Binance Trading Fee Question | Bitcointalksearch.org

Hippocrypto

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Quote from: jerry0 on October 02, 2021, 10:30:13 PM

So its been a while since i did any trade on binance. A while back when i bought an altcoin, i remember i paid the fees with either BNB or btc... i forgot which. I think it was bnb because there was a discount doing it that way?

But now when you sell an altcoin on binance... how are they deducting your fees? Example say you sell powerledger or lisk for btc. Are they deducting some powerledger? Or will it be from bnb or btc? Asking this because i have altcoin, and very tiny amount of bnb and btc in my binance account.

I remember buying the altcoin with btc and paying the fee in bnb for some reason. It might have been btc once. But if i sell powerledger or lisk on binance for btc... im paying the fee in powerledger or lisk right?

Basically if you're holding btc on power ledger I think trading fee from wallet should be deducted from btc. Unless if they're using contract address that belongs to bnb or eth, if course their tx fee should be in the same network fee required to send your asset at binance. What's good on bitcoin was you don't need contract, because it already runs within it's own network. You don't need other gas to send it towards trading site and only it's own coin would be deducted.

jerry0

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I traded the an altcoin for btc. I noticed that my bnb balance was deducted as the fee. Is that normal?

Why isn't the fee taken from btc? Why is it taken from bnb? So if i had no bnb in my account, the fee would been taken in btc?

I remember a while back when i had a binance account, i bought some bnb specifically because i read if you have that... your trading fees would be less than if you use btc.

But are the fees still the same whether you use bnb or btc to pay?

So I didn't have the option to pay the fee in btc?

Mpamaegbu

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Quote from: Tytanowy Janusz on October 03, 2021, 08:04:47 AM

No. Binance charge trading fee not placing order fee. There is nothing like "place order fee" on cexes. Your order must have been partially filled thats why it looks like they charge fee without filling order.

Quote from: electronicash on October 03, 2021, 10:08:54 AM

no, they don't charge when you cancel an order. i have tried it several times that i cancel buy orders because when i see the prices are dumping, i will adjust the price of my bid to get more. nothing is taken.

Well, I just hope it's a one time off thing that happened with me. I've been scared of cancelling trades since I observed that. I just make sure I'm very certain before I pend any order and once I do, I allow it be. Now I hope to resume regular pending of orders as I have been assured it's not a regular thing. May be it was an execution error.

electronicash

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Quote from: Mpamaegbu on October 03, 2021, 01:38:36 AM

Quote from: jerry0 on October 02, 2021, 10:37:32 PM

Okay I think im confusing myself.

Well if im selling an altcoin or bnb for btc... obviously the fee im paying would be in btc right since i would get btc and they deduct the btc percentage fee?

Yes, that's correct. The commission will be taken from BTC.

Again, may be you've not noticed that Binance has a way of charging commission too once you pend a trade. Whether the trade triggers or not, Binance takes its commission immediately you pend it. Even if you decide to cancel it after pending it, the commission is still taken. I don't know if it's just me or any other trader experiences that. Honestly, Binance (yes, I know it's the most trusted exchange to trade on with real trades going on unlike many other big exchanges that are peopled with bot traders) is becoming an expensive exchange to trade on. You dare not withdraw in BTC if you aren't a large volume trader because the 0.0005btc constant withdrawal charge is a killer. Binance needs to review that too but for the best of reasons best known to itself, it has left it that way.

no, they don't charge when you cancel an order. i have tried it several times that i cancel buy orders because when i see the prices are dumping, i will adjust the price of my bid to get more. nothing is taken.

as far as i know we have the option to just click that only BNB are to be taken as fees when we trade on Binance. i'm not sure if the option is offered still i have not traded on binance for a long time already.

Ararbermas

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Quote from: jerry0 on October 02, 2021, 10:37:32 PM

Okay I think im confusing myself.

Well if im selling an altcoin or bnb for btc... obviously the fee im paying would be in btc right since i would get btc and they deduct the btc percentage fee?

yup if you store you money in btc and trade it to another assets it will always dump fees on btc, for example you used stable coins and you trade it, the fees will be deducted to your usdt , and the percentage will basing as well on the amount you trade if i'm not mistaken ..by the way every exchanges has an order history where you can check your trades..through binance probably its so easy to see.. I dont know in other platform..

noorman0

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Quote from: jerry0 on October 02, 2021, 10:30:13 PM

i forgot which. I think it was bnb because there was a discount doing it that way?

But now when you sell an altcoin on binance... how are they deducting your fees? Example say you sell powerledger or lisk for btc. Are they deducting some powerledger? Or will it be from bnb or btc? Asking this because i have altcoin, and very tiny amount of bnb and btc in my binance account.

I remember buying the altcoin with btc and paying the fee in bnb for some reason. It might have been btc once. But if i sell powerledger or lisk on binance for btc... im paying the fee in powerledger or lisk right?

You just check your order history to make sure of that. If you are a user of the Binance desktop application, all you have to do is click "All" in the left menu bar > Order > Spot Orders > Trade History tab. Then you will know the trading fee options that you have used before.

If you want to know which fee option you are currently using, just highlight "Fee Level" under the execute button on the trading interface,

then click "Set" if you want to change it.

Quote from: jerry0 on October 02, 2021, 10:37:32 PM

Well if im selling an altcoin or bnb for btc... obviously the fee im paying would be in btc right since i would get btc and they deduct the btc percentage fee?

If you do not set the fee option to BNB, the trading fee will be taken from the main pair, depending on which market pair you are using. In this case you will pay in BTC if you sell altcoins on the BTC markets.

