Could Binance’s fee-free Bitcoin trading update just be the beginning?

ambcrypto.com:

Binance.US, following in the footsteps of Robinhood, which launched no-commission cryptocurrency trading in 2018, has eliminated trading costs for Bitcoin spot market deals.

According to Brian Shroder, CEO of Binance.US, the decision makes it the first cryptocurrency exchange in the United States to do away with spot trading fees for Bitcoin for all users, regardless of trading volume. Additionally, they wouldn’t be collecting a spread on trades, he continued.

Binance.US claims to have some of the lowest trading commissions in the business. Previously, the exchange assessed a 0.1% spot trading fee for trade volumes of less than $50,000 in Bitcoin. According to its website, it charges users lower fees the more they trade.

According to Brian Shroder,

“We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need.”

Binance.US would not be making a spread from its no-fee transactions, according to Shroder. He told Bloomberg on Wednesday that the company would instead make money from other sources, such as a new staking service.

“We take no spread because we are not involved in the transaction.”

Its competitors are now under pressure to follow suit after the announcement. Coinbase saw its shares fall on Wednesday, down 9.71% to $51.91. The share price of Robinhood, which is already at an all-time low, was stable at $7.49, at the time of writing.

Currently, Kraken charges between 0% and 0.26%, Coinbase charges fees between 0% and 0.50%, and FTX.US charges fees between 0% and 0.20%.

The amount of the trading fee is influenced by the currency pair, the 30-day trading volume, and whether the order is a maker or