MoonXBT, a crypto trading platform located in the Cayman Islands has commenced the implementation a zero-fee policy on its multiple trading pair. The implementation of this policy for the spot market began last week and is billed to last indefinitely. Therefore, users are permitted to perform all their multiple pairs transactions with no extra charges.
Geroge Lee, the Chief Operating Officer of MoonXBT announced that this is the platform’s strategy to make sure its users are able to cope with the bearish market. Also, MoonXBT plans to ease the entry of new users into the investing ecosystem with the zero-fee trading policy.
Bearish Market Influences a New Strategy; Zero-Fee Policy
For quite some time, the crypto ecosystem has been plummeting and plunged into what many sees as a crypto winter. Hence, retail investors and users were dealt a blow by the downturn. Few crypto-inclined firms started a quest for methods to lessen the effect of the prevalent market conditions.
Others have suspended transactions such as withdrawal, and deposit on their platforms. While others like MoonXBT and Binance are eliminating the transaction fees and activating a zero-fee policy on their platforms.
Binance is one of the crypto exchanges to pride in offering relatively low spot trading costs to investors. The prominent exchange jumped on the no transaction fee policy as a way of celebrating its 5th anniversary which started on July 8th.
The event is scheduled to hold for two weeks. During those weeks, users have full permission to participate in social media publicity and other games to earn prizes worth $4,500. The Binance exchange no-fee policy also generally models the same move from the platform’s American subsidiary, Binance.US.
Meanwhile, the Binance policy is only effective on thirteen stablecoin-Bitcoin
(BTC) combinations. They include BTC/USDC, BTC/EUR, BTC/USDT, BTC/RUB, BTC/UAH, BTC/TRY, BTC/USD, and a few others.
For MoonXBT, more crypto combinations are available. A single stablecoin is combined with other digital currencies to form a pair. The exchange still has plans to list additional trading combinations soon depending on the users’ reaction to the already listed options.