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Binance fees, all you need to know about it.

Firstly, before we consider the Binance fees, we suggest getting to know better the market structure and the participants who create liquidity.

Fees for trading and withdrawing funds exist on any exchange. Binance, like other exchanges, operates according to the structure of the fees of Maker and Taker. These two parties are responsible for the implementation of the trading operation.

Maker and Taker

Maker is a liquidity provider. He creates orders in the order book, which may be executed in the future. While Taker “takes” liquidity, since his order coincides with the order of Maker. Therefore, the commission for the Maker is always lower.

Thus, when you place an order and it is not executed instantly, you become a Maker. After the Taker has “taken” your order, the commission is calculated, which are assigned to each market participant.

Binance Trading Fees

The spot market Binance fees starts at 0.10% for both Maker and Taker. Further, depending on the VIP level, Maker fees begins to reduce first. It is worth nothing that the BNB cryptocurrency allows you to reduce the Binance commissions on trading by 25% for both Maker and Taker.

Binance fees
Binance fees

Deposit and Withdrawal Fees

Binance, like most crypto exchanges, has no commissions when depositing cryptocurrencies. Withdrawal fees are approximately a little over 1$. In addition, Binance has limits on the minimum withdrawal of funds, which also depends on the selected network.

Deposit and Withdrawal Binance Fees
Deposit and Withdrawal Binance Fees

To summarize, it is worth noting that the Binance exchange has one of the lowest commissions in the cryptocurrency market. It is especially beneficial to use the BNB cryptocurrency, which allows you to reduce the commission by 25%.

Holderlab.io allows to rebalance cryptocurrency portfolio automatically without unnecessary service fees.

You can connect Binance exchange using the API keys and analyze the portfolio for free.

Updated on February 29, 2020

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