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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term supporting USD-based Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term 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.

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.