligible for that free trading fees for 30 days.Why not offer this to traders which doesnt need for them to pass such verification?

It would be more appealing on that way rather than imposing strict KYC where people wouldnt have any choice but to leave in spite of its good no trading fees.

it looks like the promo you offer is very interesting, need to try, but want to wait for positive reviews from people for your site, Has anyone ever traded there,? might be able to share experiences here.

It is hard to be a newbie in the crypto market and attract new customers hence the commissions and other incentives.
The volumes are low because it is a small exchange. For now.
There's like 50k EUR in BTC market's depth. Come and take it all. Or is it too little for you?
The design... well, thank you for the feedback.


Don't you think that an unknown exchange with millions in volume, hundreds in trading pairs with flashy as hell design is not suspicious? We are not trying to pretend that we are not. We are small. For now.

Unknown exchange offering 0% commission. Immediately striking is the lack of volumes. How are you going to provide liquidity.
The design is also quite old-fashioned, it can be seen that not so much money was invested in the exchange, and this is already alarming.

Zero trading fee is really attractive. And I hope that all exchange platforms offering zero trading fees will succeed. Of course only if they are providing quality services in other aspects. This one for example has to reach a decent volume. They should also be offering nice and many trading pairs with decent volume as well. And I hope that this zero trading fee will last, not just offered during their promotional stage. 

No, that website is scam

In crypto trading is little risky investment so everyone have some fund and all are concentrate the legit exchanges only so already many legit exchanges are available in the market. But new exchanges are hard to survive and these kind of offers or attract some investors at the same time many of them expect the trustable exchange.
I think government will take the responsibility of any new exchange automatically it will growing faster in crypto market.

Currently, the monetization strategy is purely based on trading fees and NOT payment fees and we try to keep payment fees low so that those would not affect (or affect as low as possible) opportunities to make a profitable trade (like arbitrage).
We'll add USDT (erc20) markets next week probably and PAX and DAI markets afterward and them being tokens will keep the payments costs as low as 1 usd/pax/dai.

There is no expiration? I think it's impossible, because they need operational costs to run and manage this exchange. But this is possible if they charge more fees on withdrawals like Cobinhood, or make a donation wallet like Forkdelta. let's wait which choice they will make

Good format and promo but much better if there's no expiration in my opinion . What i mean about that promotion wherein so that users will stay on your exchange  . Because you know ppl nowadays rely on some sort of exchange where they cant spent more dollars especially when it comes paying fees. So you must  keep that promotion in order to obtain more participants.

Don't you realize that people can easily know the volume on your site is suspicious? I'm pretty sure I'm not the one who think so and I have looked to your site for minutes to check, not just a second.

Interesting. This is probably better than charging fees per trade. I believe few exchanges already offer the 0% fee trading though.
I guess you and other exchanges could make it optional. Traders should be able to choose whether to use 0% fee (monthly charges) or charge per trade. Or do you already have this as option.

Accusations like that are such a daily thing when you work with crypto project. Try to launch basically any crypto project yourself and you'll instantly be a scammer to others. I will not try to convince that you are wrong. I'll just simply thank you for the opinion.

Most of the exchanges provide the same service. Basically, we are talking about fiat or non-fiat exchanges, KYC vs no-KYC, margin vs no margin trading, derivatives and then token supply itself.  In our case, eventually, we will be the ones to offer the biggest supply of EUR qoute markets; this 0% subscribtion service is actually a unique feature in the market and will be handy for larger-volume traders.
Security is solved in various ways starting with SSL, 2FA, hot and cold wallets, etc - I cannot talk about his more due to the same reason - security.
"sounds to me like "locust" " - mkay...


Interesting idea. I'll put this on the list to consider. Thank you.

Free trading days are instantly activated after account is activated - KYC is obligatory on Bitlocus since we operate with fiat currency as well (EUR at the moment).
9 pairs? yes. More to come soon. Honestly, I'm surprised how the market judges everybody a scam and yet demands an instant volume, millions of pairs, supermassive selection of unique services, etc - guys, step by step. We'll get there.


Main focus - trading fees.


there's lots of sence when you know the numbers to look at



God, thank you! Hat tip, Mahanton. As mentioned above, expectations are so high that basically everyone expects Binance-like service since day one. We'll get there.... The first Tesla wasn't Model S you know...





There was a problem on their side. Fixed now.


In such case doing nothing is the best thing...


It is. And we are constantly brainstorming on how to become more attractive among others. In case you have any ideas I'd be very grateful if you could share them

Even we have pay 9 Euro, it's still means there are trading fee. 0% trading fee is when we don't need  to pay anything (even there is no any charged in advance). I think it's kinda difficult to advertise new exchange site since there are lot of trusted exchange sites already out there.

I am very skeptical if trading with 0% fees.
Not because i don't like free, but i think new exchanger is like faking volume, also i don't get how they exchanger make profit. I'm worry if i get banned without notice, so can't withdraw my coin or my coin get hacked.
There is many exchanger already closed, so i don't think will trade in new exchanger.

when trading at an exchange place that does not have market costs for trading I suggest to be careful because it does not make sense, the platform where the exchange has a very large cost in terms of security and functionality of the website must also work well, so if there is no costs incurred by the trader how the developer can pay for all of that, being careful is better than losing everything.

