There are three markets of interest to traders on the Binance exchange: the spot market, the USDT-M perpetual futures market, and the COIN-M quarterly futures market. The most popular market is perpetual futures. USDT-M and COIN-M Futures are traded on Binance Futures.
Each market has a certain amount of commission. Binance fees are calculated on a maker / taker basis. Its final size is influenced by several factors: BNB, referral link and level in the VIP program. Let’s talk about everything in more detail.
What is a maker and a taker?
As a rule, commissions for makers are lower than for takers. Makers are orders that add liquidity to the exchange. When placed, they are sent to the order book and remain there until they are executed. Takers, on the contrary, take liquidity from the exchange, since they are executed immediately at the expense of the maker lying in the order book.
It is considered that takers are only market orders, and makers are only limit orders. This is not entirely true. IOC and FOK limit orders can also be executed on the taker principle. A GTC limit order can be executed as a taker or a maker.
In short, the main difference between IOC, FOC and GTC orders is in terms of their validity and methods of execution. The IOC operates on an “execute or cancel” basis, FOK “fully execute or cancel”, GTC “valid until canceled”.
Discount for BNB holders
Binance users can pay a portion of the fee using BNB (Binance’s own token). The commission discount for BNB payments is valid for 5 years from the launch of the exchange (July 2017). At the moment it is 25%.
The BNB fee discount is valid in the spot and USDT-M perpetual futures markets for all levels of the bonus program. In the COIN-M quarterly futures market, there is no discount on BNB.
Referral link and VIP program
A trader receives an additional discount when registering on Binance using a referral link. The maximum discount is 20% on the Binance Spot Market and 10% on Binance Futures. A referral link discount works on the rebate principle (first, the full commission is debited, then a transaction comes with the return of a part of the commission). The discount is valid for one year from the date of registration.
The Binance VIP Program has 9 levels. The position of a trader depends on his trading volume in BTC equivalent and the amount of BNB held. At the zero level, there are basic commissions.
Binance Spot Market Fees
The Binance spot market base commission is 0.1% per maker and per taker. When using BNB to pay commission, the trader gets a 25% discount and pays 0.075% commission. When using BNB and a referral link, the trader receives a maximum discount of 40% and pays a 0.06% commission.
USDT-M perpetual futures market commissions
The base commission in the USDT-M perpetual futures market is 0.02% for makers and 0.04% for takers. Using BNB to pay commissions gives a 10% discount: in this case, the trader pays 0.018% for makers and 0.036% for takers.
Commissions on the COIN-M quarterly futures market
The COIN-M quarterly futures market has a base commission of 0.015% for makers and 0.040% for takers. There are no discounts for paying BNB commission and using a referral link.
Binance deposit and withdrawal fees
Binance’s deposit fees depend on how you fund your account. When replenishing a fiat balance from a bank card, a 3.3% commission is charged. When replenishing via Advcash and Payeer payment services, no commission is charged.
You can also replenish your Binance account without commission by buying cryptocurrency using a bank card directly (without replenishing your fiat balance) or on the P2P site.
Binance withdrawal fees also depend on the withdrawal method. No commission is charged for P2P withdrawals. The percentage for withdrawal through payment systems is floating (as a rule, from 0 to 2%).
Note: Binance deposit and withdrawal fees are always subject to change. You can always find up-to-date information on the official website of the exchange.