Bitcoin Trading Platform Okcoin Launches Poll for Commission Rate

Bitcoin trading platform Okcoin launched today a poll asking clients to determine the commission rate for their future services. Xu Mingxing, CEO of the company, claimed in an announcement that it is the ubiquitous decision of the whole industry to charge fixed commissions in a bid to fend against profiteering.

However, another bitcoin trading platform Huobi continued to provide free services and its turnover once surpassed leading services like Okcoin and BTC China.

According to representative of Okcoin, the result of this poll will be posted on Thursday together with IP address, nickname and voting time of each vote. No commissions will be charged during the poll.

Xu added that Okcoin will set up a user commission as quickly as possible and invite big names like Li Xiaolai to discuss and make decisions with clients.

The customers of Okcoin reportedly consist of two parts, long-term investors and temporary investors. Most long-term investors are willing to pay fixed commissions for better service as long as the rate is acceptable, according to the company.

BTC China has started to charge a 0.3% commission since Dec. 20.

Chinese bitcoin trading services like Bitcoin and BTC China face major setbacks after the central government released a notification that warns financial institutions and payments services against risks. Leading domestic third-party payment services Alipay and Tenpay also terminated payment and clearing services for bitcon.

Trailing the recent surge in Bitcoin market, the daily turnover of Okcoin once hit 100 million yuan in early November.