Two of the most popular cryptocurrency exchanges in the market, Binance and Kraken have announced an important Bitcoin withdrawal rate reduction. The market is trying to move towards lower services fees in order to keep competitive and gain clients.
Binance and Kraken Fee Reductions
Binance is known for being a cryptocurrency exchange that offers low trading fees. Furthermore, it does not have important regulatory issues to face as of today. This may be a very interesting proposal for traders that are searching for the best crypto exchanges to increase their profits.
Binance has informed the reduction of the fees in its Twitter account:
“Binance is happy to announce a 0% reduction in BTC withdrawal fees. Effective immediately, BTC withdrawal fees are only 0.0005 BTC!”
— binance (@binance_2017) March 1, 2018
Binance has also a customer oriented businesses and it has incorporated customer feedback in its operations. Besides that, Binance is recognized in the industry as a very efficient cryptocurrency exchange with a good user interface and a user-friendly system.
But the withdrawal fee reduction party reached Kraken, another important cryptocurrency exchange. When Binance reduced its fees and announced it via Twitter, Kraken followed and announced that they were reducing fees as well.
“Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001.”
Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001.
— Kraken Exchange (@krakenfx) March 1, 2018
At the moment of writing this article, Binance is the most important cryptocurrency exchange by volume in the last 24 hours. At the same time, Kraken is in the 9th position by exchanged volume.
Robinhood Zero-Fee Online Brokerage
Robinhood, a well known online brokerage has added Bitcoin and Ethereum to their Zero-Fee online trading platform. The app, widely used by millennials, offers the possibility to transact Bitcoin and Ethereum without paying any fee.
The information was covered by CoinStaker the last days of January 2018. Unfortunately, the services are offered in some states in the U.S. The company wrote in a statement:
“Next month round-the-clock, commission-free cryptocurrency trading comes to the Robinhood platform. Trading will be limited to Bitcoin (BTC) and Ethereum (ETH), with more coins tradable later. Trading functionality for BTC and ETH will be released gradually in waves to Robinhood residents in California, Massachusetts, Missouri, Montana, and New Hampshire. Robinhood Crypto will be available in more states soon.”
Cryptocurrency exchanges are having more competitors and that means that it is important to keep offering better services than others. The ones that will offer the lower fees, a good customer support and a reliable platform will ultimately succeed.
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