Will generate revenue from other sources: Binance.US<\/strong><\/h4>\nAccording to Brian Shroder, <\/span><\/p>\n“We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and better support our market and customers in a time of need.”<\/span><\/p><\/blockquote>\nBinance.US would not be making a spread from its no-fee transactions, according to Shroder. He told <\/span>Bloomberg<\/span><\/i> on Wednesday that the company would instead make money from other sources, such as a new staking service.<\/span><\/p>\n“We take no spread because we are not involved in the transaction.”<\/span><\/p><\/blockquote>\nIts competitors are now under pressure to follow suit after the announcement. Coinbase saw its shares fall on Wednesday, down 9.71% to $51.91. The share price of Robinhood, which is already at an all-time low, was stable at $7.49, at\u00a0the time of writing.<\/p>\n
Currently, Kraken charges between 0% and 0.26%, Coinbase charges fees between 0% and 0.50%, and FTX.US charges fees between 0% and 0.20%.<\/p>\n
The amount of the trading fee is influenced by the currency pair, the 30-day trading volume, and whether the order is a maker or taker order.<\/span><\/p>\nIt is the most recent illustration of how businesses, including established brokerages and newer online startups, are reducing or eliminating fees to draw in individual investors. Some brokerages have transferred unused client funds from brokerage accounts into banking products to make up for lower transaction fees. <\/span><\/p>\nOthers have engaged in a technique known as payment for order flow whereby they channel consumer orders to electronic trading companies called market makers. In fact, according to Shroder,<\/span>\u00a0the business would also be introducing a new tiered pricing scheme, which will take effect in the summer.<\/span><\/p>\n