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Binance Bitcoin Withdrawal and Other Fees Explained!
Binance.US spot trading fee begins at a flat rate of 0.1 percent, that is considered lower than other US exchanges.
Binance.US also advertises it's 0.5 percent Instant Buy/Sell fee for fast paced and traders in a rush.
Other traders such as eToro and Coinbase charges up to (about 0.5 - 0.75 percent for Bitcoin trades) with an additional flat fee ranging up to $2.99 per trade (conditions may apply).
Binance Bitcoin Withdrawal Fee:
Low
0.0005%
>>> Just to mention - Binance adds a 4.5 percent fee to debit card transfers apart from the Binance bitcoin withdrawal fee.
Apart from its global brokerage - Binance.US credit card purchases are not permitted.
Cash that is deposited and withdrawals made via ACH bank transfers are free of charge, whereas bank wire transfers cost $15 per transaction.
The fees for cryptocurrency withdrawals vary quite differently depending on cryptocurrency; Bitcoin withdrawals cost 0.0005 percent and a minimum withdrawal amount of 0.001 bitcoin is noted.
Depositing crypto assets on Binance with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) incurs no fees at all as of currently - good news eh. You can do this by first exchanging any of your fiat currency for cryptocurrency before you attempt at making your deposit.
Any deposits at Binance.US conducted in U.S dollars (USD) are held in custodial bank accounts which are insured by the Federal Deposit Insurance Corporation of up to $250,000 in the event of a banking failure.
However, stock brokerages including cryptocurrency exchanges such as Binance.US are not protected by the Securities Investor Protection Corporation, which insures investors up to $500,000 in total cash and securities in the event of a brokerage failure, unauthorized trading activities, or even theft.
3. Trading: (Binance Bitcoin)
Binance.US utilizes majorly the same technology as its global platform version.
Binance.US recommends new users to begin with the basic version of the trading platform, as it still is sufficient enough to provide experienced traders with information such as spot price, trading volume and more features.
Even the basic platform may be too much for the new crypto enthusiasts.
So If you just want to buy some bitcoins, skip the exchange and buy straight from using the website. Your account has to be verified, simply enter the amount of bitcoins or the equivalent in US dollars you wish to spend.
Trading Fee:
Low
0.10%
Similar to a Binance Bitcoin Withdrawal Fee, a trading charge occurs at 0.10 percent plus a 0.50 percent fee for Instant Buy and or Sell.
Your actual fee amount will depend on the amount of the trade. The fee increases with the size of the transaction as explained however, One easy way to reduce your trading fees is to always have some Binance Coin in your account so that your fees can be deducted from it.
You will end up receiving a 25% discount on all trading fees if you do this. ↑
Direct trading between buyers and sellers is generally encouraged and is allowed by the Binance.US OTC Portal.
Although there are no transaction fees as of currently, users are charged the difference between the buy and sell prices. Furthermore, the minimum trade amount is considered to be high, at $10.
Is Binance Bitcoin Fees - better than the rest!
Binance.US
Included Fees:
0.10% trading fee
0.50% Instant Buy/Sell fee
25% for using Binance coin
Gemini
Included Fees:
0.50% convenience fee
$0.99 to $2.99 transaction fee
1.49% transaction fee for trades over $200
CEX.IO
Included Fees:
0% – 0.25% maker/taker fees
Deposit/withdrawal fees up to 3.99%
Coinbase
Included Fees:
0.50% spread
Trading fee between 1.49% and 3.99% (or $0.99 to $2.99 flat fee)
2.49% flat fee on transactions made with other cryptos
2% fee for credit transaction
Bittrex
Included Fees:
0.00%-0.35% maker/taker fees
>>> The fee structure at different crypto exchanges can heavily vary due to multiple simultaneous factors that come into play.
That alone cannot outright decide the best in a list when comparing, as they all have their upside as well as cons.
Not all will have the same or even close to the same fee setup for its consumer and for some the benefits can easily outweigh the negatives.
However it is still generally a good idea to get acquainted with what to expect.
Related Topics:
Binance Bitcoin Options - to choose from:
Generally you can reduce expenses on fees, first thing to know is that fees vary depending on the type of crypto asset you want to withdraw as some assets normally charge higher rates compared to others in the market, finding lower fees should be in line when doing investments and transactions and that can be as simple as switching platforms.
