Binance trading fees and Binance Coin BNB explained

Binance Trading Fees and Binance Coin BNB Explained

Binance charges among the lowest fees of all the top Bitcoin trading sites.

In addition, you can get even lower rates than their default listed trading fees.

You can pay lower fees by paying the trading fees in the Binance native token, Binance coin (BNB). However, not all trading fees are applicable to pay with the Binance coin.

In this article, we will explain what fees Binance charges, how much they charges and how you can reduce them by using BNB.

To search for the lowest crypto trading fees can be very important for a crypto day trader. 

What are the different Binance trading fees?

Binance charges a lot of different trading fees and other fees. Below, we have listed all the different fees. Deposit and withdrawal fee is not related to trading but is listed here anyway.

  • Trading Fee
  • Margin Borrow Interest Rate
  • USDT futures trading fee
  • COIN futures trading fee
  • Deposit and Withdrawal fee
  • Cross collateral interest rate
We will explain the different fees, one by one, later in this article. However, first you must know what Binance coin BNB is since this particular token can reduce your fees a lot.
The easiest way to navigate to the Binance fees in the exchange is to go to the footer menu and under Service you look for fees. This is visualized in the screenshot below.
Binance fees navigation in the footer

What is Binance Coin BNB?

Binance coin, BNB, is a  cryptocurrency created by the Binance exchange.

Binance Coin powers the Binance ecosystem by having multiple use cases

  • Fueling transactions on the chain
  • Paying for transactions fees on Binance
  • Make in-store payments
  • And more

In this article, we will focus on how you can utilize the Binance coin to minimize your trading fees on Binance.

What is Binance Trading Fee?

Binance Bitcoin exchange charges a fee called a trading fee. This is taken from all exchanges you make on the bitcoin and crypto exchange.

  • If you are not using BNB (Binance Coin) to pay your trading fees, each trade will carry a standard fee of 0.1%. See screenshot below.
  • Using BNB for transaction fees applies a discount to your trading fee. By default, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance. You can get 25% from your trading fees as you can see in the screenshot below. On top of that, you can receive further trading fee discounts if you refer friends.
The fees can be compared with Kraken that has a similar level scheme based on the last 30-day trading volume. For maker fee Kraken charges between 0-0.16% and for taker fee 0.10%-0.26%. Read more about Kraken in our Kraken review.
Binance maker and taker fee table for spot trading

What is Binance Margin Borrow Interest rate?

Binance margin borrow interest rate is what you have pay for leveraging margin trading.

The margin borrower interest rates depends on you VIP level and on what cryptocurrency you borrow.

For detailed information, see the screenshot below. The interest rate is charged daily.

Note that not all cryptocurrencies are listed in the screenshot. Also, only information for VIP level 0 is listed.

See our full article about what Binance margin trading is.

What are Binance USDT futures fees?

Binance USDT futures fees are based on maker and taker fee as you can see in the screenshot below.

Also, you can get 10% off from the trading fees if you pay with Binance coin, BNB.

What are Binance COIN futures fees?

Binance USDT futures fees are charged when you trade the COIN futures.

The maker fees goes from 0.015% to – 0.009% and taker fees ranges from 0.04% to 0.024%.

These trading fees can be compared to Bybit which charges -0.025% for maker orders and 0.075% for the taker. Bybit charges a flat fee and doesnt have VIP levels or other rebates. Read more about Bybit in our Bybit guide and review 2020.

Binance deposit and withdrawal fee?

In general, a crypto deposit is free but a withdrawal costs. There are so many different cryptocurrencies and different prices so we can’t list them here. As earlier described you can go to Binance and browse to the footer and click on Fees under the Service menu.

Binance Cross Colleteral Interest fees

Below you can see what Binance charges in cross collateral interest fees.

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