Take a look at Binance fees on the spot market. We have compared them with the commissions of major cryptocurrency exchanges: OKX, Bybit, Huobi, Phemex, BitMEX and Bitfinex. In this article, we are not going to consider bonus and referral programs.
What Are Spot Markets?
Spot markets play a crucial role in the cryptocurrency world, as they provide a platform for immediate transactions of digital assets. Unlike futures, spot markets involve the direct buying and selling of cryptocurrencies at the current market price, also known as the spot price.
Spot markets enable you to buy or sell cryptocurrencies instantly at the prevailing market price. This real-time trading allows you to take advantage of market conditions and execute trades without delay. By facilitating immediate transactions, spot markets provide liquidity and contribute to price discovery within the cryptocurrency market.
Regulation and security are important considerations in spot markets. Different jurisdictions may have varying levels of regulatory oversight for spot exchanges. It is essential to choose reputable exchanges that comply with applicable regulations, implement robust security measures to protect users' funds, and provide transparent reporting on trading activities.
These markets serve as a fundamental component of the cryptocurrency world, enabling immediate transactions of digital assets at the prevailing market price. They offer liquidity, price transparency, and a diverse range of tradable assets, allowing participants to engage in real-time trading and capitalize on opportunities. However, it is crucial to conduct thorough research, choose reliable exchanges, and implement appropriate risk management strategies when participating in spot market activities.
Spot Market Fees
To understand how to calculate the return on investment in trading, you first need to know in detail what the fees are for each trade you make. Let's review the fees of cryptocurrency exchanges in the spot markets. The exchanges are listed from the lowest to the highest base fee.
OKX (OKEx) Spot Fees
In this selection, the OKX exchange has the lowest spot market fees. OKX spot base fees are split:
- For USDT trades, the maker fee is 0.8%, and the taker fee is 0.1%.
- For USDC trades, the maker fee is 0%, and the taker fee is 0.7%.
To reduce the fee, you can use OKB (OKX's own token) for fee payment or join the OKX VIP program. Sign up for OKX with the referral link from CScalp to receive a welcome bonus from the exchange.
Bybit, Phemex, and Binance Spot Fees
Binance, Bybit, and Phemex have identical spot market trading fees for all trading pairs. However, there are different ways to reduce the commissions.
On Binance, the basic spot market fee is 0.1% for makers and takers on all trading pairs.
How to reduce Binance fees:
- Use BNB to pay fees (25% discount)
- Register with CScalp referral ID (up to 20% discount)
- Participate in Binance VIP program
On Bybit, the basic fee on spot trades is 0.1% for makers and takers on all trading pairs.
How to reduce Bybit fees:
- Register with CScalp referral link (up to 10% discount)
- Participate in Bybit's VIP program (up to 0.0350% takers and 0.0125% makers)
On Phemex, the basic fee in the spot market is 0.1% for makers and takers (all pairs).
How to reduce Phemex fees:
- Register with CScalp referral link (up to 20% discount)
- Participate in Phemex VIP program (up to 0.04% taker and 0% maker)
Huobi Spot Fees
Huobi has the highest fees in the spot market among the selected exchanges. Huobi's basic spot trading fee is 0.2% for makers and takers on all trading pairs.
How to reduce Huobi fees:
- Use HT (Huobi Token) to pay the fee (25% discount)
- Register through CScalp referral link
- Participate in Huobi's VIP Program
BitMEX Spot Fees
BitMEX has a single fee for spot and futures markets. The maker fee is -0.01%, and the taker fee is 0.05%.
How to reduce BitMEX fees:
- Use the CScalp referral link (10% discount)
- Participate in the bonus program (depending on the monthly trading volume)
Bitfinex Spot Fees
The maker fee on Bitfinex spot market is 0.1%, and the taker fee is 0.2%.
How to reduce Bitfinex fees:
- Use the CScalp referral link (6% discount)
- Use LEO (Bitfinex token) for payment of fees
- Participate in the bonus program (depending on the monthly trading volume)
Binance Spot Fees vs. Other Exchanges – Conclusion
Although we have provided a comparative analysis of Binance fees and other exchanges, please note that each of the platforms has its own set of tools to reduce fees. You should keep yourself updated on this information over time, as fees and promotions, bonuses, and programs are constantly changing. We recommend you always use a referral link to register and try to pay fees with the native token of the exchange you are using.
To learn more about reducing fees on various exchanges and delve into the futures market, check out our article about Binance futures fees vs. other exchanges.
