BINANCE: Buy Sell Fees
After cryptocurrency gained worldwide recognition, several trading platforms are being introduced to users. One of the best cryptocurrency exchange platforms available is Binance.
Cryptocurrency Exchange Platform: Binance
Binance is a trading platform based in Hong-kong. It was developed by Changpeng Zhao (also known as CZ) in 2017. Binance allows buying, selling, trading, and storing digital currencies. Currently, the platform is one of the popular and leading exchange platform for cryptocurrency alongside Coinbase, Kraken, eToro, Gemini, and Bittrex. More than one hundred (100) cryptocurrencies are supported in Binance from Bitcoin, Litecoin, Ethereum to smaller digital coins. Additionally, approximately one billion dollars ($1 billion) are traded in Binance on a daily basis.
In order to trade, users must know first how to use Binance. To utilize the cryptocurrency exchange platform, users must create an account. To create an account at Binance, follow the steps below:
Step 1. Go to Binance Homepage.
Step 2. Register an account. Enter a valid email address and a strong password.
Step 3. Confirm the email address.
Step 4. Log-in the Binance account and set-up a two-factor authentication for the account. Enter a mobile number to protect the Binance account.
After creating a Binance account, users can log-in anytime and use the cryptocurrency exchange platform to deposit, withdraw, or trade their digital assets.
HOW TO BUY ON BINANCE?
There are two alternative ways to buy cryptocurrencies on Binance: (1) Purchasing cryptocurrency coins on the exchange platform Binance, and (2) trading with other users.
Purchasing cryptocurrency coins on Binance:
Buying digital coins on Binance can be using a credit card or a debit card. To buy on Binance, read the following steps:
Step 1. Go to Binance Homepage and log-in to a Binance account.
Step 2. Click the button “Buy Crypto” and choose among the five (5) options on how to pay – Bank Deposit (if you want to pay through depositing the amount due), Credit/Debit Card (if you intend to pay with Visa or Mastercard), P2P Trading (for bank transfers and other options), Cash Balance (if you want to use fiat currency [EUR] balance), and Third-party Payment (Simplex, Banxa).
Step 3. After choosing the payment option and being redirected to another page, select the amount you intend to pay for your cryptocurrency purchase then select the cryptocurrency that you want to receive.
Step 4. Click “Buy”. You will be asked to verify your account, so click “Verify Now”
Step 5. After being redirected to another page for verification, verify your Binance account by filling out the needed information (name, date of birth, and address), and uploading an identification card (ID) and a photo of yourself.
Step 6. Once the Binance account is verified, confirm the payment details you entered earlier and review the order summary. Do not forget to read the disclaimer and put check mark if you agree to it.
Buy on Binace through trading with other users:
Step 1. Go to Binance Homepage and log-in to a Binance account.
Step 2. Click the button “Trade” and select the type of trading you intend to do. If you are just a beginner, you can select the “Classic” or “Basic”.
Step 3. The trading screen will appear. You can select either “Limit”, “Market”, or “Stop-Limit” as a trading option but it will be easier for starters to select “Market”
See also: InstaForex offers cryptocurrency trading. Join now!
Step 4. Using the “Market” option, buy the cryptocurrency you want.
HOW TO SELL ON BINANCE?
To sell on Binance, users can use the Binance P2P on a desktop or the Binance P2P application. In order to sell, follow the steps below:
Step 1. Go to Binance website or Download and open the Binance P2P app. Log-in to a Binance account.
Step 2. Click the button “Wallet”
Step 3. Transfer the cryptocurrency coins to the P2P wallet if there is none. Click the “From” and select the wallet where the cryptocurrency coins will come from. Click “To” and select the where wallet to transfer the cryptocurrency coins. Lastly, select the coin you intend to transfer.
Step 4. Click the button “Buy Crypto” and among those listed in the dropdown, select “P2P Trading”
Step 5. Click the button “Sell” then select the cryptocurrency to receive. After, click the button “Payment” and select an ad. Finally, click the button “Sell”.
Step 6. To sell and transfer the cryptocurrency coins, fill in the “I want to sell” and “I will receive” boxes and select the payment method you agreed-upon with the buyer. Afterwards, click the button “Sell [Crypto]” and once the payment has been made, click the button “Confirm Release”.
WHAT ARE THE FEES ON BINANCE?
In every cryptocurrency exchange, there are three (3) types of fees paid by users. These are the deposit fees, withdrawal fees, and trading fees.
Deposit Fee on Binance
Binance doesn’t charge users service fee for deposits.
Withdrawal Fee on Binance
Deposit fee on Binance is free but there are withdrawal fees on some digital coins. To see the Fee Structure on Binance click Binance Fee Structure.
Trading Fee on Binance
Every trade transaction on Binance is charged 0.1% trading fee. For customers who use Binance Coin, the exchange platform offers them ten (10) percent discount on fees each trade. Binance Coin (BNB) is a native digital coin on Binance. It is ethereum-based coin that customers can use fees on the exchange platform.
HOW TO AVOID FEES ON BINANCE?
Withdrawal Fees. Binance charges a fixed withdrawal fee depending on the type of digital coins withdrawn. In other words, there are different amount of withdrawal fee and most of the amount charged by Binance is equal to one-half (50%) of the minimum withdrawal amount of the digital coin. Thus, it is not possible to completely avoid some withdrawal fee. On the other hand, users can minimize the withdrawal fee through decreasing their withdrawal amount.
Trading Fees. Users can reduce the amount of their trading fee in two (2) ways. Firstly, users can pay using Binance coin (BNB). Binance charges 0.1% trading fee for each transaction but if users utilize the native coin of the platform, BNB, a ten (10%) discount fee is available to them. Users can reduce their trading fee by approximately 25%.
Another way to reduce trading fee is through increasing the trading volume for each transaction. Binance offers discounts to their VIP traders. In the Binance VIP Program, there are nine (9) levels for VIP traders depending on their trading volume for thirty (30) days – they are categorized from VIP 1 to VIP 9. These traders must hold at least 50 BNB in their Binance wallet and have not less than 50 BTC (Spot trading) or not less than 250 BTC (Future trading) for thirty (30) days in order to qualify in the program. Users with higher trading volume have higher level and consequently, higher trading discount.