Huobi’s BitYes partners with EgoPay for USD deposits, hopes to eventually open market to US customers

Coindesk reports that BitYes, the Huobi-run exchange supporting USD-based bitcoin trading, has added EgoPay as another deposit option. Until now, OKPay was the only payment processor supported.

BitYes has launched a promotion whereby until December 31, customers using EgoPay will pay no fees on deposits, withdrawals and trades. Normally, BitYes would charge 0.2% on trades, 1% on fiat deposits and 2% on EgoPay withdrawals. While there are fees associated with getting the money to EgoPay, BitYes says that high volume customers will see substantial savings, as observed when calculating the effective fee rate per trade.

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To help attract clientele, BitYes is redesigning its interface and adding stop order functionality. Customers making USD deposits are eligible to partake in a competition with prizes of 1 BTC or $300.

BitYes’s partent, Huobi, does not charge any fees for its CNY-based trading.

The grand irony with BitYes is that despite specializing in USD-based trading, US residents are not eligible due to regulatory considerations. The exchange is reportedly working with compliance experts to see how this can be changed. Getting this hurdle out of the way can open up a potentially lucrative market, whose customers are used to paying 0.2% and higher elsewhere.

Currently, 35% of BitYes customers are from China, the remainder from other countries, led by Canada, UK and Australia.