![]() Literally, you’ll be giving away 1/3rd of your crypto-coins (i.e. This fee depends on the coin you are transferring though, but the problem is that some of these coins have very high fees.įor example, if you want to transfer Tronix coins from Binance to Bithumb or Upbit account, you will have to pay about 57 Tronix as fee alone. Let’s say you want to transfer crypto-coins from Binance to another cryptocurrency exchange platform.Īs you’re up-to doing that, Binance will charge you a withdrawal fee. Yet, some kind of people still notice these fees somehow. I myself have been using Binance over some years now, and I can’t remember noticing the amount of crypto coins am forfeiting as fee paid. It allows close to 0.1% trading fee for users with less than 50 BTC monthly volume, which is way much more less for transactions that are higher. Advertisementsīinance is one of the best exchange platforms with lowest fees among other exchanges in the market. #BINANCE FEES CODE#Įven if you already have a Binance account, you can STILL use the referral code to get discount on your fees, as Binance is seeing this as a separate part of your account!įor the maximum 20% discount on your regular (spot) trading fees use the binance referral code LKCUG1AT which you can fill in the 'Referral ID (optional)' field.Getting low transaction fee on Binance is easy, but kind of tricky somehow. Or click the following binance referral link to be redirected to the futures page automatically. This gives you another 25% discount on your fees.Īnd on top of all that, you can use the binance referral code '100eyes' to get 10% discount on all your futures binance trading fees. This allows you to check a button called "use BNB for trading fees". This is similar to people buying the stocks of a company, and will make the people who own those coins (such as CZ the funder of Binance) rich.Īnother way they give discount to users on their fee is when you hold BNB. If many people buy and hold the coin, or use it for trading they will increase the price due to supply and demand. Binance owns their own cryptocurrency called the BNB (Binance Coin). In the highest tier, the maker only pays 50% of the fees compared to a taker.īinance has more tricks up their sleeve to make sure they can benefit themselves while giving a mutual benefit to the user as well. The higher you go the bigger the difference. IF you're in a low tier the difference between maker and taker doesn't make any difference. In order to reward people who put items in the orderbook (maker) they give them a lower trading fee that people who take items out of the orderbook (taker).īut this time, the perk of the maker and taker difference is tied to the whale discount. This prevents the consequences of fat finger trades, creates way less spiky price behavior and provides liquidity for traders. #BINANCE FEES FULL#It is very good for an exchange to have big and full orderbooks. You think that 40,000 BTC is a lot? Imagine this is only tier 7 out of a 9 tier program!Īnother way that Binance gamifies the fee system is by using the maker/taker concepts. Perhaps just interesting enough to keep them engaged on the Binance platform. This 40,000 BTC whale would end up on a VIP level of tier 7 suddenly reducing their fees to as little as 0.04%. That's why Binance introduced a tiering system. At the time of writing this would be roughly equivalent to a binance trading fee of $360,000. Now think again for a major cryptowhale with a 30 day trading volume of 40,000 BTC. Thinking about our previous example, a $1 on a $1000 trade seems small. This is why they want to attract many high rollers to their platform. The trading fees is the major source of income for Binance. ![]() During this article we will discuss the most important ones However, Binance allows for many different ways to reduce the fees you have to pay. This means that if you buy for $1000 worth of crypto you pay a $1 fee. By default Binance charges a 0.1% fee over all trades. Binance uses a system where fees are calculated on a relative amount compared to the size of the trade. ![]()
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