Being rational, human beings always look for the greatest benefits from what they do. This principle also applies to crypto trading. All other things being the same, traders opt for exchanges with the lowest transaction fees.
This is because high trading fees reduce the gains that individuals make when trading.
Globenewswire, in an article entitled “8 Best Crypto Exchanges with Low Fees and Good Customer Service,” discussed 8 exchanges with the lowest trading fees. These exchanges are:
● Binance
● Kraken
● Coinbase
● eToro
● Bisq
● Coinmama
● Bittrex
● Gemini
Today’s focus is on the number one exchange in terms of trading fees – Binance.
How to Benefit from Binance’s low trading fees?
Whenever traders discuss the number one exchange in terms of trading fees, they usually concur that it is Binance. And this is indeed true. Read ahead and you will find the reason for that.
The normal trading fee at Binance is 0.1% of the amount which one trades. This means that a trader who converts $100 worth of Bitcoin to ETH should pay $1 as a fee.
However, an individual gets a much lower fee, if he/she pays using BNB. Generally, there are three ways in which an individual can reduce the transaction fee at Binance.
● Binance special Discounted Sign-up Link
● Paying trading fees using BNB
● Binance VIP program
Binance special Discounted Sign-up Link
People who join Binance Exchange using a special link benefit from a 20% reduction in the trading fee. We are saying that from the normal 0.1% fee, there is a 20% discount. This makes the trading fees very low. As a fact, this arrangement continues into the unforeseeable future.
Payment of trading fee in BNB
The second option to reduce the trading fee at Binance is using the internal coin BNB as a means of payment. A trader saves 25% of the normal fee when paying using BNB. This means that an individual should keep BNB in the account for that purpose.
But that is not the only thing an individual should do. The trader should turn on the “Using BNB to pay fees” command. Once an individual trader meets these two conditions he/she gets a 25% reduction in trading fees.
Binance VIP program
The third way in which a trader reduces the transaction fee at Binance is through joining its VIP Program. Individuals who trade large amounts of cryptocurrencies are privileged to join Binance’s VIP program.
However, this is open to people who trade large amounts of cryptocurrencies in the range of 50 BTC or more per month. Therefore, only a small fraction of traders are eligible for this program. However, it is a worthwhile one.
Other fee structure
Binance does not charge any deposit fee, something which is plausible. On the other hand, its withdrawal fees are dynamic as they depend on market conditions. The details of the fee structure are on this page,
