Binance starts BTC/FDUSD and ETH/FDUSD trading pairs with zero-fees
Crypto exchange Binance, on Thursday, August 3, announced that it would be opening trading for the Bitcoin/First Digital USD (BTC/FDUSD) and Ethereum/ First Digital USD (ETH/FDUSD) trading sets together with an upgraded zero-fee Bitcoin and Ethereum trading with newly added FDUSD stablecoin area and margin pairs.As per the statement, beginning from 08:00 UTC on August 4, users will gain from absolutely no maker and taker fees for BTC/FDUSD spot and margin trades through the Zero-Fee Bitcoin Trading Program. In addition, users can trade ETH/FDUSD with no maker charge, while the standard taker fee will use based upon the users VIP level.The trading volume for BTC/FDUSD spot and margin trading sets is not included in the VIP tier volume calculation or the Liquidity Providers programs, improving the trading experience for users.” BNB discounts, recommendation rebates, and any other changes will not use to the BTC/FDUSD spot and margin trading pairs during the promotion.” The recently introduced stablecoin, FDUSD, set up to be noted on Binance on July 26, 2023, at 8:00 am UTC, was delayed up until 2:00 pm UTC on July 26 due to FDUSD sets liquidity suppliers experiencing technical concerns. Screenshot of Binances announcement on the FDUSD sets and zero-fee bitcoin trading. Source: BinanceIn March, Binance concluded its zero-fee Bitcoin trading program and BUSD zero-maker charge promo, moving to the lesser-known TrueUSD (TUSD) stablecoin from BUSD. This modification, along with the elimination of Tether (USDT) from the zero-fee program, caused a significant drop in Binances market share and trading volumes by over 50%. The prices of cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) remained under pressure after the alteration.Related: Binances CZ alerts crypto community about emerging scamFirst Digital USD is backed by Hong Kong-based custodian and trust company First Digital. The group revealed the launch of the United States dollar-pegged FDUSD on June 1. FDUSDs market cap of $257 million is still low compared to other stablecoins like USDT, TUSD, BUSD and USTC. Hence, it will not have much effect on the crypto market now, but minting new FDUSD amidst demand from Binance can cause a significant boost in market cap.Magazine: Multichain saga screws users, Binance fires 1,000 personnel: Asia Express
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Other Questions People Ask
What are the benefits of Binance starting BTC/FDUSD and ETH/FDUSD trading pairs with zero-fees?
The introduction of BTC/FDUSD and ETH/FDUSD trading pairs with zero fees allows users to engage in spot and margin trading without incurring maker and taker fees for Bitcoin trades. This initiative is part of Binance's Zero-Fee Bitcoin Trading Program, which aims to enhance the trading experience for users. Additionally, while ETH/FDUSD trades will have no maker fee, taker fees will vary based on the user's VIP level, providing further flexibility.
How does the zero-fee structure for BTC/FDUSD and ETH/FDUSD trading pairs impact users?
The zero-fee structure for BTC/FDUSD and ETH/FDUSD trading pairs significantly reduces the cost of trading on Binance, making it more attractive for both new and experienced traders. Users can benefit from increased profitability as they can execute trades without worrying about additional fees. Furthermore, the trading volume for these pairs will not affect VIP tier calculations, allowing users to trade freely without impacting their status.
When did Binance announce the start of BTC/FDUSD and ETH/FDUSD trading pairs with zero-fees?
Binance announced the start of BTC/FDUSD and ETH/FDUSD trading pairs with zero fees on August 3, 2023. The trading for these pairs officially began on August 4, 2023, at 08:00 UTC. This announcement is part of Binance's ongoing efforts to enhance its trading offerings and attract more users to its platform.
What is the significance of the FDUSD stablecoin in relation to Binance's new trading pairs?
The FDUSD stablecoin plays a crucial role in Binance's new BTC/FDUSD and ETH/FDUSD trading pairs as it provides a stable trading option against major cryptocurrencies. Launched on July 26, 2023, FDUSD is backed by a Hong Kong-based custodian, which adds a layer of trust and stability. As demand for FDUSD increases, it could potentially boost its market cap and influence within the crypto market.
Are there any limitations or conditions for trading BTC/FDUSD and ETH/FDUSD on Binance?
Yes, while trading BTC/FDUSD incurs no maker or taker fees, the standard taker fee for ETH/FDUSD trades will apply based on the user's VIP level. Additionally, during this promotional period, BNB discounts and other rebates will not apply to these trading pairs. Users should also note that the trading volume for BTC/FDUSD will not count towards VIP tier volume calculations, ensuring a unique trading experience.