bitFlyer USA Announces Zero-Fee Bitcoin Trading
Tokyo based cryptocurrency exchange bitFlyer has now opened the doors for US citizens to buy Bitcoin (BTC) using the US dollar. At the time of launching the facility, the cryptocurrency exchange has announced a promotional offer, which allows commission free purchase of Bitcoin by clients.
The commission fee purchase program is applicable to BTC/USD pair and is made available with bitFlyer Lightning, a pro trading tool of bitFlyer.
The program is automatically available to all existing and new clients of bitFlyer USA. The end date of the limited period offer is yet to be announced. bitFlyer clarified that they will reveal the final data to avail this offer two weeks in advance.
This offer is not applicable to residents of Japan and Europe, where bitFlyer has operations. bitFlyer USA, the US subsidiary of bitFlyer, was established in November 2017.
As of date, bitFlyer, which has operations in 47 states in the US, holds BitLicense, which allows it to offer cryptocurrency related operations in New York.
As per bitFlyer website, the company generally charges a fee of 0.00000001 BTC or one satoshi, the lowest possible unit in a Bitcoin transaction.
Usually, bitFlyer charges withdrawal fee of 0.0004 BTC ($3.7) for Bitcoin and 0.005 ETH or about $0.9 for Ether (ETH) accounts. bitFlyer also charges $10 as wire transfer fee.
Under the latest promotional campaign, bitFlyer USA has also announced a trading competition, named “Trade Grand Prix.” The bitflyer’s first ever contest for the US clients will reward a total sum of $1,600 to highest weekly and daily volume traders. The competition is scheduled to begin on February 10.
Established in 2014, bitFlyer asserts to be the “most used virtual currency exchange in Japan.” The exchange is also running a 100% owned associate concern in Europe, named bitFlyer EUROPE S.A., headquartered in Luxembourg.
bitFlyer’s zero fee offer is not the first of its kind. Several cryptocurrency exchanges have made similar offers in the past to quickly grab a market share in the US. Robinhood Crypto, the popular US stock broking firm, began the trend by offering zero-fee trading in seven cryptocurrencies.
Likewise, in September 2019, SoFi, a financial firm headquartered in California, rolled out commission free cryptocurrency trading on its platform SoFi Invest.