- CZ states that the firm is trying to give back by offering zero-fee trading.
- After Binance U.S provided a similar waive-off, comes the announcement.
On the occasion of its fifth anniversary, Binance, the world’s biggest cryptocurrency exchange by trading volumes, has removed fees for a wide variety of Bitcoin spot pairings. Tether (USDC), Binance USD (BUSD), Circle’s USD Coin (USDC), as well as the euro, the Turkish lira, and other fiat currencies may be traded against Bitcoin. Binance said that “until further notice,” users will be able to trade with no fees. From the 8th of July, it will be available.
CEO Changpeng Zhao said that Binance’s goal has always been to provide the most competitive fees in the market. CZ states that the firm is trying to give back to the community by offering zero-fee trading for a number of Bitcoin pairings.
Much-needed Move During Hard Times
After Binance U.S provided a similar waive-off, comes the announcement. In an effort to attract new customers, the American affiliate of the exchange, US, implemented a zero-fee trading option for Bitcoin last month. This was seen as a rebuke to Coinbase, which relies on hefty fees from ordinary clients to make money.
Zero-fee trading was pioneered by financial services business Robinhood, which has led heavyweights like Charles Schwab to stop charging fees on stock trades. When it comes to trading, there are no costs for the popular software, but market makers pay the business rebates for facilitating exchange orders. When no fees are paid for transactions, Binance.US does not make any money. A zero-emissions trading model might drive other exchanges to do the same, especially during the recent crypto winter where traders of all sizes are having a hard time.
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Binance.US Lures Traders by Waving Off Bitcoin Spot Trading Fee
