Binance.US Launches Zero Trading Fees for New and Existing Users
- On Wednesday, the US subsidiary of the biggest crypto exchange globally, Binance.US, launched a new pricing model for its users trading the Bitcoin market.
Under this new pricing model, Binance.US won’t be charging any fee for Bitcoin trading. According to the announcement, the new pricing model would be available to all users (old and new). Also, they can access this pricing model instantly. Hence, users trading the following pairs won’t be paying any trading fee: BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
Binance.US New Pricing Model
Even before this new development, it is noteworthy that Binance.US’s trading fee is one of the lowest in the industry. Its trading fee starts at 0.1% compared to Coinbase pro’s 0.4%. However, the company is removing all trading fees to enable its customers to enjoy more value and have better trading satisfaction.
The platform claims to be the first United States crypto exchange that doesn’t charge any fee for spot trading for its customers on specified Bitcoin pairs. Binance.US hopes that its decision will inspire other firms to change their approach to trading fees.
According to exchange, the move is to make crypto trading more accessible to traders. Also, it would encourage users to keep trading the crypto market, especially in these trying times.
Binance.US CEO, Brian Shroder, added that “the launch of the fee-less Bitcoin trading aligns with our mission of empowering everyone to use their money to make money.” He also said the exchange slashed Bitcoin withdrawal fees by about 60% for the same reasons cited above.
This launch is part of the ways Binance.US continues to bring a more excellent trading experience for its users. Earlier in the year, the exchange raised $200 in its latest funding round. The company announced it would use the funds raised to develop more valuable products and services for its customers.
Following the fundraising, the company launched a new staking feature. This feature enables the platform’s users to automate the re-staking of their crypto funds. The dashboard for this feature is so easy to use that users can monitor their staking rewards easily.
Binance.US offers one of the highest yields among other US-based crypto exchanges. Also, several tokens are available for Binance.US users to stake their crypto funds. Binance.US added that it would likely introduce similar features for other digital assets.
Coinbase shares are down about 10 percent today according to MarketWatch. Also, Robinhood‘s share price is down by about 1 percent. The share prices of Coinbase and Robinhood are now nearly 90 and 85 percent off their peak prices, respectively.
Binance.US keeps soaring while its major competitors (Coinbase and Robinhood) suffer amidst the current crypto winter. Both Coinbase and Robinhood have cited the crypto winter as their primary reasons for reducing their workforce. Coinbase and Robinhood have reduced their staff strength by 18 and 9 percent, respectively.
Introducing these new features brings Binance.US closer to overtaking the leadership position in the US virtual asset service providers (VASP) industry. A position currently occupied by Coinbase.