Trading fees on Binance and how to optimize trading fees?
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Trading fees on Binance apply to each account level, ranging from 0.1% to 0.012%. Optimizing transaction fees helps you increase investment efficiency. So what are transaction fees? What to do to optimize trading costs on Binance exchange. We will share this content in the article below.
What are the trading fees on Binance?
The transaction fee is the fee you pay to the exchange after a successful transaction. Customers trade through their platform and services, and customers need to pay a small price to the trades.
Specifically, transaction fees on Binance are charged in coins (BNB or a particular coin). Binance fees include Spot Trading, Futures Trading, P2P Trading, interest, and liquidity swap fees…
Binance exchange will apply separate fees for each account type (from VIP 0 to VIP 9) and every kind 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 you buy or sell is 0.1%.
The fee level gradually decreases when you increase from VIP 1 to VIP 9. With VIP level 9, your transaction fee is 0.0150% and 0.03% (applicable to Maker or taker)
- See spot trading fees here.
Binance Futures Trading Fees
Fees for most VIP 0 users are: 0.02% (for maker) and 0.04% (for taker). VIP9 level has the best fee, free for the Maker and only 0.0170% for the taker.
Also, P2P trading is only fee with Maker (0.15%) and free with Taker.
Select the Spot, Margin, Future, or P2P tab (depending on which method you trade). Then look at the Maker/Taker column and find the line corresponding to your account level.
In general, trading fees on Binance are low compared to the market. To know how to optimize transaction costs, follow the article in the next section.
The most effective way to optimize trading fee
The higher the VIP level, the lower the transaction fees. To optimize transaction costs, you upgrade your account to higher levels. The Binance system will automatically upgrade your VIP level when meeting the trading volume and BNB holding requirements in the last 30 days. You can track the required volume of each VIP tier in the 2nd column, “Trading volume in 30 days,” in the transaction cost table.
The second way to reduce transaction fees by 20%, you choose BNB to pay transaction fees. To choose BNB as a transaction fee, do the following:
Step 1: Click on the menu on the toolbar (human symbol) and select your account name:
Step 2: In the bottom right corner of the screen, click the toggle button at the line “Using BNB to pay for fees”. The blue button shown in the illustration is successful.
After doing the above, you will use all of your fee-based transactions in BNB and 25% off the fees of other coins. However, to receive a reduced transaction fee, you must ensure that you have a sufficient balance of BNB in your account. You will be charged the standard fee in an insufficient BNB balance.
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