Aug 05, · Binance uses level based trading fee structure that is based your trading volume. The trading fee for new accounts is a flat %. However, you can receive a further reduction in trading fees by: Increasing your 30 day trading volume (up to 20% fee discount). Cumulative day trading volume and average hour holdings are automatically calculated daily at (UTC). User VIP level and fee rates are updated daily at (UTC) to correspond with the fee schedule in the table below. Trading Fees If you are not using BNB (Binance Coin) to pay your trading fees, each trade will carry a standard fee of %. Using BNB for transaction fees applies a discount to your trading fee. By default, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance.
Binance bitcoin trading feeHow Much Does It Cost To Buy Cryptocurrency At Exchanges?
There are also minimum and hour maximum withdrawal levels associated with each cryptocurrency. Besides being a popular cryptocurrency exchange, LBank also supports innovation in the altcoin space through its "LBK Voting Listing" event, which pits 8 new cryptocurrency projects against one another for a chance to be listed on LBank for free. LBank charges a taker fee of 0. Different cryptocurrencies are associated with various withdrawal rates set at fixed quantities of those cryptocurrencies themselves.
For instance, a user withdrawing bitcoin from LBank will be charged a flat fee of 0. There are also withdrawal minimums for each cryptocurrency that are also set as fixed quantities of the token in question. Interestingly, LBank does not indicate a maximum withdrawal over a hour period. P2PB2B also sets minimum deposits and withdrawals in most cases and charges a variable withdrawal fee depending upon the cryptocurrency.
Like LBank, withdrawal fees vary from token to token but are assessed as fixed quantities of tokens. Your Money. Personal Finance. Your Practice. Popular Courses. Part Of. Bitcoin Basics. Bitcoin Mining. How to Store Bitcoin. Bitcoin Exchanges.
Bitcoin Advantages and Disadvantages. Bitcoin vs. It's worth noting that withdrawal fees are not set in stone and are subject to change due to blockchain conditions. We highly recommend you check out Binance's full list of available cryptocurrencies and their fees to stay up to date, as they can suddenly change due to network congestion or downtime.
Thankfully, network fees associated with blockchain transfers are included in Binance's withdrawal fees, regardless of digital currency. Regardless of cryptocurrency, withdrawal fees are automatically subtracted from your withdrawal amount once you finalize the transfer. Keep in mind that minimum withdrawal amounts can be almost as low as the fees with some digital currencies BCC and LTC, for example.
With these coins, it's obviously not a good idea to withdraw the minimum amount, as the fee will eat up a significant chunk of your withdrawal. The withdrawal fee of 0. Binance doesn't place any limits on making deposits or executing trades on its exchange, though it does have a daily limit on the amount of cryptocurrency you can withdraw.
To increase your withdrawal limits even further, you'll need to contact Binance. Though you can sign in, execute trades, and make deposits on Binance, you'll have to enable two-factor authentication 2FA on your account before making withdrawals. While users from China have the option of receiving SMS-based authentication to get into their accounts securely, US residents have to rely on Google Authenticator to stay safe from hacks.
Linking your Binance account with Google Authenticator is a straightforward process — download the Google Authenticator app for iPhone or Android , enable it on Binance through your web browser and note the secret key that's provided, then add Binance to your Google Authenticator app.
If you'd like a more thorough guide on this topic, be sure to check out the following link. While transaction times are extremely fast when executing trades on Binance, transfer times for deposits and withdrawals between Binance and your personal wallets can wildly vary from coin to coin.
While lesser known alt-coins like XLM and EOS have snappy transaction times that take only seconds, seasoned coins such as BTC and ETH have been known to take up to five hours or more to transfer, due in large part to the sheer number of transactions being processed on their blockchain.
Like Coinbase, Binance places sole responsibility on its users when it comes to keeping their account and other important personal information secure, as evidenced by Section 2 of their User Agreement. This means you should use security measures such as strong passwords and two-factor authentication to keep cybercriminals out.
Keeping your wallet as secure as possible can't be stressed enough, because once your bitcoins, bitcoin cash, litecoins, or ether are gone, your chances of getting them back are almost zero. To back this up, Binance doesn't currently offer any form of insurance policy to help cover any losses due to hacks and security breaches. In addition to the current lack of insurance to help cover individual losses due to hacks, Binance makes no mention of safeguards and security measures that it may have in place to guard against potential breaches that can result in monetary loss or identity theft.
The closest mention of any security protocols comes to us courtesy of Reddit , which is still pretty vague:. Regarding security, Binance platform is engineered from the ground up with security, efficiency, speed and scalability taken into utmost consideration. The team has decades of combined experience building and maintaining a world class financial systems. Unfortunately, not everyone in the US can technically use Binance to buy and sell digital currencies.
Both New York and Washington states have laws that tightly regulate cryptocurrency exchanges. As a result, several popular exchanges such as Poloniex and Kraken have placed a ban on users with IP addresses that originate from these states. Despite these prohibitions, however, several users from New York and Washington state report being able to trade cryptocurrencies just fine using Binance.
This means the popular exhcange has yet to impose an IP address ban for these two states, and as long as residents stay under the radar by not verifying their residences, they should be able to continue to do so. That said, we highly recommend that you transfer all your cryptocurrency holdings to a secure, personal wallet as soon as possible if you live in either NY or WA.
Because cryptocurrency trading on a non-compliant exchange is illegal in those states, Binance might ban your IP Address at any time, which could result in losing all or part of your funds.
But make sure you pay attention to the trading fees. As is the case with most centralized exchanges, Binance takes a percentage of each trade you make. The base fee for trades on Binance is 0. If you hold BNB, Binance uses that for your fee by default. Also, Binance plans to phase this discount out over the next few years, with the discount dropping to The other way to reduce your Binance fees is to increase your trading volume.
Binance offers eight levels of fee discounts VIP 1-VIP 8 depending on your day trading volume as measured in bitcoin.