Summary
- Binance.US said it cut spot trading fees to 0%% for makers and 0.02%% for takers, effectively bringing them close to zero.
- The move scrapped its tiered fee structure, and the company said users could cut trading costs by as much as 98%% compared with competitors including Coinbase.
- Binance.US said the fee cut followed the appointment of new CEO Stephen Gregory and expanded an existing zero-fee benefit for some Bitcoin trading pairs to all spot trading.
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Binance.US, the US arm of global cryptocurrency exchange Binance, has cut spot trading fees to near zero.
Cointelegraph reported on April 22 that Binance.US lowered maker fees to 0% and taker fees to 0.02% for all trading pairs effective that day. The rates apply uniformly across all pairs, with no separate requirements based on trading volume or minimum asset holdings.
The move scrapped the platform’s previous tiered fee structure. Binance.US said users could cut trading costs by as much as 98% versus competitors including Coinbase.
At Coinbase, users with lower trading volumes pay fees of 0.4% to 0.6%. Kraken’s fees start at 0.25% to 0.4%. Charles Schwab, the large US brokerage that recently said it would launch spot cryptocurrency trading services, has proposed a 0.75% fee.
The fee cut follows Binance.US’s recent appointment of Stephen Gregory as chief executive officer. Gregory expanded a zero-fee program that had previously applied only to some Bitcoin trading pairs to all spot trading.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
