Binance.US Removes Fees On Bitcoin Trades In Bid For User Growth
With the crypto markets continuing to slowly self destruct, the US affiliate of Binance is apparently looking for new ways to attract fresh capital to the market. Their latest attempt at obtaining this new capital, is a tried and true method derived from the likes of Robinhood – no fee trading.
Binance.US this morning revealed it will now begin to offer zero-fee bitcoin trading on its platform. The move is being done as a means of attracting new capital to the platform amid bitcoin’s continued fall from grace. The company, in talking to Bloomberg, indicated that unlike Robinhood whom makes money from the controversial payment for order flow process, Binance will be making no money on such trades.
Brian Shroder, the CEO of Binance.US, commented that zero-fee trading is “something that we want to do because we can. This will generate positive user sentiment that will bring us new users.”
The zero-trading fee, as per the Binance website, reportedly applies to BTC/USD, BTC/USDT, BTC/USDC and BTC/BUSD trading pairs. The company previously offered options for 0% trading fees on certain crypto pairs when using its platforms known as Convert and its OTC Portal.
Information for this briefing was found via CoinDesk, Binance and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
