Bitcoin Forum

 World largest crypto currency exchange, Binance celebrate their 5 years anniversary and with this comes the announcement to remove trading fees in it's worldwide platform.
 This initiative was promoted by a strategy devised by its US subsidiary, Binance.US. who smashed fees for Bitcoin spot traders with an aim to foster growth, increase its popularity and also boost competition. The move taken by Binance.US has sorely affected the stocks of rivals, Coinbase and this will take effect from 8th of July 2022.
 Reports have it that Coinbase stock fall by 10% as announcement on Wednesday by rival crypto currency exchange company, Binance was released same day as well, of their intentions to make sure users be able to spot trade across 13 stable coins and fiat combination including BTC/ usdt, BTC usdc and BTC/ BUSD. This news should elate traders as they can be able to enjoy the fee cut benefit with US dollars. https://www.google.com/url?q=https://www.coindesk.com/business/2022/07/06/binance-extends-zero-fee-bitcoin-trading-globally/&sa=U&ved=2ahUKEwiKnKbG9-b4AhUqQEEAHUTGDOcQFXoECAEQAg&usg=AOvVaw2uvS5um43s7TIK2-IVMlHl

They have mentioned this and they might disqualify any trades if they feel many users taking too much advantages on their promotions and might stop it intentionally if they it's already enough. Honestly 0.1% fees in Binance isn't expensive and I don't think I need to sell my coins to save 0.1% fees only considering Bitcoin price drop around 65% lol. I will keep holding and wouldn't care such promotions.

Yeah it probably won't be noticed, the spread is normally the part of trading that costs the most too.

I saw claims coinbase had a trackable price premium over binance too, if this is still the case (especially at times of volatility) then a fee reduction might improve things for buyers but do little for sellers there.

They took the right reward initiative choosing bitcoin which has certainly prospectively become a favorite trading pair of all traders. Keep in mind that at some point they will remove this gift, so anyone don't get too excited.

Unfortunately I wasn't able to attend binance's anniversary party due to (imo) inconvenient policies.

The competition between platforms is good for users, as the platforms will compete in offering lower fees and various services without closing accounts randomly because there is always an alternative ready to meet the desires of traders, so I think it is more bad news for Coinbase.
Will the cancellation be temporary for the celebration period (which may extend for a week or a month) or will it be open until this policy is changed?
Surprised how they have cash flow at a time when most platforms are struggling.

If the platform focuses on providing better and cheaper services to users instead of wasting money on football leagues or Cristiano Ronaldo and YouTube channels, things will be better.
When will they adopt the Lightning Network? It would be better than keeping the fees low, which I doubt they'll keep at zero forever.

Of course, freebies from a big place like Binance would have terms and conditions, but if you follow their tweets, CZ purposely did that to appreciate traders as a form of a bear market discount so that traders wouldn't get discouraged, especially now that it is very sad some traders aren't making many percentage gains.

You undervalue Binance, according to some of their recent report, they claim that most of their revenue comes from institutional investors, that 0.1% is significant with those that have the power to switch between USDT and BTC except traders who frequently get discount for holding some bnb.

Considering the trading fee cut, it's particularly from the BTC to USD right which means that not all traders would be able to enjoy it, at the same time during trading many people used usdt, which had a massive setback in the recent months and caused so much unrest as well. Therefore I do think that their new promotion or the celebration of anniversary would have limited party goers as well. The fact that there are other trading platforms offering different fee should make people more choosy, since even if you set back this fee at some trading places you can find better price which sometimes changes according to the country as well.
Then again at least they did something amazing for people! That's good, most of them would he able to gain profits and people making big trades would be highly benefited.

I think these days the listing fees, withdrawal fees and primarily the funding fees from leveraged position is enough for any exchange to operate smoothly so taking the hit of the overall trading fees in spot exchanges to foster your popularity isn't a bad idea that also when there are exchanges becoming your good competitors. This in longer run will make people habitual of trading and infact will bring people to leverage trading, so it's more of a cross selling strategy.

Better and cheaper services would attract more persons to use Bitcoin for business and other transactions. Signing sponsorship deals with football stars and other celebrates also help to spread the gospel of Bitcoin, hence it is also a good strategy to attract more people to the Bitcoin fold. We must not also forget that Binance is a business and must cover its running cost and also make profit. Generally, I always celebrate any perceived good news that would directly or indirectly promote the adoption and use of Bitcoin. Hence, still in the atmosphere of five years anniversary celebration, I request that this trade fees removal should continue for a longer period. 

