Hong Kong Bitcoin Exchange KBBEX last week publically released its API and extended 0 percent commission on trading for an indefinite “period of time.”
KBBEX CEO Patrick Lam commented:
Since KBBEX will open China Deposit Feature very soon – in 4 weeks, we decided to let China Customers experience our feature before put up the charge. So for at least 3 months we will still let users in China trade with 0% commission
Lam indicated that it was KBBEX’s mission to bring liquidity of China’s Bitcoin market to international customers so they may start charging Non-CNY customers soon.
The exchange saw a dramatic increase in trading volume from an average of 400 trades per day on April 12th to around 1200 per day on April 13th, according to Lam. That is significant as week earlier the exchange was experience volume of 200 trades per day average.
Users mainly trade by using our APIs. We observed many user buy/sell under their same respective account so we guess it was the arbitrageur from China Market that dominate the market. We receive a lot of emails from support asking us to open CNY Deposit feature..
The exchange also invited a previous OTC customers to test trade and receive positive feeback.
Of course, another heavy user is Bitoex, our Taiwan partner who sells bitcoin in all major Taiwan convenience stores. They are selling really good and we keep up hard work to cater their demand. Another major partner is a Hong Kong based Bullion company, and we have started working out something that is really interesting with them and I will make sure your got 1st hand news once we completed our feature.
The CEO of Taiwan’s Bitoex, Titan Cheng, noted this about KBBEX’s new offering:
I believe KBBEX is a quickly emerging Bitcoin Exchange in Chinese-speaking region. The idea of bringing China Market Liquidity to international users is sound and proven successful. We look forward to grow with them and I can see KBBEX become one of the highest volume exchanges since it is safe, easy to use and compatible with almost every major currency.
China’s Bitcoin exchanges experience the most volume in the Bitcoin ecosystem but they are extremely competitive with most of the big players offering 0 percent commission currently in trading.