Popular India-based bitcoin exchange has announced that for every trade on Unocoin Exchange, market makers can now earn 0.3% of the trade value in bitcoin. This is only applicable for makers (who brings liquidity to the order book). Unocoin originally offered fees of 0.4% to makers and 0.6% to takers on the launch of its exchange and is now bringing the maker bonus back.
Unocoin is turning the tables in favor of the makers providing a 0.3% as the bonus on their transactions. The taker fee will continue to remain the same — at just 0.6% of the order value.
In the context of Alice & Bob — here’s how the new structure would work out:
- Let’s say Alice places a limit buy order for 0.1 BTC @ Rs 6,00,000. The value of this transaction would, therefore, be Rs 60,000.
- Bob comes into the picture. Let’s say he’s doubled the value of his holdings on bitcoins and has placed a market sell order to offload 0.1 BTC from his holdings.
- This order gets matched with Alice’s and gets executed. Alice is now the maker, and Bob the taker.
- According to the new Unocoin pricing model — Alice would be receiving 0.3% of the transaction value — that is, Rs 180 for this transaction. This payout would be in the form of bitcoin itself, and not INR — which means she would make 0.0003 BTC (calculated using the last traded price at the moment of the transaction) for trading cryptoassets herself.
- Bob on the other hand — would be subject to a nominal 0.6% — which translates into a fee of 0.6% — or Rs 360 — on the transaction.
Last month, Unocoin updated its app to a multi crypto asset exchange (with an open order book), which supports 6 coins — including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ripple, Ethereum, and Litecoin.
