MoonXBT, a global crypto-social trading platform headquartered in the Cayman Islands, announced on Saturday that it has introduced a zero-fee policy on multiple trading pairs for the spot market to lessen the burden of the retail customers exposed to the bearish market.
The platform said the zero-free policy would run indefinitely until further official notice is announced by the firm. MoonXBT stated that it has eliminated transaction fees for many crypto trading pairs including BTC/USDT, ETH/USDT, BNB/USDT, ADA/USDT, and XRP/USDT.
The exchange mentioned it is considering adding more trading pairs to the no-fee list in the future based on how users react to the current zero-fee policy. All users will enjoy zero-fee transactions for both maker and taker orders without trading volume requirements or other pre-conditions, the firm said.
George Lee, the Chief Operating Officer at MoonXBT, talked about the development: "In spite of the fact that our trading volume is moderate compared to Binance or others, we have reserved enough power to handle the current market situation. No matter if it's a temporary correction or a bearish period, we want to take measures to make sure our users can cope with this phase together with our platform. We also want to make it easier for new users who want to try crypto investing during a relatively quiet time."
Apart from that, MoonXBT has also introduced mental support services to help users to cope with the trading hardships. Users can take advantage of the social trading platform’s community forum to exchange views and share strategies to discover effective ways to manage the market and lessen fears and anxieties.
MoonXBT also said it is developing new products designed to potentially hedge the crypto downturn. Furthermore, the social trading platform said it is looking into new business sources, new partnerships, and new pricing models to offer consistent benefits to users while making the exchange sustainable.
Lastly, MoonXBt said it has prepared 10,000 USDT for an airdrop to enable upcoming new users to collect free money in cryptocurrency airdrops.
Price War Sets In
MoonXBT’s zero-fee policy comes after Binance exchange recently introduced its zero-fee trading for Bitcoin transactions.
Early this month, Binance.US started offering zero-fee trading to all new and existing users to trade Bitcoin against the US dollar, Tether, USD coin, and BinanceUSD. The announcement by Binance.US, during that time, brought several stocks like its rivals, including Coinbase, Robinhood Markets, among others, down.
The move, which came amid a crypto winter that has prompted several major crypto firms to announce massive layoffs, also signals the beginning of a price war and a potential consolidation of the industry.
The move is set to increase pressure on other crypto exchanges to lower trading fees as competition heats up.
Image source: Shutterstock
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