Binance remove BTC trade fees to mark 5th anniversary

[yhiaali3]

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.

[tabas]

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.

[tomahawk9]

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

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 just in case 

[Hamphser]

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.

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

[Fortify]

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

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.

[trendcoin]

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. :)

[tabas]

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.

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

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.

[tbterryboy]

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.

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.

[Jemzx00]

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.

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.

[doomloop]

They should do buy back or airdrop instead of removing the fees since it’s almost negligible especially if you use BNB to pay transaction fee. Binance anniversary reward this year is kinda not generous compared to previous years which they gave a lot of bonus and free tokens to all there active user.

But it’s still that they choose Bitcoin to apply there promotion so that traders will be encouraged to trade more even if it’s just a small savings.

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.

[Anonylz]

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.

In anticipation of the potential problems zero trading fees might cause, Binance has reserved the right to “disqualify trades that are deemed to be wash trades or [from] illegally bulk registered accounts, as well as trades that display attributes of self-dealing or market manipulation.”

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.