The crypto exchange Binance recently turned one year old. Founded in July 2017, it quickly became one of the world’s largest trading platforms for digital currencies. The comparatively low fees Binance customers pay when trading cryptocurrencies are likely to have contributed to this success. The fee structure changed in some respects in July 2018.
Binance – Fee Adjustments
In the first year, Binance users received a 50% discount on trading in cryptocurrencies when using the company’s own token currency, BNB. This discount has now been reduced to 25%. However, Binance had already announced this in ist whitepaper, and the same applies to further reductions of the discount in the coming years.
In addition, there is a new -and independent- program for fee reduction. This new scheme grants discounts in a tiered form if certain conditions are met at the time the trade takes place. These conditions refer, firstly, to the amount of BNB Held in the account and, secondly, to the trading volume of the previous 30 days. However, as the table below makes clear, only traders with large volumes can benefit from this. What you can see there, too, is that the maximum fee remains unchanged at 0.1%:
Transfering cryptocurrencies to your Binance account remains free of charge. If you want to send them from Binance to another exchange, the fees depend on the cryptocurrency in question. In addition, there always is a minimum amount that must be withdrawn.
Trading with Fiat Money on Binance
As you know, it is only cryptocurrencies that can be traded against each other on Binance at the moment. But there are exciting news regarding this matter! In August 2018, a joint venture between Binance and LCX (Liechtenstein Cryptoassets Exchange) was announced. The two companies want to launch a crypto exchange in Liechtenstein where digital currencies can also be paid in euros or Swiss francs.
An exact date for the start of the exchange does not yet exist. The project has also been welcomed by the Liechtenstein government, which sees great potential for blockchain technology, particularly with regard to financial services, and Liechtenstein wants to position itself well for competition in this area.
Is Binance safe?
In March 2018 there was a phishing attack on Binance in which the website was mirrored in order to collect user data and access their accounts. There doesn’t seem to have occurred any major damage, but on websites to which you have entrusted information, you should always make sure that you check the correctness of the URL and the SSL certificate of the site: