Binance is recognized as a leading trading platform that offers competitive rates but even Binance fees can add up to hefty fees over time. So as a beginner you must know some tricks to manage or avoid these unnecessary fees, impacting your trades badly.
Starting with an overview to Binance, it is a crypto-to-crypto exchange platform that was introduced four years back in 2017. The evolution of this platform is just remarkable as it grew into one of the most popular and commonly used crypto exchanges around the globe. Still, the platform is making significant advancements to grow and expand. Moreover, the company continues to incorporate new products and services into the platform. In addition to exchange services, Binance also offers staking, savings options, crypto loans, Smart Pool for miners, Visa cards, and the Binance Liquid Swap.
While these new resources are beneficial for users, purchasing and trading cryptocurrencies is still the principal focus for most of them.
How the Platform Works
Binance offers an improved exchange platform where you can trade fiat for Bitcoin and other cryptocurrencies through the following strategies.
Peer-to-Peer Trading: Binance directly connects purchasers and brokers. Moreover, It accepts various payment methods.
Credit or Debit Card: With the support of its recent associations, Binance now accepts debit and credit cards for purchasing supported cryptocurrencies for a fee also known as Binance trading fees.
Bank Transfers: Binance contracted with third parties, allowing clients to purchase coins by utilizing SEPA (Single Euro Payments Area) installments or bank transactions. Although, this service is just accessible for explicit fiat alternatives, including euros, Australian money (AUD), and Canadian currency (CAD). It’s not for U.S. currency (USD).
How to Lower Binance Fee
The rates of Binance fees are comparatively quite lower than other exchanges in the crypto market which makes it the best and most opted choice of traders. Even as low as Binance trading fees is, there are a few tips to help you enjoy even lower ones.
If you decide to purchase your crypto coins through Visa or debit card, you can be charged up to 3.5% as a trading fee. As this is quite a percentage, it is ideal to utilize other payment methods.
On the other hand, wire transactions cause no additional charges however, they are the service of a wire transfer is not available everywhere. On the off chance that your area doesn’t support wire transfers, you can go with your debit or credit card as a last resort.
Traders are not charged with any fees when depositing crypto assets on Binance with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH). Although, you are first required to exchange your fiat for crypto and then make your deposit.
The second step involves using the available futures trading platform. Binance offers fees as low as for traders on the futures trading platform.
Binance charges 0.1% for trading that means the price of the fee will be based on the size trade you make. The bigger the trade is, the higher the Binance fee is.
There are two essential approaches to lessen Binance trading fees. The initial step happens after you create your Binance account. Keep some Binance Coin, or BNB in your wallet and enable the platform to deduct trading fees from it. If you do so, you will avail yourself a 25% discount on all your trading fees.
The second step includes utilizing the available futures trading platform. On Binance futures traders are charged only 0.02% and 0.04%. This is lower than most other exchanges that charge up to 0.2%.
Withdrawing cryptocurrency also charges a fee in line with the currency you are trying to withdraw. These charges change with the market’s status, making it hard to comprehend what you may owe until you are prepared to withdraw. Nonetheless, Binance does give precise and exceptional data for each kind of cryptocurrency.
While the greatest complication with this platform is the withdrawal charges, there are methods to avoid or lower them. It begins with the fundamental understanding that the Binance withdrawal fee is directly associated with the sort of financial asset clients are attempting to withdraw. Some exchanges charge high rates, while others don’t, so lessening withdrawal expenses can be pretty much as simple as changing the coin.
Before you start your withdrawal, check the rates on the coin you intend to submit a withdrawal request. Probably the highest Binance fees come from the following coins:
In a case, the cryptocurrency you were going to demand has a high fee, think about exchanging over to Bitcoin or Ethereum on Binance first. You can likewise pick one of the numerous less expensive digital currencies for a much lower cost. Some of them are enlisted below:
- Ethereum Classic
- Bitcoin Gold
Under most circumstances, taking the time to compare withdrawal rates can make a significant impact on the total amount of fees you pay. Although, if you are a beginner or do not have time to strategize and keep tabs on current crypto market trends then you can choose PrimeXBT Covesting, which allows you to copy trade. Through copy trading, you can enjoy the pleasure of profit just by copying trades of other experienced traders on the platform.