Binance Fees Explained and How to Reduce Them
A guide to Binance fees: trading, deposits, withdrawals and card purchases. Where you pay the most and how to cut your costs.
Binance is one of the largest crypto exchanges in the world, and its fees are one of the reasons people choose it. But the total cost is not only the trading fee. The way you deposit, the network you choose when you withdraw, and whether you buy with the simple buy button or in the order book all affect the result.
Four kinds of cost
- Trading fee. You pay it on every spot transaction. The standard rate on Binance has long been around 0.1% of the amount, and it falls with your monthly trading volume.
- Deposit fee. Depositing crypto is usually free. A bank deposit in euros via SEPA tends to be free or very cheap, while paying by card is much more expensive.
- Withdrawal fee. A fixed amount in the given coin that varies by network. The same token can be withdrawn cheaply or expensively depending on the network you pick.
- Spread on the simple buy. The “Buy” button shows one price with a margin built in. For larger amounts it is usually cheaper to place an order in the order book.
How to reduce your costs
- Trade through the order book. Limit orders are cheaper than an instant market buy, and you choose the price.
- Use the discount for paying in BNB. Binance offers a lower trading fee if you pay it with its own token, BNB. Always check the rate and conditions in the current fee schedule.
- Deposit by bank transfer, not by card. A card is convenient but is often the most expensive way to get your first crypto.
- Withdraw over a cheap network. Compare the fee across networks before you withdraw and make sure the receiving address accepts the same network, otherwise you can lose the funds.
- Do not trade needlessly often. Every round trip costs another fee, and for short-term trades they add up quickly.
What to watch out for
The fee schedule changes and differs by country and account type. The figures here are indicative, so check them on the exchange before you trade. Tax also affects your result: in many countries gains from crypto are taxable, so keep records of your trades.
Where to go next
For more on the exchange, its security and users' experiences, read our Binance review and the comparison Bybit vs Binance. You can follow the live price of the largest cryptocurrency on the Bitcoin page.
For information only, not investment advice. Trading crypto is risky and you can lose all the capital you put in.