That's what I like about market competition: if Binance does it, competitors will need to make similar moves or offer something else that is no less attractive to their users if they don't want to lose customers. Binance is a good exchange company. Of course, many are unhappy with it because of its KYC policy and how tightly it follows international and local legislations (such as abiding by EU anti-Russian sanctions), but it's a reputable and convenient platform. With their level of popularity, they probably don't need trading fees for revenue anymore, so I'd a good move.

I can read the news in the context of the intense competition between the various platforms to bring in the largest possible number of users, especially after the total number of cryptocurrency traders declined following the recent collapse of the Luna Network. We have recently seen many other platforms compete to obtain licenses in African and Asian countries such as the UAE, where Binance seems to have obtained the lion's share as usual.

 ;D ;D ;D I think this is because of the bear market and they don't have much money and back years ago they give  a  lot of money Is try to gain more user but now binace is number one exchange based on marketcap so they need give some much bonus to feed to the old user too

Not only Coinbase, this is going to hit FTX and Kraken hard too.
Has anyone compared the volumes on these exchanges before and after the announcement? Is CoinGecko the reliable source to check this?

In a business sense in the case of Binance, advertising will be the right move. The platform itself is great enough today anyway. At least personally I have zero complaints for now.

They'll adopt the lightning network if there's enough demand. I could almost guarantee that the current demand is too minuscule for them to bother adding lightning today.

It's a great advertising for Binance, it puts their name into the news once more.
It doesn't help you and me, but it does help those who make 10s or 100s of trades every day with small margin to earn some money (btw, I expect more trading bots with this announcement).
The day traders will prefer Binance with this move, hence there will be even more liquidity there.

It's a smart move imho, although, as an "average Joe" who doesn't use trading bots I think I'd prefer such promotion don't last too log  :D

If today it applies to the whole world, then Binance users worldwide will definitely benefit greatly from the elimination of trading fees on the platform.
And what I want to know is how long this will go on or if it's just for one day considering this is only about Binance celebrating its 5th anniversary right now.

Of course, it is very encouraging because there are so many users on the Binance exchange at this time and it is clear that the benefits can be felt directly by traders on the Binance platform.

I'm not sure, but I wouldn't be surprised if it was permanent. I'm guessing that Binance is taking away their revenue from the BTC/USD trading pairs to increase their user base further, and hoping to earn revenue through Binance's other revenue streams(card/loans/earn/futures).

This move is kinda risky imo because they're taking out revenue from their biggest trading pairs, but could be a gamechanger if what they wanted ends up happening.

Some stats from CoinGecko:

BTC/USDT: 17.01%
BTC/BUSD: 7.78%
BTC/USDC: 1.19%

They are effectively removing revenue from these trading pairs which consists of a total of 25.98% of their overall spot trading volume. Insane.

This is a cool move, it is going to definitely get the volume higher for a while, and since people who are willing to sell won't be doing it just because the fee is gone, I am sure that it improved the price a bit as well, well by the looks if it it's already working. I guess that the best thing to do right now is to congratulate binance, get some if you can, and watch the market.

These type of promotional stuff certainly has a bigger meaning in the crypto world, it is not going to be sudden and right away, but it is going to be something cool that will end up with a good result in the long run for all of us, at least for the market.

I got a notification about this promotion but haven't made any trades so far. Honestly this is a great promotion from Binance and I'm sure people will probably take advantage of it especially if they are day traders. 0.1% wouldn't be that big even I never calculated it but it would mean a lot to those who trade more than 10 times a day "but that's not my habit". If this promotion lasts longer then I'm sure the user base of Binance will increase more and that will have an impact on the liquidity there.

But anyway I wouldn't think this promotion would last more than a week, or if I'm wrong it wouldn't be more than a month. This is simply a celebration that loyal Binance users will welcome.

A good initiative anyway, but it's not enough. If they hand out some sweets, that might be better. ;)
For most traders the trading fees are small and not a big problem and they often do not feel it, especially if the quantities are small. There may be obvious differences when buy and sell orders are huge. So I don't expect these discounts to be of much interest to most users.
In any case, what caught my attention is that this is the fifth anniversary of Binance since its inception and during this short period it was able to overcome all its major competitors and occupy the first place among all exchanges. Really striking success within such a short time.

