The Binance cryptocurrency exchange now offers six months of no trading costs for people who use Binance Wallet which used to be known as Binance Web3 Wallet. Binance runs this program to draw retail traders by taking away swap charges from platform transactions.

Binance gives this offer only to its users who backup their keyless address in Binance Wallet. Users need to back up their wallet through this platform before they can access trading services with imported wallets using private keys or seed phrases.

Users experience zero trading charges when they swap coins within Binance Wallet using its bridge tools and use Binance Alpha to buy highlighted tokens before listing.

Binance Alpha: A Gateway to Future Token Listings

Transactions made through non-Binance decentralized applications remain subject to regular fees per company rules. Binance cancels its trading expenses yet network gas fees remain a users expense throughout the promotional days.

“During the Promotion Period, trading fees for all swaps are waived. However, users will still need to pay for network gas fees.” Binance

Binance launched its Web3 Wallet to the public on November 2023 as a self-custodial wallet featuring improved security without seed phrase requirements. The wallet utilizes MPC technology to provide users higher security and better user experience.

The product introduction faced some difficulties from the start. As soon as the web wallet opened new Russian customers could not access their funds from the platform. Binance disclosed the restrictions were put in place because they needed to follow legal regulations.

Binance’s Exit from Russia and Its Aftermath

The Russian market exit happened when Binance halted its activities because regulatory challenges got harder. Binance opted to sell its Russian business subsidiary while implementing trading restrictions for its users based in Russia including disabling peer-to-peer functionality.

The zero-fee swap promotion shows Binance wants more engaged users and wants to be the market leader in cryptocurrencies. Binance tries to grow demand for its Web3 wallet and other full-service products through this promotion by giving traders free trading rights.

Despite legal challenges Binance remains dedicated to creating new products in the DeFi sector. This offer shows how Binance wants to grow its payment network while dealing with legal requirements across many countries.

When users qualify for this program they can test Binance Wallet trading tools while only paying basic network expenses. Many users will decide whether this project helps Binance reach its Decentralized Trading goals as the company keeps exploring Web3 working methods.