To put it simply, every new trader on Binance will be charged 0.1% per spot trade. They are typically charged more for their trades. They effectively ‘take’ liquidity out of the marketplace. On the other hand, takers place orders that are filled immediately at the prevailing market price. They, therefore, are rewarded with lower fees. Makers are traders that create trades to be filled at a later, more convenient price point. Additionally, the more you hold in BNB, the higher your VIP tier you will be placed.įinally, through the maker/taker model, Binance determines how much to pay in each particular tier. The higher your trading volume, the higher you will be placed in the tiered fee schedule, which will qualify you for lower rates. The previous 30-day trading volume is used to group each customer into 10-level tiers titled VIP-0 through VIP-9. These include prior 30-day trading volume, BNB holdings, and whether or not they are makers or takers. All users trading assets on the platform get to enjoy this reduced rate given that they opt to pay for their trading activities using BNB.īinance considers a few factors when determining the fees to be paid by each of their customers for every trade.
It is worth noting that Binance has offered to maintain its 25% discount that was only applicable in its second year. Binance would cease to offer any discount to its users starting in the fifth year onwards, even those that use BNB to pay for trading fees. In the first year of operation, the rate stood at 50%, then 25% the second year, 12.5% the third year, and 6.75% the fourth year. BNB is the native Binance exchange’s cryptocurrency used during the token sale to raise funds for developing and launching it.Īccording to the company’s white paper, Binance offers a tiered discount rate scheduled to be halved every year. What is DeFi? Liquidity Mining Explainedīinance exchange was launched in 2017 by Changpeng Zhao, and to encourage usage, it offered a 50% discount to its customers that opted to use Binance Coin (BNB) to pay for trading fees.
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