The world’s largest cryptocurrency exchange will eliminate bitcoin spot trading fees effective July 8, as it celebrates its fifth year of operations.
Binance will eliminate bitcoin trading fees on its global platform to celebrate its fifth anniversary.
The move by the world’s largest cryptocurrency exchange comes on the heels of a similar strategy adopted by its US subsidiary, Binance.US. At the end of last month, the US company eliminated fees for spot bitcoin trading, as it sought to increase its presence in the country and generate competition. Shares of American rival Coinbase took a hit after the feature was announced.
Binance’s move covers more ground than its American counterpart. The global exchange said in a press release on Wednesday that from July 8, 2022, users will be able to trade fee-free spot BTC in 13 pairs, between fiat and stable currencies, including the euro and pound sterling. , as well as both. Most popular stablecoins on the market: USDT from Tether and USDC from Circle. Traders can get the benefit of reduced fees with US Dollars only on Binance.US.
“In keeping with our user-first philosophy, Binance has always strived to offer the most competitive fees in the industry,” Binance Founder and CEO Changpeng Zhao said in a statement. “At its core, Binance is an inclusive platform that takes accessibility into account. Removing trading fees on selected BTC spot trading pairs is another move in this direction.”
Other fiat currencies that will also be subject to the new free rule include the Brazilian real, the Australian dollar, the Russian ruble and the Turkish lira. The feature will be available “until further notice,” Binance said.
Despite providing a convenient gateway to Bitcoin, centralized exchanges can become a security hole if users take advantage of them as escrow providers. Those interested in reducing risk can mitigate exposure to third parties by insuring their own bitcoin, which, despite the learning curve, could pay off in the long run.