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.
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.
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%.
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