Binance is a cryptocurrency exchange well known and is recognized for its ultra-fast transactions. Binance’s 0.1% trading fee is cheaper than several other exchanges. This article will answer all your questions about Binance fees and how the Binance Fee Calculator calculate your transaction fees.
When it comes to fee structures, Binance stands out from the competition. Rates usually start out cheap and only go down from there. Binan transaction feesEC they are based on volume and Binance even offers additional savings if you use its own cryptocurrency, Binance Coin (BNB).
futures fees they are among the many markets, products, and forms of trading available on Binance and each have their own set of fees.
Binance’s first fees What we are going to talk about is cash commissions. It is one of the most basic and common terms in cryptocurrency trading. But what exactly are spot charges?
the spot price is the current market price with a specific asset. A cryptocurrency, for example, can be bought or sold for immediate delivery. The spot fees you will incur when trading the markets, based on the trading volume of the last 30 days, are shown in the following table:
Trading volume (BTC) in 30 days
|Less than 50 BTC||Greater than or equal to 0 BNB||0.10%||0.10%|
|Greater than or equal to 50 BTC||Greater than or equal to 50 BNB||0.09%||0.10%|
|Greater than or equal to 500 BTC||Greater than or equal to 200 BNB||0.08%||0.10%|
Assume that in the last 30 days you had a trading volume of 30 BTC. Based on the rates shown above, you will pay 0.10% for buy and sell orders. Also note that in addition to adequate trading volume, you must have a minimum of 50 BNB in your crypto wallet to reduce exchange costs.
It is possible to use a Binance fee calculator to determine the fees paid in cash when trading on Binance, but it is equally essential to know how the calculation is done so that you can perform these operations yourself, without using a calculator.
Let’s say for example you have 250 Tether (USDT) and want to trade cryptocurrencies. What will then be the transaction fees ? Here is a simple formula: (amount of USDT you will use/100) x fee rate. So we get (250/100) x 0.10, which is 0.25 USDT. Therefore, you will be charged 0.25 USDT when you use 250 USDT to buy Binance coins (BNB). In other words, when you buy BNB with 250 USDT, you will get 249.75 EUR worth of BNB.
Futures Contract Fees
Let us move on to the following Binance cryptocurrency fees, viz. futures contract fees. Let’s start by understanding what fees are on futures contracts. Fee levels on futures contracts are comparable to those found in the spot market, although they are generally cheaper. However, due to the available leverage, the volume required for a VIP category is five times that of the spot market.
Binance Futures includes USDT futures and currency futures, each of which has its own fees. Now that we know what futures fees are, it’s time to understand how a Binance Fee Calculator Estimate your rates on futures contracts.
Suppose 1500 USDT was sent to your USDT-M futures portfolio and you plan to go long with 5x leverage or maybe a short position, the position size will be 7500. To calculate the fees you will be charged:
- divide 7500 by 100;
- multiply by 0.02 or 0.04.
So we get (7500/100) x 0.02 = 1.5 USDT. When you open a position of 7,500 USDT as a build order, a cost 1.5 USDT will be charged.