As an individual that trades on them, we really won't feel that much on the usual fee. But them, as the enterprise and the exchange itself, this is a big slash for them and will lose them profit for the entire promo that they're doing for their anniversary. I guess that's already the bonus that they give for all of their users fairly. It's good to have that promo but yeah, we'll be looking for a better and more promo to them. And if that's what they can offer then we should just ignore or be grateful with it.

my tin foil hat theory: they attract tons of new users into the binance ecosystem, CZ & co get the good guy PR during The Crypto Summer of 2022, then later when the market recovers and we enter another bull run (1y or 2years?) they'll increase crypto withdrawal fees? Sounds like a plan to me. Someone should archive binance fee rates (https://www.binance.com/en/fee/cryptoFee) just in case  ;D

But at least we are really seeing that they are really that willing to slash off some profits on a particular day just for that celebration of their 5th anniversay.Even though it wont really be that much on personal

or for every user but it is indeed true that it would really be that significant on them even if we do talk about just a day considering on how much they could really able to generate specially on basing
how many users they do have.

Also for some big traders or in volumes then these trading fees would really be that big which it could also beneficial for them at least even just given on a single day or what.
We are indeed waiting for other promotions from Binance even though its not 5th anniversary. hehe

Considering they already make a huge amount when you try to withdraw money, this seems like a long overdue gesture and should not necessarily be applauded. Last time I checked they charged a fixed rate of bitcoin to withdraw funds that never changed to accommodate the huge rise and fall of the price of Bitcoin - absolutely greedy behavior. Now we see 50% less people interested in cryptocurrency from the peak and it may fall even further if it continues to languish or drop even further. While the trading platform at Binance is revolutionary, there is something about their high fees that put me off ever using them again and I'm sure that could be true for many other customers as well.

This is very good news. Day traders like me will love this news. :) As far as I remember, a similar campaign was applied for market makers in BUSD pair. Trading volumes in BUSD pairs were quite low. Therefore, there was no effective campaign. This campaign is definitely the right one. Including all local currencies in the campaign is also a very good decision. Because this may also make more new users prefer Binance... As a result, both Binance and we will win. :)

Yes, that's good of them actually although it can't also be denied that there will be some complains if ever there are promos like this. But totally yeah, we should just be grateful with it and they're helping us some from the fees that they usually charge us.
Just wishing them congratulations for reaching fifth year as one of the most known exchanges in the entire world and they seem to be maintaining that position.

Good news for those who are actively trading in binance which uses btc as their main coin but I think it can also have an effect to the btc price, making it move volatile due the ongoing trades on the said platform. I see that binance have done a similar campaign before but only for a different coin. It's no surprise if they do it only to improve the volume of the coin.

For bitcoin, it's impossible for its volume to go down since this was a popular coin but it's nice if they will help btc to become more in demand. They know that other coins can benefit once btc pumped up. This is better than doing the same campaign for other coins which requires effort and time.

It really quite a great news however I don't think that this campaign is enough for it to chosen by any traders as their trading platform. The campaign offers no fees to any trading activity however it is for just a limited time and the fee that they charge is somehow insignificant as it is only 0.1%. You may be able to see any changes if you are a high value trader but if you just a regular trader like anyone, then you might not see any changes at all. But still having no fees is a great campaign to have but not a life changing campaign.

I honestly saw this coming, buy backs or airdrops ;); You are right, there’s actually no too much cost in the transaction rates especially those done with BNB but at the same time your observations are right, this year’s anniversary is not as generous as other previous years has been.

I can’t seem to wrap my head around why but I just hope that whatever is behind the decision, should be something petty.
But still on still, airdrops would have been much more preferable to this transaction rate drop.

Yeah that will be the right thing to do under such circumstance, some people have the habit of taking advantage of any given opportunity and cause others to miss out on such opportunity, knowing the kind of man cz is, he won't hesitate to flush out any account trying to play smart.
Five years already! how time flies, it still feels like yesterday. A big congratulations to binance and the ceo for striving from scratch to becoming one of the top crypto exchange in the world, such a great milestone in a short period of time.