Binance US has removed gas fees on all Ethereum transactions performed through its website’s “Buy & Sell” feature, effective immediately.
The “zero charge price model” has been extended by Binance US to include Ethereum right away. This statement follows the cryptocurrency exchange’s removal of all trading fees for Bitcoin transactions months prior.
Users can now freely trade four Ether spot market pairs: ETH/USD, ETH/USDT, ETH/USDC, and ETH/BUSD, according to the release.
The US exchange has also removed gas fees on all Ethereum transactions performed through its website’s “Buy & Sell” feature, effective immediately.
In June, Binance US removed all costs for trading Bitcoin on the spot market for BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD, following in the footsteps of Robinhood, which had invented no-commission crypto trading in 2018.
Although it runs independently in the US, Binance US uses the same name and logo as the main Binance cryptocurrency exchange. Binance US, as its name suggests, primarily serves American cryptocurrency traders.
Eliminating fees on both BTC and ETH, in the words of Brian Shroder, president and CEO of Binance US, “cements the company’s position as the low-fee leader in crypto.” He continued, “now, more than ever, it is critical that platforms operate with users’ interests first.”
Exchanges are essential to the acceptance of cryptocurrencies. Users are encouraged to conduct more transactions with digital assets by enabling zero-fee transfers. Millions of potential users would avoid or restrict their use of the technology if transmitting money between locations was expensive.
Spreads allow exchanges that don’t charge fees to nevertheless profit from fee-free trades. The difference between a trading pair’s bid (sell) price and ask (buy) price is referred to as a spread in the industry.