- Customers of Binance will now be able to trade bitcoin spot trading pairs without paying any trading fee.
- This rule will be in effect from July 8.
The cryptocurrency exchange Binance is a familiar name in the crypto space and is among one of the leading exchanges in terms of trading volume. Since the recent market crash, the firm has been incorporating new changes and planning new ventures.
On July 6, Binance announced that it will be celebrating its 5th anniversary and will celebrate achieving this milestone by eliminating trading fees on a wide range of bitcoin spot trading pairs.
Cryptocurrency trading pairs refer to a set of assets that can be traded for each other on exchanges dealing with virtual currencies. These pairs involve the quote currency, the one which investors use for trading if the aim is to earn more or to accumulate a particular coin, and the base currency is used against the first one. These pairs help in comparing the value of one cryptocurrency against another.
Binance has earned fame for maintaining the lowest spot trading fees in the industry and has now become the leader with this move. It will be implemented from July 8, and customers will be able to trade on thirteen stablecoins and fiat combinations including BTC/USDT, BTC/USDC, BTC/EUR, BTC/TRY, and more without paying any trading fee. The exchange has announced that this rule will be in effect till further notice.
The founder and CEO of Binance, CZ has stated, “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.”
Binance’s recent moves may point toward its future plans. In May, the exchange decided to re-enter the Korean market, where it had earlier stopped its operations due to regulatory issues. The firm is also in talks with the president of the Republic of Côte d’Ivoire to start integrating crypto activities in the country.
Binance started its operations in July 2017 as a cryptocurrency exchange and within a short span of 6 months turned into the world’s largest crypto exchange. Since then it has been providing world-class services and is now known as a global blockchain ecosystem.
CZ added to his previous statement that, “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.”