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.
Per the newly devised withdrawal limit rules, all verified KYC users of Binance will be able to withdraw up to 100 BTC in a day, while non-verified users will have to undergo a strict withdrawal limit where they'll be permitted to withdraw only 0.06 BTC a day.
You can check out the withdrawal fees on the Binance website.
Binance Free Trading Fees
On it's fifth anniversary, Binance announced a special treat for it's users, allowing them to trade Bitcoin at zero fees.
From Friday July 8, users will be able to enjoy free trading on 13 stablecoins and fiat combinations including BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR and BTC/TRY. The users will be able to enjoy the discounted fees till further notice.
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.
According to a recent announcement, Binance has decided to offer zero Bitcoin spot trading fees on it's platform for all it's customers. Per the announcement, users will now be able to trade four spot pairs notably BTC/USD, BTC/USDT, BTC/USDC, and BTC/BUSD without any fee.
"We see this as an opportunity to revolutionize the way fees are approached in our industry, increase accessibility to crypto, and help our market and customers in a time of need,” as stated by Binance.US Chief Executive Brian Shroder.
However, for a limited period of time, Binance has recently launched ETH/BUSD at zero-fee trading.
Till 26 August 2022, users will be able to enjoy zero maker and taker fees for ETH/BUSD spot trading.
The following spot trading pair will also be excluded from binance fee discounts, fee rebates, and any other type of fee, adjustments, and fee promotion