China-based bitcoin exchange OKCoin announced today that it had introduced a new fee structure for its Maker-Taker model of trading.
OKCoin started the Maker-Taker fee model back in September to encourage liquidity. “Makers” place orders below the market price for buy orders and above for sell orders while “Takers” of that pay a higher fee to OKCoin.
For its VIPs, OKCoin will now offer reduced fees based on 30 day volumes only to the USD sport market. Fees for makers range from 0.2%-1%, whole fees for makers range from 0.1% to 0%.
The exact language on its site read:
Based on our lifetime VIP system, OKCoin will be offering makers reduced fees based on 30 day volumes. When combined with our VIP tiered taking fees, OKCoin offers the most competitive fee structure in the industry. Fees for takers range from 0.2%-1%, and 0.1% to 0% for makers. The new fees apply only to the USD spot market while futures fees remain the same.
OKCoin also announced yesterday that it was making changes to contract maturities and price index composition on its futures platform.
Specifcally, OKCoin stated the following:
On December 12th, 2014 at 4pm Beijing time, the existing monthly contracts – BTC1226 and LTC1226 – will become the biweekly expiry. OKCoin’s futures platform will thereafter no longer be listing monthly expiry contracts. The tenors on futures will be weekly, biweekly, and quarterly only. This is consistent with what was first announced on November 21, 2014.
OKCoin also noted that at the same on the 12th it would remove BTC-e from its Bitcoin Price Index. The remaining constituents will be OKCoin.cn, Huobi, BTCChina, Bitfinex, Bitstamp, and itBit. The index will take in prices from these six exchanges on an equal weighting basis.