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Huobi's BitYes Teams with EgoPay for Fee-Free USD Deposits
Huobi's BitYes USD exchange is offering a trading fee-free deal with payment processor EgoPay until the end of 2014.
Updated Sep 11, 2021, 11:19 a.m. Published Nov 12, 2014, 8:05 a.m.
BitYes, the international USD-based exchange operated by Huobi, has relaunched with a new design, stop orders and a fee-free promotion that should appeal to higher-volume customers depositing via payment processor EgoPay.
Until 31st December, BitYes is offering zero fees for deposits, withdrawals and trading for customers outside the US using EgoPay, claiming it is "the cheapest way in the world for anyone to acquire a large amount of bitcoin for USD".
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Customers would still need to pay a roughly $30 fee to wire money to an EgoPay account internationally and a $12 EgoPay deposit fee, but this still works out cheaper than other major USD trading options for international customers in many cases.
China-based Huobi says for a customer seeking to trade an amount like $100,000 for BTC at market prices, the flat fees work out to 0.042%.
For that amount, the firm says, this is lower than Coinbase's 1% trading fee, Bitstamp's 0.22% plus deposit fees (all in addition to individual banks' wire transfer fees), or the premium asked to trade face-to-face via a service like LocalBitcoins.
BitYes is also running a competition in which two users who deposit $500 or more will win one prize of 1 BTC and another of $300.
As part of the site redesign, it has also added stop order functions for traders to set their preferred buy and sell prices.
No US fiat deposits
Somewhat ironically, despite being a USD-to-cryptocurrency exchange, BitYes does not accept fiat deposits from US residents due to its regulatory environment.
A Huobi spokesperson said about 35% of BitYes users are from China and the rest are international, with Canada, UK and Australia leading the list.
US residents are still able to deposit and trade both bitcoin and litecoin. Huobi is working with compliance experts to open up the market to US residents as soon as possible.
Huobi's Hong Kong-registered subsidiary, launched in September with the goal of capturing some of the US dollar trade. The company describes its compliance framework as "robust" with KYC/AML policies formed in cooperation with third-party experts and service providers.
In addition to EgoPay, BitYes also supports deposits and withdrawals internationally via OKPAY and wire transfer. Wire transfers typically take around two to four days to process, but transfers through the third-party payment processors are instant.
Normally, the exchange has a 0.2% standard trading fee, a 1% fiat currency deposit fee, a 2% Egopay withdrawal fee, or a 0.1% fee for withdrawal to bank card. Withdrawals in digital currency (BTC or LTC) are free.
Bitcoin and USD image via Shutterstock
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