Trading Fees Binance charges a 0.10% fee for trading on the platform as well as a 0.50% fee for Instant Buy/Sell, so your actual fee amount will depend on the amount of the trade.
You need to pay a trading fee for every successful trade on the Binance Spot market. You can find more information on trading fee rates here.
Binance Australia offers free withdrawals, free deposits and a low trading fee of 0.1%. Fees: Binance wins when it comes to fees. They have a low trading fee of 0.1% which you can reduce even further if you pay using Binance Coin (BNB).
Cost increases as more users seek to include their transactions on a block with limited capacity. The company replaced the pending bitcoin withdrawal transactions “with a higher fee so that they get picked up by mining pools,” it said. Binance adjusted the fees and resumed trading within a few hours.
One way to lower your trading fee is to keep some Binance Coin in your account at all times so your fees can be taken from that. Doing this fetches you a 25% discount on all trading fees.
Binance does not charge deposit fees. For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account. Withdrawals rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.
The platform is also licensed and regulated in Australia, making it a safe and secure choice for Australian investors. Binance offers an extensive suite of features, including derivatives and futures trading, staking, an NFT marketplace, and a mobile app for iOS and Android devices.
We regret to inform you that AUD deposits and withdrawals by bank transfer are no longer available to Binance users in Australia. Binance has ceased all AUD trading pairs as of June 1.
Overall winner – CoinSpot
Meanwhile, despite boasting similar features, such as margin trading, staking, an NFT marketplace, and futures trading, Binance has lower trading fees of 0.1% than that of Coinspot and users can even enjoy the lower fees of 0.075%.
You can withdraw with your Bank Card (Visa or MasterCard). There are also Other Payment Options, which include bank transfers and currency-specific options. Withdrawals incur a 1.8% fee. If you use the bank card option, you must add a new card by filling in your card details.
Binance's spot trading fees are low, especially for Bitcoin and Ethereum trades, but you'll want to be sure to take advantage of them and not use the instant buy/sell feature at the much higher price point of 0.5 percent.
To withdraw money from Binance to your bank account you need to go to your fiat and spot wallet. Next click on withdraw select the currency payment method and withdrawal information. Lastly add a card complete the security verification and wait for the withdrawal to complete. Continue reading...
The world's biggest cryptocurrency exchange has lost its Australian financial licence after an investigation by Australia's corporate watchdog, forcing local investors to wind up their assets immediately.
The company said in April it would close its Australian derivatives business after relinquishing a financial services licence amid a regulatory probe into its operations. Binance, which accounts for as much as 70% of world trading in cryptocurrencies, has been battling regulatory suits and probes around the world.
Binance Australia's license for its derivatives operation was canceled by ASIC in April. The exchange thus announced it would wind down the local derivatives exchange but maintain its spot trading platform.
Last month, Binance Australia's derivatives licence was cancelled by the Australian regulator which had been investigating operations at the Dubai-based exchange.
Never Keep Your Funds on an Exchange
Binance has long been considered one of the safest cryptocurrency exchanges. It offers extensive security options and gives users control over their funds. While Binance has experienced security issues, so have all major cryptocurrency exchanges.
Binance Withdrawal Fee
However, withdrawing using the BNB Chain is usually the cheapest option when using Binance. With Bitcoin, for example, the withdrawal fee using BNB is 0.000005, while using the Bitcoin blockchain itself is 0.002. With Ethereum, the BNB fee is 0.00068, and the Ethereum (ERC20) fee is 0.0016.
You can withdraw fiat currencies from Binance via bank transfer (Stitch).