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Tips on how to Decrease Binance Trading Charges: Tips and Tricks
Binance is among the most popular cryptocurrency exchanges globally, known for its wide range of coins, high liquidity, and competitive trading fees. Nonetheless, should you’re an active trader or planning to grow to be one, even small charges can eat into your profits over time. Fortunately, Binance affords a number of ways to reduce these costs. In this article, we’ll explore practical tips and tricks that will help you minimize Binance trading fees and keep more of your earnings.
1. Use BNB to Pay for Charges
One of many best and handiest ways to reduce trading charges on Binance is to pay them utilizing BNB (Binance Coin), the platform's native cryptocurrency. Whenever you enable the "Use BNB to pay for charges" option in your account settings, Binance affords a 25% discount on spot trading fees and a 10% low cost on futures trading fees.
To take advantage of this, make certain you always have a small amount of BNB in your wallet. The system automatically deducts fees from your BNB balance, serving to you save significantly over time.
2. Improve Your VIP Level
Binance has a VIP program that rewards high-quantity traders with reduced trading fees. The higher your 30-day trading volume (in BTC equivalent) and the more BNB you hold, the higher your VIP level.
There are 9 VIP levels, each offering progressively lower maker and taker fees. For example, a daily user (VIP zero) pays 0.1% on each sides of the trade, while VIP 1 customers might pay as low as 0.075% or even less.
For those who're a frequent trader, especially when you're managing massive positions or trading across multiple pairs, it’s worth tracking your volume and aiming for higher VIP tiers.
3. Trade on Binance Futures for Lower Fees
When you're comfortable with leveraged trading and futures contracts, Binance Futures generally offers lower charges than spot trading. Maker and taker fees on Binance Futures start at 0.02% and 0.04%, respectively—significantly lower than commonplace spot market fees.
While futures trading entails more risk, it is usually a cost-efficient way for knowledgeable traders to avoid wasting on charges, particularly when combined with BNB fee reductions or VIP benefits.
4. Use Limit Orders Instead of Market Orders
Every trade includes two parties: a maker, who adds liquidity to the market by putting a limit order, and a taker, who removes liquidity by filling it with a market or limit order.
Binance fees higher fees for takers than for makers. To reduce fees, consider putting limit orders instead of market orders at any time when possible. This not only lowers your charges but in addition provides you better control over your entry and exit points.
5. Join Binance Referral or Affiliate Programs
If you happen to're introducing friends or followers to Binance, you may sign up for their referral or affiliate program. You’ll earn a fee from their trading charges, and you'll share part of that fee back with your referrals, which effectively reduces your net fees in case you’re trading within your network.
Some customers even create trading communities or social groups to share commissions and benefit from pooled referral discounts.
6. Avoid Unnecessary Trades
It could sound obvious, but minimizing overtrading is without doubt one of the greatest ways to reduce fees. Every trade you make incurs a cost. Before making a trade, ask yourself if it's essential or based mostly on a strong strategy. Quality over quantity is key when it involves profitable trading.
Final Ideas
While Binance already offers competitive trading fees, smart traders can save even more through the use of BNB, climbing the VIP ladder, trading futures when appropriate, utilizing limit orders, and taking advantage of referral programs. Over time, these small savings can add up, especially for high-frequency or high-quantity traders.
Always keep updated with Binance’s charge structure and promotions, as they often supply limited-time reductions or bonuses. A little planning can go a long way in maximizing your trading profits.
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