50 thoughts on “Binance still has 95% of the Bitcoin spot volume after eliminating all zero fees trading pairs, except 1. What is your view on Binance being so dominant?”

1. This is kinda scary

2. I didn’t know the BTC/TUSD was 0 fee. This is the information I keep from this.

   I knew that it had almost taken the Ftx share of the market plus a bit more..

3. Binance be like: ‘I got 99 problems but volume ain’t one’ 🤑📈

4. If Binance ever fell, my wife will divorce me.

5. It just doesn’t seem natural to me.

6. Its pretty fucking bad

7. Say what you wanne say but Binance is just the best imo.

8. I recon it’s a good opportunity to invest in BNB. As much as I dislike BSC, the BNB will probably go high next bull. Not financial advice of course.

9. I know nothing is too big to fail but I just hope nothing bad happens because this could go so wrong in so many ways

10. Many of the people taking advantage of the 0% trading fees in the past still probably keep their assets on Binance, so that’s probably why. The competition still can’t compete with Binance fees yet.

11. It’s going to be a cold ass winter if Binance ever goes under..

12. They are by far the largest exchange because FTX is gone and Coinbase is expensive.

    The competition needs to step up if they want to rival Binance.

13. I don’t like that they’re so dominant and would love to see their competitors rise up against them on this. That said, it’s a good platform and hard to compete with 0 fees.

14. I bet lots of folks don’t suspect the 0 fee is gone. Plus there must be lots of bots that just keep trading without knowing they are now paying fees. But overall agree, Binance is huge

15. I’m still just waiting for binance to verify me. It’s been stuck pending for about a year. Luckily I only have about 10 bucks in there.

16. It’s all rigged. Is what it is. How many of you have been invited to a new ICO? None. Crypto is for fools and I’m one of them.

17. The US government would rather try and take out Binance than help build a domestic competitor that could go up against them

18. The reason Binance is so popular is because it has the largest reach in the most countries. They also accept 8 more FIAT currencies than coinbase. Which would most definitely lead to more money coming in.

19. Either manipulation or huge amounts of bot trading.

20. I still think that a lot of it is bots and wash trading tbh

    https://markets.businessinsider.com/news/currencies/what-is-wash-trading-cryptocurrency-exchange-nber-fraud-crypto-2023-1?amp

21. Eggs > Basket

22. A little dangerous, any bad news about Binance always affects Bitcoin as well

23. Because…..China #1

24. central point of failures always fantastic!

25. Binance offers crypto services in many countries where other exchanges cannot. This is the most important reason. The next reason is that their platform is really easy and very good to use with the lowest fees you can find.

26. I find it crazy that people outside of China are willing to trust a Chinese institution with their money and data.

27. I’ll probably step on some toes here but I think we need to be realistic when it comes to exchange talk.

    Binance dominance isn’t going anywhere. Especially after FTX is gone which was probably the biggest competitor. Coinbase fees are ridiculous so there won’t be much trading there.

    People who think DEXes will magically replace something as big as Binance are just deusional and naive. A CEX just offers way too much convenience in comparison.

    “Fuck exchanges” and all that moon farming bullshit aside, nobody should be hoping for those exchanges to shit the bed. If Binance goes down it won’t matter whether you hold your coins in self custody or not. Your combined portfolio wouldn’t buy you a cup of coffee.

    Regulators already have their dicks out for Crypto and they are doing whatever they can do make its reputation even worse than it already is. Another big exchange failure and we are straight going back to caveman days where we used to hunt mammoths with stone spears.

28. We need to consider if the fees are still low/competitive enough for the bots to stay.

29. My view is it’s equivalent to tether. Many of us know it’s shady but tons of volume come from it. I personally think CZ is sketchy as all get out and binance should not be trusted (just as any exchange shouldn’t be used for buying/selling ONLY). I hope I’m wrong but if binance were to go bust, it would be close to mt gox levels of bad

30. If a majority of volume is bots doing wash sales with one another, is that even “real?”

    2 guys passing a dollar back and forth 10,000 times is not the same as 10,000 people exchanging dollars with one another. The frequency of the trade is not the issue as much as the scale and velocity of money in the system between real people.

31. You can argue FTX showed the importance of having a solid exchange, and Binance probably fits that view in the eyes of the masses

32. Btc/tusd is with 0 fees??I don’t see that

33. It’s pretty scary when you think about it

34. Because they operate in more areas?

35. Cointest pros & cons with related info are in the collapsed comments below for the following topics: Bitcoin, Binance Coin.

36. Say what you want about crypto, but we really like our wealth highly centralized.

37. Binance is a dom and other exchanges are subs

38. The FTX collapse definitely wasn’t good in terms of distributing the spot volume, it was the only real competitor Binance had

39. Fraud (or Fraud)

    Maybe Fraud…

40. I have a binance account but don’t really use it. But when the majority of trading is done on a single platform they can give you a better spread on the price.

41. Binance is huge in asian countries like singapore and that area. Im pretty sure it also has a large representation of indians. Binance marketed themselves well, they would be the first exchange to pop up on google under the term “crypto exchange” and had one of the lowest fees for a while.

    As for the bot washing… i think someone ran tests and found out binance to have one of the highest rates. Funnily enough ftx had one of the lowest.

    People dont really tend to leave exchanges that quickly. I personally ditched binance once the whole kyc debacle started and they started just closing down accounts with funds on it on a whim.

42. Exchanges are very much a winner take all type of business without government intervention. Higher volume in general means better spreads which in general brings in more volume, it’s a cycle. That being said people like to say that Binance has cheap trading fees, it doesn’t. They are only cheap compared to their competitors in the space, if you look at stock exchanges though they are still order(s) of magnitude more expensive. But to be fair crypto exchanges have “captured” the whole value chain, where as stock exchanges are more of an underlying rather than customer-facing operation. That obviously gives pricing advantage to stock exchanges.

43. for me the success of crypto depends on the number of large exchanges existing. letting binance dominate and monopolize is not good for the crypto industry

44. Careful, this sub hates Binance for no reason.

45. All that matters is nyknyc buy where ever you want just dont leave it there. If binance goes down lots of other places to buy btc

46. if a legit exchange popped up in north america or europe and it wasnt shady with low fees I’d switch in a hardbeat,

    even though binance is shady and their customer service is less than trash, what are my other options?

47. I don’t like Binance and I think they hardcore manipulate the market

48. Yeah I know it’s hated here but Binance is and continues to be my favorite exchange I’ve used

49. My view is they are dominant because they take out the competition 😅😅

50. Wash trading bots. Remember when trading was paused and Binance left the washing bots on 😂

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