As a new crypto trader, you need to know a number of things, such as, Binance fees before you begin trading. There are several aspects related to trading crypto that are crucial for new traders to be familiar with.
Trading cryptocurrencies is an interesting but risky venture, especially for people who do not have any prior experience or helpful information. As a beginner, if you do not have a properly formed trading plan or if you are unfamiliar with the important aspects you can end up having a stressful trading experience, which can be financially damaging as well.
One of the factors to know about while learning about trading is the fee you will have to pay when you use an exchange. The significance of the fee charged by an exchange and details of the Binance trading fees are mentioned below. These details will help you make an informed decision and have a hassle-free crypto trading experience.
Why is it Important to Know About Binance Fees?
The fee structure of Binance is not the only thing to be focused on. As a crypto trader or investor, you should always thoroughly check the fee structure of the exchange you intend on using.
Knowing the fee charged by an exchange has a lot to do with the trustworthiness and suitability of the platform.
As a new trader, you should know that you will be required to pay a fee, regardless of the exchange you choose. However, it is essential that you are familiar with the details of the fee charged because some platforms charge a high fee, which also sometimes includes hidden and additional charges.
Such an exchange may have compromised security, can put your budget out of balance and even jeopardize your safety. Therefore, you should never opt for an exchange that charges unusually high fee and without thoroughly researching its fee structure.
Binance is the world’s largest crypto exchange. However, if you are interested in using the platform you need to take a look at its fee structure first to make sure it is according to your criteria and trading requirements.
What to Know About Binance’s Fees Structure?
Binance is one of the best and top cryptocurrency exchanges in the world, thanks to numerous outstanding features it offers to the users. One of the biggest selling points of the platform is Binance fees.
This exchange is known to charge one of the lowest fees in the entire industry. The fee structure is also free of any kind of additional charges that are not disclosed to the users beforehand.
The Binance trading fees for spot trades is based on the traditional market maker and taker fee model, details of which are discussed below.
Details of Trading Fee on Binance
Market maker and taker fee model is followed by a vast number of crypto trading platforms. The trading fee on Binance also varies based on the 30-day trading volume of a trader.
For spot trading:
- The trading fee for market makers ranges from 0.02% to 0.1%.
- The trading fee for market takers ranges from 0.04% to 0.1%
Fee for Withdrawals and Deposits
Apart from knowing about the trading fees, the Binance fees also includes the minor charges you would have to pay in case of making withdrawals or deposits.
There is no direct fee for making deposits or withdrawals when it comes to fiat currencies. However, you might have to pay some kind of fee that would depend on the payment method you opt for.
You will also have to pay a small gas fee if you directly withdraw crypto assets into your external wallet.
The overall withdrawal fee that you might have to pay ranges from $1 to $15.
Trading Fee for Futures Contracts
The Binance trading fees for futures trading also varies based on the 30-day trading volume. According to that here is the range for Binance fees for futures contracts to know about.
- The trading fee for market makers ranges from -0.009% to 0.015%
- The trading fee for market takers ranges from 0.024% to 0.040%
Tips to Reduce the Trading Fee
The Binance trading fees is already one of the lowest in the world. However, the outstanding factor about Binance is that it enables people to get even lower fees that is based on two major factors.
As a user, you can enjoy discounts on the trading fees mentioned above if you:
- Have a VIP level account
- Pay the trading fee with BNB tokens
Binance is one of the most prominent cryptocurrency exchanges in the world and offers remarkable features that make it stand out among its competition. The Binance fees is one of its highlighting features, the details of which are mentioned above and are important for all new traders to know.