The commission for transactions in Binance depends on the account type and level (VIP) you are at. In general, the basic commission for trading deals is as follows:
- **Maker commission:** 0.10%
- **Taker's commission:** 0.10%
Let's calculate the total commission for a $1,000 trade that enters and exits five times a day:
1. **Manufacturerâs commission:** (0.10% for each entry and exit trade)
- Entry commission: $1000 * 0.001 = $1
- Exit commission: $1000 * 0.001 = $1
2. **Number of trades:** 5 entries and 5 exits = 10 trades
3. **Total commission per day:**
- Commission for one transaction (entry and exit): $2
- Commission for 10 trades per day: 10 trades * $2 = $20
Therefore, the total daily commission for $1,000 trades entering and exiting five times will be $20.
#Isit a losing process?
The operation may be a loss if your profits from trading are less than the commission you pay. For example, if your earnings are less than $20 per day, you are losing money due to commission.
To reduce losses, you can:
1. Reduce the number of daily trades.
2. Use currencies that have larger price differences to increase profit opportunities.
3. Try to upgrade your Binance account (VIP) to get lower commissions.
