Coinone, Korbit go fee-free as crypto exchange war heats up 

Smaller crypto exchanges are waiving trading fees to challenge Upbit and Bithumb, backed by major financial investors.

Cryptocurrency exchange Coinone has joined Korbit in eliminating trading fees, as smaller exchanges backed by major financial playersstep up efforts to win customers despite a slump in crypto trading volumes.

Coinone eliminated trading fees for all crypto tradingstarting at 11 a.m. Wednesday. The exchange offers a 30-day zero-fee voucher that users can renew an unlimited number of times.

Digital X, the operator of Korbit, made a similarly aggressive move on Mondaywhen it announced thatit would waive trading fees on all cryptocurrencies in its won market for a full yearthrough Aug. 24 next year. No separate application is required. 

Coinone accounted for 2.39 percent of trading volume on Korea’s won-based exchanges on average this month, while Korbit held a 0.52 percent share, according to cryptocurrency data provider CoinGecko. Upbit and Bithumb, by comparison, accounted for 68.11 percent and 28.95 percent respectively — a combined share of about 97 percent. Korbit and Coinone, smaller rivals seeking to challenge that dominance, have chosen to sacrifice trading fees, a core source of revenue, for a shot at greater market share.