Popular social and cryptocurrency trading platform BingX said it was eliminating fees on spot trading for all customers.
The move announced Thursday by BingX effectively allows clients to open maker, taker, and grid-bot trades without paying spot trading fees. Starting September 7, BingX users will be able to take advantage of a no-fee policy on multiple trading pairs for the spot market. The new feature would work indefinitely until a new official notice is announced by BingX.
The company says the move helps revolutionize the way fees are approached in the crypto industry, increases accessibility, and is “BingX’s way of thanking 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 realize cost savings through more efficient trading.
“Allowing users to trade free of charge also gives them the opportunity to benefit from crypto trading. BingX’s move towards zero transaction fees for spot trading and its crypto trading demo feature is clearly in line with its trading motto “Trading Made Easy,” the company added.
BingX’s free spot trading is the latest example of how crypto platforms offer discounts or eliminate fees to attract individual investors. This is seen as a blow to rivals who often prey on the high costs paid by retail customers.
With such moves, BingX joins giant apps like Binance and Robinhood in inspiring other platforms to reduce at least some trading fees to zero. Collectively, they are sparking a race to the bottom in the crypto world that is also likely to unfold over the months and years to come.
To compensate for the lack of commission, some brokerages funnel their clients’ uninvested money into banking products, while others route client orders to market makers in a practice known as payout. for order flow.
“All users will benefit from zero fees for all spot trading pairs. Removing fees is for the benefit of all users as it helps to make crypto more accessible and inclusive for everyone,” says Elvisco Carrington, Director of communications and public relations at BingX.
Earlier this year, BingX expanded its North America-dedicated offering with additional endorsements in a bid to clear up any uncertainty about its legality. For the US arm, BingX US Limited, the company received a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) from the US Department of Treasury.
BingX CA Limited has also obtained Money Services Business (MSB) status from the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) in the area of foreign exchange and cryptocurrency trading. By becoming an authorized ESM, BingX now operates in the United States and Canada under rigorous annual independent audits.
BingX improves its regulatory status as the platform intends to expand to other places to promote its social trading feature that bridges the gap between small traders and experienced traders.
In the coming months, BingX is set to secure financial licenses in more countries and launch new trading pairs to give users more options for interacting with the platform. Further away, BingX is working behind the scenes to make several improvements to its copy trading functionality, coupled with an upcoming series of new products that would improve users’ trading experience.