Binance is the biggest cryptocurrency exchange on the market right now. But what are the fees that come with this exchange? Fees are very important to take into consideration when deciding whether or not to use a certain exchange. The fees can have a huge impact on the profit you end up making, as higher fees means less money invested.
Let’s get into everything that has to do with the fees you pay on the Binance exchange.
Table of Contents
What are the fees on Binance Exchange?
The fees on the Binance exchang depend on what trading product you are using. Every trading product comes with its own fees. Let’s take a look at what these different fees are.
What are fees on spot markets?
On spot markets at Binance, you pay taker fees and maker fees of both 0.1%. These fees can decrease though, once you increase in ranks. Increasing in ranks is done by having a higher Binance Coin (BNB) balance or having a higher 30 day trading volume.
When increasing in tiers, the fees on spot can go as low as a maker fee of 0.02% and a taker fee of 0.04%.
What are the fees on futures?
The fees on futures are a little bit different. As with most exchanges, they are lower than the fees on spot markets. The futures fee you pay, depends on what stablecoin you are trading against, and what your trading volume / BNB balance is.
The futures fees start at a maker fee of 0.02% and a taker fee of 0.04% and can go as low as a maker fee of 0.00% and a taker fee of 0.017%.
What are the cryptocurrency deposit fees on Binance?
Binance does not offer a fee when depositing cryptocurrency onto the Binance exchange. But when using this cryptocurrency in one of the products of Binance, you will pay the fee that comes with this product.
What are the fiat deposit fees on Binance?
Binance does not offer a fee for depositing money onto the Binance exchange. You can do this for free, but you will pay trading fees when using this deposit to buy crypto for example.
What are the withdrawal fees on Binance?
The withdrawal fees you pay on Binance depend on what cryptocurrency you are trying to withdraw. Not only do they depend on what cryptocurrency you are trying to withdraw, but what blockchain you are trying to withdraw them onto also has an impact on the fee you pay.
For example, when withdrawing Bitcoin (BTC) onto the Bitcoin blockchain, you pay a fee of 0.0002 BTC, but when withdrawing Bitcoin (BTC) onto the Binance Smart Chain, you pay a fee of 0.0000042 BTC.
What is the withdrawal time on Binance?
In general, Binance’s withdrawal time is about 5 minutes. But, in some rare cases, for example when there is an error or a lot of activity on the blockchain, the withdrawal can take up to 24 hours. If it takes longer than 24 hours, please reach out to Binance’s Customer Support.
What is Binance VIP Program?
Binance does offer a VIP program that allows you to get a discount on the fees. You can enter this program by having a 30 day trading volume of over X and a Binance Coin (BNB) balance of over X. How this works exactly, can be seen in the table below.
At Binance you currently pay 0.1% on a direct buy and sell order. However, if you pay the fees with the Binance coin – BNB you will receive a 25% discount on your buy and sell order per transaction. The option to pay the transaction fee with Binance coin can be enabled in your settings. This is still worthwhile if you plan to trade a lot. What is also beneficial for the trader who trades large volumes is the VIP levels. There are eight different VIP levels that are based on your trading volume. The higher your 30-day trading volume, the higher your VIP level will be and the more discount you get on your Binance fees.