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