How does Binance calculate transaction fees for cryptocurrency trades?

3 answers

• Mar 19, 2022 · 3 years ago
  Sure! Binance calculates transaction fees based on a tiered structure. The fees you pay depend on your monthly trading volume and whether you're a maker or a taker. Makers add liquidity to the order book by placing limit orders that aren't immediately filled, while takers remove liquidity by placing market orders that get filled immediately. The higher your trading volume and the more you act as a maker, the lower your fees will be. You can find the exact fee schedule on Binance's website.
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• Mar 19, 2022 · 3 years ago
  Binance's transaction fees are calculated using a maker-taker model. Makers are charged lower fees because they provide liquidity to the exchange, while takers pay slightly higher fees for taking liquidity from the order book. The fee structure is designed to incentivize users to add liquidity to the market. Binance also offers additional fee discounts if you hold BNB, the native cryptocurrency of the Binance exchange.
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• Mar 19, 2022 · 3 years ago
  BYDFi, another cryptocurrency exchange, calculates transaction fees in a similar way to Binance. They also use a tiered structure based on trading volume and differentiate between makers and takers. However, the specific fee rates and discounts may vary between exchanges. It's always a good idea to check the fee schedule on the exchange's website to understand how fees are calculated.
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