Binance US announced this week that users trading with Bitcoin will never receive additional fees in the spot market. CEO Brian Shroder said that the decision pins Binance as the first crypto exchange in the US that will not have spot trading costs for BTC trading. He said that the opportunity makes it more accessible for American users. Binance will not earn a spread on the trades.
Taking Advantage of the Competition
The announcement from the crypto exchange sent shockwaves to their competitors, such as Coinbase, Robinhood, and FTX. On June 22, Coinbase’s value went down almost -10% to $51.91 per share. Robinhood’s share price slightly decreased to -0.79%, adding more pain to its all-time low of $7.49. He hopes this new perk will entice more people to register for their app instead of their competition.
Brian Shroder told Bloomberg that Binance would never receive any spread from BTC traders but rather from their latest staking service.
He also noted that Binance US would include a new tier price feature for the app. Tier 0 lets the user trade for free on selected cryptocurrencies to pair with BTC. Meanwhile, Tier 1 and 2 include a “per asset” trading fee.
Binance US is one of the newest exchanges to offer services in the United States. It is a subsidiary of the Binance Exchange, one of the world’s largest cryptocurrency exchanges. Binance US provides a user-friendly platform and has a large selection of cryptocurrencies.
It is one of the most promising exchanges available to US investors. With a large selection of cryptocurrencies and a user-friendly platform, Binance US is sure to be a popular choice for those looking to invest in the digital currency market. Their presence in that region will bring fierce competition to Coinbase, FTX, Robinhood, Crypto.com, and Bybit.