What interest does Binance charge?
The standard commission for each concluded transaction is 0.1%. However, it can be reduced by using the internal currency Binance Coin, inviting new users of the exchange, or carrying out a large volume of transactions.
There are 4 main types of commission: for withdrawal of funds, for depositing them, when placing an order that is traded immediately at the current market price (Taker), and which is partially or completely included in the order book and traded at a fixed price (Maker).
Binance also has a P2P transaction fee that is charged only to the Maker trader. This is the percentage that is subtracted when converting fiat currency (traditional) into crypto. On average it is also 0.1%, however, there are exceptions. For example, when transferring euros the rate is 0%, and for some types of fiat (for example, dollars) it is increased – 0.35%.
Why trade on Binance?
Whatever your current level of experience in cryptocurrency trading, whether you are an experienced trader or just getting started in cryptocurrencies, Binance is a great option.
Binance needs no introduction. This is the number one exchange that truly leads the cryptocurrency industry. It has grown rapidly in recent years and is now the largest cryptocurrency exchange in the world. The reason for its popularity is the amazing offers and advanced tools it offers.
Binance provides a wide selection of cryptocurrencies on its platform. It can process over several million transactions per second and has a daily trading volume of over $60 billion.
A wide range of offerings, the fastest developments in the industry, coupled with the lowest fees on the market have made Binance the number 1 choice among cryptocurrency traders.
Binance is trying to be more than just a cryptocurrency exchange. Binance has an information portal that talks about various cryptocurrency projects. The platform has the Binance Academy, which is an educational portal that introduces new users to the space.
Binance allows you to purchase cryptocurrency products and services using a debit/credit card. It has a futures platform for leveraged trading and much more.
They also recently announced that they will be introducing 4 new products: an NFT platform, KYC projects, consumer-facing DApps, and online analytics.
In short, Binance is a one-stop solution for crypto enthusiasts.
Comparison table of commissions with other exchanges
Currently, cryptocurrency has firmly entered and gained a foothold in the financial market. This has led to the emergence of a mass of different platforms where you can trade this type of currency, which is attracting more and more people.
Almost every exchange charges some percentage, which the broker takes for his activities. In all the variety of platforms, it is necessary to competently approach the issue of choosing the one where a person will trade. One of the criteria is the same percentage. Let's compare it between the most famous representatives of the cryptocurrency market.
| Name | % on withdrawal of funds | % on depositing funds | Taker | Maker |
| Binance | Depends on market conditions | – | 0,04 – 0,1% | 0,02 – 0,1% |
| Coinbase Pro | – | – | 0,04 – 0,5% | 0.0 – 0.5% (is 0% for trading volumes above $500 million) |
| Bitfinex | Depends on the currency being withdrawn | If the account holds less than $1000 – about 0.1% | 0,055 – 0,2% | 0.0 – 0.1% (0% – above $7.5 million) |
| Kraken | Depends on the currency being withdrawn | Absent for almost all types of cryptocurrency | 0,1 – 0,26% | 0.0 – 0.16% (0% – above $10 million) |
| Poloneix | Fixed fee for each asset, which changes depending on the state of the network | – | 0,1 – 0,25% | 0.0 – 0.1% (0% – above $20 million) |
| Bistamp | – | – | 0,1 – 0,25% | 0,1 – 0,25% |
| Coineal | – | – | 0,15% | 0,15% |
| KuCoin | Depends on the currency being withdrawn | – | 0,03 – 0,1% | 0,0125 – 0,1% |
| Bittrex | – | – | 0,25% | 0,25% |
| Huobi | Depends on the currency being withdrawn | – | 0,2% | 0,2% |
This clearly shows that the Binance exchange has the most favorable commission conditions for all traders.
Commissions for withdrawal
Many users are wondering how to withdraw from Binance without commission. Unfortunately, this is not possible since both parties to P2P transactions want to make money. However, the percentage charged for withdrawal is one of the lowest among all reliable exchanges.
The withdrawal commission that Binance charges is a fixed rate, depending on the state of the network and the market. If the network is overloaded, it may be increased. Standard size is:
- Bitcoin – 0.001%;
- Bitcoin Cash – 0.001%
- Ethereum – 0.01%;
- Litecoin – 0.01%;
- Ripple – 0.25%, etc.
For each cryptocurrency, the rate is individual and can be viewed in a special table on the exchange website.
Commissions on futures in Binance
There are 2 types of futures trading on Binance: USD-M and COIN-M contracts. The commission size for the first type varies from 0.02 to 0.0% (Maker) and from 0.04 to 0.017% (Taker). For COIN futures – margin the rate is from 0.01 to – 0.009% (Maker) and 0.05 – 0.024% (Taker).
The interest rate depends on the volume of monetary transactions during the month or the balance of the local currency.