Check what each platform has to offer when it comes to fees before you jump in. Options mentioned below have reputation that is known to advertise some of the highest fees available:
LLToken
Chainlink
SONM
Ethlend
Vibe
WePower
Chatcoin
Tronix
Decentraland
Etherparty
Avoid the high fees! - converting to Bitcoin or Ethereum first may save you on the high fees. You could initially go with less expensive cryptocurrency, such as one of the following:
Litecoin
Ethereum Classic
Bitcoin Gold
Steem
PIVX
Cloak
Verge
Security: (Binance Bitcoin)
The official wallet for Binance users is - Trust Wallet, it is a free online app used for storing cryptocurrency that has regularly received high ratings on the Google Play and App Store. Even though - Trust Wallet is free to use and offers one of the best services and protection, traders on the other hand, are free to use their preferred cryptocurrency wallet at their own discretion.
As of currently there has been no documented breaches at Binance.US, however it was noted that hackers stole 7,000 bitcoins worth around $40 million from the global Binance site in 2019. The company had stated that it had compensated all affected users in full.
Binance Security:
Rate
Safe
98%
I have covered here a full overview of what you can expect from Binance withdrawal, deposits, trading bitcoin cryptocurrency, fees and more:
Binance Maker or Taker Explained:
Are you a - "Maker" or "Taker"?
Makers vs takers
So Makers make & Takers take right?
Not Necessarily
Heres Why ↓
When you look at the Binance fee layout, you can notice that there are various fees that depends on if you're a "maker" or a "taker" and this can significantly sway you towards the ultimate decision you make.
Maker trades occur when an order is placed that is partially or completely placed on the order book, such as a limit order placed via the trading screen on binance.com.
Any trades that follow from that order will be maker trades. The name comes from the fact that these orders add some volume to the order book, assisting in the "making" of the market.
Now - Taker trades happens when an order trades immediately before being placed on the order book, whether the order is partially or fully filled, regardless these transactions "take" volume off the order book.
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There are, indeed included daily withdrawal limits for Binance accounts that have only completed Basic Account Verification and will be reduced to around 0.06 BTC currently.
This generally is executed immediately for new account registrations and will be phased in for former users unless stated otherwise.
For each withdrawal, it does have a minimum amount that can be requested. You will be unable to request a withdrawal if the amount is of insufficient proportions.
The information to find out what is the minimum withdrawal amount and transaction fees for each cryptocurrency, is placed above in this article post.
Please keep in mind that fees are subjected to change without any notice due to varying factors.
FAQ
How much does Binance withdrawal cost?
Binance US Bitcoin Withdrawal Fee.
When using Binance, making withdrawals is usually the cheapest when using the BNB Chain option.
The withdrawal fee for Bitcoin, is Just around 0.0005%, while the fee for using the Bitcoin blockchain itself is set at 0.002.
How much does Binance charge for BTC withdrawal?
0.0005%
Cash deposits and withdrawals via ACH bank transfers are free of charge, whereas bank wire transfers costs are at $15 per transaction. The fees for crypto withdrawals vary by type of cryptocurrency; Bitcoin withdrawals costs are at 0.0005 percent with a minimum withdrawal set amount of around 0.001 bitcoin.
Does Binance have high withdrawal fees?
Binance offers one of the lowest fee rates available on the market if not the lowest so far.
Charges are set at 0.10 percent platform fee as well as a 0.50 percent fee to Buy and or Sell instantly, your actual fee amount will heavily depend on what amount you decide to trade. Also to note: The fee increases with the size of the transaction.
How do I withdraw Bitcoin from Binance without fees?
You can receive a 25% discount on all trading fees.
As stated, the fee increases with the size of the transaction. However, one simple way to reduce your trading fees is by keeping some Binance Coin in your account so that your fees will then be deducted from it.
How can I avoid BTC fees?
A hack to Avoid fees in Binance? - is to further reduce your trading fees by becoming a VIP.
Binance has ten different levels of VIP ranging from (VIP 0 - VIP 9), which are determined by your 30-day volume of trading (Bitcoin equivalent) plus average BNB balance within the same time period.
Can you withdraw from Binance?
You can choose to withdraw your gains, fiat and cryptocurrency to another exchange, such as a private wallet, or if preferred to cash them out.
How do I convert Bitcoin to cash?
1. Use a cryptocurrency debit card.
2. Sell cryptocurrency for cash on a centralized exchange such as Coinbase or Kraken.
3. Use peer-to-peer exchange networks.
4. Utilize Bitcoin ATM's.
How long do Binance withdrawals take?
The funds will be deposited into your bank account generally within 3-5 business days after they have been confirmed and verified as stated by Binance Company Website.
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