Binance is one of the most popular cryptocurrency exchanges out there, with the ability to invest in more than 100 cryptocurrencies. In general, Binance offers some of the lowest commissions in the market, with somewhat more favorable conditions than those of competitors such as Coinbase, Kraken, Gemini or Crypto.com.
The main fees that Binance charges as a cryptocurrency exchange are divided into three main fields : deposit, withdrawal and trading fees. So that you have a better perspective on the money that the platform will retain in the different operations, we will summarize all these charges below.
Main Binance fees
Deposit fees are fees retained by the platform each time you want to deposit cryptocurrencies or coins into your wallet. Following the market norm, Binance does not charge any commission for the deposit of funds with bank transfer or for the transfer of cryptocurrencies. In the case of deposit by credit or debit card there is usually a small processing fee of 1.8% for dollars.
Binance allows you to make withdrawals from classic currencies ( fiat money ) but also from cryptocurrencies. For each withdrawal, users pay a fixed fee to cover the transaction costs associated with withdrawing crypto from their account. Withdrawal fees are determined by the blockchain network and may fluctuate without notice due to various factors, including network congestion. In this case, it is best to check Binance’s updated withdrawal fee table before each trade. For example, these are the tables for Bitcoin and Ethereum.
|Coin/Token||Full name||Net||Minimum withdrawal||Commission for deposit||Withdrawal fee|
|BTC||Bitcoin||Binance Chain (BEP2)Binance SmartChain (BEP20)BitcoinEthereum (ERC20)BTC(SegWit)||0.00000960.00000960.0010.00150.001||FreeFreeFreeFreeFree||0.00000480.00000480.00050.000730.0005|
|ETH||ethereum||Arbitrum OneBinance Chain (BEP2)Binance SmartChain (BEP20)Ethereum (ERC20)||0.10.000130.000130.01||FreeFreeFreeFree||0.0030.0000650.0000650.00625|
Binance provides a number of methods so that your fees can go even lower. First of all, if you use your own token, the Binance Coin or BNB. Until July 13, 2022, the platform provides a 25% discount on trading fees when paying with BNB. To do this, we must configure our profile and activate the option « Use BNB to pay commissions». Finally, the trading commissions are the commissions that your clients charge each time they want to make a sale. On the vast majority of exchangesthese are divided into Maker & Taker Commissions. If you are a beginner or a simple user of the Exchanges, then the current commissions for you are the Taker ones. Binance retains 0.1% of each transaction made on its platform, making it one of the cheapest exchanges for cryptocurrencies.
On the other hand, there is a loyalty system for VIP users in which there are 9 different levels depending on the trading volume in the last 30 days. These are movements of amounts for very advanced users, but the commissions of sale can be reduced from the usual 0.1 to 0.09% in VIP level 4 and 0.04% in VIP level 9.
|Level||Trading volume last 30 days (BUSD)||Me||BNB Balance||Maker / Taker||Maker / Taker|
BNB 25% off
|VIP 0||< 1,000,000 BUSD||or||≥0 BNB||0.1000% / 0.1000%||0.0750% / 0.0750%|
|VIP 1||≥ 1,000,000 BUSD||Y||≥25 BNB||0.0900% / 0.1000%||0.0675% / 0.0750%|
|VIP 2||≥ 5,000,000 BUSD||Y||≥100 BNB||0.0800% / 0.1000%||0.0600% / 0.0750%|
|VIP 3||≥20,000,000 BUSD||Y||≥250 BNB||0.0700% / 0.1000%||0.0525% / 0.0750%|
|VIP 4||≥ 120,000,000 BUSD||Y||≥500 BNB||0.0700% / 0.0900%||0.0525% / 0.0675%|
|VIP 5||≥200,000,000 BUSD||Y||≥1000 BNB||0.0600% / 0.0800%||0.0450% / 0.0600%|
|VIP 6||≥ 500,000,000 BUSD||Y||≥1750 BNB||0.0500% / 0.0700%||0.0375% / 0.0525%|
|VIP 7||≥ 1,000,000,000 BUSD||Y||≥3000 BNB||0.0400% / 0.0600%||0.0300% / 0.0450%|
|VIP 8||≥ 2,500,000,000 BUSD||Y||≥4,500 BNB||0.0300% / 0.0500%||0.0225% / 0.0375%|
|VIP 9||≥ 5,000,000,000 BUSD||Y||≥5,500 BNB||0.0200% / 0.0400%||0.0150% / 0.0300%|
Finally, the Chinese platform also has a referral system, with which you can get up to 10% discount on trading fees, both by inviting other users to join the platform, and by being invited to join. Of the same.