Tytanowy Janusz

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Quote from: jerry0 on October 02, 2021, 10:37:32 PM

Well if im selling an altcoin or bnb for btc... obviously the fee im paying would be in btc right since i would get btc and they deduct the btc percentage fee?

Who cares? It does not matter. At the end of the day you have the amount of btc you should have minus small fee. It does not matter if it was taken as altcoin or after transfering it to BTC. its still the same amount of fee from the same amount of money.

Quote from: Mpamaegbu on October 03, 2021, 01:38:36 AM

Again, may be you've not noticed that Binance has a way of charging commission too once you pend a trade. Whether the trade triggers or not, Binance takes its commission immediately you pend it.

No. Binance charge trading fee not placing order fee. There is nothing like "place order fee" on cexes. Your order must have been partially filled thats why it looks like they charge fee without filling order.

Quote from: jerry0 on October 02, 2021, 10:37:32 PM

You dare not withdraw in BTC if you aren't a large volume trader because the 0.0005btc constant withdrawal charge is a killer. Binance needs to review that too but for the best of reasons best known to itself, it has left it that way.

Most cexes have 0.0005 BTC withdrawal fee. You can reduce it using wrapped BTC.

martina14

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Quote from: jerry0 on October 02, 2021, 10:30:13 PM

So its been a while since i did any trade on binance. A while back when i bought an altcoin, i remember i paid the fees with either BNB or btc... i forgot which. I think it was bnb because there was a discount doing it that way?

But now when you sell an altcoin on binance... how are they deducting your fees? Example say you sell powerledger or lisk for btc. Are they deducting some powerledger? Or will it be from bnb or btc? Asking this because i have altcoin, and very tiny amount of bnb and btc in my binance account.

I remember buying the altcoin with btc and paying the fee in bnb for some reason. It might have been btc once. But if i sell powerledger or lisk on binance for btc... im paying the fee in powerledger or lisk right?

I'm kind a little bit confused with your statement, but I will try to comprehend you dude, As far as I know,
every transaction in which your gonna do in the actual trade in Binance exchange there is of course a percentage
fee and that is normal. So, to your question my answer is of course the fee will be on Bitcoin. get it?

Oneandpure

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Quote from: jerry0 on October 02, 2021, 10:30:13 PM

So its been a while since i did any trade on binance. A while back when i bought an altcoin, i remember i paid the fees with either BNB or btc... i forgot which. I think it was bnb because there was a discount doing it that way?

But now when you sell an altcoin on binance... how are they deducting your fees? Example say you sell powerledger or lisk for btc. Are they deducting some powerledger? Or will it be from bnb or btc? Asking this because i have altcoin, and very tiny amount of bnb and btc in my binance account.

I remember buying the altcoin with btc and paying the fee in bnb for some reason. It might have been btc once. But if i sell powerledger or lisk on binance for btc... im paying the fee in powerledger or lisk right?

Usually you will pay based on coin what kind pair do you trade, example when you make trading buy bitcoin using USDT and you will pay fees by USDT when buying or selling, you can see on your trading history have notification about how much fees do you pay. Better keep chance pair to BUSD when trading because you not worry to pay fees, by using BUSD pair not any fees transaction when buying or selling coin on Binance.

Findingnemo

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Quote from: jerry0 on October 02, 2021, 10:37:32 PM

Well if im selling an altcoin or bnb for btc... obviously the fee im paying would be in btc right since i would get btc and they deduct the btc percentage fee?

No matter which coin you trade if you have BNB in your binance account the trading fee will be deducted from BNB right? or correct me if I am wrong. Binance have this feature for certain time period and only after this the discounts will be no more so the fee will be deducted from whatever coin we are trading but when it comes to withdrawal fee the fee will be deducted only from the coin which we are going to withdraw.

Mpamaegbu

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Quote from: jerry0 on October 02, 2021, 10:37:32 PM

Okay I think im confusing myself.

Well if im selling an altcoin or bnb for btc... obviously the fee im paying would be in btc right since i would get btc and they deduct the btc percentage fee?

Yes, that's correct. The commission will be taken from BTC.

Again, may be you've not noticed that Binance has a way of charging commission too once you pend a trade. Whether the trade triggers or not, Binance takes its commission immediately you pend it. Even if you decide to cancel it after pending it, the commission is still taken. I don't know if it's just me or any other trader experiences that. Honestly, Binance (yes, I know it's the most trusted exchange to trade on with real trades going on unlike many other big exchanges that are peopled with bot traders) is becoming an expensive exchange to trade on. You dare not withdraw in BTC if you aren't a large volume trader because the 0.0005btc constant withdrawal charge is a killer. Binance needs to review that too but for the best of reasons best known to itself, it has left it that way.

jerry0

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Okay I think im confusing myself.

Well if im selling an altcoin or bnb for btc... obviously the fee im paying would be in btc right since i would get btc and they deduct the btc percentage fee?

jerry0

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Activity: 1750

Merit: 186

So its been a while since i did any trade on binance. A while back when i bought an altcoin, i remember i paid the fees with either BNB or btc... i forgot which. I think it was bnb because there was a discount doing it that way?

But now when you sell an altcoin on binance... how are they deducting your fees? Example say you sell powerledger or lisk for btc. Are they deducting some powerledger? Or will it be from bnb or btc? Asking this because i have altcoin, and very tiny amount of bnb and btc in my binance account.

I remember buying the altcoin with btc and paying the fee in bnb for some reason. It might have been btc once. But if i sell powerledger or lisk on binance for btc... im paying the fee in powerledger or lisk right?

Topic: Binance Trading Fee Question (Read 103 times)