Getting low transaction fee on Binance is easy, but kind of tricky somehow.
Binance is one of the best exchange platforms with lowest fees among other exchanges in the market.
It allows close to 0.1% trading fee for users with less than 50 BTC monthly volume, which is way much more less for transactions that are higher.
I myself have been using Binance over some years now, and I can’t remember noticing the amount of crypto coins am forfeiting as fee paid.
Yet, some kind of people still notice these fees somehow.
Let’s say you want to transfer crypto-coins from Binance to another cryptocurrency exchange platform.
As you’re up-to doing that, Binance will charge you a withdrawal fee.
This fee depends on the coin you are transferring though, but the problem is that some of these coins have very high fees.
For example, if you want to transfer Tronix coins from Binance to Bithumb or Upbit account, you will have to pay about 57 Tronix as fee alone.
Now imagine transferring 150 Tronix. Literally, you’ll be giving away 1/3rd of your crypto-coins (i.e. 57 Trons) to Binance as transfer fee.
Isn’t it ridiculous already?
I know your answer already – Of course it is ‘Staunch!
Other other hand, if you regularly exchange large amounts of coins on Binance, then you can save significant amount of coins in the long run too.
By decreasing official Binance transaction fees further down.
If you wish to decrease your Binance withdrawal fee and trading fee to %0.071, then you are currently in the right place.
In this article, I will explain how to decrease Binance trading fees, then later I will also discuss ways to reduce Binance withdrawal fees as well.
Before we start looking into reducing transaction fees on Binance, let me quickly throw more light.
So let’s get started already…
What is Binance trading fee?
To get Binance fees explained for those that don’t really understand what it means for investors.
These fees are charges by Binance for some activities that require movement and conversion of cryptocurrencies from one to another.
Decreasing Binance trading fee
Step 1: First of all, you need to open a new Binance account using my promo link.
Thanks to Binance’s reference program, how it changes the fees in your new account.
By creating a new account with my link, your new Binance fee structure will be changed from the regular one to the latest one that allows 5% of the fee.
Step2: You need to buy and HODL (i.e. hold) Binance Coin (BNB) in your Binance account that you opened.
Once you have BNB coin on your Binance account during transactions, BNB token will be charged as fee automatically.
Following this way, you’re sure get up-to 25% trading fee discount.
Using these two easy steps, you can lower Binance trading fee to 0.071% (i.e. 25% + 5% Binance fee discounts) and make significant gains as a trader by paying less fee on the platform.
Now that you’ve learned how to get lowest Binance fees for exchanging cryptocurrencies, let me show you how you should reduce Binance fiat withdrawal fees.
Reducing Binance withdrawal fee
There has been lots of complaints on Binance fees on withdrawal, and that got me thinking of ways to get lower amount when trying to withdraw crypto coins from Binance.
The major cause of these outrageous Binance withdrawal fees is because some coins have high fees, while some don’t.
Before you start transferring your crypto assets away from Binance, please go through this list to see if the coin you want to transfer is in the list.
If you find your desired cryptocurrency for transfer in the list below, then you need to read the rest of this article to see how you can reduce the fee charged on transfer.
Below are the some of the coins that charges highest withdrawal fees;
- Nucleus Vision – 103.7 NCASH
- Po.et – 91 POE
- FunFair – 90 FUN
- Storm – 81 STORM
- Time New Bank – 73 TNB
- LLToken – 67.8 LLT
- Tronix – 57 TRX
- Ethlend – 56 LEND
- District0x – 48 DNT
- Cindicator – 46 CND
- Etherparty – 45 FUEL
- SingularDTV – 41 SNGLS
- Monetha – 36 MTH
- Chatcoin – 32.5 CHAT
- WePower – 31.7 WPR
- Decentraland – 30 MANA
- QuantStamp – 20 QSP
- Vibe – 16.9 VIBE
- SONM – 18 SNM
- Triggers – 13.5 TRIG
- Chainlink – 8.9 LINK
Note: The withdrawal fee changes with time. But during the time of writing this article, this happens to be the current fee.
If your coin is in the above list, then there’s a simple way to avoid the high withdrawal fee.
You have two options to do that as fast as possible before getting the coins off the platform:
Option 1: Convert coin to BTC/ETH
Trade and convert the cryptocurrency to Bitcoin or Ethereum on Binance first, before initiating the transfer process.
Because the transaction fee for Bitcoin and Ethereum is quite lower compared to other coins.
- Current withdrawal fee for Bitcoin is 0.0005 BTC.
- Current withdrawal fee for Ethereum is 0.01 ETH.
Once converted, transfer the Bitcoin or Ethereum to another crypto exchange, and then convert it back to the original currency you had before the conversion on Binance.
There will be some of deposit and/or trading fee involved though, but it is negligible when you look at the bigger picture.
Option 2: Convert coin to low fee crypto
Do you know that aside Bitcoin and Ethereum, there are some other penny cryptocurrencies that has cheap, or low withdrawal fee charges?
Instead of converting to either BTC or ETH, you can still convert your investment to another very low withdrawal fee cryptocurrency coin.
So what are these coins?
Before we discuss about them, just know that am glad you asked!
Below are the cryptocurrencies that has lower withdrawal fees on Binance as at the time of writing this article;
- Steem – has a 0.01 STEEM fee
- PIVX – has a 0.02 PIVX fee
- Cloak – has a 0.02 CLOAK
- Bitcoin Gold – has a 0.001 BTG fee
- Ethereum Classic – has a 0.01 ETC fee
- Hshare – has a 0.0001 HSR fee
- Litecoin – has a 0.01 LTC fee
- Verge – has a 0.1 XVG fee.
Personally, I prefer Verge and Steem as they are popular and available on many other exchanges.
As you can see, the ways to reduce both withdrawal fee and trading fees on Binance are very easy.
So by now you shouldn’t be finding it difficult to get your crypto coins moved or traded around without loosing huge amount on fees.
Do not store your cryptocurrency assets on an exchange wallet, instead get a cold storage wallet app, or simply purchase a hardware wallet.