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Complete Guide to All of Binance.US’ Fees
When selecting a platform to use for crypto trading, there are many different things to consider. From user-friendliness and security to available currencies. Overall, the cost of using the platform could be the difference between making a profit or a loss. Transaction fees can add up to a lot, so let’s look at Binance.US fees.
What is Binance.US?
Binance.US is the U.S.-based counterpart of the Binance exchange. Binance.US has a separate management structure to Binance, although Binance owns all of the branding and trademarks associated with the Binance name. The two exchanges also share many key software resources, technology, and other intellectual property that Binance.US licenses from Binance.
Binance.US was founded in 2019 in response to regulations that impacted Binance’s business in the United States. U.S. regulators believed that some of the services offered on Binance’s trading platform failed to comply with federal financial regulations.
Binance.US was a way for Binance to benefit from the very large U.S. crypto trading and exchange market without changing its international platform. U.S.-specific changes to Binance would have affected its business in other countries.
Binance.US has many similarities to its international counterpart. One of these is fees. Like its parent company, Binance.US has some of the lowest transaction fees among its competitors and lists more diverse cryptocurrencies than many other exchanges in the U.S. market.
However, Binance.US is not available to all U.S. citizens. In several U.S. states, financial regulators do not allow citizens to use the platform.
Does Binance.US Have Fees?
Yes. Just like other crypto exchange and trading platforms, Binance.US charges a fee for transactions on its platform. However, the good news for traders on Binance.US is that the trading and transaction fees on Binance.US are some of the lowest in the industry. There is not a single fee for everything. Rather, Binance.US has a fee structure that charges different amounts based on different conditions.
Binance.US Fees Explained
Binance.US fees are divided into two categories: trading fees as well as deposit and withdrawal fees. Deposit fees are the charges for bringing fiat currency or crypto from outside the exchange onto Binance.US to trade with. Withdrawal fees are charged when you want to take your money off Binance.US (withdraw it from Binance.US) into a bank account or a crypto wallet.
Trading fees are the charges for actually using the Biannce.US exchange day-to-day for buying and selling crypto. You are charged per transaction. That is, you pay a fee each time you exchange one cryptocurrency for another. The exact Binance.US fees charged to a trader depend on a few factors, such as:
- Monthly trading volume – Binance has 10 fee levels for trading fees based on the value of the crypto you buy and sell in a month (volume). Higher volume traders pay a smaller percentage fee per trade. Below 50,000 USD, the fee is 0.1%. Above 10 million USD, some trades are free. The fee you pay on a given day is based on your monthly volume over the previous 30 days.
- Use of BNB (Binance coin) – You can pay trading fees with your balance of BNB instead of directly paying a percentage of the crypto you are trading. By using BNB to pay fees, you can get a 25% discount on trading fees at any level of monthly volume.
- Referral – Binance.US has a referral program that allows you to get discounted fees if you refer a new user to the platform. The new user has to register and use the platform for you to benefit.
In the world of spot trading (including crypto, stocks, and other financial products), the two basic actions you can perform are called market-making and market-taking. The trader who does the making is called the maker, and the trader who does the taking is called the taker. The fees charged to makers and takers in a market are often different.
The maker is someone willing to sell their crypto at a price they set themselves. In other words, the maker is the seller. The maker announces the amount they’re willing to sell, and the price. They do this by adding that information to a digital list of transactions proposed by makers, called an order book.
The taker is the buyer. The taker searches the order book to see if there is any deal they are willing to make. If so, they select an order and fill it by exchanging assets for the maker’s crypto at the maker’s price.
In practice, this process happens automatically and is controlled by software. As a user, being the maker or the taker amounts to choosing whether to trade crypto at the current price (acting as a taker) or only trade when the market price is what you want it to be (acting as a maker).
If you trade at the market price, whatever it may be, that is called a market order transaction. If you trade only when the market matches your desired price, that is called a limit order transaction.
On Binance.US, the maker and taker fees are the same for the first two trading volume levels. Above that, the taker (buyer) fee is always higher.
Above 10 million USD, the maker fee is always 0%. That means if the value of all your crypto trades in the previous 30 days is greater than 10 million USD, you can submit limit orders without any sales fees.
However, you will still be charged a fee if you are the taker in any transaction i.e. if you submit any market orders. You will also still have the usual fees for deposits and withdrawals.
Deposit and Withdrawal Fees
Deposit and withdrawal fees on Binance.US depend very much on what specific asset you are depositing or withdrawing. For example, some deposits are completely free in any amount., whereas some withdrawals are restricted to a daily limit.
There may also be additional verification requirements for withdrawing some assets like fiat currency into registered bank accounts. Those kinds of transactions are subject to anti-money laundering and know-your-customer (AML and KYC) regulations. Consult the Binance.US website for more information.
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Binance.US fees are not a simple one-size-fits-all number. Rather the exact amount you will be charged depends on many different factors. When it comes to day-to-day usage, the more you trade on Binance.US, the lower the percentage fee you pay. You can also save on fees by referring friends to the platform. The fees charged for deposits and withdrawals depend on the asset you have. There may be additional verification requirements for large withdrawals.