How to Check Binance Fees | Discounts | How to Calculate
In this blog post, we will look at how to check fees, discounts, and how to calculate them on Binance. When trading on Binance, fees are a key factor that greatly affects profits. The more transactions you make, the greater the fee burden, so it is important to understand the fee structure accurately and take advantage of discount benefits. However, Binance's fee system is complex, consisting of various factors such as trading volume, BNB holdings, and VIP tiers, which may be difficult for beginners to understand. There are also various methods for fee discounts, making it difficult to determine the most efficient method in many cases. In this article, we will guide you in detail, from how to check Binance fees to various discount benefits and how to calculate fees in advance before trading.
How to Get a Binance Fee Discount
Here's how to get a fee discount on Binance. You can get a 20% discount by signing up through the discount link below, and you can additionally receive a 25% BNB discount.
How to Check and Calculate Binance Fee Discounts
First, click the button to pay fees with BNB. Scroll down the site to the Support menu, go to the Fees item, and activate BNB Discount for each (Spot, USDS-M Futures).
Now, let's buy and sell 10 dollars worth of Tron to check the fee discount. Search for Markets → Spot Markets → USDT → TRX, then click on the TRX/USDT row.
Spot → BUY → Market → Enter 10 USDT in Total, then click the Buy TRX button.
Go to Orders → Spot Order → Trade History in the upper right menu.
The transaction history of the Tron you bought for about $10 a while ago appears. The BNB price at the time of the transaction (05/17 23:01) was about $310, as confirmed through the chart. Therefore, the fee is 0.00002422 BNB × $310 = about $0.0075, which shows that you have received a 25% discount as you normally would, compared to the original fee of $0.01. Remember the fee of 0.00002422 BNB and let's move on to the next step.
Now, let's check the additional cashback you received if you signed up with a fee discount link. Click the person-shaped icon, then go to Referral → Standard Referral and scroll all the way down.
If you check Spot in Referral Kickback, you can see that a cashback of 0.00002422 BNB × 10% = 0.000002422 BNB has been recorded. I received this much cashback because I used a 10% discount link when I first signed up, and if I had signed up with a 20% discount link, I would have received twice as much, 0.000004844 BNB.
Binance Fees
Binance's spot, futures, VIP, margin, and withdrawal fees are as follows.
1. Spot Fees
The spot base fee is 0.1% (maker, taker).
2. Futures Fees
The futures base fee is 0.02% / 0.05% (maker, taker).
3. VIP Fees
VIP status is applied when one of the trading volume conditions (spot, futures), holding amount conditions, investor conditions, and inviter conditions is met. Usually, trading volume conditions and holding amount conditions are often considered.
4. Margin Fees
Margin trading requires you to consider both transaction fees and borrowing fees because you borrow coins and trade them. In addition, since you trade the borrowed coins in the spot market, the transaction fees are the same as spot.
The daily borrowing interest for most coins is between 0.01% and 0.08%. This is divided by 24 and paid every hour (on the hour). In rare cases, the daily interest rate may be adjusted upward when demand surges.
5. Withdrawal Fees
The table below shows the withdrawal fees for the major coins that are most frequently withdrawn. Excluding Bitcoin and Ethereum series, most can be used within 1,000 won.
However, the fees are different for each coin and vary depending on the network, so we will guide you on how to check the remaining coins directly. Scroll down the Binance site → click 'Fees' in the Support menu and select 'Fee Rate'.
Then, select Deposit/Withdrawl and enter the desired coin in the search bar, and you can check the withdrawal fee (Withdrawl Fee) for each network (chain).
Looking at Ripple, there are 4 networks (BEP20, Ripple, BEP2, ERC20), and you can check the minimum deposit (Minimum Deposit), minimum withdrawal amount (Minimum withdrawal), deposit fee (Deposit Fee), and withdrawal fee (Withdrawal Fee) for each network.
The unit of withdrawal fee is the number of the coin. Here, it is the number of XRP. The deposit fee for all coins is free.