Binance Wallet Launches Zero-Fee Swap Promotion

Cryptocurrency exchange Binance is launching a six-month zero-fee swap promotion for users of its Binance Wallet (formerly known as Binance Web3 Wallet) to attract retail traders.

In a March 17 announcement, the exchange mentioned that the offer only applies to swaps through Binance Wallet’s integrated swap and bridge features or the quick buy option in Binance Alpha, a platform within Binance Wallet which features tokens potentially considered for future listings on Binance.

Binance clarified that transactions made via third-party dApps do not qualify for this promotion. Retail traders may still incur network gas fees even though Binance is waiving its own trading fees.

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

Qualification Requirements

To qualify, users must trade using a backed-up keyless address within Binance Wallet, meaning they need to complete the backup process and cannot utilize imported wallets with manually entered private keys or seed phrases.

Binance first introduced its crypto wallet in November 2023, stating in a blog post that the product “eliminates tricky seed phrases” and is considered better than traditional self-custodian crypto wallets due to its multi-party computation technology. Nevertheless, shortly after launch, Russian users reported losing access to the wallet.

Binance later addressed the access issues, attributing restrictions to regulatory reasons following its decision to exit Russia in September 2023, after planning to sell its local business amidst increasing limitations, including restrictions on peer-to-peer trading for Russian users.

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