Vault of Satoshi (VOS) has announced no fees on trades or deposits until July 1, the Canada Day holiday.
Coin-to-fiat trades are normally charged 1% and coin-to-coin trades, 0.2%. Deposit fees range from $1.50 to $7.50 depending on the method chosen.
Adam Cochran, VOS’s director of marketing, also clarified that customers subscribing to the unlimited $99 monthly plan won’t lose out and will be credited.
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They also announced progress in their U.S. re-launch, with full trading privileges for South Carolina and Nevada, and coin-to-coin trading for Texas. Later in the summer, additional U.S. and international support is expected.
This is the latest in a series of big moves by the exchange as part of a push to gain market share. One week ago, VOS got into the mining business with its launch of 1-year contracts.
The no-fee trading promotion will be the biggest test-to-date for the relatively new exchange. Traders stand to save substantially relative to other exchanges- the catch-22 being that liquidity will have to rise, and spreads tighten, in order to make a compelling case for traders to switch over. Indeed, redditors have pushed for a 6-month promotion in order to allow time to build up volume.
Currently, their BTC/USD orderbook is showing a bid/ask of $574.90/$584.90, a spread of 1.7%. 24h volume is only 5.23 BTC.