The commission structure on Binance is unique. The Binance trading fees generally start low and then only decrease. Binance uses a volume-based pricing model and gives you additional discounts if you use its proprietary currency for purchases. Therefore, if you’re used to the external world of most brokerages, you’ll have to say goodbye to those dreams.
Generally, Binance charges 0.1 percent for trading. However, its volume-based pricing model can reduce your costs, and it’s based on your 30-day trading volume. It has 11 pricing levels that are called VIPs from 0 to 10, depending on your 30-day trading volume. A maker-taker model is also used by Binance, which rewards users who add liquidity to the market (makers) while charging users who reduce liquidity (takers).
How can you save money on Binance trade fees?
There are several ways to save even more on every transaction on Binance, even though they already offer some of the lowest fees in the industry. Every little bit helps, and savings do accumulate over time.
Refer a friend to Binance and save fees
Have you ever thought about creating an account with Binance but don’t know how? Then, it may be worth your time to hunt for a referral link that will provide you with a discount on your trading fees. There are two types of referral links to look for:
- Spot: Using these referral links, you can save up to 20% on Binance’s spot market fees. Discounts can vary based on the referrer, but you can save up to 20% on Binance’s spot market fees by registering through the referral link.
- Futures: Join or activate your Futures account with your friend’s referral link to receive a 10% discount on your trading fees for the first 30 days.
For the first 30 days, you can sign up for a Binance account to receive a 10% discount on spot market trading fees, plus a 10% discount on futures trading fees.
To receive a 10% discount on Futures trading fees for the first 30 days after you open a Binance account, click here.
Save on fees when you book with BNB.
Using BNB to pay trading fees can save you a lot of money. But did you know that there is a discount when you use BNB?
- Spot: Reduce your trading fees by 25%
- Futures: Fees for trading can be reduced by 10%
- Margin: Reduce your borrowing interest by 5%
Take advantage of BNB’s many savings opportunities.
Increase your VIP level to save on fees
Become a VIP member at Binance to further reduce your fees. There are ten different VIP levels (VIP 0 – VIP 9), based on your 30-day trading volume (equivalent in Bitcoin) and average BNB balance over that time. Click here to view the complete breakdown of Binance’s fees.
Use OTC (Over-the-Counter) trades to save on transaction fees with large transactions.
It is a good idea to use the OTC trading portal if you’re buying or selling crypto assets worth more than USD 10,000. This will save you money on fees, limit slippage (leading to a better average price), and protect you both time and effort executing the trade.
Check out our OTC trading portal if you need to make a significant trade.
Avoid fees altogether with Binance P2P (Peer-to-Peer)
Our P2P marketplace offers zero fees so that you can trade cryptocurrencies from and to local fiat currencies. In addition, you can browse ads to buy and sell crypto, or you can post your ads.
What is the Binance withdrawal fee?
This highly-regarded cryptocurrency exchange is known for its lightning-fast trading. In addition, Binance has a cheaper trading cost than many other U.S. exchanges, at 0.1 percent.
It can be confusing to use an online trading platform to trade cryptocurrency, thinking about questions like: Is Binance a fee-based platform, how do Binance crypto fees work, and the different types of Binance fees? This post will answer all your questions on How Binance fees are calculated and how you can use them.
Users must pay a flat fee each time they withdraw crypto from Binance to cover the transaction costs. We recommend that you check the most current withdrawal rates listed on each withdrawal page, as withdrawal rates are determined by the blockchain network and can fluctuate at any time due to network congestion.
Binance Fees
The Binance commission structure is different from all the rest. Fees are usually cheap at the beginning and get cheaper and cheaper as the transaction volume increases. Binance even offers additional savings if you use its cryptocurrency, Binance Coin (BNB).
Binance offers futures fees, margin trading, and leveraging tokens, in addition to other products and business forms. Each one of these attracts a fee.
How Do I Choose Between Kraken, Coinbase, and Binance?
In cryptocurrencies, Kraken, Coinbase, and Binance are some of the most popular exchange platforms. If you want to trade cryptocurrencies, you should learn how these platforms work. Exchanges of cryptocurrencies should be convenient, easy to use, and secure.
We will compare the three exchanges to understand their characteristics, the currencies they accept, prices, withdrawal options, and safety.
Overview
Kraken
One of the top crypto exchanges globally, Kraken, is based in the United States and was founded in 2011. Traders appreciate its low fees and high trading limits. For US-based traders, Kraken is one of the best.
Kraken’s standalone platform, Cryptowatch, gives you access to real-time data and charting from over 8000 cryptocurrency exchanges. Since it is available to both domestic and international users, Kraken’s platform is accessible.
Coinbase
It is the largest cryptocurrency exchange in the U.S. based on trading volume. Coinbase was founded in 2012 and operated remotely without a physical headquarters. The user-friendly interface of Coinbase makes it suitable for beginners. It was officially listed on NASDAQ in April 2021.
This exchange helps lower the barrier to entering the crypto market, often viewed with skepticism and confusion. It offers investors access to custodial wallets for storing their funds.
The FDIC-insured bank accounts make Coinbase Pro more secure than other crypto exchanges. Advanced traders can benefit from the charts and indicators offered by Coinbase Pro for the same fee as other crypto exchanges.
Binance
Since Binance was founded in 2017, it has focused heavily on altcoins trading. It offers over 500 cryptocurrencies, which is the most among other exchanges. The platform is geared towards traders with prior experience who need advanced features such as charting, peer-to-peer trading, market orders, limit orders, etc.
Americans cannot use the common Binance platform. Instead, a United States version is required, less feature-rich but still provides various trading options.
A Comparison of Kraken, Coinbase, and Binance!
The type of crypto exchange you use should depend on where you are in your investing journey. Coinbase is also accessible to beginners, as are Kraken and Binance.
Binance and Kraken have advanced features like market orders and staking crypto. Kraken even provides margin trading and is a better fit for experienced investors. On the other hand, new investors may prefer Coinbase’s digital wallet because of the easy funding options.
Frequently asked questions (FAQs)
Despite charging a fee, Binance US’s cost is one of the lowest, ranging from 0.02% to 0.10% for purchase and trading fees and 3% to 4.5% for debit card purchases.
Investing in Binance currency may qualify you for a 25% discount on the trade fees.
With Binance, fees are significantly lower than Coinbase, with 0.10% on most trades. With banks, fees are 0.10 percent, and credit and debit cards can come to 2.10 percent.
Trading on Binance costs 0.1%, so your pricing is determined by the size of your transaction. Therefore, the fee is proportionate to the size of the transaction.
On the ‘Fiat and Spot’ page, click the Withdraw button. There are two other ways to access the crypto withdrawal page. The first is to scroll down the page and locate the particular crypto you want to withdraw. A withdraw button can be found at the bottom right corner of every coin.