Cryptocurrency exchanges are the first thing that a trader shall need, once he/she finalizes the trading decision and to venture into cryptocurrency. But, how do people choose as to what exchange they are going to use while they place some crypto trade into operation?
The major considerations are three: the geography where the exchange operates, the cryptos it accepts or allows for (as that must match the one that you want to trade in) and the trading fees that the exchange would charge. For the first two factors, a person can get a number of options. Nevertheless, it is the third factor, the “trading fees” that plays the game changing role for any exchange as to how many customers it would have. Crypto trading is usually carried out in very huge volumes of money, to make it viable, and as such the exchange trading fees makes for a larger chunk of the expenditures. So it is an important element that needs consideration.
Recently, we have seen that Binance, a crypto trading exchange that was founded in China in the year 2018, and has moved to Japan now, has gained ground very rapidly. The reason is attributed to the low trading fees, high stability and reputation of the exchange, and the high speed of execution of trading orders. The Binance Coin (BNB) had a market capitalization of 1.3 Billion US dollars, in 2018 last.
What are the Binance Trading Fees in 2019
All crypto exchanges tend to revise their trading fees from time to time, and Binance is no behind. Check out below to see their latest rates as they offer to the traders who like to invest or trade over Binance.
Principally, Binance charges 0.1% as trading fees. If a person holds some BNB in their wallet, then the trading fees is deducted automatically by the exchange from the wallet.
A discount of up to 25% is offered to customers, if they use BNB as trading fees over the Binance platform. However, the exact percentage depends upon a number of factors, the maximum being 25%.
Trading Fees is determined based on the BNB you hold, and the 30 day trading volume checked in terms of BTC.
Time zone that is used is UTC, and at 00:00 AM (UTC) every day, the trading volume and BNB balance of the last 30 days is evaluated.
Slabs. Binance has categorized their traders into 9 levels, for calculating the trading fees. These are from VIP 0 to VIP 8, in the increasing order based on the 30 day trade volume and the BNB balance. The maker taker fees vary accordingly for each category; it starts at 0.1% for both at VIP 0 and goes as low as 0.02% and 0.04% for VIP 8 respectively for maker and taker. In case BNB is used, the fee is reduced from 0.075% for both at VIP 0 to .015% and 0.03% for maker and taker respectively for VIP 8.