Leading cryptocurrency exchange Binance has just announced a new fee schedule for users of the trading platform. The revised fees charged by the platform went into effect this morning.
According to a post on the Binance blog from earlier today, the popular cryptocurrency exchange platform has just announced a reworking of its fee schedule. Firstly, the exchange has dropped the maker and taker fees for its VIP 0 level users to 0.1 percent. When combined with other discounts possible from Binance, the result is just 0.06 percent. Binance also offers discounts for traders holding Binance Coin (BNB) and for referring people to use the platform.
Binance Trading Fees Lowered
The exchange has also reduced the number of Bitcoin (or the equivalent value in another cryptocurrency) required to access VIP 1 perks to 50 BTC. Previously, the figure needed was 100 BTC. The platform has also added an additional trading VIP level to its tiered system. Whereas before the program featured nine levels, it now comprises of 10 (VIP 0 – VIP 9).
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The CEO of Binance, Changpeng Zhao, tweeted his excitement about the revised fee schedule earlier today.
This is a big one! Most people don't realize how big this is on first look. https://t.co/81RN7BIhvk
— CZ Binance (@cz_binance) August 28, 2019
Binance’s New Horizons
Binance has been having a rather busy summer. For example, the exchange, which turned two years old last month, has just launched a lending platform. Binance Lending will allow users to earn by holding cryptocurrency in the program. So far, it is only available for Binance Coin and USDT, however, there are plans to expand it to include more cryptocurrency assets. Users can expect to earn interest between one and 15 percent by allowing the exchange to loan their holdings out to other traders.
However, Binance Lending has drawn doubts from many within the cryptocurrency industry who were quick to remind those interested in the idea of a free lunch that such claims are usually dubious:
“The interest rate for each product is 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝, so your crypto balance will always grow, regardless of how the market moves.” – CZ
Promising a guaranteed interest rate is never a good idea https://t.co/qTMMqvfnDn
— Larry Cermak (@lawmaster) August 26, 2019
This prompted Changpeng Zhao to respond to those doubting the legitimacy of the exchange’s new lending platform.
Lending on @binance goes to Margin borrowers, who pay the interests. Simple.
Very different from other guaranteed-return schemes. We don't have to look for another place to invest. That's why Margin is out first.
Spartans get it. https://t.co/y4Iy5iRRGC
— CZ Binance (@cz_binance) August 26, 2019
Meanwhile, the platform is getting ready to bring in an American exchange for traders.
What do you think about Binance’s new fee structure? Will it incentivize you to use the exchange more? Let’s hear your thoughts below.
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Images are courtesy of Twitter, Shutterstock.
Images courtesy of Shutterstock, Trading View and Twitter.