If you choose this route to high VIP levels, you may want to periodically replenish your BNB holdings to keep from losing levels. For this reason, your stake will decline as you continue to trade. It’s important to note that if you hold BNB in your account, trading fees will be paid out of BNB instead of coming out of the coin you purchase. Here is the amount you’ll need to stake for each VIP level. If you are not doing enough trading volume to reach the VIP level you desire, Binance will allow you to stake its utility token, BNB, to achieve whatever VIP level you want. Here is the volume required and trading fee for each level. UTC each day, your fee is adjusted based on this new VIP level.Īt higher VIP levels, the fee is also determined by whether you are placing a limit or market order. Assuming you are not holding any BNB, this volume determines your new VIP level for the day. Increase the amount of BNB you hold in your accountĪt midnight UTC each day, Binance’s computers calculate your trading volume over the past 30 days.In this case, you can lower your per trade fee by increasing your VIP level. But if you are a high frequency and large volume trader, this cost may significantly impact your trading profits. VIP levels explainedįor the casual crypto user, Binance’s trading fee may seem incredibly cheap. With Ethereum and Bitcoin, however, fractional trading is allowed. But if you trade a coin that has a higher unit price, you may need to take this extra cost into account. 5 is a fractional value.īecause a single LOOM doesn’t cost much, this didn’t bother us. This can lead to “trading dust” or fractional coins getting stuck in the platform.įor example, although we held 499.5 LOOM, we could only sell 499 because the extra. It’s important to note though that Binance doesn’t allow fractional unit trading for most of its coins. But they are still lower than the fees charged by most of Binance’s competitors. If you frequently trade large volumes, these fees can add up quickly. And when we later sold 499 LOOM, we received 0.00003209 ETH less than the price we had sold it for. For example, our purchase of 500 LOOM incurred a fee of 0.5 LOOM, leaving us with just 499.5 LOOM leftover. If you don’t own Binance’s own crypto, called BNB, this fee comes out of the crypto you purchase. The only trading fee is a flat 0.1% per trade. Still, Binance’s fee is extremely low when compared to competitors - even at VIP 0. This level has the highest fee of any VIP level. If you’ve never used the exchange before, you’ll start off at VIP 0. Trading fees at Binance are determined by your VIP rating. So we’ll break down Binance’s trading fees here. And with many brokerages, these fees are complex and often confusing. Trading fees can greatly impact a crypto trader’s profits.
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