Binance Removes Bitcoin Trading Fees

Binance will eliminate bitcoin trading fees on its global platform to commemorate its fifth anniversary.

The decision by the world’s largest cryptocurrency exchange follows a similar strategy implemented by its US counterpart, Binance.

The US. Late last month, the American company reduced costs for spot bitcoin trading to expand its footprint in the country and increase competition. Following the announcement of the functionality, the stock of Coinbase in the United States fell.

Binance’s action goes further than its counterpart in the United States. In a press release issued on Wednesday, the global exchange stated that beginning on July 8, 2022, users will be able to trade spot BTC with no fees in 13 pairs, including fiat currencies and stablecoins such as the euro and the British pound, as well as the two most popular stablecoins in the market: Tether’s USDT and Circle’s USDC. Traders can only obtain the fee reduction benefit with US dollars at Binance. the US.

Correct Steps Towards the Future

Binance has always sought to deliver the most competitive fees in the industry, in keeping with our user-first philosophy. Binance is an inclusive platform that prioritizes accessibility. Another step in that direction is the elimination of trading costs on selected BTC spot trading pairs.

The Brazilian real, Australian dollar, Russian ruble, and Turkish lira are among the other fiat currencies that will be exempt from the new fee-free norm. The feature will be available “until further notice,” according to Binance.

Despite providing an easy Bitcoin on-ramp, centralized exchanges might become a security vulnerability if users employ them as custody providers. Those looking to reduce risk can reduce their exposure to third parties by safeguarding their bitcoin, which, despite the learning curve, can be beneficial in the long term. Bitcoin bulls maintain $20,000, but most traders believe the price will remain range-bound for at least six months.