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Binance Fees: What you need to know to pay the least!

Binance Fees: What you need to know to pay the least!

Binance consistently ranks as the world’s top crypto exchange by trading volume, and the exchange often makes headlines with its innovative moves. If you want to try out Binance and its 400+ trading pairs, you can maximize your returns by paying attention to Binance fees.

Binance fees

Deposit fees – zero

Binance charges no fee to deposit any cryptoasset. Binance offers trading pairs with BTC, ETH, and USDT, but not fiat. So you’ll first need to use an exchange like Coinbase to swap your fiat for crypto. Then you can deposit your crypto on Binance for free.

Trading fees – percentage of trade amount that you can reduce in two ways

Once you’ve deposited some crypto on Binance, you’re ready to trade. But make sure you pay attention to the trading fees. As is the case with most centralized exchanges, Binance takes a percentage of each trade you make. The amount of that percentage depends on two things – (1) whether you hold BNB token, and how much you hold and (2) the amount of your 30-day trading volume.

  • Paying fees with BNB gives you a 25% fee discount

The base fee for trades on Binance is 0.1% for makers and takers. You can reduce that by 25% (that is, to 0.075%) if you hold BNB on Binance. If you hold BNB, Binance uses that for your fee by default. You can turn that setting off if you wish, so it’s a good idea to check periodically to make sure it’s still on. Also, Binance plans to phase this discount out over the next few years, with the discount dropping to 12.5%, then 6.75%, then zero.

  • The more you trade, the bigger your Binance fees discount

The other way to reduce your Binance fees is to increase your trading volume. Binance offers eight levels of fee discounts (VIP 1-VIP 8) depending on your 30-day trading volume (as measured in bitcoin). Each level also comes with a requirement that you hold a certain amount of BNB. To qualify for the first level (VIP 1), you need to trade at least 100 BTC in volume over 30 days and hold at least 50 BNB. This drops your maker fee to 0.09%, and your taker fee remains at 0.1%.

You don’t get a reduction in your taker fee until the VIP 3 level, which requires a volume of at least 4,500 BTC and holdings of at least 1,000 BNB. So unless you’re doing a lot of trading, you don’t have to worry about paying extra for market orders (which always incur taker fees).

The highest fee-discount level Binance offers (VIP 8) requires you to trade at least 150,000 BTC in volume over 30 days and hold at least 11,000 BNB. If you choose to pay your Binance fees in BNB, the VIP 8 level comes with a maker fee of 0.015% and a taker fee of 0.03%.

Withdrawal fees – flat fee that varies by asset

You should generally take your crypto off of exchanges as soon as possible. When you withdraw from Binance, you pay a flat fee in the asset that you’re withdrawing. Each asset is assigned a different fee. For example, the fee to withdraw any amount of ether is 0.01 ETH. For most assets, the withdrawal fee equals one-half the minimum withdrawal amount. So you’ll pay less in fees if you minimize the amount of withdrawals you make for each asset.

Track Binance trades with Settle

Now that you know how to keep your Binance fees as low as possible, you’re going to want to keep up with all of your Binance trades. With Settle Portfolio, you can connect your Binance account! Just go to Settle Portfolio->Import , and choose Binance from the Exchange dropdown. If you don’t know how to get your Binance API keys, just click “Help me import my api keys” for simple instructions!


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