With the cryptocurrency market growing larger with each passing day, only some platforms allow the proper extension to the whole of this crypto market; and even when they do, the fees for the deposit, transaction as well as withdrawal of money is so high that people find it wasteful to use them unless aiming for some very high investments. This is where cryptocurrency exchanges like Binance come in, where the Binance fees (바이낸스 수수료) are not only affordable but also low and consistent.
Binance is a cryptocurrency exchange platform originating from Korea, which helps its user to access the vaster crypto market in both national and international scenarios. With its wide range of bitcoins and available investments, one can find it very beneficial and strategic to invest through this platform – especially in the case of those looking to make small investments but with a nominal service fee.
What is Binance?
As mentioned previously, Binance is a popular cryptocurrency exchange platform that connects several international crypto markets for its users. It is not only versatile with its variety of cryptocurrencies available to invest and trade in but also quite diverse in its investments as it allows people to access crypto markets without any barriers or borders.
And while the platform itself originates from Korea and is available primarily in the Korean language, people outside of the said nation can also access the platform and use it to make investments in virtual assets.
What is the service fee of Binance?
Like any other platform or website, users have to pay an amount of fee to the said online platform for the services they provide. In the case of the cryptocurrency exchange platform Binance, the service fee is considered one of its most popular facilities as it is quite low and reasonable in comparison to other platforms.
In a nutshell, a platform dealing with the crypto market and trading charges service fees in three ways: deposit fee, transaction fee and finally withdrawal fee. The deposit fee is taken as a small percentage of the amount deposited onto the virtual wallet of the site while the transaction fee is the small percentage applied to both the parties involved in trading as a service fee. The same is in the case of the withdrawal fee which is deducted from the amount withdrawn or transferred to the bank from the virtual wallet available on the platform for the convenience of the investors.
In Binance, there is no deposit fee, making it essentially free for anyone to deposit whatever amount they wish for investment. Meanwhile, the transaction fee is 0.1% of the amount traded, which is consistent no matter the amount or type of currency used to trade the bitcoins. Lastly, the withdrawal fee, which ranges from 0.1 to 0.5% of the amount withdrawn; varies from currency to currency and coin used to convert and withdraw the profit from.
And since investors can be quite reluctant to pay high fees for such services, Binance allows permanent discounts in service fees for using its own, exclusive bitcoins called the Binance Coin or the ‘BNB’. It is quite easier to use and has quite less service tax imposed on it.
In the end, the cryptocurrency market is as fickle as it can – thus, anyone investing there should do it at their own risk since platforms like Binance would not be reliable for the actions and decisions an investor would be making while trading or investing in their virtual assets. After all, it is a market that runs on good timing and the good research or observational skills of the investors.