Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, is celebrating its 5th anniversary by eliminating trading fees on a wide range of bitcoin spot trading pairs.
According to the statement released by the platform, users will be able to enjoy fee-free trading on thirteen stablecoins and fiat combinations including BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY and more from July 8.
While Binance has long maintained one of the lowest spot trading fees in the industry, it is establishing itself as the global leader in pricing with this latest move. The new trading fees will be in place until further notice, enabling Binance users worldwide to continue to feel fee-free after the two-week anniversary celebration period.
Binance Founder and CEO “CZ” (Changpeng Zhao) said:
“In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry. At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction.”
He adds further:
“Within the span of five years, Binance has amassed an amazing community that believes in us and supports our vision. Our growth and achievements would not have been possible without them. We hope to give back to the community by providing them with the world’s best products and services,”
Binance removes trading fees
Prior to marking its 5th anniversary, trading on the platform incurs a 0.10% fee for trading on the platform as well as a 0.50% fee for Instant Buy/Sell, so your actual fee amount will depend on the amount of the trade. The higher the transaction, the higher the fee.
However, these fees incurred by users were some of the lowest fees in the crypto exchange market, making it a favourite among traders.
The offering, which the firm attributed to celebrating its 5th year anniversary, follows a similar announcement from the firm’s U.S. subsidiary on June 22.
“Outside of its anniversary, the obvious answer for why Binance is offering lower bitcoin trading fees is because (crypto trading) volumes have been going down,” Chris Brendler, senior research analyst at D.A. Davidson, told Yahoo Finance. “It’s more of a marketing initiative to generate trading activity alongside their anniversary.”
In a similar market move, a few weeks ago, we reported that The blockchain platform had signed a partnership with Cristiano Ronaldo for the promotion of non-fungible tokens (NFTs). a multi-year agreement in which the Portuguese soccer star and Binance will create a series of NFT collections for sale on the company’s platform.
By providing access to broad financial tools while maintaining one of the lowest fees in the business, the crypto platform is making crypto accessible to everyone in Africa and beyond.
Having launched in July 2017 as a crypto-to-crypto exchange, the company has become the world’s largest crypto exchange. Today, the company is a global blockchain ecosystem spanning trading services, infrastructure solutions, educational resources, research, social good and charitable programs, investment and incubation initiatives, and more.
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