Binance US has announced that the exchange has now dropped trading fees for the four main Ethereum trading pairs.
After Zero Trading Fees For Bitcoin, Binance Has Expanded Policy To Ethereum
Back in June of this year, the US division of the crypto exchange Binance enacted a zero trading fees policy for its four main Bitcoin trading pairs: BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
Now, the platform has expanded this same model to Ethereum, as noted by an announcement on the exchange’s website.
Following this fee removal, all users of Binance US, whether new or old, can trade the four main ETH spot market pairs (ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD) without paying any fees.
“Additionally, Binance.US is eliminating execution fees on all ETH transactions made through its Buy & Sell crypto offering,” reveals the exchange.
The platform has also announced that it will be consolidating its pricing tiers into just one starting in January 2023, with the current Tiers I and II merging into a single tier.
Binance is currently the largest crypto exchange in the world in terms of trading volume, and the platform has only been looking to grow more in this past year.
The zero fee trading model has been one of the exchange’s recent tactics to gain more marketshare.
“Over the course of the year, we have sought to thoughtfully grow our business with customer experience as our guidepost,” said Brian Shroder, Chief Executive Officer and President of Binance.US.
“By eliminating fees first on BTC and now ETH, we are further cementing our position as the low fee leader in crypto, raising awareness for the high fees consumers are paying on other platforms, and helping to restore trust in the greater ecosystem. Now, more than ever, it is critical that platforms operate with users’ interests first.”
For Bitcoin, the aggressive zero fee policy seems to have been quite successful, as trading volume data of the market has revealed how most of the activity among the Bitwise 10 exchanges is heavily concentrated on Binance.
It now remains to be seen whether this model will bear similar fruits in the case of Ethereum as well.
At the time of writing, Ethereum’s price floats around $1.2k, down 1% in the last week. Over the past month, the crypto has lost 22% in value.
Below is a chart that shows the trend in the price of the crypto over the last five days.
The value of the crypto seems to have observed some downtrend over the last two days | Source: ETHUSD on TradingView
Featured image from Unsplash.com, chart from TradingView.com
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