The war between exchanges in the US stock market, where rates are just smoke bombs, the real battlefield lies elsewhere Binance has just reduced the trading fee for US stocks from 0.1% to 0.05%, supporting 7000 US stocks and ETFs that can be bought directly with USDC, USDT, and BNB. The discounted rate will take effect at 8 pm tonight. This has almost brought the rate to the same level as that of the securities companies. The rate of Futu and Tiger, the Internet securities companies, is roughly in this range, and the rate of Changqiao is about 0.023% lower, but there are friction costs such as exchange. In addition, reducing fees is not to compete with other cryptocurrency exchanges. Traditional securities firms rely on two legs, with fees and financial income (interest, financing, market making) each accounting for half. Binance's asset reserve is $155 billion, and Robinhood's asset reserve is $307 billion, both of which intersect in cryptocurrency and stocks. Binance's advantage does not lie in the competition of securities firms. Its strategy is to integrate the US stock market into its already established encryption infrastructure, allowing its competitors to compete on a completely unfamiliar battlefield. Binance's strategy is to lock users in with lower capital costs, higher capital utilization efficiency, and a more complete ecological loop. Its playing style is very interesting. I tried to understand and sort it out, as well as who the real competitors are