Even if the trading fee is a zero and what am trading on is not profitable to my reasoning I will not trade, my biggest fear in trading is not trading fee, I am scared of insecurity and the project going bad

Perhaps, I will check it later as I see the 0% trading fee is a good promotion. But unfortunately, the exchange only has 9 pairs so I would suggest you add more pair to attract more traders to come. You need to increase the volume trading from day by day so it will look good in the trader's eye. It is normal to see you don't have a big list of the coin to trade because I am sure if you want to make your exchange bigger, you need to add more features to your site. And that is not as simple as we can imagine because that will need big effort to make it bigger than now.

I don't know if this is legit or not knowing the fact that it is newly launched and ain't to trading volume yet.

https://coincodex.com/exchange/bitlocus/

Maybe I could say that this is not a secured exchange to visit with until OP could show something reliable in the eyes. Cause we are aware of scamming activities in which people are taking care of their funds.

Big exchanges do have a possibility to exit scam too, like everything could be a scam at the end. Take a little time for yourself to find historical stories and everything that brought us here, you would know that every company has an end and it's all just the matter of time.

We have trading sites that we used and the majority of sites where we are trade is the Binance most of the trader know this site.
I think the fee in Binance is okay but thank you for sharing the trading site that you know but for sure many people will not trade that site because they have site that their trade and it's hard to trust for new trading sites or even that old if the trader do not know if that legit or not.

Dont rush up since they were just starting and its just normal for a new exchange to have fewer listed pairs but at least we are seeing the major ones listed which is pretty normal.

30 days no trading fees is really attractive and it dont make any sense on that fix 9 euro per month for continuing such zero trading fee because they would make more money with that casual maker and taker fees.So theres no point on giving their users had options.Platform design is somewhat neat on my part remembering poloniex with this one.

That is just one thing of many that I worry about when I see a new exchange opening up.  Doubtless they inflate their numbers, but I worry more about losing my crypto to an exit scam.  That's why I only trade on the big name exchanges.

As regards the fees, Binance, Poloniex, and Kucoin all have fees which are more than reasonable and I would not be attracted to a new exchange even if they offered something like 0%.  That isn't a sustainable business model for an exchange anyway, so it would smell fishy to me right from the start.

Even it is sound interesting having 0% fee, I don't think many will be attracted on it since many traders prefer to use the tested exchanges, maybe in the future if many already use and testify it's safe and good to use, some loyal supporters of today's top exchanges may shift in to you. But know that traders are smarter now they tend to stay away from projects that are too good to be true since it may lead to regrets at the end like other projects that fails before.

I think yes if this exchange is growing rapidly this will add another pair of coins, and I just found out about the Bitlocus exchange I think this user is still a bit, so the developer should be able to promote again or even launch an IEO Launchpad.

I guess this is the new way of attracting traders in the crypto sphere, offering them 0% fees would be nice isn't it. But as somewhat as pointed out, only 9 trading pairs? It's either this trading exchanges are "forcing" us to just trade those coins in them or simply they've just started and can only list only coins.

But I don't think that this business model is going to last that long, I mean they are in the business of making money, so how can they profit here? Doesn't make sense at all.

Zero trading fees is really good but it would look better if you initiate margin trading on your Exchange. Moreover what is the earning model of this exchange? we all know how DEX work they just charge gas fees for transactions and no internal trading fees is this something like that or what?

The 30 day no trading fees is kinda attracting so I have signed up to the website and explore it. I am slightly disappointed and confused about this.


Correct me if I'm wrong. There is only 9 trading pairs? I am expecting that I can use your exchange with my hold coins to trade to your site. Though I like the idea that there is already an app available in an Android and Apple. Will you add some coins and other trading pairs?

Thanks for your exchanges info, but I already have a favorite trading place. Just for input to attract new users for your exchanges
is not enough with the free trading or referral program.It must be added something that provides more benefits in the form of
coin or money, for example if you register the month this will get 0.001 BTC free, you can trade or withdraw directly. That way
I'm sure there will be many who signed up. Good luck with your business. By the way nice unique name Bitlocus kinda like it.

Be warned, while free trading is great, it may not always be the case.

There have been so many data leakages and phishing attempts online that have been rampant, especially in the crypto world, that you have to be careful about the things you sign up for. Are you really willing to share your data or even worse, risk your money being taken away, for just a few dollars on trading fees?

As a lesser known cryptocurrency exchange, I would love to know more on this platform. Please tell me more on its many salient features that can be at par (and can not be found) with your competitors. Aside from that, I am curious to know of the security measures this exchange is taking so as not to be part of the victim of hacking statistics. While the crypto-exchange industry is already crowded, we are always looking for innovations and who knows...Bitlocus might have what we are looking for.

Honestly though, I don't like the name Bitlocus because it sounds to me like "locust" a beautiful creature but can be a pest to many farmers though many chickens love to chase them away and eat (full of digestible protein and nutrients I guess). At any rate, I am wishing you guys the best for your business.

I think people here already have their own favorite exchange to trade on and looks like they are not interested at all to a new exchange with a fake volumes
I suggest you to stop using that kind of strategy to attract new users for your exchange, it will just make your exchange looks like a scam.

Hello,
here, on Bitlocus we have launched two promotions for those who are trading fees aware:

1. Each new verified client gets 30 days of free trading. (update/clarification: free trading is activated right after KYC is passed (tier 2))
2. After that, you will be able to order our recently launched "Zero Trading Fee" service which costs 9 EUR/mo (charged in advance) or simply go-ahead with the default volume-based fees ranging 0.1 to 0.01% for makers and 0.2 to 0.06% for takers.

Extra candies are:
- referral program (20% instant commission from the trading fees your referred user has paid)
- crypto tolerant European IBAN  service (3rd party)