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Binance

BNB

Binance has some of the lowest transaction costs among crypto exchanges

EXCHANGE FEES
Withdrawal Fee 0.0005 • Taker Fee 0.10% • Maker Fee 0.10%
DEPOSIT METHODS
WIRE TRANSFER | CREDIT CARD

About 

Binance

Binance is a cryptocurrency exchange that was once based in Hong Kong and is now one of the industry's absolute titans. It began operations in July 2017 and has since grown to become the clear leader in crypto exchange trading volumes. Binance announced on its website on March 22, 2022, that it had 90 million registered users. Wow.

Team

In every way, the team for this trade is mighty. Binance's CEO is one of the most influential personalities in the cryptocurrency business (with Satoshi Nakamoto and Vitalik Buterin).

Binance Fees

You should carefully consider any exchange costs. Every trade involves two parties: the maker, who places the order that matches (or "takes") the maker's charge on the order book before the trade, and the taker, who places the order that matches (or "takes") the maker's ruling on the order book. Makers are called "makers" because their orders provide market liquidity. Takers diminish liquidity by matching makers' orders with their own. The maker-taker arrangement fosters market liquidity since the makers who provide the liquidity frequently get a lower fee than the takers.

Several leading crypto exchanges do not differentiate between takers and manufacturers regarding fees. Trading fees on such platforms are sometimes referred to as "flat."

Binance Trading fees (Spot Trading)

Binance charges a flat 0.10 percent trading fee. As a result, whether you are a taker or a maker is irrelevant to Binance. This trading cost approach may be appealing to investors who prefer to pick up existing orders from the order book. Binance's trading costs are significantly lower than the average of 0.25 percent.

Binance Withdrawal fees

Withdrawal costs are typically set and vary by cryptocurrency. If you withdraw BTC, you will be charged a minor fee in BTC. When you start ETH, you must also pay ETH.

Binance costs 0.0005 BTC for each BTC withdrawal, which is lower than the global industry average (which, according to this research, is 0.00059 BTC per BTC withdrawal) and a very competitive price.

Deposit Methods

Binance exclusively took cryptocurrency deposits and did not accept any fiat money deposits. Binance would, after that, be unable to accept new crypto investors. However, on January 31, 2019, the exchange declared that credit card deposits were now available in certain instances.

Simplex, an Israeli payment service provider, has partnered with the exchange. Binance customers will now be able to buy cryptocurrencies with Visa or MasterCard credit cards. This deposit option is not available for inhabitants of the following six US states New York, Connecticut, Washington, New Mexico, Georgia, Hawaii, and nations on sanctions lists (such as Iraq, North Korea, Syria, Afghanistan, and Libya).

Simplex takes a 3.5 percent commission on each trade. So, if you wish to buy Bitcoin for $10,000, Simplex will charge you US 350 (plus a minimum flat fee of USD 10) to make the transaction possible.

Furthermore, on December 26, 2019, Binance announced that customers can now link their Visa cards to their accounts and use them to buy cryptocurrency directly on the Binance platform (then presumably without using Simplex and paying the 3.5 percent Simplex fees). For the time being, this only applies to VISA cards issued in the European Economic Area and only to cardholders from the following countries: the United Kingdom, Germany, France, the Netherlands, Poland, Sweden, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Romania, Slovakia, Slovenia, Spain, Iceland, Liechtenstein, and Norway.

The exchange also announced the availability of wire transfers on July 9, 2020. This was made possible by their collaboration with Clear Junction. Binance now accepts direct EUR bank transfers via SEPA and GBP transfers via Faster Payments due to this cooperation.