eCoin says that it is charging no fees for trades made on its exchange, which supports bitcoin and litecoin trading against the dollar.
If confirmed, eCoin becomes a rare venue for no-fee trading. It would follow a similar model to China’s “big 3,” namely Huobi, OkCoin and BTC China, offering no-fee trading against the yuan.
Also, like its Chinese counterparts, fees are charged for deposits/withdrawals. The fees range between 0% and 3% depending on the method used. Supported payment processors include EGOPay, OKPay, Payeer, PayPal, Perfect Money and WebMoney in addition to wire transfers.
Most other USD offerings charge trading fees between 0.2% and 0.5%, so such no-fee offers pay off for traders with any sizeable activity, even when accounting for the deposit/withdrawal fees.
The FX Global Code – Is Self-Regulation the Future of the Industry?Go to article >>
Bid/ask spreads appear to be fairly tight (even slightly overlapping). The site says that $2,439,219.65 has been exchanged during the past 24 hours. This would be equal to roughly 7400 BTC or 300 BTC/hour – ranking them on par with the likes of Bitfinex and BTC-e.
Another interesting feature is its arbitrage section, where prices from other exchanges are displayed and the sizes of arbitrage opportunities (based on eCoin prices) are laid out.
DC Magnates has not been able to confirm the authenticity of trading statistics. If one can indeed verify the reliability of the exchange, it may be a worthwhile pursuit for high volume traders.
eCoin is operated by Wallet Capital Group Inc., based in Panama, and indicates that it has a financial license.