Bitcoin trading fees binance
Jul 29, · The basic trading fee is percent, which is significantly cheaper than other exchanges such as Coinfloor and Coinjar, who charge 1% and % respectively. This . Binance Trading fees (Spot Trading) Binance offers a flat trading fee of %. Accordingly, Binance does not care about whether you are a taker or a maker. For investors who prefer to pick-up existing orders from the order book, this might be an attractive trading fee model/5. Trading Fees If you are not using BNB (Binance Coin) to pay your trading fees, each trade will carry a standard fee of %. Using BNB for transaction fees applies a discount to your trading fee. By default, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance.
Bitcoin trading fees binanceList Of The Lowest Cryptocurrency Exchange Trading Fees [Updated]
In a nutshell, limit orders let you buy or sell alt-coins at a specific price, which is then placed on the books until the order is fulfilled. Due to market fluctuations, limit orders can take time to be fulfilled. Market orders are much simpler to execute and allow you to instantly buy or sell cryptocurrencies at their current price by tapping on either "Buy" or "Sell" after entering the desired amount.
The main disadvantage of this method is the inherent risk of missing out on opportunities. Binance charges a flat 0. The flat fee is applied automatically once a buy or sell order is fulfilled, and is deducted from the end cryptocurrency. Binance will then apply the 0.
The 0. In essence, Binance's flat 0. The fee will then be deducted off your BNB wallet. As Binance explains it:. Fees are calculated from the currency you're receiving at a rate of 0. If you have 0. Otherwise you pay 0. The discount decreases over time , however, and is cut by half every year for four years, then disappears entirely on the fifth year.
It is also currently unknown how long Binance will offer the discount as new users stream in, so stay tuned as more concrete information surfaces regarding this matter.
In addition to charging fees for executing cryptocurrency trades, Binance also charges a fee for making withdrawals out of their exchange, and there's a minimum amount that needs to be met or exceeded before Binance allows that transfer.
Both the minimum amount and fees vary from coin to coin. As an example, here's the minimum withdrawal amounts and fees for the four major cryptocurrencies that you can transfer to Coinbase :.
It's worth noting that withdrawal fees are not set in stone and are subject to change due to blockchain conditions.
We highly recommend you check out Binance's full list of available cryptocurrencies and their fees to stay up to date, as they can suddenly change due to network congestion or downtime. Thankfully, network fees associated with blockchain transfers are included in Binance's withdrawal fees, regardless of digital currency.
Regardless of cryptocurrency, withdrawal fees are automatically subtracted from your withdrawal amount once you finalize the transfer. Keep in mind that minimum withdrawal amounts can be almost as low as the fees with some digital currencies BCC and LTC, for example.
With these coins, it's obviously not a good idea to withdraw the minimum amount, as the fee will eat up a significant chunk of your withdrawal. The withdrawal fee of 0. Binance doesn't place any limits on making deposits or executing trades on its exchange, though it does have a daily limit on the amount of cryptocurrency you can withdraw.
To increase your withdrawal limits even further, you'll need to contact Binance. Though you can sign in, execute trades, and make deposits on Binance, you'll have to enable two-factor authentication 2FA on your account before making withdrawals.
While users from China have the option of receiving SMS-based authentication to get into their accounts securely, US residents have to rely on Google Authenticator to stay safe from hacks.
Linking your Binance account with Google Authenticator is a straightforward process — download the Google Authenticator app for iPhone or Android , enable it on Binance through your web browser and note the secret key that's provided, then add Binance to your Google Authenticator app. If you'd like a more thorough guide on this topic, be sure to check out the following link. While transaction times are extremely fast when executing trades on Binance, transfer times for deposits and withdrawals between Binance and your personal wallets can wildly vary from coin to coin.
While lesser known alt-coins like XLM and EOS have snappy transaction times that take only seconds, seasoned coins such as BTC and ETH have been known to take up to five hours or more to transfer, due in large part to the sheer number of transactions being processed on their blockchain. Like Coinbase, Binance places sole responsibility on its users when it comes to keeping their account and other important personal information secure, as evidenced by Section 2 of their User Agreement.
