Thank you for always using CROSS exchange.
There was an error in setting the value of the borrowing fees with the DEMO Margin Trading Trade Battle currently ongoing. We will correct this as follows and apologize to all users.
■ Margin Trading Borrowing Fees for One (1) Day
Correct Rate: 0.04% / Day
Mistaken Rate: 0.4% / Day
■ Updated Contents
The borrowing rate has been corrected from 0.4% to 0.04%
■ Correction Date
8/12/2019 4:00 UTC
We have received feedback from users during this Trade Battle. We will continue to make improvements until the real version is released.
■ Specified changes for the Real Environment (in preparation)
・Calculation method of borrowing fees
● Current Situation: One day’s borrowing fee is incurred once an order is placed.
● Post-Development Specifications: Record borrowing fees every hour once an order has been placed
(Regardless, borrowing fees will not be incurred if a trade is completed within 1 hour)
For standard Margin Trading, it is based on the “daily borrowing fee,” thus an hour after placing an order one day’s borrowing fee is charged against a user’s trade order. (even if the time to complete the trade is 2 hours or 20 hours, the borrowing fee is the same)
In this case the cost burden for short term traders will increase. We have changed the specifications so that it calculates the hourly fee amount thus improving it so users do not have to worry about fees.
Thank you for your understanding and cooperation.
CROSS exchange Team