Binance Review: Fees on Binance Exchange
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Binance is an excellent exchange for crypto investors. This exchange is headquartered in Malta. Its transaction fees are considered to be quite good. It is entirely reasonable to say that Binance is the broker with the lowest fees. At the same time, its platform can handle a large volume of transactions without experiencing any significant lag in transaction time. Binance does not offer currency transactions. But this exchange offers over 500 cryptocurrencies for customers to choose from.
Supported and verified countries
Binance Exchange is a global cryptocurrency trading company operating in over 180 countries. This exchange only has restrictions on countries on the economic sanctions list or those on the US Department of Commerce’s “Deprecated List.”
Citizens and residents of the United States can use the Binance US exchange. Other countries with region-specific versions of Binance are Binance Singapore, Binance Uganda, and Binance Jersey.
Verification procedures and requirements vary by kind of customer. Customers registering for the first time will have to undergo an identity verification process. Binance will require customers to provide the following documents:
– Government identification (passport, ID card, or driver’s license) Documents
– Address of home (electricity bill)
Verification is also relatively easy and fast. Binance responds quite quickly to documents submitted by customers for approval. Binance requires customers to take a selfie and hold an identification document and a piece of paper that says “Binance” and the date in their hand. Customers can only withdraw up to 2 BTC per day without profile verification. Once verified, you will be able to withdraw up to 100 BTC per day. When a client fails to verify the profile, the exchange’s security system may trigger a mandatory verification upon withdrawal. Therefore, Binance is not suitable for users who want to increase online security with privacy.
Binance Review: Fees on Binance Exchange
Deposit and withdrawal fees
Customers will deposit funds into their accounts completely free of charge with Binance. However, customers will be charged fees for transactions and withdrawals. But Binance is still rated as the exchange with the best prices in the industry.
Binance takes 0.1% off every trade that takes place on its platform. Trading can be even cheaper if the user has enough average trading volume over 30 days and transactions in Binance Coin (BNB).
Withdrawal fees vary between cryptocurrencies. Here is an example of fees for some of the most popular cryptocurrencies:
|Bitcoin (BTC)||0.002 BTC||0.0005 BTC|
|Ethereum (ETH)||0.02 ETH||0.01 ETH|
|Currency (XMR)||0.1 XMR||0.04 XMR|
|Ripple (XRP)||22 XRP||0.5 XRP|
Kraken and Bittrex will be charged 0.001 BTC, while Bitfinex and HitBTC will be charged 0.0008 BTC and 0.00085 BTC.
Last but not least are the deposit and withdrawal fees. Binance waives fees for customers to deposit over 180 cryptocurrencies supported by Binance. When it comes to withdrawals, Binance will apply different fees between cryptocurrencies. Here are some examples of fees for some of the most popular coins:
|Coin||Minimum withdrawal||Withdrawal fee|
|Bitcoin (BTC)||0.001 BTC||0.0004 BTC|
|Bitcoin (BTC) – BEP2||0.0000044 BTC||0.0000022 BTC|
|Ethereum (ETH)||0.02 ETH||0.003 ETH|
|Ethereum (ETH) – BEP2||0.00018 ETH||0.000092 ETH|
|Litecoin (LTC)||0,002 LTC||0,001 LTC|
|Litecoin (LTC) – BEP2||0,00074 LTC||0,00037 LTC|
|Currency (XMR)||0.0002 XMR||0.0001 XMR|
|Ripple (XRP)||0.5 XRP||0.25 XRP|
|Ripple (XRP) – BEP2||0.17 XRP||0.083 XRP|
As you can see, Binance allows users to withdraw regular or BEP2 versions from their assets. BEP2 withdrawals are based on Binance Chain and do not use the actual crypto-assets, but it’s a fixed version of BEP2. For example, Kraken and Bittrex both charge a withdrawal fee of 0.0005 BTC. While Bitfinex and HitBTC charge 0.0004 BTC and 0.001 BTC, respectively.
Although Binance does not have fiat-to-crypto trading pairs, it is easier for customers to buy fiat-to-crypto with the help of third-party integrations and vendors. Binance Fiat Gateway allows you to buy and sell cryptocurrencies with over 40 fiat currencies. Fees vary depending on the payment method and changing exchange rates as determined by Simplex, Koinal, TrustToken, BANXA, iDEAL, SEPA, Paxos, and other payment processors.
The Fiat gateway fee varies from 1% to 7%, depending on the payment method selected and the processor. Bank card transactions often cost more than other payment options.
Overall, Binance charges some of the lowest fees in the industry. It can be said that this is a big plus for this exchange. Trading products are increasingly diversified and developed with reasonable prices. It makes Binance one of the most convenient, innovative, and accessible trading options.
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