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NOW TRADING BITCOIN FOR THE US DOLLAR IS WITHOUT SPOT TRADING FEES: US ELIMINATES SPOT TRADING FEES

NOW TRADING BITCOIN FOR THE US DOLLAR IS WITHOUT SPOT TRADING FEES: US ELIMINATES SPOT TRADING FEES 

The move was announced Wednesday by Binance.US, a U.S. company. of the world's largest crypto exchange, it successfully allows customers to trade bitcoin in US dollars, tether, USD Coin and Binance USD - or vice versa - without having to pay a transaction fee.


Binance.US claims to offer some of the lowest trading costs in the industry. The previous exchange had charged 0.1% of trading area in less than $ 50,000 of bitcoin trading volume. It charges users less if they trade more, according to its website.


"We see this as an opportunity to change the way finances are viewed in our industry, increase crypto accessibility, and assist our market and customers in times of need," Binance.US chief executive officer Brian Shroder said in a statement.


It is a recent example of how organizations — regular brokers and digital upstarts alike — offer discounts or deductions to attract individual investors. In order to compensate for the lower transaction fees, some brokerages have taken unallocated customer money from merchant accounts and deposited it in banking products. Some have delivered customer orders to electronic trading firms called market makers in a process known as order flow payments.


Binance.US, launched in September 2019, is one of the largest crypto exchanges in trading volume, according to data provider CoinGecko. In April, the company raised more than $ 200 million in a $ 4.5 billion seed round. Investment firms including RRE Ventures, Foundation Capital, Original Capital, VanEck and Circle Ventures contributed to this funding cycle.


The company is looking to raise more money for strategic investors without a fixed target, according to a source familiar with the matter.


The announcement comes as bitcoin and large crypto currencies have entered the bear market since last year. As the Federal Reserve continues to raise interest rates to control inflation, investors have been dumping speculative assets such as cryptocurrencies. Decreasing interest rates for investors and declining trading prices have kept some trades afloat. Coinbase Global Inc., the largest crypto exchange in the U.S., said last week it was reducing 18% of its workforce. Crypto.com, a Singapore-based exchange, also said it would reduce 5% of its workforce.


Bitcoin and ether fell 57% and 72%, respectively, this year. The market value of the entire crypto sector has dropped from a peak of about $ 3 trillion to $ 883 billion, according to CoinMarketCap data.

Source: yahoo




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