BingX, a Singapore-based crypto exchange, has implemented a zero-fee policy on spot trading.
Previously, takers were charged 0.05 percent for each transaction, while makers got charged 0.02 percent per transaction. Takers are parties who “take” orders from the platform’s order book, while makers are the ones making those orders, which create liquidity in the exchange. They are two main actors in spot trading.
In addition to facilitating taker-maker activities, the zero-fee trading policy affects robot transactions on the platform. The company also explained that the new policy applied across trading volumes.
“All users will enjoy zero fees for all spot trading pairs,” BingX Communications & PR director Elvisco Carrington said. “Waiving fees are for the good of all users as it helps make crypto more accessible and inclusive for everyone.”
Enjoy "0 #Fees" on #BingX Spot Trading and Take More Profits!
🗓️Time: 14:00 2022-09-07 (UTC+8) until further notice.
😉Enjoy zero fees as both Spot Maker and Taker as well as Grid Trading!
🗣️Come to enjoy your trading in #BingX
Click to see the details:https://t.co/9v7gd9TDN9 pic.twitter.com/biMY4WQOQt— BingX (@BingXOfficial) September 8, 2022
The zero-fee trading policy enables traders to improve leverage against renowned crypto coins such as BTC, ETH and ADA, allowing the traders to maximize profits. The exchange explained that the policy aligns with its "Trading Made Easy" motto.
The new policy went live on September 7. It is currently still in the demo phase and, therefore, is subject to adjustment in the future.
BingX is among the latest crypto exchanges to eliminate trading fees. Earlier in June, U.S.-based Binance announced that it would no longer demand fees for BTC trading. According to experts, exchanges implement this policy to deal with the poor market situation. Forbes data in July showed that 150 crypto exchanges, including Binance, saw a 67 percent drop in trading volume.
Analysts have said that trading fee elimination might become a new trend within the crypto industry. However, they also warned that it might potentially affect the revenue of the crypto exchanges.
BingX changed its name from Bingbon on 18 November 2021. The most used service offered by BingX is derivatives exchanges. In the crypto market, derivatives are instruments that derive values from the current prices of certain cryptocurrencies. BingX accommodates most major global cryptocurrencies on its platform.
Spot trading is another service provided by BingX. It operates in the opposite manner of future trading. Spot trading involves purchasing a crypto asset at its current price and immediately receiving it upon trade completion. Spot trading is one of the most profitable markets within the crypto industry.
BingX enables its consumers to connect with others through the Crypto Social Trading Network. Users can monitor others’ trading activities and copy those activities by clicking the “Follow” button. This trading method has gained popularity in recent years.
Data from CoinRanking in early September showed that BingX recorded trading volume worth $821.09 million per day, holding 1.12 percent of the global market share. There are more than 280 cryptocurrencies listed on BingX’s platform.
Currently, BingX holds regulatory licenses in Australia, Canada, Lithuania and the U.S. It has received a high rating from CertiK for the security of assets and trading.
The company said it aimed to be consumers’ gateway to the crypto industry. It added it would continue to improve existing features so that users would have a better experience upon trading on BingX.