Binance is the best exchange in terms of trading fees. However, it has options for its valued users to pay even less fees. Although, Binance normally charges 1% transaction fees, a trader can have 35% to 85% lower. In simple terms this means that if your 1% is $20, your transaction fee can go further down by 35%. In this case, the trader will pay $13 instead of $20.
How can one get a lower transaction fee at Binance?
There are three ways in which a trader lowers the transaction fee.
- Using Special Binance Discounted Sign-up Link
- Using BNB to Pay the Trading fee
- Joining the VIP program
Binance special Discounted Sign-up Link
When someone joins Binance using a special sign-up link, he/she will get 20% off the normal trading fees. More significantly, this discount lasts into the unforeseeable future and only changes if Binance amends its fee policy.
Paying trading fees using BNB
An individual saves 25% of the normal trading fees if he/she pays the trading fee using BNB. Therefore, a trader should keep good reserves of BNB coins in his/her Binance account to cover for the trading fees. However, in order to use BNB for trading fees you should turn on the “using BNB to pay fees” command.
Binance VIP program
Binance offers the VIP program to users who keep significantly large amounts of BNB coins in their accounts. We are talking of individuals trading in the region of 50 BTC per month. Thus, this option is not open for many people. Nonetheless, the more BNB you add to your account, the lower your trading fees will be.
Why trading at Binance
Without doubt Binance is the best trading platform an individual can think about. Apart from the low trading fees, the following pros of using Binance:
It has comprehensive charting options. An individual trader uses the ones best for him/her.
There are hundreds of cryptocurrencies to choose from.
There are various types of transactions including Limit order, market order, stop-limit order, trailing stop order, post only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more.
It has varying maximum trading amounts based on the type of cryptocurrency a person trades.
It has several security measures including 2FA verification, FDIC-insured USD balances, device management, address whitelisting and cold storage.
Looking at the above features, Binance is among the best exchanges. However, traders may have unique preferences, therefore opting for other exchanges.
I am Mashell Chapeyama, a crypto writer, analyst, and researcher. My burning interest for cryptocurrencies and the blockchain makes me willing to share the knowledge I have gathered over the past 10 years with crypto enthusiasts around the world.
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