Binance wants to attract new bitcoin traders

The cryptocurrency giant has announced the elimination, as of Friday, of trading fees on thirteen combinations between bitcoin and stablecoin or fiat currencies.

The cryptocurrency giant Binance, with 120 million users, continues to be talked about with this time a marketing operation.

On its fifth anniversary, the company announced the removal, starting Friday, of fees for trading 13 bitcoin pairs with stablecoins and fiat currencies. In concrete terms, this means that users will be able to exchange their bitcoins for stablecoins or fiat currencies at no cost.

“The new transaction fees will remain in effect until further notice, allowing Binance users around the world to enjoy the feeling of being free beyond the two-week anniversary celebration,” Binance said in a statement.

For newcomers, it will therefore be a question of being vigilant in the event of a change in the policy of trading fees related to this type of transaction by Binance. The company claims to have offered “the most competitive commissions” in the industry since its launch.

“In essence, Binance is an inclusive platform with accessibility in mind. Eliminating trading fees on some BTC spot trading pairs is another step in that direction,” said Binance chief Changpeng Zhao (“CZ “).

Binance vs FTX

Despite Binance’s claims, its competitor, the FTX platform, can offer even lower trading fees.

“Binance is a broker that has built part of its reputation on low commissions. Low commissions (whether you are buying or selling cryptocurrencies) are 0.1% of the amount of each transaction. This is the maximum taken. It is also possible. lowering these fees in a simple way, notes the site Presse-citron which recently compared the fees of Binance and FTX.

The site also believes that the FTX platform can be “even more” competitive than Binance on the fees charged.

“The commissions will be a maximum of 0.070% when you trade assets through its platform. Just like with its competitor, it will be possible to lower these commissions by having a certain volume of trading over 30 days or by owning FTT tokens, the cryptocurrency broker and its platform. “, add the media.

A few days ago, Binance’s US branch of Binance also announced the removal of trading fees on some products.

These various Binance announcements go against the tide of announcements from platforms that have revised their pricing conditions to address the bear market. For example, Crypto.com has announced that it will charge 1% for credit card deposits from its European users, while Bitsamp will impose a monthly fee of 10 euros on inactive accounts from the beginning of August.

End of some commercial operations in France

We remind you that the commercial situation remains different for users from one country to another. As of August 2nd, Binance will no longer allow its French clients to carry out certain trades.

“As Binance is constantly re-evaluating its product and service offerings to comply with local regulations, we will make changes to the following products for users residing in France: futures, options, leveraged tokens, binance gain (double investment),” Binance explained in an e-mail to its users.

Leave a Comment