Fees On the spot trading of a number of popular crypto coins like BTC, Tether, USDC and Binance USD to the Us Dollars has been waived by Binance US. Fees which have been charged for the above transactions by the exchang will no longer be charged.
The move has led to competitor Coinbase and Robinhood shares to tank by a large margin of 5%.
Binance.US Latest Move Will Bring In More Users
BNB Head, Brian Shroder was talking to Bloomberg and expressed the hope that the latest measure of not making any money on zero fees crypto trading will entice more users to the platform and will generate a more positive user sentiment
Binance .US already has some of the lowest trading fees and it has been ranked Number 1 by Forbes Advisor among all the other crypto exchanges.
Binance U.S. In Comparision To Robinhood, Coinbase
Something similar is offered by Coinbase in the form of commission-free crypto trading, however, traders do have to pay the spread. While BNB Exchange will not be making any money on free crypto trading Robinhood makes sizeable amount by the ways of getting rebates from market makers. In other words instead of routing orders via major exchanges Robinhood routes the orders to partner market maker firms, which offer rebates. The move has been criticized and led to a bitter exchange between Robinhood and Gary Gensler, the chairperson of the Security and Exchanges Commission
On the other hand Coinbase fees can be anywhere between 1% per trade for Coinbase Wallets to 4% for purchases with credit/debit cards. The exchange has some of the highest fees for different transactions. However, its CFO Alesia Haas feels that it does not get paid through order flow like Robinhood and that its fees are transparent.