With so many top cryptocurrency exchanges being available to crypto holders, issues such as Binance Fees or Coinbase transaction fees are becoming more important considerations before joining an exchange.
While Binance certainly boasts a wide range of additional features, with the Binance new listings page continuously gaining extra coins, or its Binance NFT marketplace continuing to thrive, for some users it comes down to one thing. Transaction fees.
Let's take a look at its withdrawal and transaction fee margins on Binance.
Binance Withdrawal Fee
Binance charges a flat withdrawal fee to be paid by users when they move their cryptocurrency out of Binance.
Binance's withdrawal fee structure varies from blockchain to blockchain. It also depends on factors such as congestion on networks at the time of withdrawal.
However, withdrawing using the BNB Chain is usually the cheapest option when using Binance. With Bitcoin, for example, the withdrawal fee using BNB is 0.000005, while using the Bitcoin blockchain itself is 0.002. With Ethereum, the BNB fee is 0.00068, and the Ethereum (ERC20) fee is 0.0016.
You can check out the withdrawal fees on the Binance website.
Binance Transaction Fee
Given its variety of services, Binance's transaction fees vary depending on both the transaction size, and the product in use.
A regular user engaging in spot trading can expect to be charged 0.1% per transaction. However, for those trading over 1,000,000 BUSD per month, the rates decrease in tiers, found on the Binance website.
However, that's not all. Binance may charge 0.5% for an Instant Buy/Sell transaction, and 4.5% for a debit card transfer.