Indian crypto exchange Zebpay scraps trading fees
Indian cryptocurrency exchange Zebpay is now offering free crypto trading on its platform. Announcing its latest move, Zebpay referred to it as a fulfillment of its mission to free its users. The exchange called on all its users to make the most of the opportunity.
The exchange has been one of the many Indian exchanges affected by the current state of regulatory ambiguity in the country. The Reserve Bank of India has been on the offensive, attempting to cut off crypto businesses from access to basic financial services. However, this has done little to deter Zebpay from offering its services.
In its announcement, the exchange stated:
“The ethos of the Crypto space is all about empowering individuals through decentralization. In this scenario, we strongly felt that it wasn’t fair to tax the actions of these empowered individuals. That’s why we got rid of the trading fee entirely. No maker-fees. No taker-fees.”
Zebpay further pointed out that the commissions charged by exchanges have on their users. Most crypto exchanges charge 0.25 percent for every trade. While this may seem negligible, it has a huge effect on professional traders who execute several trades in a day. For newbie traders, such fees end up discouraging them from trading regularly.
The exchange does not require its users to have a minimum balance in their accounts either. Traders are also allowed to make as many trades as they wish per day. Currently, the exchange supports six cryptos – EOS, Bitcoin Core (BTC), Litecoin, Ether, Bitcoin Cash (BCHABC) and XRP.
In its announcement, Zebpay further promised to launch a new brand identity, Zebpay v3.
The exchange moved its operations to Malta in October last year. This was after the regulatory environment in India became too hostile for the exchange. The move also gave the exchange an entry into the lucrative European crypto market.
Before its decision to relocate to Malta, Zebpay had been forced to halt its trading activities in India. While the Indian crypto market has continued to expand, the government hasn’t been as receptive. Once the largest crypto exchange in India, Zebpay shut down operations in the country in September last year citing extremely difficult operating conditions.
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