Binance Wallet Launches Zero-Fee Swap Promotion for Keyless Addresses
Binance Wallet has introduced a new six-month zero-fee swap promotion exclusively for users with backed-up keyless addresses, aiming to attract more retail traders to its platform.
The cryptocurrency exchange Binance announced the launch of this promotional offer on Mar. 17, providing users of its Binance Wallet (formerly known as Binance Web3 Wallet) with an opportunity to swap tokens without incurring any trading fees for the next six months.
However, it’s important to note that this promotion only applies to swaps conducted through Binance Wallet’s integrated swap and bridge features or quick buy in Binance Alpha. Tokens featured in Binance Alpha are potential listings for the exchange in the future. Transactions made via third-party dApps are not eligible for the zero-fee promotion.
“During the Promotion Period, trading fees for all swaps are waived. However, users will still need to pay for network gas fees.”
Binance
In order to qualify for this promotion, users must trade using a backed-up keyless address within Binance Wallet. This means that users must complete the backup process and are not allowed to use imported wallets with manually entered private keys or seed phrases.
The Binance Wallet was initially introduced in November 2023, with the promise of simplifying the user experience by eliminating the need for complicated seed phrases. The wallet boasts support for multi-party computation technology, making it a secure option for storing cryptocurrencies. However, shortly after its launch, Russian users faced difficulties accessing the wallet.
Following regulatory restrictions in Russia, Binance addressed the issue by restricting access to the wallet for users in the region. This decision came after Binance’s announcement to exit the Russian market in September 2023, citing regulatory challenges and limitations on peer-to-peer trading for Russian users.
Overall, the zero-fee swap promotion by Binance Wallet is a strategic move to attract more retail traders and enhance the user experience on its platform. By offering fee-free swaps for keyless addresses, Binance aims to make cryptocurrency trading more accessible and cost-effective for its users.