Originally posted on 01/05/2021 @ 00:31
Binance offers some of the lowest fees as compared to other cryptocurrency exchange platforms. Although US-based users have to pay a little more than non-US users, the overall amount is still less than that of other platforms.
Binance’s transaction fee charges are low because:
- They offer a 25% discount for purchasing Binance BNB tokens to pay fees. It should be at least 500 BNBs.
- They are using a Binance referral code to earn a discount on trading fees. Ask a friend to send you their referral ID to enjoy lower prices.
- They provide A chance to level up for higher volume traders and avail significant person (VIP) discounts.
- For debit/credit card users, Binance charges fees from 3% to 4.5% of the total transaction, whereas you get to enjoy free Single Euro Payments Area (SEPA) transfer. For every US wire transfer, it will cost you $15.
Binance uses a maker-taker structure, which gives you a 0.02% to 0.10% purchase and trading fees. A maker is a user or a trader who is adding all the liquidity to the order book whereas, a taker is the one who is taking the liquidity out of the order book. Therefore, there are two types of investments carrying different fee structures.
Unlike takers who take the value out of the market, maker orders tend to linger due to price limits and hence, do not close immediately. Takers tend to file out almost immediately. Maker fees activate the market with lower costs as compared to takers who are charged regular trading fees.
Maker trading fees are relatively always lower than taker’s fees because the trading site prefers it when liquidity is added to the order books. Usually, platforms like Binance that can manage their volumes for trade tend to implement maker and taker cost programs.
Through this process, the company will try to keep the liquidity in the order books high as possible to attract new customers to the platform while also keep the older friends we have.
Maker Taker Fees
Binance charges fees for all makers and takers. This platform also offers multiple methods and means for you to pay less commission.
Differences between the buy and sell values for cryptocurrencies are called spreads. If the spread is at 1.5%, it means that the spread can go both ways. Ultimately, it becomes the primary source of income.
Traders have to catch a significant market fluctuation in the value of price, unlike fees. The Trading fees on Binance for maker and taker account for price changes, which allow the trader to make a profit even if the price fluctuations are small spreads; on the other hand, they do not. As a trader, you will have to pass the upper or the lower price limit to make any real profit.
Binance withdrawal fees
Binance is one of the most trustworthy cryptocurrency exchange platforms in the market. It is advisable that you send out your funds and not leave them on the exchange for long durations. With Binance, you can add a list of IP addresses for withdrawal, which means that if the withdrawal is being made by an address that is not on the list, the transaction gets blocked.
Binance also uses the 2FA integrated Google Authenticator in the withdrawal portal for extra security. In every transaction, you will be required to put in your 2FA code to proceed.
The withdrawal fees on Binance are between $1 to $15 compared to other cryptocurrency exchange platforms that charge between $10 to 430 for each transaction. Even for cryptocurrency payment, it is the same rate in Binance. You have to pay the equivalent of $1 to $15 in cryptocurrency.
You are also ranked in levels as you enter into the Binance platform. If you are a new user with not much transaction history, you are at level 1. As you make more transactions, you proceed to higher levels. The higher you go up on a level, the more chances you get at earning an offer or a discount on your withdrawal or trading fee. You can also get an opportunity to enjoy discounts from BNB fee deductions.
Binance.US is a platform created specifically for US traders using Binance. It has about 52 different cryptocurrencies. It supports Etherium, Litecoin, Dogecoin, Bitcoin, Bitcoin Cash, and Chainlink.
Binance.Us charges 0.1% for any spot trading as a fee. This is considerable much lower when compared to other cryptocurrency exchange platforms. This platform also charges 4.5% for debit card transactions and doesn’t allow for credit purchases or transactions.
If you make any purchase or transaction through ACH bank transfers, no trading fee is levied. On the other hand, bank wire transfers cost $15 peruse. For withdrawal purposes, the fees will depend on the type of cryptocurrency and the amount of the cryptocurrencies. A Bitcoin withdrawal on Binance will cost about 0.0005% at its lowest, with a minimum withdrawal amount of 0.001 Bitcoin.
Binance.Us offers crypto-to-crypto trading with Bitcoin, Bitcoin Cash, Litecoin, Binance Coin, Etherium, Uniswap, VWChain, Cardano, etc. many cryptocurrencies are allowed to be traded for other stable coins Tether and Binance USD.
Peer-to-peer trading at Binance.US’s portal uses OTC to allow trading between buyers and sellers directly. There are no charges for any of the transactions, but the traders can be charged for the spread between the buy ad sell price. A minimum trading among for this type of transaction is equal to $10,000.
Binance Fee Calculator
When we talk about trading results, it is vital to include all trading fees. Binance fee calculator is a platform where you can easily calculate the cost of the trades you made. This will give you a clear picture of your overall performance.
How To Use The Binance Fee calculator
- Drag the slider to whichever is your top position at the current leverage.
- Enter the entry and exit price
- Choose the order type.
- Enter the quantity
- Click on “calculate.”
Binance vs. Coinbase
|1.||Fees||A. Lower fees|
B. Trading and purchase fees are at 0.02% – 0.10%
C. For purchases made with debit card, it ranges from 3% up to 4.5%
D. You get free SEPA (Single Euro Payments Area) transfer
E. $15 per US wire transfer
|A. Higher fees|
B. 0.50% for every trade
C. For all credit card purchases, the fees are at 3.99%
D. For purchases made with your Coinbase wallet or any bank account, it is 1.49%
E. 1.49% $10 for wire transfers
F. $25 for withdrawals
|2.||Cryptocurrencies||More than 500 cryptocurrencies for international users or traders and 52 for US traders||51 overall|
|3.||Security||A. 2FA verification|
B. Device management
C. USD balances are FDIC-insured
D. Address whitelisting
E. Cold storage
|A. 2FA verification|
B. Hot storage insurance
C. Biometric fingerprint log in
D. USD balances are FDIC-insured
E. For digital wallets, they use a AES-256 encryption for maximum security
F. Cold storage
|4.||Transactions||A. Limit order|
B. Market order
C. Stop limit order
D. Trailing order
E. Post only order and more
|5.||Maximum amount for all trades||Based on purchased cryptocurrencies||Based on payment method and the area you trade from.|
|6.||Platform||A. Comprehensive charting options|
B. Good for professionals
C. More than 500 cryptocurrencies
B. Good for novice users
C. Digital wallet
D. Withdrawals with paypal
|7.||Rewards||Offers challenges and giveaways to earn cryptocurrencies||Offers free videos to watch and earn cryptocurrencies|