Trading fees on Binance apply to each account level, ranging from 0.1% to 0.012%. The optimization of transaction fees allows you to increase the efficiency of investments. So what are the transaction fees? What to do to optimize trading costs on the Binance exchange. We will share this content in the following article.
What are the trading fees on Binance?
The transaction fee is the fee you pay at the exchange after a successful transaction.
Clients trade through their platform and services, and clients have to pay a small price at trades.
In particular, transaction fees on Binance are charged in coins (BNB or a particular coin). Binance’s fees include Spot Trading, Futures Trading, P2P Trading, interest and liquidity swap fees…
The Binance exchange will charge separate fees for each type of account (from VIP 0 to VIP 9) and each type of transaction (Spot, or futures and P2P).
Binance Spot Trading Fees
After opening an account and completing verification, your account will be at VIP level 0. At that time, the transaction fee when buying or selling is 0.1%.
The level of commissions gradually decreases when you go from VIP 1 to VIP 9. With VIP level 9, the transaction fee is 0.0150% and 0.03% (applicable to Maker or taker)
Binance Futures Trading Fees
The fees for most 0 VIP users are: 0.02% (for the manufacturer) and 0.04% (for the buyer). The VIP9 level has the best rate, free for the Maker and only 0.0170% for the buyer.
In addition, P2P trading is only a commission with Maker (0.15%) and free with Taker.
Select the Spot, Margin, Future, or P2P tab (depending on your trading method). Then look at the Maker/Taker column and find the row corresponding to your account level.
In general, trading fees on Binance are low compared to the market. To learn how to optimize your transaction costs, follow the article in the next section.
The most effective way to optimize trading fees
The higher the VIP level, the lower the transaction fees. To optimize transaction costs, upgrade your account to higher levels. The Binance system will automatically update your VIP level when it meets the trading volume and BNB holding requirements over the past 30 days. You can track the required volume of each VIP level in the 2nd column, “Trading volume in 30 days”, in the transaction costs table.
The second way to reduce transaction fees by 20%, choose BNB to pay transaction fees. To choose BNB as the transaction fee, do the following:
Step 1: Click on the menu on the toolbar (human symbol) and select your account name:
Step 2: At the bottom right corner of the screen, click on the toggle button in the “Using BNB to pay fees” line. The blue button shown in the illustration is successful.
After doing the above, you will use all your transactions based on fees in BNB and 25% off the fees of other coins. However, to receive a reduced transaction fee, you need to make sure that you have a sufficient balance of BNB in your account. You will be charged the standard fee in an insufficient BNB balance.