Binance Makes Cryptocurrency Trading Cheaper With Fee Overhaul

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). Trade cryptocurrencies at the world’s largest exchange by volume, Binance, and help out BeInCrypto in the process. 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. Buy and trade cryptocurrencies with a 100x multiplier on our partner exchange, StormGain.

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