Binance is one of the most popular cryptocurrency exchanges, but it also has some of the highest fees. Find out how much you’ll pay for your next trade.
The binance fee calculator is a tool that allows you to calculate how much Binance charges per trade.
Let’s suppose you’ve just signed up for Binance and want to know how much each transaction costs.
Binance will impose a cost of 0.10 percent every transaction in such scenario, which is the normal fee on the platform.
However, you may be charged a lesser cost and pay considerably fewer trading fees on Binance, depending on your trading volume and fee reductions.
I’ll teach you how to determine the cost Binance charges every transaction in this tutorial, as well as how to obtain fee reductions and pay lesser fees on Binance.
If your trading volume in the past 30 days is less than 50 BTC, you will be charged a 0.10 percent trading fee for your maker and taker orders, as shown in Binance’s fee schedule below.
You’ll be charged a trading fee of 0.075 percent instead of 0.10 percent if you choose to pay for costs using BNB. Your BNB balance will be debited for the charge.
The BNB fee discount may be enabled on your dashboard or on the fees page.
You may be wondering, for example, how much BNB do I need for costs. Although there is no minimum quantity, you must have sufficient BNB in your spot wallet.
As an example, suppose you make a $1000 transaction every day. You’ll need around $22.5 worth of BNB in your wallet for a month (30 days) (30,000/100*0.075 = 22.5).
If your BNB balance runs out, the cost will be taken from the currency you trade, and you will be charged a 0.10 percent trading fee instead of 0.075 percent.
So, depending on your trading activity, make sure you have enough BNB in your spot wallet to maintain paying fees in BNB and enjoying reduced costs.
You may get a 5%, 10%, 15%, or 20% (max) fee reduction by establishing your Binance account using a referral ID in addition to the BNB fee discount.
WRYOO8BZ (20% + 25% fee reduction) is the Binance referral code.
When creating your Binance account, use the code ”WRYOO8BZ” in the referral ID box to get a 20 percent fee reduction.
Alternatively, you may create a Binance account with a 20% fee reduction by clicking the button below:
OPEN AN ACCOUNT WITH BINANCE
If you already have a Binance account, you may get a 10% fee reduction by using the code “10indirim” while establishing a Futures account.
Keep in mind that this charge reduction is more of a “fee kickback.” As a result, you’ll still be charged a trade fee of 0.10 percent or 0.075 percent.
You will, however, get a fee kickback in real-time after the trading charge is paid to Binance. As a result, the real price you pay will be less.
Let’s suppose you created your Binance account with a 20% fee reduction and the ability to pay costs using BNB.
If you make a transaction of $1000, you will be charged $0.75 in BNB (calculation = 1,000/100*0.075).
And you’ll get a 20% fee kickback right now, which works out to $0.15 in BNB (calculation= 0.75/10020).
So you paid a trading charge of $0.60 (0.75-0.15), or 0.06 percent, which is much less than 0.075 percent or 0.10 percent.
So, let’s get one thing straight. What is the cost of a trade on Binance?
To figure it out, you’ll need to know your charge rate.
- BNB fee discount is deactivated, and there is no charge reduction with a referral ID, therefore the cost is 0.10 percent.
- BNB fee discount disabled & 20% fee discount with referral ID = 0.08 percent fee (a cost of 0.10 percent will be charged, however the real fee paid will be 0.08 percent due to fee kickback).
- Fee discount allowed for BNB and no charge discount with referral ID = 0.075 percent fee
- BNB fee discount enabled & 20% fee discount with referral ID = 0.06 percent fee (0.075 percent fee invoiced, while real cost paid is 0.06 percent due to fee kickback).
The charge calculation methodology is simple: Trade size / 100 * fee rate.
Let’s suppose you’re a BTC/USDT trader who wants to sell 0.043 BTC for USDT.
A trade fee of 0.000043 BTC (0.043/100*0.010) or 0.00003225 BTC in BNB (0.043/100*0.075) will be paid.
Fee kickbacks will be given if you have a fee discount from the referral ID you used to create your Binance account.
As a result, the real price you pay will be less than 0.10 percent or 0.075 percent. As I previously said, this fee reduction does not lower the fee rate; rather, it provides you with fee kickbacks.
You wish to purchase ETH using 590 USDT and trade the ETH/USDT pair. How much will Binance charge for this transaction?
The fees are calculated in the same way. There will be a trading fee of 0.59 USDT (590/100*0.010) or 0.4425 USDT in BNB (590/100*0.075).
You may also use our Binance fee calculator to figure out how much each transaction will cost you.
Select ”0 percent ” as your fee reduction if you wish to compute the charge that will appear in your transaction history.
This way, you’ll be able to view the cost charged for your transaction depending on the 0.10 percent or 0.075 percent trading fee.
Select your fee reduction of 5%, 10%, 15%, or 20% if you wish to include in the fee kickback and determine how much you’ll really spend.
You may choose 0% as your fee discount if you did not use a referral ID when establishing your Binance account or if the referral ID does not provide a fee discount.
Check out the lessons below to learn how to deposit money and trade on Binance:
Binance charges a fee of 0.1% for each trade, while Coinbase charges a flat 1%. Reference: binance fees vs coinbase.
Frequently Asked Questions
How much does it cost to trade on Binance?
Binance is a cryptocurrency exchange that can be used to trade many different types of cryptocurrencies. The cost to trade on Binance will vary depending on the type of cryptocurrency being traded, but it will typically be around $0.25 per transaction.
Does Binance charge for selling?
Binance does not charge for selling.
Is Binance cheaper than Coinbase?
The best way to compare these two exchanges is by looking at the fees they charge. Binance charges 0% trading fees, while Coinbase charges a 1.49% fee on each trade and an additional $10 for buying cryptocurrency with a credit card.
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