This means you should use security measures such as strong passwords and two-factor authentication to keep cybercriminals out. Keeping your wallet as secure as possible can't be stressed enough, because once your bitcoins, bitcoin cash, litecoins, or ether are gone, your chances of getting them back are almost zero. To back this up, Binance doesn't currently offer any form of insurance policy to help cover any losses due to hacks and security breaches.
In addition to the current lack of insurance to help cover individual losses due to hacks, Binance makes no mention of safeguards and security measures that it may have in place to guard against potential breaches that can result in monetary loss or identity theft. The closest mention of any security protocols comes to us courtesy of Reddit , which is still pretty vague:.
Regarding security, Binance platform is engineered from the ground up with security, efficiency, speed and scalability taken into utmost consideration. The team has decades of combined experience building and maintaining a world class financial systems. Unfortunately, not everyone in the US can technically use Binance to buy and sell digital currencies. Both New York and Washington states have laws that tightly regulate cryptocurrency exchanges. As a result, several popular exchanges such as Poloniex and Kraken have placed a ban on users with IP addresses that originate from these states.
Despite these prohibitions, however, several users from New York and Washington state report being able to trade cryptocurrencies just fine using Binance. Now that your account is funded, you can start trading crypto currencies. Just select the crypto you want to convert and the crypto you want in return.
However, for traders that want to view historical and live price charts, Binance provides a classic and advanced mode that both use Tradingview charts. We will be using the classic version. On the right, all of the crypto pairs are listed to trade. You can also add pairs to favorites for quick access. If you look to the left, you can see all of the prices that people are willing to buy and sell the selected cryptocurrency.
The numbers in the middle show the last sale price. You can also see the volume or amount traded at each price level which can be useful. To place an order, use the window at the bottom center which is referred to as the order box. Here, you can manually place trades using the spot exchange. There are options to switch to margin and futures trading which we will cover later.
Using the order window, you can select a variety of order types including limit, market, stop-limit and One-Cancel-Other OCO. When you want to enter an order, you can simply click the recent trades window which will automatically enter the price of the cryptocurrency. Entering a price in manually can lead to errors.
Binance has made it easy for beginners to fill in an amount using percentages e. By clicking on these buttons, it will determine the amount based on your current account balance for the particular cryptocurrency. Each order placed will be shown below the order box below. Here, you can also your 24 hour order history. Binance allows its users to purchase cryptocurrencies such as Bitcoin, Ethereum and Litecoin using the following methods:.
This is essentially a peer-to-peer market place with buyers and sellers that can be filtered to your local fiat currency, Purchased stablecoins can then be used to buy cryptocurrency on Binance exchange. A popular way to buy crypto is using the Binance spot trading exchange which features more than crypto coins. Here, you can exchange stable coins or swap altcoins for other cryptocurrencies on the open market using the basic, classic or advanced charting platform pictured below.
You will require basic knowledge of how to place orders e. To buy crypto with a credit card, follow these steps:. Binance supports an impressive list of cryptocurrency assets that can be purchased, traded and sold using the exchange. There are well over crypto coins that can be traded against the following pairs:.
To view a full list of crypto markets available to trade, we suggest you visit the Binance site. Binance uses level based trading fee structure that is based your trading volume.
The trading fee for new accounts is a flat 0. However, you can receive a further reduction in trading fees by:. This is no exception with Binance that provides several channels to get in touch with the support team.
There are a number of categories to filter the question to make it easy. We have tried the ticket system ourselves and received a response 6 hours later. This is fairly average and could be improved. Given the huge customer base, there is also going to be users with frustration and problem, so it is not surprising to see mixed reviews on Trust Pilot.
However, we doubt that Binance would be in the position it is now if the customer support was terrible. We hope that you found this Binance review useful and encourage you to create an account with Binance to experience its innovative features and market-leading crypto assets to trade. You will not be disappointed.