![]() To encourage the BNB economy, Binance has opted to give a 25% discount to users who pay their fees via BNB. It’s generally used to pay transaction fees but has a series of other purposes, as highlighted in the article’s subsequent section. With this in mind, BNB represents Binance’s native token. While trading volume requirements are straightforward, readers might want to learn more about the BNB deduction and referral kickback. On the other side of the spectrum, a high-volume trader with a 30-day threshold above 150K BTC and a BNB balance over 11K, who joined the platform as a referral, will only pay a fee of 0.012% per transaction. ![]() To put this into perspective, a first-time user who does not leverage any fee reduction opportunities can expect to pay a maker and a taker fee of 0.1% per transaction. ![]() The fee schedule is level-based therefore, the higher your VIP level, the lower fee you’ll be paying. As such, the standard fee can be reduced based on your 30-day trading volume, BNB token balance, and referral efforts. Furthermore, we will also discuss account creation, alongside a series of advantages and disadvantages regarding Binance.īinance employs a complex fee schedule, meaning that fees are variable based on multiple factors. Thus, we will analyze components such as margin/futures/options trading, staking, lending, trading fees, supported coins, security protocols, and more. This article will provide readers with an in-depth overview of Binance’s main features, tools, and protocols. Over the years, Binance has focused on extending its service catalog, thereby launching multiple related services, including a debit card, charity, trust wallet, knowledge base, research lab, and startup accelerator. ![]() Initially, Binance operated in China, but it later moved to Malta due to regulatory concerns.īinance has a $2 billion daily trading volume and actively processes around 1.4 million transactions per second. The company was founded by Changpeng Zhao in 2017, using $15 million raised via an initial coin offering. As of April 2018, Binance represents the world’s largest cryptocurrency exchange by trading volume. ![]()
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