The cryptocurrency catalogue and Binance fees
Binance is currently the largest crypto platform in the world. It allows you to trade cryptocurrencies for each other, but also against fiat currencies. You can directly buy virtual currencies on this platform and then use them for trading. As such, the platform offers:
- More than 200 major and minor cryptocurrencies: BTC (Bitcoin), XRP (Ripple), TRX (TRON), ETH (Ethereum), XTZ (Tezos), BNB (Binance Coin), LTC (Litecoin), QTUMQtum, EOS (EOS), SNT (Status), BNT (Bancor), BCH (Bitcoin Cash), DASH, and XMR (Monero)
- Over 600 trading pairs, including crypto-crypto pairs, crypto-fiat pairs and crypto-gold pairs.
- Over 60 pairs for margin trading
- Over 30 cryptocurrencies eligible for loans
- Over 15 virtual currencies for staking
Binance fees for cryptocurrency trading
Users of the platform benefit from the lowest fees in the industry. In particular, deposits are free and the minimum amount is €1. However, the costs of other fees vary depending on the type of transaction.
Binance fees for cryptocurrency trading
For trading fees on Binance, you should know that the platform has set up a rate system based on user ratings in 10 levels from VIP 0 to VIP 9. As they move up the ladder, traders will benefit from lower fees. The first VIP 0 tier is for new users, i.e. those who have a trading volume of less than 50 BTC and have less than 50 BNB in their balance. The platform's flat rate is applied at this tier, with trading fees costing 0.1% of the value of cryptocurrencies sold or purchased. Upgrading to the next level is conditional on the account's trading volume and balance in Binance Coin.
This makes the fees for exchanging cryptos among the lowest in the market. In addition, those who use BNB (Binance Coin) to pay transaction fees get a 50% discount. This means that transaction costs are brought down to 0.05%.
Binance fees on cryptocurrency withdrawals
Users of the platform can make quick withdrawals of their cryptocurrencies. A Binance fee is charged to cover the outflow of each virtual currency from the account. The amount is systematically adjusted based on certain factors, such as network congestion, the type of token and the volume of the transaction, and thus can fluctuate. However, on Binance, cryptocurrency withdrawals can only be made in BTC or ETH. Furthermore, there are also two limits on the amount of withdrawals. Indeed, for VIP 0 accounts, users can withdraw up to 2 BTC in 24 hours. Higher account levels have a withdrawal limit of 100 BTC in 24 hours.
On the other hand, users can also withdraw their funds by bank transfer. For a transfer of funds below €50,000 to a SEPA bank, the Binance fee is set at €1.50. Furthermore, the platform also allows its users to spend their cryptocurrencies directly with a debit card. The Binance Card is free and it comes in two versions, including a virtual card limited to €870 per day and a physical card capped at €8,700 per day. Binance Card fees vary depending on the cryptos used. For example, for point-of-sale purchases and ATM withdrawals, the Binance Card fee can be as high as 0.9%. Also note that if the physical card is lost, a reissue costs €25.
Binance regulations and security
Through its subsidiary Binance US, Binance operates the license of its partner BAM Trading, which is regulated by FinCEN (Financial Crimes Enforcement Network). It should be noted that the platform is not regulated in Europe, but it makes it a point of honour to respect regulations.
Moreover, it applies enhanced KYC security protocols, thanks to the Google Authenticator 2FA (two factor authentication). This means that account opening, deposits and withdrawals are subject to two stages of verification, by email and then by SMS. Moreover, users' funds are stored in a separate wallet and offline.
Identity verification is applied for withdrawals of more than 2 BTC. A check is also carried out by the platform in case of connection with a new device. Furthermore, in case of password change, withdrawals are suspended for 24 hours. Moreover, users are always notified of logins, deposits and withdrawals on their accounts. The platform's customer service can also be reached by email and chat.
The Secure Asset Fund for Users (SAFU) was created by Binance on June 3, 2018. This follows a major hack that misappropriated nearly 7,000 BTC on the platform. Although the Bitcoins were recovered, SAFU aims to provide better security for investors. It will be used to compensate traders in case of security failures. This fund is funded by allocating 10% of all Binance fees.
Binance fees: who is Binance aimed at ?
Binance was originally aimed at experienced traders. However, it now offers a Lite version to make it easier to get started with relatively low fees. In addition, Binance provides a comprehensive training offer. Moreover, its ergonomic and fast interface is suitable for all levels of users.
Types of Binance platform
Binance does not offer a demo account. However, through a single platform, it provides two types of operating plans. The basic version allows you to do classic trading by buying crypto-currencies at reduced fees, while the advanced version offers trading of crypto pairs for more experienced investors. The latter allows you to benefit from charting and analysis tools. For example, you can find out the history of orders and market prices in real time.
Traders can choose from a variety of chart types, including candlestick, line and bar charts, where the time scale can be varied according to trading needs. Binance offers a desktop application that can be downloaded for Windows and Mac computers to access its platform. It is also possible to access all features from a web interface that is compatible with all internet browsers. In addition, most of the platform's services are also offered via the Binance mobile application. The latter is available for Android and iOS phones.
Types of Binance offers and fees
Binance is the main platform to take advantage of cheap cryptos, low fees, leverage, and virtual currency staking. However, it also offers the following products:
- Binance Academy, dedicated to learning the world of blockchain and crypto trading. Binance Jersey allows the purchase of cryptos by bank transfer at low Binance fees.
- Binance Charity, dedicated to fundraising.
- Binance Research, providing institutional quality reports on the virtual currency market.
- Binance Launchpad is dedicated to IEOs (Initial Exchange Offering), allowing users to invest in new crypto projects.
- Binance Cloud, which enables Binance partners to launch their own platforms.
- Trustwallet, a mobile application that allows crypto holders to manage their cryptos directly with their private keys, thanks to the decentralized exchange Binance Dex. The latter enables altcoin trading practically free of charge.
- Binance Lending, the platform's lending service. It allows cryptocurrency holders to lend their crypto-currencies to earn interest.
- Binance Card, which allows you to pay in cryptocurrencies and make withdrawals at ATMs. You have to be careful though, as Binance Card fees are higher than a bank transfer.
Introduction to the platform and Binance fees
Multiple cryptocurrency trading platforms have emerged since the advent of Bitcoin. However, Binance remains a benchmark in the industry.
History of Binance
Founded in 2017 in China by Changpeng Zhao, Binance is a platform dedicated to acquiring and trading cryptocurrencies at low fees. Its design benefited from an ICO (Initial Coin Offering) that raised USD 15 million. In the same year, following the trading boom, it quickly became an industry leader by allowing investors to trade a wide selection of cryptos.
It has become the world's number one crypto exchange with the highest daily trading volume. Its platform benefits from the interest of traders thanks to its capacity to support 1,400,000 operations per second and its very competitive fees. However, following China's announced ban on crypto trading on its territory, the platform was forced to move its servers to Japan and its headquarters to Malta.
