On Binance, one of the world's leading cryptocurrency exchanges, transaction fees are a vital aspect of the trading experience. Here's how fees work for miners and sellers:
**Miners:** On the blockchain, miners validate transactions and secure the network. They claim fees as a reward for their service. Binance, however, does not directly charge miners; instead, miners earn transaction fees from the network itself. These fees fluctuate based on network demand and the miners' choice of transactions to process¹.
**Sellers:** When a seller executes a trade on Binance, they are subject to a trading fee. Binance offers a competitive flat trading fee of **0.10%** for both takers and makers, which is below the industry average³. Sellers can reduce this fee by using Binance Coin (BNB) for payment, enjoying a **25% discount**². Withdrawal fees are also applicable and are dynamically adjusted according to the blockchain network status².
It's important to note that while Binance facilitates the trading environment, the actual claiming of fees by miners occurs on the blockchain level, separate from the exchange's fee structure. For detailed information on Binance's fee structure, you can visit their official fee rate page¹ and their FAQ section².
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