Overview of Bit.com
Registered in the Seychelles, Bit.com is a cryptocurrency exchange that was launched in late 2020 by Matrixport. It offers options, spot, and futures markets for virtual assets. Moreover, Jihan Wu is its chairman and is responsible for co-founding both Matrixport and Bitmain.
Matrixport aims to deliver this suite of innovative, easy-to-use financial services, and cryptocurrency investment products, that are extensive and can be tailored for each expertise level. It encourages individuals to establish control over their private finances in a manner that can lead to optimal performance. Consequently, users can even log in to this exchange through Matrixport, after which they can easily transfer assets, while incurring minimal fees.
Bit.com mainly provides cryptocurrency derivatives, such as futures and options.
However, despite derivatives being the highlight of its services, it also offers spot trading. Speaking of derivatives, they serve as instruments whose value tends to be derived from the worth of other assets like stocks, commodities, bonds, etc.
Its main selling points, other than derivatives, are supposedly its performance and security. These can be very significant within cryptocurrency trading, with the exchange priding itself on how it offers institutional-level performance and security. Therefore, along with catering to your performance, the exchange focuses greatly on protecting your investments.
With that said, in this article, we’ll be delving a bit into its fee structure.
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Deposit & Withdrawal Fees
Like many other exchanges, making cryptocurrency deposits at Bit.com does not incur any fees. Withdrawing cryptocurrencies, however, is another matter entirely. As a result, using Bit.com to withdraw to other wallet addresses or exchanges incurs a fixed fee. Normally, the corresponding blockchain networks decide these fees, and they can be altered in real time. To find out more about the withdrawal fees that may be incurred, just pay a visit to its withdrawal page.
Spot & Derivatives Fees
Similar to other exchanges in the cryptocurrency landscape, Bit.com’s fee structure is varied and dependent on the 30-day trading volume of its investors. Therefore, once that trading volume increases to a certain extent, you will be liable to receive discounts on your trading fees, which this section will cover a bit.
Spot
At Bit.com, if your 30-day trading volume is equal to or falls below $5,000,000, then the fees you will be charged for spot trading will include a maker fee of 0.080% and a taker fee of 0.100%.
However, this is only applicable for those who are VIP level 1. For instance, if your 30-day trading volume exceeds $5,000,000, then your maker fees will be reduced to 0.060% and your taker fees to 0.080%. The maximum reduction you can possibly be eligible for whenever you engage in spot trading, is if your trading volume is equal to or exceeds $100,000,000. Then, your maker fee will be -0.010%, and your taker fee will be 0.035%.
USD-M Futures
For USD-M futures trading on Bit.com, if your 30-day trading volume is less than or equal to $15,000,000, then your maker fees will be 0.020% and your taker fees will be 0.050%. Similar to the spot trading fee structure, you will receive greater discounts once your 30-day trading volume increases here. To be eligible for the highest discount, however, your 30-day trading volume must be equal to or exceed $300,000,000. Your maker and taker fees then will be -0.010% and 0.035%, respectively.
USD-M Options
As for USD-M options trading, Bit.com charges you a maker fee of 0.020% and a taker fee of 0.050%, if your 30-day trading volume is less than or equal to $15,000,000.
If your 30-day trading volume exceeds that, then your VIP levels will increase, and with that, your trading fees for USD-M options will decrease as well.
On the other hand, the highest VIP tier here, like with futures and spot trading, is VIP6, which entails having a 30-day trading volume equal to or greater than $300,000,000. Your maker fees will then be 0.005%, and your taker fees will be 0.025%.
Leverage Fees
Normally, exchanges won’t charge you any additional fees for increasing your leverage, and the same seems to be true here. At least, we haven’t found any information that states otherwise. Still, the usual trading fees will be incurred nonetheless and will even be magnified based on how much leverage you utilize.
FAQs
What is the difference between USD-M Futures and Options?
USD-M futures, with the M standing for “margined,” happen to be linear future products that have their margin denominated in the USD, which can make the trading of various derivatives more accessible. Traders that use the USD as one of their margin assets can then trade multiple contracts without needing to purchase numerous assets. Consequently, losses and earnings are determined in USD as well when users trade USD-margined futures, which simplifies the process of benchmarking and calculating profits.As for USD-M options, they are a kind of derivative contract enabling traders to sell or purchase specific commodities at set prices on future dates. However, unlike futures, options give buyers the “option” to not purchase the assets if they wish. So, like USD-M futures, think of USD-M options as products that have their margin denominated in the USD.
What is Trading Rule on Bit.com?
On Bit.com, you can think of trading rules as criteria that you would have to meet in order to trade hassle-free. These can represent, for instance, the minimum order amount and price and the percentage of the order price cap, all of which have to be met or catered to. Moreover, such criteria can vary between token trading pairs.
What is Margin Rule on Bit.com?
Margin rules on Bit.com, like trading rules, represent a set of certain criteria that orders have to adhere to, such as the maximum leverage certain token trading pairs can utilize, which can obviously differ, the IM and MM rates, the floating factor, and more.