Interest when trading COIN-M futures contracts is calculated as the product of the par value and the commission rate. The nominal value, in turn, consists of the product of the number of contracts and its size, divided by the transaction price. On the delivery date, quarterly contracts are charged a fixed rate of 0.015% regardless of the trader's position.
The rate on the USD-M futures market is calculated using the same formula as with COIN-margin contracts. But the nominal value in this case does not include the size of the contract and consists of their number multiplied by the transaction price.
How to get a discount on commissions in Binance?
Active exchange traders have the opportunity to reduce their commission percentage. This can be achieved in three ways: by purchasing local BNB tokens (Binance Coin), which are among the top 10 most popular types of cryptocurrency, participating in the referral program and attracting new traders to the exchange through a unique link, or simply trading in large quantities.
Let's consider each of the described options in more detail.
Discount for BNB Holders
BNB (Binance Coin) is a local cryptocurrency created in 2017. Privileges are provided for holders of these tokens. They consist in the possibility of paying commissions when making monetary transactions. If you have BNB in your account, they are used automatically to pay the commission rate. If necessary, the user can disable this function.
Currently, the discount provided to BNB holders is 25% for spot and margin trading and 10% for USD-M futures contracts.
According to the creators’ idea, the available discount should decrease with each year of Binance’s existence (from July 2022). So in the first year it was 50%, the next 2 years 25%, then 6.75% and in the fifth year (2022) completely abolished. However, due to the great popularity of this cryptocurrency and as a sign of gratitude to all users, the company has extended the 25% commission discount until July 2022. The future fate will depend on the state of the exchange.
Taking into account the discount, the percentage charged for the maker varies from 0.075 – 0.015%, and for the taker 0.075 – 0.03%.
The number of tokens at the trader’s disposal affects the commission level, so more of them will provide a larger discount.
Referral link
Like many other services, Binance has a referral program that allows traders who refer new members to receive discounts and cashback from transactions made by friends.
Registration with benefits
To participate in this program, a trader needs to register and generate a special referral link or QR code, which must be sent to his friends. When they follow it and further register, the inviter can receive cashback for each completed trade of a friend.
A participant in the referral program has the opportunity to independently choose the percentage of cashback that he will receive.
In spot trading, the base rate is 20%, and the user can decide for himself whether to split it between himself and a friend or not. If the inviter has less than 500 Binance Coin in his account, then he can choose 20% cashback from commissions (the invitee will receive 0%), 15% (for the invitee 5%), or 10% (10% for the friend). If the BNB balance is greater than or equal to 500, then the base rate increases to 40% and the variable range of ratios expands: 40% for yourself and 0% for a friend, 35% for 5%, 30 to 10, 25/15 and 20/20 .
When trading on the futures market, the base rate is 20% for balances less than 500 and 30% for balances greater than 500 BNB. In this case, the percentage is divided in the ratio of 10 to 10 and 20 to 10, respectively.
With the BNB discount and referral cashback, the commission for the maker is 0.6 - 0.012%, and for the taker - 0.06 - 0.024%.
This provides an incentive to participate in the referral program for both already active and potential new traders.
VIP program
The Binance exchange has a special VIP program. As the volume of transactions increases, the trader increases his VIP level, which allows him to have a reduced commission percentage.
Binance distinguishes 10 levels. Upon registration, each user automatically becomes a participant in this program and has the first level VIP-0, the conditions for obtaining which are to trade less than 50 bitcoins within 30 days or have 0-49 local tokens on the account. To obtain the following levels in spot trading, two conditions must be met simultaneously:
- VIP-1: Volume – from 50 to 499 BTC and BNB balance 50-199 tokens.
- VIP-2: from 500 to 1499 BTC and 200-499 BNB
- VIP-3: from 1500 to 4499 BTC and 500-999 BNB.
- VIP-4: from 4500 to 9999 BTC and 1000-1999 BNB.
- VIP-5: from 10000 to 19999 BTC and 2000-3499 tokens.
- VIP-6: from 20 thousand to 39999 BTC and 3500-5999 tokens.
- VIP-7: from 40 thousand to 79999 BTC and 6 thousand to 8999 tokens.
- VIP-8: from 80 thousand to 149999 BTC and 9 thousand to 10999 tokens.
- VIP-9: from 150 thousand BTC and from 11 thousand BNB.
With each new level, the commission decreases:
- for Maker – 0.1 / 0.09 / 0.08 / 0.07 / 0.06 / 0.05 / 0.04 / 0.03 / 0.02%;
- for Taker – 0.1 (for VIP levels 1-4) / 0.09 / 0.08 / 0.07 / 0.06 / 0.05 / 0.04%.
