The China-based cryptocurrency exchange, Binance, began live trading in July 2017 and hosts crypto-to-crypto trades. This exchange gives users access to a basic set of trading charts, tools and security features and follows a successful Initial coin Offering (ICO). Binance can be a great platform for both beginner and professional traders since it offers basic and advanced interfaces. Of course, professional traders will have access to more complex options such as margin trading. In this article, we explain more about Binance fees.
The structure of Binance fees
Since Binance works with cryptocurrency, they don’t accept real currency- like dollars. Binance fees are really low and the rates are as follows.
Using the app
Downloading Binance application and also creating an acount on it are free.
Making deposits in any supported currency is also always free.
Withdrawals, on the other hand, do cost money. Binance fees for withdrawals are dynamic and depend on the status of the market. By clicking here you can always check the new Binance fees for withdrawals.
If you are using Binance Coins aka BNB which is Binance’s token, there will be a discount on transaction fees for you. Normally, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance. Using the BNB token reduces transaction fees on trades by a specified amount: 50% during the first year, 25% during the second year, and so forth. Because the BNB token is tradable on the exchange, its value fluctuates.
On the other hand, if you are not using BNB, you will be charged a standard fee of 0.1% per trade.
Why Binance is so popular
This exchange lists so many different cryptocurrencies– more than 100. These cryptocurrencies range from the well-known ones such as Ethereum to smaller coin such as CyberMiles. As mentioned above another reason for its popularity is low Binance fees.