Binance Launches Bitcoin (BTC) Trading with Zero Fees
Date: 2023-08-04 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
The world's largest cryptocurrency exchange, Binance, has announced that it is introducing zero trading fees for trading First Digital USD (FDUSD) stablecoin with bitcoin (BTC).
“Users will receive zero maker and taker fees on BTC/FDUSD spot and margin trading pairs,” the statement said.
The platform has added Bitcoin and Ether (ETH) with FDUSD spot and margin trading pairs. In addition, users will receive a zero maker fee on the ETH/FDUSD trading pair, however the taker fee will remain as normal. After the end of the promotion, standard trading fees apply.
FDUSD listing
A week earlier, the crypto exchange had already announced the listing of a new stablecoin FDUSD with BNB/FDUSD, FDUSD/BUSD and FDUSD/USDT trading pairs. In honor of the promotion, Binance has removed the maker fee on all FDUSD spot trading pairs, as well as any new FDUSD spot and margin trading pairs.
However, a few hours later, the platform suspended stablecoin trading and canceled all pending orders for FDUSD. Binance cited technical issues with the liquidity provider.
Zero Binance Fees
Last year, Binance waived spot trading fees for BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY and more. The demand for commission-free spot trading was so high that the platform increased its market share among competitors by 20% during the promotion.
Commission-free pairs accounted for more than 65% of the total trading volume on Binance by mid-March. When the exchange eliminated zero fees in March, BTC/USDT trading volume on Binance dropped by 90%.
According to Kaiko, spot trading volume on the Binance crypto exchange fell by 70% in early July due to the return of commissions for trading paired with bitcoin. However, Binance is not the only crypto exchange that has suffered from a drop in trading volume. In total, the volume of spot trading on more than two dozen crypto exchanges has collapsed to the level of 2020.
