What factors determine the transaction fees on Binance?

3 answers

• Nov 26, 2021 · 3 years ago
  Transaction fees on Binance are determined by several factors. Firstly, the type of trade you make affects the fee. Market orders, which are executed immediately at the current market price, usually have lower fees compared to limit orders, which are placed at a specific price and may not be executed immediately. Secondly, the trading volume also plays a role in determining the fees. Binance has a tiered fee structure, where the more you trade, the lower your fees become. So, if you have a higher trading volume, you'll enjoy lower fees. Lastly, the type of cryptocurrency you're trading can also impact the fees. Some cryptocurrencies may have higher fees due to their network congestion or other factors. It's important to check the fee schedule on Binance's website for the specific details.
  799400
• Nov 26, 2021 · 3 years ago
  When it comes to transaction fees on Binance, there are a few key factors to consider. One of the main factors is the type of account you have. Binance offers different fee structures for regular accounts and VIP accounts. VIP accounts, which require a certain level of trading volume and BNB holdings, enjoy lower fees compared to regular accounts. Another factor is the trading volume. Binance has a maker-taker fee model, where makers (those who add liquidity to the market) enjoy lower fees compared to takers (those who remove liquidity from the market). So, if you're a frequent trader and provide liquidity to the market, you'll benefit from lower fees. Additionally, Binance periodically adjusts its fee structure, so it's important to stay updated with any changes that may affect the fees.
  799267
• Nov 26, 2021 · 3 years ago
  Transaction fees on Binance are influenced by various factors. One of the key factors is the fee schedule set by Binance itself. Binance has a dynamic fee structure based on your 30-day trading volume and BNB holdings. The higher your trading volume and the more BNB you hold, the lower your fees will be. This tiered fee structure incentivizes traders to increase their trading activity and hold BNB. Additionally, the type of cryptocurrency being traded can also impact the fees. Some cryptocurrencies may have higher fees due to their network congestion or other factors. It's worth noting that Binance is known for its competitive fee structure compared to other exchanges, which makes it an attractive choice for many traders.
  731183