Are There Exchanges with Zero-Fee Trading Models, and How Do They Operate?

Yes, some exchanges offer zero-fee trading, particularly for specific trading pairs or during promotional periods. These exchanges typically generate revenue through other means.

They might charge fees for other services like withdrawals, margin trading, or derivatives. Some may also earn revenue from the bid-ask spread, where there's a slight difference between the buying and selling price, or through market-making activities on other platforms.