EXPLORING BINANCE FEES, CHARGES AND DISCOUNTS: A COMPREHENSIVE REVIEW

There are six markets of interest for traders on Binance: Spot, USDT-M Perpetual Futures, COIN-M Futures, Cross Collateral, Liquid Swap and P2P. The most popular market is Perpetual Futures.

Certain fees are set on each market. Binance fees are calculated on a maker/taker basis. Its final size is influenced by several factors: BNB, referral link and VIP level. Let's talk about each type of fee.

The fees for makers are comparatively lower compared to takers. “Makers” refers to orders listed in the order book, awaiting a matching counter order for execution. “Takers,” on the other hand, are promptly executed at the expense of makers. Essentially, makers contribute liquidity to the exchange while takers consume it. Consequently, makers incur lower fees, whereas takers face higher ones.

It is a common misconception among newcomers that takers exclusively involve market orders, and makers solely pertain to limit orders. A maker encompasses any order placed in the order book, awaiting execution, whereas a taker represents an order that matches and executes an order from the order book.

BNB Holders Discount Binance users can reduce fees using BNB (Binance's own token). At the moment it is 25% on Spot and 10% on Futures.If you’re interested in finding the most cost-effective options when operating in the futures market, check out our blog “Binance Futures Fees vs. Other Exchanges.”

BNB fee discount is valid in spot and USDT-M perpetual futures markets for all levels of the bonus program. On COIN-M futures market, there is no BNB discount.

You can receive an additional discount by registering on Binance via a referral link.The maximum discount is 20% for spot market and 10% for perpetual futures. The referral link discount works as a kickback, which means that the full amount of fee will be debited, then the transaction occurs, and after that the kickback fee will be returned to your account. The CScalp referral link is valid for 12 months from the date of registration.

If a trader is already registered on Binance, it will be required to sign up again for getting bonuses from the referral link.

Binance VIP Program contains 9 levels. The trader's level depends on its trading turnover in the equivalent of BTC and the number of BNBs held. There are basic fees at zero level.

VIP program and referral link discounts are combined only at zero and first VIP program levels. After reaching the second level, the discount for the referral link will be canceled.

The terms and conditions for participation in the VIP program in spot and futures markets are different and the trading volumes in different markets are not summarized.

Example: When you trade only on spot market and your monthly volume is greater than or equal to 50 BTC, you will receive first level in the VIP program only at the spot market.

In order to up the level in the futures market, you need to have a large turnover (due to the ability to trade with a credit shoulder up to 125x). That is why there is a division between VIP levels.

Binance Spot Market Base Fee is 0.1% for makers and takers. If you use BNB for paying fees, you receive a 25% discount and pay 0.075% of the fee. If you use BNB and a referral link, you receive a maximum discount of 40% and pay 0.06% of the fee.

The basic fee in the USDT-M perpetual futures market is 0.02% for makers and 0.04% for takers. Using BNB to pay commissions gives a 10% discount. In this case, the trader pays 0.018% for makers and 0.036% for takers.

For COIN-M futures market, the base fee is set at 0.015% for makers and 0.040% for takers. BNB and referral link discounts are not provided.

You can reduce fees on Binance. Let’s discuss some of the most popular and effective ways to do so.

If you register on Binance using the CScalp referral link, you will receive a 20% discount on spot market fees and 10% for perpetual futures. The CScalp referral link is valid for 12 months. If you register using the link, a code will be shown at the "Referral ID" field, as in the screenshot below.

To pay the fees on spot and perpetual futures markets using BNB tokens, you should enable this function in your personal account. Open User Center to enable it.

Then follow "Dashboard" tab.

Scroll down the page. There, you will see a switch to enable / disable using BNB deduction.

Binance's deposit fees depend on the method of the deposit. If you deposit a fiat balance from a bank card there will be a 3.3% charge. If you deposit via ADVcash and Payeer payment services, there will be no charging at all.

You can also deposit your Binance account without fees by buying cryptocurrency using a bank card directly (without depositing your fiat balance) or on P2P platform.

Binance withdrawal fees also depend on the withdrawal method. No commission is charged for P2P withdrawals. The percentage for withdrawal through payment systems is floating (as a rule, from 0 to 2%).

The amount of Binance fee can be found in several ways: in Binance personal account, by report from the CScalp Telegram bot and in the Trade History using Free trader's diary.

To view fees in your Binance account, click on the "Orders" tab.

Select the market you need (spot or futures) and click on the "Trade History" tab.

It is faster and more convenient to view the size of the debited Binance fee through CScalp Telegram Bot. To do this, write to the bot and click on the "Reports'' button.

The bot will offer to generate reports for today, yesterday, current or last week and also for the last trade. Select the period you need and CScalpbot will instantly send a report within a few seconds.

The CScalpbot report displays the size of the fee and its percentage of the trade amount.

The size of the debited Binance fee can also be found in the service for traders Free trader's diary. To open the diary, write CScalpbot and click on the "Trading Diary” button. Then click "Connect API".

The diary also displays the percentage and size of the fee debited from the trade amount.

To generate reports on trades through CScalpbot or use a diary, you need to connect your Binance API keys to the bot.

Binance trading fees are primarily important for traders who trade using large volumes or make a large number of trades.Trading with a referral link and using BNB for paying fees can significantly reduce costs. You don't have to buy tokens to use BNB. You can convert "dust" (a small amount of cryptocurrency left after trading) into Binance coins.

If you have any questions about Binance fees, ask our support team! We do not manage or work for the exchange, but we will try to answer you as fully as possible.