BingX introduces zero-fee policy on crypto spot trading

abdelaziz Fathi

Popular social trading and cryptocurrency platform BingX said it is eliminating fees on spot trading for all customers.

BingX

The move announced Thursday by BingX effectively allows customers to open maker, taker, and grid robot transactions without paying spot trading fees. Effective September 7, BingX users are able to enjoy a zero-fee policy on multiple trading pairs for the spot market. The new feature would run indefinitely until further official notice is announced by BingX.

The firm says the move helps revolutionize the way fees are approached in the crypto industry, increase accessibility, and is “BingX’s way of saying thank you to its community for their unwavering support.”

By offering free trades on its platforms, BingX clients can better capitalize on small price movements in the market and unlock cost savings with more efficient trading.

“Allowing users to trade without fees also gives them a chance to benefit from crypto trading. BingX’s move towards zero transaction fees for spot trading and their demo crypto trading feature is clearly in tandem with their business motto “Trading Made Easy,” the company added.

BingX’s free spot trading is the latest example of how crypto platforms are offering discounts or eliminating fees to attract individual investors. This is perceived as a shot across the bow for rivals who often eat off of high costs paid by retail customers. 

With such moves, BingX joins giant apps like Binance and Robinhood to inspire other platforms to reduce at least some trading emoluments to zero. Collectively, they ignite a race to the bottom in the crypto world that is now set to play out over the coming months and years as well.

To compensate for zero commissions, some brokerages channel their clients’ uninvested money into banking products, while others route customer orders to market makers in a practice known as payment for order flow.

“All users will enjoy zero fees for all spot trading pairs. Waiving fees is for the good of all users as it helps make crypto more accessible and inclusive for everyone”, says Elvisco Carrington, communications and PR director at BingX.

Earlier this year, BingX expanded its dedicated North America offering with additional approvals in a bid to avoid uncertainty around its legality. For the US offshoot, BingX US Limited, the company received a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury. 

BingX CA Limited also secured a money service business (MSB) status with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in both FX and cryptocurrency trading. By becoming an authorized MSB, BingX now acts in both the United States and Canada under stringent independent annual audits. 

BingX enhances its regulatory status as the platform has its eye set on expanding to other locations to promote its social trading feature that bridges the gap between small and experienced traders.

In the coming months, BingX is set to secure financial licenses in more countries and launch new trading pairs to provide users with more options to interact with the platform. Further, BingX is working behind the scenes to bring several improvements to its copy-trading feature, coupled with an upcoming series of new products that would enhance the users’ trading experience.

 

  • Read this next

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.

    Fundamental Analysis

    Global FX Market Summary: EUR, USD March 1st, 2024

    The ISM’s February Manufacturing PMI is expected to show a slight increase, but remain below the expansionary threshold, while inflationary pressures persist and a Fed rate cut in June is still possible.

    <