2023-08-01 00:05:22
© Reuters Binance allows free trading in Brazilian Reais
CriptoFácil – Binance, one of the world’s leading cryptocurrency exchanges, announced a promotion focused on Brazilian and Argentine users. Seeking to regain part of the market lost in the first half of the year, the company announced free trade for certain pairs in reais and .
The exchange has announced that all market makers, also known as makers, will be able to take advantage of zero fees on several BRL trading pairs throughout the month of August.
As highlighted by the company in a statement sent to CriptoFácil, the promotion is valid until the 31st of August. The list of cryptocurrency pairs includes (BTC), (), , both in Reais (BRL) and Argentine Pesos (ARS) pairs.
Binance e makers
Market makers play a vital role in the trading ecosystem. They are traders who use orders that are only executed under certain price conditions. This differs from market orders which are executed immediately at the actual market price at a specific time.
For example, if a trader believes that Bitcoin is undervalued at a current price of “x”, he may decide to sell only when the coin breaks above its previous peak. Therefore, he can place a limit order to sell at $71,000.
Market makers are important for market liquidity as they add dynamism and allow the transfer of value, generating transaction fees for exchanges like Binance.
Although it leads the cryptocurrency trading market with more than 50% of all global trading volume, Binance lost ground mainly to exchanges Bitget and Bybit. Since the beginning of the year, Binance has lost 10% of its trading volume.
The causes for this are related to the US Securities and Exchange Commission (SEC) suing Binance.US and its CEO CZ and also the company’s problems in other jurisdictions.
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