Binance is one of the most popular cryptocurrency exchanges in the world. However, when trading on this exchange, many traders face the problem of high commissions. In this article, we will look at a few ways to save on commissions when using Binance.
Fee reduction on Binance
Reducing your commission on Binance can be an important step to increase your profits. Here are a few ways you can do it:
Use Binance Coin (BNB)
Binance Coin (BNB) is a proprietary cryptocurrency of the Binance exchange. One of the main advantages of using BNB is the reduced commission when paying for trades on the exchange. You can get a discount of up to 25% on commission if you use BNB for payment. This can save you a lot of money in the long run.
Increasing your level of verification
Binance has several levels of verification for users. The higher your level, the lower your commission. Increasing your verification level can lower your commission on the exchange. However, keep in mind that you may need to provide additional documents to prove your identity.
Trade on Binance Smart Chain (BSC)
Binance Smart Chain (BSC) is a blockchain developed by Binance that provides fast and cheap transactions. If you trade on BSC, the fees will be much lower compared to the main Ethereum blockchain. This is a great opportunity to save on transfer and trading fees.
Use the Binance VIP program
Binance offers a Binance VIP program for large traders. Users of this program can get additional discounts and benefits, including reduced commissions. If you are an active trader and turnover large volumes, this may be a favorable option for you.
Keep an eye out for promotions and promo codes
Binance periodically launches promotions and promo code giveaways that can reduce your commissions. Be attentive and follow the exchange’s news so that you don’t miss the opportunity to save money.
Reducing commissions on Binance is a great way to increase your profits when trading cryptocurrencies. Use the above methods to save on commissions and make better trades on this popular exchange. Remember that every percentage saved on commissions can affect your overall profits in the long run. Good luck trading on Binance!