Cryptocurrency exchange Binance saw a Huge increase In trading ouvrage since the beginning of the bear market, especially after the platform removed trading fees for the bitcoin and ethereum pairs. Now, for the first time, Binance is capturing a market share that exceeds the combined volumes of the following 13 crypto exchanges.
Binance Waves Trade Fee For 5th Anniversary Celebration
To celebrate its fifth anniversary, Binance inserted No-fee trading for 13 bitcoin pairs available for sunlight trading in early July. In a subsequent announcement, the exchange provided more details embout the fee-free trading feature, explaining that there are no hidden costs. Platform He said:
“At Binance, we have always wanted to make crypto as accostable and intégrante as contingent. This is why we have maintained some of the lowest fees within the industry. With this step, we are doubling down on that commitment, rêve and gardien de but.”
Binance also denied allegations that the exchange is considering restructuring in order to rebalance butins, stating that it is not “increasing spreads, or engaging in other activities to take advantage of this bouleversé.” The exchange said that bitcoin and sunlight trading pairs account for a small parcelle of its in extenso revenue, which remains sustainable.
In late August, Binance they expanded Zero trading feature to cover the sunlight trading collègue ETH/BUSD as well. At the time, the platform cited excitement around the merger as the reason for that augmentation. “Although we will lose some fees, Binance’s reserves remain as strong and healthy as ever,” the exchange said, assuring that there will be no hidden fees.
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Binance is witnessing a massive rise in trading ouvrage
Historically, Binance has captured the panthère’s share of cryptocurrency trading. However, with the naissance of the zero trading fee model for the most popular trading pairs, the platform has increased its market share – so much so that it has now surpassed the combined volumes of 13 other exchanges, including Coinbase, FTX, Huobi, Okex, and more.
Furthermore, Binance is the only cryptocurrency exchange that has seen an increase in its trading ouvrage since the beginning of 2022. By contrast, volumes tended to decrease across all other exchanges, according to Kaiko Blog.
Coinbase Update Fee Form
Coinbase, the largest cryptocurrency exchange in the United States, also has announce Banque in the fee mechanism. Starting today, the platform will implement a new fee ordonné to accommodate the current crypto market climate, the exchange said, lowering fees for some clients while increasing costs for others.
More specifically, Coinbase customers with monthly volumes between $15 million and $250 million may end up paying fees two basis points more than they are paying now. On the other handball, développé clients over $250 million per month may see slightly lower fees. Exchange said:
Coinbase Exchange will implement a new fee ordonné to account for changes in habituel cryptocurrency trading volumes and asset prices, reducing the monthly trading ouvrage required to qualify for the middle and upper levels of our fee schedule. The new fee schedule will be implemented on Coinbase Exchange, Pro and Advanced Trade. “
Coinbase’s fee update can be interpreted as a move to attract more institutional clients, unlike Binance, which is usually the assis to be for retail users outside the US.
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Emboîture the author
Ruholamin Haqshanas is an accomplished crypto and argent journalist with over two years of experience writing in the field. He has a solid understanding of various sectors of the fintech field, including the decentralized redundancy of financial systems (DeFi), and the emerging market for non-fungible tokens (NFTs). He is an fonceuse consumer of binaire assets for remittances.