Here’s a quick breakdown of Binance’s withdrawal and transaction fees.
With so many major cryptocurrency exchanges available to cryptocurrency holders, issues such as Binance’s fees or Coinbase’s transaction fees are becoming more important considerations before joining an exchange.
While Binance certainly boasts a wide range of additional features, with Binance’s new listings page continually gaining additional coins, or its Binance NFT marketplace continuing to thrive, for some users it all comes down to one thing.
Let’s take a look at your Binance withdrawal margins and transaction fee.
BINANCE WITHDRAWAL FEE
Binance charges a fixed withdrawal fee that users must pay when moving their cryptocurrency out of Binance.
Binance’s withdrawal fee structure varies from blockchain to blockchain. It also depends on factors such as congestion on the networks at the time of withdrawal.
However, withdrawing using the BNB blockchain is usually the cheapest option when using Binance.
With Bitcoin, for example, the withdrawal fee using BNB is 0.000005, while using the Bitcoin blockchain itself is 0.002. With Ethereum, the BNB fee is 0.00068, and the Ethereum (ERC20) fee is 0.0016.
Withdrawal fees are available on the Binance website.
BINANCE TRANSACTION FEE
Given its variety of services, Binance’s transaction fees vary depending on the size of the transaction and the product in use.
A regular user who engages in spot trading can expect to be charged 0.1% per transaction. However, for those trading more than 1,000,000 busd per month, the fees decrease in tiers, which can be found on the Binance website.
However, that is not all. Binance can charge 0.5% for an instant buy/sell transaction and 4.5% for a debit card transfer.