Binance Adds DOGE, XRP, SOL to FDUSD with Zero Maker Fees

Key Takeaways:

Binance adds five new trading pairs, including DOGE/FDUSD and SOL/FDUSD.

Zero maker fees on FDUSD trading pairs until further notice.

TRY is specified as a fiat currency, not to be confused with digital currencies.

Leading cryptocurrency exchange Binance announced today the addition of five new trading pairs, effective September 7, 2023, at 08:00 UTC. The new pairs include DOGE/FDUSD, SOL/FDUSD, TOMO/TRY, UNFI/TRY, and XRP/FDUSD.

New Trading Pairs

The introduction of these new trading pairs is a significant move for Binance, as it broadens the range of assets that can be traded on the platform. DOGE/FDUSD and SOL/FDUSD are particularly noteworthy, given the increasing popularity of Dogecoin (DOGE) and Solana (SOL) in the crypto market.

Zero Maker Fees on FDUSD Pairs

In a move likely aimed at encouraging trading activity, Binance has also announced that users will enjoy zero maker fees on FDUSD trading pairs "until further notice." This could potentially increase liquidity and trading volumes for the newly introduced FDUSD pairs.

TRY as Fiat Currency

The announcement also clarified that TRY, which is part of the TOMO/TRY and UNFI/TRY pairs, is a fiat currency and "does not represent any other digital currencies." This clarification is crucial for traders who might otherwise confuse TRY with a digital asset.

Implications for Traders

The addition of these new trading pairs and the zero maker fee policy could attract more traders to the Binance platform, especially those interested in diversifying their portfolios with DOGE, SOL, TOMO, UNFI, and XRP. However, traders should be aware that the zero maker fee is a temporary measure and should keep an eye out for any updates from Binance regarding this policy.

Zero Fees and Crypto Price

Zero fees are a common business strategy to boost liquidity. Both Binance and other cryptocurrency exchanges have employed this 'zero fee' approach. As reported by Blockchain.news on May 18, 2023, Coinbase announced significant updates to its premium membership service, Coinbase One. Notably, the platform will now offer zero trading fees and enhanced staking rewards to its members.

However, it's important to note that an increase in liquidity does not necessarily translate to a rise in price.