Recently, a lot of people have been saying Binance's US stock trading fees are high. I looked into why the fees are high, and it mainly comes down to differences in the products. I compared the US stock trading models of the four major exchanges. Here's what I found: Binance's US stocks offer real ownership, including dividend rights. OKX's US stocks are on-chain stocks in collaboration with ONDO. Bitget's US stocks are backed and mapped, essentially a tokenized US stock collaboration model. Bybit's US stocks are mapped in collaboration with Xstocks, which is also an on-chain stock model. To sum it up, the other exchanges are all offering mapped stocks, while Binance provides real US stocks. And based on my experience with exchanges, these fees will definitely go down. Do you guys remember when perpetual contracts first came out? Everyone complained about the high fees too. It took about three months before the fees started dropping. Lowering fees requires two things: first, negotiating with brokers, and second, brokers need to see your trading volume data. Even though Binance is the largest exchange, brokers won’t lower fees recklessly without seeing the trading volume data. Once brokers get their hands on Binance's US stock trading data, the fees should start coming down. Here’s a little secret for you: Binance is a shareholder of Alpaca Securities. Just like how Old Li is a shareholder of Tiger Brokers. The reason these big exchanges frequently become shareholders in various brokers is most likely to acquire them. Once Binance acquires these brokers, are you still worried about high fees? Be patient. I feel like in three months, the fees will drop.