Crypto giant Binance is spicing things up with zero-fee trading for select pairs, including the popular cryptocurrency XRP. This move comes amid a crypto breakout, as Bitcoin recently surged to trade above $44,000.
The zero-fee trading is scheduled to start on December 8 at 00:00 UTC, this bold initiative is a calculated move to capitalize on the burgeoning crypto rally. It also marks a significant deviation from the traditional fee-based structure and signals Binance’s intent to attract a wide range of traders.
Read Also: Trading Pairs Delisted By Binance That Affect SHIB, ADA, and XRP Holders: Details
Binance shared this news on X. The tokens involved in this promotion include established heavyweights like Ethereum (ETH), XRP, Binance Coin (BNB), Solana (SOL), Dogecoin (DOGE), and Chainlink (LINK).
#Binance will introduce zero-fee trading for the following spot and margin trading pairs on December 8, 2023.
🔸 #BNB / $FDUSD
🔸 $DOGE / $FDUSD
🔸 $ETH / $FDUSD
🔸 $LINK / $FDUSD
🔸 $SOL / $FDUSD
🔸 $XRP / $FDUSD https://t.co/gqeRqzh6Xw— Binance (@binance) December 5, 2023
Benefits of Binance’s Promotion
By eliminating maker and taker fees for these designated pairs, Binance effectively removes a major barrier to entry for new and cost-conscious traders. This decision enhances accessibility and fosters a more competitive trading environment, potentially leading to tighter spreads and increased liquidity.
However, it is crucial to note that this is a limited-time offer. The zero-fee window will remain open for an unspecified duration, urging potential participants to seize the opportunity. Binance has also introduced a one-hour interest fee waiver for margin trading on various crypto pairs to further incentivize participation.
This promotion extends until December 18 at 09:00 UTC. This essentially translates to a free borrowing window for leverage-seeking traders, adding another layer of intrigue to the overall proposition.
Notably, trading volume accumulated during the promotion will be excluded from VIP tier volume calculations and Liquidity Provider programs. Additionally, any existing fee discounts or adjustments will not apply to these specific pairs.
Once the promotion concludes, standard trading fees will resume. Focusing on the specifics, the designated pairs eligible for this fee-free bonanza are BNB/FDUSD, DOGE/FDUSD, ETH/FDUSD, LINK/FDUSD, SOL/FDUSD, XRP/FDUSD.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP Price Abruptly Surged To $5,791 On Binance. Pundits Speculate On Likely Cause
XRP’s Reaction
Currently, XRP is trading at $0.621. Its trading volume has a significant 25.98% decline over the last 24 hours. However, Binance’s new initiative could give it a boost as excited traders join the market.
By strategically selecting popular and promising tokens, eliminating transaction fees, and adding additional incentives, Binance could attract a wider audience, enhance market liquidity, and potentially increase its dominance among crypto Exchanges.
Whether this move will yield long-term success remains to be seen, but Binance has continued making newsworthy moves in the crypto space, just like the recent listing of new trading pairs that got the Terra Classic community excited.
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