12 rows · Trading Fee General: % spot trading fee; % Instant Buy/Sell fee. By default, if you . 7 rows · Trade over 40 cryptocurrencies and enjoy the lowest trading fees in America. Trade over 40 . Aug 05, · Binance uses level based trading fee structure that is based your trading volume. The trading fee for new accounts is a flat %. However, you can receive a further reduction in trading fees by: Increasing your 30 day trading volume (up to 20% fee discount).
Binance bitcoin trading feeHow Much Does It Cost To Buy Cryptocurrency At Exchanges?
The move is in no doubt influenced by China's unclear stance regarding cryptocurrencies and exchanges that seem to be a subject of crackdowns on a regular basis. Though highly lucrative, the Chinese government is wary of the technology, which they argue provides a way for its citizens to skirt their tightly regulated currency to move money outside the country. So far, Binance is the only major exchange to offer mobile apps for both Android and iOS.
Binance is free to install, so head on over to either the iOS App or Google Play Store, or tap on the links provided below. For iPhone users in particular, it's worth noting that Binance has had a history of being removed form the App Store — either by Apple or by Binance themselves. So don't be surprised if it disappears from the iOS App Store yet again.
That said, Binance has stated that the current version is its latest stable release, so grab it now while it's still available. If it gets taken off the App Store again, or if you don't mind dealing with some potential bugs in order to experience the latest that Binance has to offer, you always have the option of downloading the beta version instead.
We have guide on installing the beta iOS app directly from Binance, so check it out below. Binance only supports cryptocurrency deposits and withdrawals on their exchange — this means you can't transfer fiat currency like USD or EUR in and out of Binance.
So to use the app, you'll first have to buy BTC, LTC, or ETH using an app like Coinbase or any other service that accepts traditional money , then transfer your newly acquired digital coin to Binance and start trading for alt-coins. Binance makes trading cryptocurrency on your iPhone or Android relatively hassle-free, though it falls on you to do your research on your target alt-coin in order to minimize losses. There are two main ways to buy and sell digital coins within the app, namely limit and market orders.
In a nutshell, limit orders let you buy or sell alt-coins at a specific price, which is then placed on the books until the order is fulfilled.
Due to market fluctuations, limit orders can take time to be fulfilled. Market orders are much simpler to execute and allow you to instantly buy or sell cryptocurrencies at their current price by tapping on either "Buy" or "Sell" after entering the desired amount.
The main disadvantage of this method is the inherent risk of missing out on opportunities. Binance charges a flat 0. The flat fee is applied automatically once a buy or sell order is fulfilled, and is deducted from the end cryptocurrency.
Binance will then apply the 0. The 0. In essence, Binance's flat 0. The fee will then be deducted off your BNB wallet. As Binance explains it:. Fees are calculated from the currency you're receiving at a rate of 0. If you have 0. Otherwise you pay 0. The discount decreases over time , however, and is cut by half every year for four years, then disappears entirely on the fifth year.
It is also currently unknown how long Binance will offer the discount as new users stream in, so stay tuned as more concrete information surfaces regarding this matter. In addition to charging fees for executing cryptocurrency trades, Binance also charges a fee for making withdrawals out of their exchange, and there's a minimum amount that needs to be met or exceeded before Binance allows that transfer.
As such, this exchange has a more complex fee schedule than some of its peers on this list. For spot trades, BitForex charges 0. For perpetual trades, there is a maker fee of 0.
Discounted rates are available for specialized market maker accounts on the platform. Deposits to BitForex are free, while withdrawals vary depending upon the currency involved. There are also minimum and hour maximum withdrawal levels associated with each cryptocurrency.
Besides being a popular cryptocurrency exchange, LBank also supports innovation in the altcoin space through its "LBK Voting Listing" event, which pits 8 new cryptocurrency projects against one another for a chance to be listed on LBank for free. LBank charges a taker fee of 0. Different cryptocurrencies are associated with various withdrawal rates set at fixed quantities of those cryptocurrencies themselves. For instance, a user withdrawing bitcoin from LBank will be charged a flat fee of 0.
There are also withdrawal minimums for each cryptocurrency that are also set as fixed quantities of the token in question. Interestingly, LBank does not indicate a maximum withdrawal over a hour period. P2PB2B also sets minimum deposits and withdrawals in most cases and charges a variable withdrawal fee depending upon the cryptocurrency.
Like LBank, withdrawal fees vary from token to token but are assessed as fixed quantities of tokens. Your Money. Personal Finance. Your Practice.
Popular Courses. Part Of. Bitcoin Basics. This is essentially a peer-to-peer market place with buyers and sellers that can be filtered to your local fiat currency, Purchased stablecoins can then be used to buy cryptocurrency on Binance exchange.
A popular way to buy crypto is using the Binance spot trading exchange which features more than crypto coins. Here, you can exchange stable coins or swap altcoins for other cryptocurrencies on the open market using the basic, classic or advanced charting platform pictured below. You will require basic knowledge of how to place orders e.
To buy crypto with a credit card, follow these steps:. Binance supports an impressive list of cryptocurrency assets that can be purchased, traded and sold using the exchange.
There are well over crypto coins that can be traded against the following pairs:. To view a full list of crypto markets available to trade, we suggest you visit the Binance site.
Binance uses level based trading fee structure that is based your trading volume. The trading fee for new accounts is a flat 0. However, you can receive a further reduction in trading fees by:. This is no exception with Binance that provides several channels to get in touch with the support team.
There are a number of categories to filter the question to make it easy. We have tried the ticket system ourselves and received a response 6 hours later. This is fairly average and could be improved. Given the huge customer base, there is also going to be users with frustration and problem, so it is not surprising to see mixed reviews on Trust Pilot. However, we doubt that Binance would be in the position it is now if the customer support was terrible.
We hope that you found this Binance review useful and encourage you to create an account with Binance to experience its innovative features and market-leading crypto assets to trade. You will not be disappointed. If there are other cryptocurrency exchanges that you want us to review, leave a comment. There are several exchanges that have been hacked or had client funds stolen. The following cryptocurrency trading exchanges — in addition to the above exchange — are well known and trusted to provide a safe and secure way for beginners and professional crypto traders to deposit fiat currency and purchase digital assets.
Ayame is the founder of CryptoBlog and is passionate about blockchain technology. She has been involved with Bitcoin since after discovering it's potential as an alternative to fiat currency. She is also a trader with over 4 years of experience and is now trading crypto using various platforms. Now, she is focussed on helping others learn about cryptocurrencies via CryptoBlog.