When trading USD-M futures, the conditions for receiving VIP-0: the transaction volume within 30 days must be less than 250 bitcoins or have 0-49 Binance coins in your account. To obtain the next levels, the conditions for trading volume are slightly higher, which is associated with the use of leverage. Regarding the BNB balance, the intervals are no different:
- VIP-1: Volume – 250-2499 BTC.
- VIP-2: 2500 – 7499 BTC.
- VIP-3: 7500 – 22499 BTC.
- VIP-4: 22500 – 49999 BTC.
- VIP-5: 50 thousand – 99999 BTC.
- VIP-6: 100 thousand – 199999 BTC.
- VIP-7: 200 thousand – 399999 BTC.
- VIP-8: 400 thousand – 749999 BTC.
- VIP-9: from 750 thousand BTC.
In this case, the percentage for each VIP category is equal to:
- for Maker – 0.02 / 0.016 / 0.014 / 0.012 / 0.01 / 0.008 / 0.006 / 0.004 / 0.002 / 0%;
- for Taker – 0.04 / 0.04 / 0.035 / 0.032 / 0.03 / 0.027 / 0.025 / 0.022 / 0.02 / 0.017%.
When trading COIN-M futures contracts, the conditions for obtaining VIP levels coincide with the previous block, and the deductible percentage decreases more and may even go negative:
- for Maker – 0.01 / 0.008 / 0.003 / 0 / -0.005 / -0.006 / -0.007 / -0.008 / -0.009%;
- for Taker – 0.05 / 0.045 / 0.04 / 0.03 / 0.025 / 0.024% (for VIP levels 5-9).
Binance values its regular users and provides them with the most profitable and attractive conditions for concluding trading transactions on this platform.
Review of the Binance trading platform
The trading platform of the Binance exchange has an intuitively simple and clear interface. In addition to trading in the BTC and ETH directions, you can work with the following pairs:
- USDT.
- BUSD.
- TRX.
- RUB
- XRP and other fiat currencies.
The company provides several methods for gaining access to the trading interface. They are located under the "Trade" button at the top of the display.
The “Conversion” section allows you to activate one of two cryptocurrencies for internal exchange.
When using traditional trading, the user is provided with a classic interface with a rate chart and other functions. This section displays information about the market, there is a button for moving between pairs and concluding transactions.
For more experienced traders, “Advanced” trading is provided. It is a modified classic interface with more convenient and flexible settings for operations.
The Margin tab is separate from the previous sections. With its help, you can filter trading pairs, leaving those where margin trading is enabled. Without the filter activated, the screen will display pairs with 3x, 5x and 10x icons, which indicate the amount of leverage or borrowed funds to increase the position.
It is important to consider that cryptocurrencies have increased volatility, so their price can change by tens of percent during the day. Leverage helps increase profits, but with proportionally equal risks.
There is also a peer-to-peer section on the Binance trading platform. It is adapted for concluding direct transactions with other users without connecting order books. This method is indispensable for buying or selling cryptocurrency for fiat funds using available payment methods, including bank cards or QIWI electronic wallets.
Binance no commission
From time to time, the company conducts various promotions, within which registered traders can perform certain actions with zero percent.
So, for example, from 07/20/2021 to 08/20/2021 there is a 0% commission for depositing and withdrawing Euros using bank cards.
Such promotions are carried out quite often and apply to replenishing an account in a certain fiat currency, withdrawing funds in it, loans, transactions within a specific trading pair, etc.
The Binance exchange is deservedly included in the top 3 best cryptocurrency trading platforms. The conditions provided to traders on Binance are the most favorable, the commission percentage is objectively the lowest, and large-volume transactions are adequately encouraged.
Deposit/withdrawal of funds
Depositing or withdrawing money from a Binance account involves moving cryptocurrency between your personal wallet and the cryptocurrency exchange wallet. To understand how the transfer system works, it is enough to familiarize yourself with the features of the spot wallet on Binance. What is it and how to work with it? First things first.
Replenishment of accounts
Topping up your balance on Binance is as easy as registering an account. To do this, open the “Wallet - Fiat and Spot” tab in the upper right corner of the main screen. The cryptocurrency areas you are interested in will be displayed there. Then you need to click on the “Input” tab, after which the address for transferring cryptocurrency savings will appear on the screen.
In addition, you must pay a transaction fee. The speed of the procedure is determined by the type of cryptocurrency chosen and network conditions. Deposits are credited fairly quickly.
Withdrawing money
Withdrawing money from Binance is as fast as depositing it. Sometimes it happens even faster. To carry out the operation, you need to open the “Wallet - Fiat and Spot” tab, but instead of the “Enter” key, select “Withdraw”. In the window that opens, select the coin for withdrawal, indicate the amount of interest and the address of the wallet for transfer. In some cases, the system prompts you to enter authentication keys based on security requirements.
