Binance, the world’s largest cryptocurrency exchange by volume, may have you wondering what fees you’ll have to pay. Nobody wants to pay industry commissions on their trades, so continue reading to learn everything you need to know about Binance commissions and fees.
Exchange Industry Averages
Cryptocurrency exchanges all over the world make money by charging trade fees. This is true for the majority of exchanges and is widely used. Cryptocurrency exchanges will charge between 0.01% and 1% for every transaction. A 1% charge per trade means that if you were to buy $10,000 in Bitcoin (or any other cryptocurrency), you would pay 1%, or $100, on the transaction. This may not seem like much, but it is critical to remember if you intend to trade on a daily basis. Exchange costs can quickly mount up without traders realizing how much they are eating into profits.
Binance charges a 0.1% fee for every trade, which decreases depending on average trading volume or if you use the Binance blockchain’s native cryptocurrency token, BNB. To put this in context, the cost charged for every transaction is 0.5%.
You pay the 0.1% transaction charge if you have exchanged less than 50 BTC in the last 30 days. Over 50 BTC in trade volume incurs a 0.9% charge. When trading the native Binance coin BNB, you pay a 0.075% charge under 50 BNB, gradually decreasing.
Binance does not charge deposit fees in addition to having some of the lowest costs in the business. The majority of bitcoin exchanges also charge fees for deposits and withdrawals. Although the exchange charges for withdrawals, the fee is substantially lower than that of other exchanges and is determined by the cost of transferring the individual currency or token you are using. Binance is unique in that there are no fees for deposits into your account and transaction fees are extremely low, making it a smart choice financially.
Binance.US charges the same 0.1% spot trading fee as the rest of the Binance systems. Again, the cost is determined by your previous 30-day average trading volume and only decreases from there. Binance.US features an immediate buy and sell cost of 0.5%. This only applies if you use instant buying or selling rather than limit orders. Overall, Binance.US costs are organized similarly to those of the global Binance exchange.
It is recommended that you purchase the native cryptocurrency token BNB after you open your Binance.US account. Any transactional or buy/sell costs will be deducted from monies held in BNB. Paying fees in BNB results in a 25% reduction in ordinary prices, lowering the starting spot trading price fee from 0.1% to 0.075%.
If you want to trade futures, the Binance futures trading platform provides some of the lowest costs in the business, starting at just 0.02% and going up to 2%! Binance charges the lowest fees of any other exchange! These figures may appear insignificant to a new trader, but when making daily deals, they make a significant difference.
Binance Fees Are The Lowest Around
Binance’s fees are among the lowest in the business, and it would be difficult to find one with lower options. Low costs surely make it one of the top choices for many users, and it has clearly helped Binance, which swiftly became the largest worldwide exchange by trading volume in its early days and has maintained that status. Binance is definitely worth checking out if you haven’t already because of the extremely low costs.
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