The previous 30-day trading volume is used to group each customer into 10-level tiers titled VIP-0 through VIP-9. These include prior 30-day trading volume, BNB holdings, and whether or not they are makers or takers. Watch the video: Here’s a simple video we have crafted to make it even more explanatoryīinance considers a few factors when determining the fees to be paid by each of their customers for every trade. They are often left behind after trades, and with Binance, users can convert these to BNB, which can thus be used to pay for transaction fees. Small balances (or dust) are small amounts of coins or tokens that are too small to trade or transfer. Tip: For even more savings, Binance users can opt to convert small balances to BNB. All users trading assets on the platform get to enjoy this reduced rate given that they opt to pay for their trading activities using BNB. It is worth noting that Binance has offered to maintain its 25% discount that was only applicable in its second year. Binance would cease to offer any discount to its users starting in the fifth year onwards, even those that use BNB to pay for trading fees. In the first year of operation, the rate stood at 50%, then 25% the second year, 12.5% the third year, and 6.75% the fourth year. BNB is the native Binance exchange’s cryptocurrency used during the token sale to raise funds for developing and launching it.Īccording to the company’s white paper, Binance offers a tiered discount rate scheduled to be halved every year. What is DeFi? Liquidity Mining Explainedīinance exchange was launched in 2017 by Changpeng Zhao, and to encourage usage, it offered a 50% discount to its customers that opted to use Binance Coin (BNB) to pay for trading fees.
BINANCE TRADING FEES HOW TO
How to Stake Cryptocurrency? Step-by-Step.How to Mint & Sell NFTs? Beginner’s Guide.Must-read Crypto Wallets Guide for Beginners.Best Cryptocurrency Exchanges – Top 7 Picks.How to Invest in Crypto? Complete Beginner’s Guide.To know more about the exchange, be sure to read our in-depth Binance review. We will consider the fees charged when using Binance’s most popular products so you can know and understand what to expect from the platform when it comes to costs. In this guide, we are focusing on the Binance fees. Across its products, Binance consistently offers lower costs of doing business, and this is advantageous not just to the platform but most importantly to its users. The exchange is considered one of the cheapest platforms to buy and sell Bitcoin. With over $100 Billion in daily trading volume, it is undoubtedly one of the largest crypto exchanges as of 2021. Binance is a popular cryptocurrency exchange.
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