LocalBitcoins Reduces Trading Fee For Bitcoins

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LocalBitcoins the popular peer-to-peer bitcoin exchange platform has recently announced that they will halve their trading fee for all bitcoin trades to be done in the UK, starting from today onwards.

While making an effort to increase bitcoin BTC trading in the UK following the Brexit vote which has seen the exquisite fall in pound valuation, the peer-to-peer bitcoin exchange of LocalBitcoins will slit its fee for bitcoin trades among UK clients, by this month.

During a press meet with CCN the Finland-based bitcoin exchange company stated its affinity to the UK which they see as an important market. LocalBitcoins was found in 2012 they have praised the UK market as the first to see an unbelivable growth in peer-to-peer bitcoin trading, and so it helped the exchange “solidify” its future. According to CEO Nikolaus Kangas Activity in the UK also helped the exchange with “enough money to hire their first employee”, the exchange revealed. Furthermore, the UK “was the first market where Localbitcoins market became liquid,”

Starting from the 5th of September, the trading fee for all bitcoin trades to be done in the UK via the platform will be reduced from 1% to 0.5%, effectively halving the exchange’s fee.

LocalBitcoins cites the “hard times” that has befallen the UK as a result of the Brexit vote. The value of the pound has decreased gradually its value by 16% since the vote, making it a market ripe for bitcoin adoption.

Kangas also added:

“The trading community there is really active, and we have always kept our eye closely on the UK market. Now, with the possible #brexit, UK might become [an] even more interesting market for bitcoin users”.

The reduced fee at 0.5% for trades will be active for all trades initiated between today, September 5th and October 2nd, end of day at 11:59 UTC.

With some 1,350,000 registered users across 249 countries, LocalBitcoins sees their trading volumes worth over $14 million in BTC every week, as of August 2016.

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