How exaggerated are Binance trading fees?

Let me take 10,000 USDT as an example: The spot trading fee is 0.1% per transaction, so the fee for one transaction is 10000 * 0.1% = 10 USDT. Buying and selling once each incurs a fee of 20 USDT, which shouldn’t be underestimated. If you trade once every 3 days, that’s 120 trades a year, resulting in fees of 20 * 120 = 2400 USDT, which accounts for 24% of your principal. If you trade once a week, that’s 50 trades a year, and the fees would still amount to 1000 USDT, accounting for 10% of your principal.

If your principal is 100,000 USDT, then at the end of the year, you would lose 24,000 USDT just in fees, and after 2 years, that’s like losing a Tesla.

What about contracts? The fees will be even higher. With 10x leverage on 10,000 USDT, the fee for opening and closing a position is principal * leverage * rate = 100 USDT (Taker rate 0.05%). Contract trading is usually more frequent, and if you trade once a day, in just 100 days, all your principal would be eaten away by fees. This is one of the reasons I don’t recommend contract trading; the fees are unbearable.

You can roughly calculate based on your own principal and trading frequency to see how much of Binance's 1 billion US dollar annual profit is contributed by you. The main fees are like a dull knife cutting flesh, slowly eroding your principal while you remain unaware; it’s only when you calculate it closely that you realize how exaggerated it is.

All you need to do is register a new account and go through identity verification. You can ask family or friends you trust. If everyone around you is already registered, you can find an old account that hasn’t traded for over six months and rebind the commission relationship through an invitation link. There’s a 35% cashback, and I will settle it monthly by transferring directly to you via UID.

Finally, please don’t find it troublesome; this is a one-time effort. If you don’t take this money, it will be taken by the exchange. It’s like buying insurance; it costs 10,000 when you buy through the insurance company, but if you buy through a friend, it’s also 10,000, but they can give you 2,000 as a commission, which is free money for you. Those who have activated the commission can receive an extra paycheck every month, and that feeling is great.