The world’s first zero-trading-fee cryptocurrency exchange is aiming to provide a platform for its users that’s open, frictionless, and participatory.
Amid the rising interest with cryptocurrencies and the blockchain, delivering a service to a fast-growing cryptocurrency trading community may seem easier said than done. Yet, for Singapore-based ABCC (AlphaBit CryptoCurrency) exchange it is pitching itself apart from others with the intention of delivering a service that users want.
Launched last month, ABCC is the brainchild of Calvin Cheng, a Singaporean entrepreneur and a former parliamentarian. Now, turning his attention to the cryptocurrency market, Cheng, and the 20 core members of the team, is hoping to promote the benefits of the industry that will attract more people to it. This is one of the reasons why ABCC was launched. Not only that, but as the blockchain and cryptocurrency assets are projected to play an important role in the future of advanced economies, the launch of a zero-fee-trading exchange will be an asset to newbie and veteran users who will have a frictionless experience when trading digital currencies.
“One of the big reasons for this is that we want to promote the mass adoption of crypto trading, which would be extremely beneficial to the financial industry in the world,” Cheng said. “Because the mass adoption of cryptocurrency will give access of investment to a broader base of the companies.”
Typically, with other cryptocurrency exchanges a fee is involved regardless of whether a person makes or takes a trade. These can vary between 0.1 percent and 0.5 percent. In order to succeed in this space, particularly as a cryptocurrency exchange, it needs to have a unique selling point to make itself appealing to potential users. One such point with ABCC is the fact that it provides free trading to its users, with no deposit fees involved. Essentially, this is what makes it so different from other platforms, and, in turn, helps it to attract traders.
The exchange also offers trading rewards, which are calculated at 0.05 percent of the total daily transactions. This is inclusive of both buy and sell orders, with all pair trades eligible to the campaign. So that people can experience the platform, the trading and referral campaign will continue in the short term. There is also a special incentive for top traders. Those who are interested in learning more about this should contact ABCC for more details.
According to ABCC, trading and referral rewards are calculated as follows:
“All rewards will be calculated and confirmed by 10 a.m. (UTC +8) on the day following the trade date, and rewards will be deposited into a registered mobile authenticated ABCC account within 48 hours of calculation confirmation. There will also be a maximum of 10 BTC rewards per account on a cumulative basis.”
In order to maximise its potential to users, ABCC delivers 17 tokens and over 30 trade pairs with Bitcoin, Ethereum, and USD. These include Ethereum Classic (ETC), Basic Attention Token (BAT), LEND (ETHLend), Quantum (QTUM), Bitcoin Cash (BCH), Civic, (CVC), Golem (GNT), EOS (EOS), Ripple (XRP), Dash (Dash), OmiseGo (OMG), WaykiChain (WICC), FunFair (FUN), and Ox (ZRX). On average there are two new listings per week on the ABCC platform. According to Coinhills, in the past 24 hours, over 800 BTC was traded, representing nearly $6.6 million. The platform is also in the process of being listed on CryptoCompare.
By determining their chosen tokens for the platform, ABCC evaluates each project it is interested in based on their business, the team running it, and the technology behind the tokens. This, in turn, enables them to provide tokens that traders may not necessarily have thought of. It also gives them the opportunity to expand on their cryptocurrency portfolio under one platform.
Complete with professional trading services, ABCC is making use of its expertise to help investors identify valuable blockchain assets. That, along with its zero-commission fee trading model, is expected to attract traders to its service. The app will be launched in two weeks and the API is expected to be ready by mid-June.