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Binance Fees Schedule, Exchange Account Investing & Crypto Trading Commissions (2024)
Binance commissions schedule, fees, Binance.US crypto trading cost, annual and inactivity charges, and online investing account pricing.
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Binance Commissions and Fees
Binance, being the largest cryptocurrency exchange by volume in the world, may have you wondering
what will I pay in fees? Nobody wants to pay those dreaded industry commissions on their trades, so what’s the deal with Binance? Keep reading for everything you need to know on Binance commissions and fees.
Industry Averages
Cryptocurrency exchanges across the world make their money by charging fees on trades. This is
true for most exchanges and is commonly practiced.
Cryptocurrency exchanges will charge anywhere from 0.01% to 1% per trade. A 1% fee per trade means if you would like to purchase $10,000 worth of Bitcoin (or any cryptocurrency), you would pay 1%, or $100, on the transaction. This may not seem like much, but is very important to keep in mind if you plan on making daily trade. Exchange fees can start to add up very quickly without traders noticing how much it is eating into profits.
Binance starts at a 0.1% fee per trade, and only gets lower from there depending on average trading volume or if you’re using the Binance blockchains native cryptocurrency token, BNB. To put this number in comparison, the fee charged per transaction is 0.5%.
Binance Fees
If you have traded less than 50 BTC in the past 30 days, you pay the 0.1% transaction fee. Over 50 BTC trading volume comes with a 0.9% fee. If you are trading the native Binance token BNB, you pay a 0.075% fee under 50 BNB and only lowers from there.
On top of some of the cheapest fees in the entire industry, Binance also does not charge deposit fees. Majority of cryptocurrency exchanges charge fees on deposits and withdrawals as well. Although Binance does charge on withdrawals, it is much less than other exchanges and depends on the cost of transacting the specific coin or token you are using. Without any charges on deposits into your account and such low transactional fees, Binance is certainly a smart exchange choice, financially.
Binance.US Fees
Binance.US fees are the same as the rest of the Binance systems, resting at a 0.1% spot trading
price. Again, the fee is based on your past 30 day average trading volume and only goes down from there. Binance.US has a 0.5% instant buy and sell fee. This only affects you if you utilize instant buying or selling, not limit orders. All in all, Binance.US fees are structured very similarly to the global Binance exchange.
How to Minimize Binance Fees
Once you open your Binance.US account, it is recommended to purchase the native cryptocurrency token BNB. By holding BNB, any transactional or buy/sell fees will be withdrawn from those funds. Paying fees in BNB, provides a 25% discount to regular prices, bringing the starting spot trading price fee down from 0.1% to 0.075%.
If you are interested in trading futures, Binance futures trading platform has some of the lowest fees in the entire industry as well, starting at just 0.02%, where some can go up to 2%! Binance has the lowest fees across almost any other exchange! These numbers may seem too small to be relevant to a novice trader but when you are making daily trades, this makes a huge difference.
Binance Fees Are The Lowest In The Industry
Binance fees are truly some of the lowest in the industry, and it would be a challenge to find one with lower options. Low fees certainly make it one of the top choices for many customers and has clearly favored Binance as well, becoming the biggest global exchange by trading volume very quickly in its earlier days and maintaining that title. Binance, considering the super low fees alone, is definitely worth checking out if you haven't already.
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