Why do so many traders choose Binance as a broker? The key reason is low commission rates. Their fee system is a bit complicated, but we will explain it to you in detail and compare it with commissions charged by other brokers. Read on to learn how to pay minimum for Binance services.
If you compare this platform to Coinbase and other similar sources, you will see that its fees are quite reasonable and affordable.
Let us provide the exact figures:
- spot trading ― 0.1%;
- instant buy and sell ― 0.5%;
- debit and credit purchases ― 3–4.5%
- deposits in USD ― 0%;
- deposits in crypto ― 0%;
- wire transfers ― $15
- withdrawing cryptocurrency ― fees vary.
However, these are just basic rates. There are also a few nuances to keep in mind. So, if you decide to buy Binance Coin (or BNB), that will be a benefit for you ― you will get a 25% discount on crypto trading commissions. Besides, trading fees on this platform are calculated individually based on one’s trading volume in US dollars within a 30-day period, as well as one’s daily balance in BNB.
Speaking about futures trading, Binance fees are also among the lowest. Namely, taker commissions go from 0.04% and lower, maker fees ― from 0.02% to 0%. The higher is your VIP level, the cheaper are the commissions for you. And that level depends on how much US dollars, BNB, and other cryptocurrencies you are currently holding on your balance.
Also Read: Is Binance Safe: An Objective Opinion
As for P2P trading fees, takers are charged no fees if they choose orders from ads. For makers that publish these ads commissions vary from 0% to 0.35%.
How to pay less for the services of this broker? Again, a universal solution is to enhance the level of your account. For that, you must actively invest in Binance Coin and other assets. The more you trade, the less you spend on commissions. And, if you are a new client, be sure to take advantage of a 20% discount coupon.
Also Read: A Short Guide on How to Make Money with Binary Options
Another prompt ― do not haste to register directly on the broker’s website. Instead, open an account on Traders Union first and use it to get an affiliate link for registration. That will provide you with 80% rebates on opening fees and other bonuses.