Binance is one of the most popular Crypto exchange as of the year 2021.
Its exchange is also considered as one of the cheapest platforms to buy and sell Bitcoin. This has also consistent lower offers when it comes to doing business which is an advantage not only to the platform but also to its users.
Binance exchange was known since 2017 which was made by Changpeng Zhao. He is also called “CZ” and a canadian- chinese Business executive.
To encourage and to attract people to use it , the platform offered a 50% discount to its customers. Based on the white paper (According to investopedia, it is an informational document usually issued by a company or not-for-profit oraganization to promote or highlight the features of a solution, product or service that it offers or plans to offer) of the company this crypto offers a tiered discount rate scheduled to be halved every year. In the first year of operation it will be 50% , 25% on its second year then the third year will be 12.5% … then would stop offering any discount to its users starting the fifth year.
The platform’s first users enjoyed its reduced rate.
A tip from Finbold.com “ For even more savings, Binance users can opt to convert small balances to BNB. Small balances are small amounts of coins or tokens that are too small to trade or transfer. They are often left behind trades and with binance , users can convert these too BNB , which can thus be used to pay for transaction fees.
In trading , Binance considers few factors when determining the fees to be paid by each customers for every trade.Some if it are, prior 30 days trading volume, BNB holdings and are they takers or makers .
Note – The higher your trading volume , the higher the chance of you to be placed in the tiered fee schedule which can qualify you for lower rates.
- To takers and makers , Binance will be the one to determine how much to pay in each particular tier
- Makers are traders that create trades to be filled at a later , more convenient price point, they bring liquidity to the market
- Takers are the one who place orders that are filled right away at the prevailing market. They take “liquidity” out of the market.
- Maker gets better rates than Taker
New traders are charged 0.1% per spot trade.
When it comes to withdrawals and deposits , Binance has multitude offers. The availability to a particular user depends on its location. But even so , Binance has one of the most conclusive lists of supported payment methods.
