Keep reading to find out about these fees (and how to avoid them!) Vs. The fees that Binance offers are low and are very easy to understand, especially if you’re new to the world of cryptocurrency. One of the most talked-about features of Binance is their fees. It's a pretty solid exchange to buy/sell on.īinance is also the name of BNB, which is a type of crypto coin that’s used for Binance exchange.īut, how did this cryptocurrency exchange take over the crypto market so quickly? Mainly, trades on Binance take place via peer trading or P2P exchange. They have a competitive trading fee structure, a mobile app and even more advanced features like futures trading. Let’s get started! What Is Binance?īinance is one of the world’s largest cryptocurrency exchanges and has an average of $6 billion of assets traded every seven days! Launched in July 2017, the climb to the top of the cryptocurrency exchange world has been swift for Binance and their mobile app. In this guide, we’re going to talk about how Binance works and Binance fees. With Binance exploding in popularity over the last couple of months, we’re looking to teach you how this cryptocurrency can benefit you! With all of the cryptocurrency options available on the market, it can be difficult choosing the right type of exchange for your cryptocurrency needs. Unlike the send feature, which sends crypto to an external wallet, Binance Pay transfers crypto from one Binance.US account to another user’s account.Did you know that Binance is ranked in the top five most popular cryptocurrency exchanges in the world, based on trading volume?īinance was launched in 2017 and the US counterpart, Binance.US came later in 2019 after US users were forced to leave the original crypto exchange. You can also grant Binance access to your contacts list. I had some trouble finding the Binance Pay screen (hint: scroll the banner on the app’s home screen), but then was able to search users by name, phone number, or email address. With Binance Pay, you can send or receive crypto to and from other Binance users with no fees (up to $1 million daily receiving limit). A click on “Add Coin” restored my unseen balance. For example, my TRON balance didn’t show in my wallet initially. You may have to add tokens to the mobile interface. I used the Android app, secured by fingerprint login.Īll the features of the web app were available with a few clicks within the mobile app as well, including staking, trading, and the option to set up an auto-buy. Binance offers four trading pairs for MATIC, but an initial search shows just one.įor trading on the go, you can use the Binance.US iOS or Android app. Trading pairs were a bit difficult to locate, however. In general, I found Advanced Trading easy to use. I could view the fee for each pair by hovering over the “VIP” level in the top-right corner.Īdvanced Trading also brings advanced charts, including trend lines and Fibonacci retracement. The alternative is Advanced Trading, which brings support for market, limit, and stop-limit orders while removing the uncertainty over fees. Instant Buy also uses a small spread that allows Binance to “hold” the price until you complete the transaction. I found several examples like this in the 0.25% to 0.3% fee range. The Instant Buy fee is 0.3% in the above example. Here’s the preview of my trade, which includes a weekly recurring purchase (dollar-cost averaging). You can buy, sell, or convert right from the dashboard, with an option to preview the trade, including fees.
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