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 a monthly trading volume less than 50 BTC, and much more less for those trading higher than that volume.
I myself have been using Binance for trading for over some years now, and I can’t remember noticing the amount of crypto coins am paying as fee paid – yet, some kind of people still notice these fees somehow.
So right now, i guess you really want to know how much is Binance fee for some activities like withdrawal and trading, huh?
Let’s say you want to transfer coins from Binance to another cryptocurrency exchange platform. As you are 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 trade large amounts of coins on Binance, then you can save significant amount of coins in the long run too, by decreasing official Binance trading 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 to learn how to do it perfectly.
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 withdrawal and trading fees, let me quickly throw more light and get Binance fees explained for those that don’t really understand what it means for investors.
So let’s get started already…
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 you pay to be constantly sent back to your wallet.
Step2: You need to buy and HODL (i.e. hold) Binance Coin (BNB) in your Binance account that you opened using my own promo link.
If you have BNB in your Binance wallet account while exchanging cryptocurrencies, the token will be charged automatically as fee.
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 have learned how to get lowest Binance fees for trading cryptocurrencies, let me teach you also, how to 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. And 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 withdrawal fee crypto
Do you know that aside Bitcoin and Ethereum, there are some other penny cryptocurrencies that has cheap withdrawal fee charges?
Instead of converting to either BTC or ETH, you can still convert your coin(s) to another cheaper crypto coin with very low withdrawal fee.
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 would prefer Verge and Steem as they are popular and available on many other cryptocurrency exchanges.
You may have some questions to ask concerning Binance withdrawal fee reduction, but here are my own answers to most frequently asked questions you’ll find online.
What are crypto withdrawal fees?
The withdrawal fees are those competitive deductions made from any amount of cryptocurrency you are trying to withdraw from the platform.
It is the same range for cryptocurrency withdrawals, and all you have to do is pay the cryptocurrency equivalent, while making the transaction.
What is Binance trading fee?
These are fees that the Binance cryptocurrency exchange platform charge for some of activities that require movement and converting of cryptocurrencies from one form to another.
What is Binance withdrawal fee?
Transactions to crypto wallet addresses outside of Binance typically incur a fee (also known as Network fee), and are paid to miners or validators, who are responsible for processing the transactions and securing the respective blockchain network.
While many other exchanges charge between $10 and $30 per transaction, Binance takes between $1 and $15 for fiat withdrawal.
Why are Binance withdrawal fees so high?
The major reason for outrageous Binance withdrawal fees is because some cryptocurrency coins have high fees, while some don’t at all.
Before you start transferring your crypto assets away from Binance, please check to see if the coin you want to transfer has high fees.
Is it safe to leave crypto on Binance?
Binance exchange wallet is not safe to store cryptocurrency funds. So download Trust wallet to safely store your crypto-coins.
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.