Binance fees: how much does investing with Binance cost?
Are you curious about how much it costs to buy & sell cryptos on Binance? In this article, we will discuss how much investing on Binance costs and we will show you how you can further reduce the fees.
Tip: get 20% extra discount!
Do you want to receive an extra discount on your trading costs on Binance? Open an account on Binance through our friends link and we will give you an extra permanent discount of 20%:
Trading fees on Binance
Binance is one of the cheapest exchanges in the world: you never pay more than 0.1% on your transactions!
BNB retention: extra discount
Binance launched the Binance Coin (BNB) a few years ago. You can use BNB to receive an extra 25% discount on your trading fees. This further reduces your costs to 0.75%!
Extra discount for high volumes
Binance rewards active traders that execute many transactions on the platform. If you trade more than 50 Bitcoin in a 30-day period, you will receive a discount on your transaction fee. This discount increases when the total trading volume is higher. In the table below, we show how a higher trading volume + a certain number of BNB will reduce your transaction fees:
|30 days trading volume||BNB balance||Maker/Taker|
|VIP 0||≥ 0 BNB||0.1000% / 0.1000%|
|VIP 1||$>1.000.000||≥ 25 BNB||0.0900% / 0.1000%|
|VIP 2||>$5.000.000||≥ 100 BNB||0.0800% / 0.1000%|
|VIP 3||>$20.000.000||≥ 100 BNB||0.0700% / 0.1000%|
|VIP 4||>$120.000.000||≥ 500 BNB||0.0700% / 0.0900%|
|VIP 5||>$200.000.000||≥ 1,000 BNB||0.0600% / 0.0800%|
|VIP 6||>$500.000.000||≥ 1,750 BNB||0.0500% / 0.0700%|
|VIP 7||>$1.000.000.000||≥ 3,000 BNB||0.0400% / 0.0600%|
|VIP 8||>$2.500.000.000||≥ 4,500 BNB||0.0300% / 0.0500%|
|VIP 9||>>$5.000.000.000||≥ 5,500 BNB||0.0200% / 0.0400%|
Market makers pay lower transaction costs than marker takers. A market maker contributes to the creation of a price by placing orders. A market taker buys a crypto directly at the price available at that moment.
Costs for withdrawing crypto
The costs for withdrawing cryptos to an external wallet are constantly changing: these costs depend on the specific blockchain and the number of transactions carried out. Binance constantly keeps an overview of the costs per crypto.
Fees for depositing crypto
Crypto deposits on the Binance platform are always free!
Charges for depositing money
When you want to deposit money to your account, you often have to pay a transaction fee. If you deposit with a credit card (Visa/MC), Binance will charge you a 1.8% fee. Alternatively, you can use Advcash Account Balance for a €1 fee (also available via SEPA transfer). With P2P bank transfer you pay nothing. Do you want to know in more detail how depositing money on Binance works? Then read this article.
Charges for withdrawing money
Withdrawing money to your bank account is free in most cases. However, withdrawing money to your bank account is not always available. When this is the case, you can use AdvCash where you pay 0.5% + 5 euros. You can also withdraw the money to your Visa credit card, but in that case, you pay 1.8% in transaction fees.
Futures fees on Binance
You can trade USD-M Futures and COIN-M Futures on Binance. On USD-M futures, you pay 0.02% as a maker and 0.04% as a taker. On Coin-M futures, the costs are 0.01% as a maker and 0.05% as a taker. The transaction fees decrease when you trade very high volumes.
Margin Borrow Interest
You can borrow crypto on Binance: you then trade on margin. When you trade on margin, you can take a larger position with the same amount of money. As a result, both your profits and losses can increase rapidly.
Binance calculates the margin interest by the hour. On the Binance website, you can find an overview of the interest you pay per day. If you borrow a crypto for less than an hour, you will still pay one hour’s interest. At the time of writing, the margin rate for Bitcoin is 0.02% per day. With high trading volumes, the margin interest you pay drops.
Liquidity swap fee
Binance charges different transaction fees for liquidity swaps. For most pairs, the transaction fee is 0.1%, which further drops when you trade with larger volumes.
The P2P exchange allows you to make a deal with another user for the purchase or sale of a crypto. Takers pay no fees for P2P transactions, takers pay on average between 0.1% and 0.2% in transaction fees.
Conclusion: is Binance cheap?
Binance is one of the cheapest crypto exchanges in the world. When you make use of all discounts, you pay a 0.06% transaction fee on each trade. It is unfortunate that you often have to pay higher costs for depositing and withdrawing funds.
Do not forget to claim the maximum discount by opening an account through this link. You will then receive a 20% permanent discount over all your trades!