What are trading fees in the cryptocurrency circle?
Users incur fees as long as they are trading.
How to pay trading fees at cryptocurrency exchanges
Currently, the transaction fees in the cryptocurrency circle are directly deducted from the operating amount.
For example, if you have 100 USDT (dollar stablecoin) and want to purchase 1 piece of cryptocurrency A worth 1 dollar. If you place a full order with 100 USDT, you will ultimately receive only 99.9 pieces of token A because 0.1 dollars is taken as a fee. Similarly, if you want to withdraw exactly 100 dollars worth of cryptocurrency, you need to have enough spot assets as an additional fee to withdraw the full amount of 100 dollars in cryptocurrency.
Although the fees are only a small percentage of the operating amount, over time, they can add up to a significant amount. Therefore, before operating, it is essential to understand the rates for each trading model and find out how to operate most cost-effectively!
If you want to reduce trading expenses by saving on fees, there is one method you must know.
By filling in the referral code during registration, you can save on fees for any type of transaction.
Withdrawal fee
To withdraw cryptocurrency from the exchange, different cryptocurrencies and their respective blockchains have different calculation methods. Below we list the withdrawal fees for several common cryptocurrencies. (Please note that the 'units' of fees for different cryptocurrencies or blockchains vary, so remember to check clearly before withdrawing.)
Binance spot and leveraged trading fees: Maker 0.1%, Taker 0.1% (one-tenth of a percent)
Binance's spot and leveraged trading fees vary based on the user's overall trading volume and BNB holdings. Simply put, the larger your 'cumulative trading volume' or the more 'BNB you hold' in your account, the more fee discounts you can enjoy.
However, these discounts are usually only available to high-volume traders. If you are an ordinary user, meaning your trading volume does not exceed 1 million dollars within 30 days, or you hold no more than 25 BNB, regardless of whether you are a buyer or seller, your 'buy' and 'sell' fees will be 0.1% each.
Binance U-based contract fees: Maker 0.02%, Taker 0.05%
► U-based contracts refer to: Users use USDT, USDC, and other dollar stablecoins as collateral for the contracts.
If you are an ordinary user, meaning your trading volume does not exceed 1.5 million dollars within 30 days, or you hold no more than 25 BNB, regardless of whether you are a buyer or seller, your U-based contract 'maker' fee is 0.02%, and 'taker' fee is 0.05%.
Binance coin-based contract fees: Maker 0.02%, Taker 0.05%
► Coin-based contracts refer to: Users use BTC, ETH, and other cryptocurrencies as collateral for the contracts.
If you are an ordinary user, meaning your trading volume does not exceed 1.5 million dollars within 30 days, or you hold no more than 25 BNB, regardless of whether you are a buyer or seller, your U-based contract 'maker' fee is 0.02%, and 'taker' fee is 0.05%. (The fees for U-based and coin-based contracts are almost the same, with the difference being that coin-based contracts do not have USDC and BNB discounts.)
