Binance.US, the US-facing version of Binance, the world’s largest crypto exchange, has announced it has cut trading fees on Bitcoin to zero. The promotional move should help to drive new users to the crypto marketplace in a industry that tends to charge relatively high fees for trades.
Available immediately, Binance.US said that free trading is available on four spot market pairs: BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD.
Brian Shroder, CEO of Binance.US, commented in a blog post:
“As an established leader on low fee trading, we are excited to be the first US crypto exchange to eliminate spot trading fees on numerous Bitcoin pairs for all users. We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need. Binance.US is on a mission to empower everyone to do more with their money, and this brings us one step closer in that journey.”
Binance.US will also offer zero fee trading to institutional customers. Trading fees along with deposit and withdrawal charges are available here. Binance.US touts that its fees stand at up to 10X lower than other crypto exchanges.
The move by Binance will put pressure on US competitors to do the same. Many years ago, the online brokerage industry went through a similar race to the bottom on trading fees and now it appears that crypto will do the same.