In the world of cryptocurrency, there are two main types of exchanges: those that charge a maker fee and those that charge a taker fee. Binance is one of the world’s largest cryptocurrency exchanges and it offers both types of fees. So, what is a maker fee and a taker fee? And why does Binance charge them?
A maker fee is a fee charged by an exchange when you add liquidity to the order book by placing a limit order below the market price (for buy orders) or above the market price (for sell orders). Makers are rewarded with a lower fee because they help to make the market more liquid.
A taker fee is a fee charged by an exchange when you remove liquidity from the order book by placing any order that is executed against an order already on the book. Takers are charged more because they are effectively taking liquidity away from the market.
Binance charges different maker and taker fees depending on your trading volume over the last 30 days. If your trading volume is below 50 BTC, you will be charged a 0.1% maker fee and a 0.075% taker fee. If your trading volume is between 50 BTC and 1,000 BTC, you will be charged a 0.075% maker fee and a 0.
NOTE: WARNING: Before using the Maker and Taker Fee in Binance, it is important to understand what it is and how it works. The Maker and Taker Fee are fees that are charged when you make a trade or order on Binance. It’s important to know that these fees can vary depending on the type of trade you make and the size of your order. If you don’t pay attention to these fees, you could end up losing more money than you bargained for.
05% taker fee. If your trading volume is above 1,000 BTC, you will be charged a 0.05% maker fee and a 0.025% taker fee.
There are also special fees for users who hold Binance’s native token, Binance Coin (BNB). If you pay your fees with BNB, you will receive a 25% discount on all fees. For example, if you have a trading volume of 1,000 BTC over the last 30 days and you pay your fees with BNB, you will only be charged a 0.
0375% maker fee and a 0.01875% taker fee.
So, there you have it! A maker fee is afee charged by an exchange when you add liquidity to the order book and a taker fee is afee charged by an exchange when you remove liquidity from the order book. Binance offers both types of fees and offers discounts to users who pay their fees with Binance Coin.
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