Following in the footsteps of Robinhood, who pioneered cryptocurrency trading without commissions, Binance.US also eliminated trading fees for Bitcoin (BTC) spot market trading knives. Doing so would make Binance.US the first exchange in the U.S. not to apply instant transaction costs to Bitcoin and not require trading volume. Mr. Brain Shorder said that this is considered a revolutionary opportunity to access fees in the industry to increase access to cryptocurrencies and have better support for the market and customers at the present time. News of competition for trading fees on the exchange spread, which will put direct pressure on competitors to cause them to do the same.On Wednesday, Coinbase’s shares fell 9.71 percent to $51.91 a share. Robinhood (HOOD) hit an all-time low that saw its share price gradually stabilize again. Coinbase’s transaction fees are currently charged at 0-5%, Kraken has fees charged at 0-0.26%, and FTX. The US has fees ranging from 0% to 0.2%. The transaction fee is usually calculated depending on the currency pair, the trading volume executed in 30 days, and that order is the order of the buyer or seller. On June 22, Shorder announced to Bloomberg that Binance.US would not earn a spread from its free trades but would instead generate binance revenue from other sources.
“Because we’re not involved in the transaction, we don’t enjoy that difference.” Shorder confirmed.
3/ We hope our pricing model sees broader industry adoption over time, because that would have a positive impact on the ecosystem and market participants overall. We are happy to lead the race to zero-fees everywhere.
See you on @BinanceUS
— Brian Shroder (@BrianShroder) June 22, 2022
he also commented that if the transaction fee is zero, it will give users positive emotions and bring Binance new users. There will be plans to announce a wide range of codes included in the list of offering free transactions in the near future. At U.S.-licensed exchanges can make the most of the advantages of trading for free four pairs of exchange rates on the Bitcoin spot market.
The best #crypto platform for low fees just got better. #BinanceUS is the first major platform to offer zero-fee #bitcoin trades for BTC/USD, BTC/USDT, BTC/USDC & BTC/BUSD spot pairs, for all users without trading volume requirements.
Read: https://t.co/UYvNNvael2 pic.twitter.com/YDV0x3dfcJ
— Binance.US 🇺🇸 (@BinanceUS) June 22, 2022
Shroder sent a notice to his 8,200 Twitter followers that over the next summer, the company will also launch a model with new level-by-level pricing. The hierarchy will be divided into 3 levels. Level 0 is where free trades and certain cryptocurrencies will also be issued (including the most recently announced BTC pairs). Levels 1 and 2 will determine transaction fees on a “per asset” basis. Details of this are expected to be available in July. Binance.US its U.S. subsidiary was established in 2019 and became Binance’s giant cryptocurrency exchange. The exchange only serves cryptocurrency traders in the U.S. and is independently regulated by the financial firm. Robinhood pioneered the trading of non-fee securities when it was founded in 2014. This caused some brokers to follow suit in later years. While there were no commission transactions for cryptocurrencies in 2018, it was still able to cash in on the spreads of its free trades. —