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Binance Is Taking Steps to Reduce Fees for Bitcoin Spot Trading

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  • Binance has taken action to eliminate costs for certain Bitcoin spot trading pairings.

Binance chose to eliminate charges

On the celebration of its fifth anniversary, the biggest cryptocurrency exchange in the industry by estimated trading activity, has eliminated charges for a variety of Bitcoin spot pairings, according to a notice published on Wednesday. Customers will be able to exchange Bitcoin for other fiat money including the euro, Turkish lira, Binance USD (BUSD), Circle’s USD Coin, and Tether.

Zero-fee trading will be available to consumers, according to the firm, until further notice.  It will be accessible beginning from July 8. Changpeng Zhao, CEO, stated that their platform had always sought to provide the most competitive charges in the market. According to CZ, the firm is launching zero-fee trades for a number of Bitcoin exchanges in order to support the community.

Binance CEO, CZ, Credit: Watcher Guru
Binance CEO, CZ, Credit: Watcher Guru

The trend of zero-cost trading

The news of Binance.US’s introduction of zero-fee trade for Bitcoin the previous month is an effort to draw in more customers. It is the exchange’s American affiliate. This was interpreted as a preemptive strike for Coinbase, a competition that benefits from the exorbitant fees payable by potential buyers. A financial services business called Robinhood invented zero-fee trading, forcing industry giants like Charles Schwab to stop charging trade fees.

Zero-fee Trading, Credit: Forbes
Zero-fee Trading, Credit: Forbes

The well-known trading software doesn’t charge its customers any fees, but it makes money by receiving reimbursements from large investors who send bids to marketplaces. Conducting no-fee transfers does not generate any money for Binance.US because it does not take part in paying for market data. With such actions, Binance could encourage competing platforms to eliminate all transaction commissions.

Ujan Chakraborty
Ujan Chakraborty
Nothing but Blue Skies.
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