Binance is the world’s largest and leading cryptocurrency exchange and has been the top place for people to buy, sell and trade cryptocurrency. Exchanges differs in their fee policy and fee structure. Binance has a fee policy which is similar to none in the industry. Today, we are going to see Binance trading fee compared to other exchanges and why you should trade on Binance.
Binance fee structure.
Binance uses a “Maker-Taker” structure with the same fee for both the Makers and the Takers. This fee structure offers lower charges especially for high-volume traders.
Deposit.
- For deposit of crypto, there is no fee. Unlike like other exchanges that you need to pay a certain fee in other to deposit crypto into your account, Coinbase has a 3.99% for credit card purchases, 1.49% for Coinbase wallet or Bank account purchases while wire transfers are $10 for deposit. On Binance you deposit crypto for free without paying any fee.
Trading fee.
- Trading fee on Binance are so low that most of the time you won’t even see the effect on your funds. There is a standard fee of 0.1% for each trade as compared to Coinbase which has a standard of up to 0.50%. If you use BNB to pay your fee like transaction fee, you will get a discount on your trading fee. Holding BNB in you account is good so that your trading fee can be automatically deducted and this gives you a discount and an upper hand in the fee payment.
- Trading in the market comprises of Makers and takers. Makers are traders that create orders and wait for them to be filled while takers are the ones fill someone else orders. Makers and takers are the individuals on whole the dynamism of the markets depend. Exchanges of term calculate the market value of an asset with an order book. Takers usually pay higher fee while makers pay a low. This can be seen on exchanges like Kraken, where Takers fee is about 0.26% and Makers fee is 0.16%. Well on Binance, Takers fee is 0.10% while Makers fee is also 0.10% which helps you save much much more whether you are a Maker or a Taker, trading in the market.
Binance offers many ways in fee traders can get fee benefits. They can purchase BNB tokens to pay with a 25% discount. The ability to refer friends to earn a discount on trading fees is also a method and high volume traders can level up for very important persons (VIP) discounts.
Binance P2P.
Binance P2P is a platform where you can buy and sell cryptocurrency like Bitcoin, Ethereum, BNB, BUSD, USDT and DAI. On the Binance P2P platform, you pay zero for when trading. This means that you can buy cryptocurrency with zero fee by using your local payment methods and your local currency. Con base has purchase fee of about 0.50%. Binance P2P helps you buy cryptocurrency at your convenience with zero fee. You can start trading today for zero fee HERE on P2P.
Cryptocurrency conversion.
Conversion of cryptocurrency on Binance is free, however there is a spread above market price while Coinbase has up to 0.50% to 2%.
Other fee and Trading Promotions
Binance has an instant buy and sell fee of 0.50% as compared to Coinbase $0.99 to $2.99 based on the amount. Also, Binance always extend trading fee promotion to some coins and token to asow as zero. Different trading pairs cam have trading zero trading fee promotion like BUSD/DAI, BUSD/USDT, BUSD/VAI, SUSS/USDT, USDC/BUSD and many more
Conclusion
Binance provide you with and easy and secure way to seamlessly trade cryptocurrency with low fee as compare to any other exchanges out there. Start trading today on Binance HERE.
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