Cryptocurrency exchange Binance has announced that it now supports zero-fee trading for Ethereum (ETH), the second largest cryptocurrency.
Its users will be able to trade ETH against the native Binance USD (BUSD) stablecoin for free starting from Aug. 26.
Binance traders will be able to take advantage of the cut in fees for a month.
As reported by U.Today, the world's largest cryptocurrency exchange also cut trading fees to zero for various Bitcoin pairs in July. The move was linked to the fifth anniversary of the giant.
Binance initially dabbled in zero-fee trading in late June with its U.S.-based subsidiary. It eliminated fees for American traders in an attempt to attract more users and chip away at the market share of Coinbase, which remains the crypto market leader in the U.S.
Due to falling prices and waning enthusiasm for cryptocurrencies, exchanges are seeking new ways to retain their user base. It remains to be seen whether Binance will start a new trend among crypto exchanges.
The idea of zero-fee trading was initially popularized by the stock trading app Robinhood. It forced such legacy players as Charles Schwab to follow this strategy in a few years.
Tomiwabold OlajideBinance also says that its decision to temporarily cut fees to zero is not just a cheap marketing ploy.
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Valeria Blokhina
Dan Burgin
Vladislav Sopov