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How To Avoid and Reduce Binance Fees. In today’s video, I we will discuss a few tricks that should help you avoid and reduce Binance fees.

Before all else,here is a quick overview of the Binance exchange platform
Binance is a well-established crypto-to-crypto exchange service that originated from Hong Kong. Currently, it is the most popular and commonly used platform for crypto-exchange and it is here to stay. It offers staking, saving options, crypto loans, the Binance Visa card, the Binance Liquid Swap, and the Binance Smart Pool for minors.

How exactly does the Binance exchange platform work?
As we mentioned earlier, Binance is a crypto-to-crypto exchange service, which allows you to exchange first for different cryptocurrencies, including Ethereum, Bitcoin, Tether, Litecoin, and so many others. There are 3 specific methods through which you can carry out exchange on the platform.

1. Credit or Debit card
Binance has formed significant partnerships, which allow you to use your credit and debit cards to purchase different cryptocurrencies. However, you would need to pay a purchasing fee to initiate a successful transaction process.

2. Peer-to-Peer Trading (P2P)
Primarily, Binance was designed to offer a comprehensive trading platform that directly connects crypto buyers and sellers. The Binance Peer to Peer Trading service uses escrow to safeguard the cryptocurrencies until both the sender and recipient have confirmed the transaction. It accepts over 150 payment options, and you can always choose whichever works for you.

3. Bank Transfers
Binance has formed strategic partnerships with third party stakeholders to allow crypto traders to buy coins using bank transfers or Single Euro Payments Area payments. The only downside to this is that this service is only available for specific fiat options, such as Australian Currency (AUD), Euros (EUR), and the Canadian Currency (CAD).

Understanding Binance Fees
In order to fully acquaint ourselves with the tips and tricks of avoiding and reducing fees, we need to begin by understand Binance fees and why they exist in the first place.

1. Purchasing fees
The purchasing fee is the charge assessed by Binance for assisting in the sale or purchase of a security (the key that approves ownership of crypto currencies and digital assets).

2. Deposit fees
When you are depositing crypto assets on Binance with Ethereum (ETH), Bitcoin (BTC), and Tether (USDT), you will not encounter any deposit fees, as long as you exchange your fiat for crypto before making your deposit. However, if you trade in other currencies, you are likely to encounter hefty deposit fees.

3. Withdrawal fees
When withdrawing crypto from Binance, you will need to pay a withdrawal fee, which is determined by the type of Crypto you are withdrawing. The withdrawal fees often change with the market status, so Binance tries to ensure that it provides accurate and up-to-date information for all types of cryptocurrencies.

4. Trading fees
Trading fees apply when you want to buy or sell shares of a specific investment on Binance. That said, the platform charges a 0.1% fee for trading on the exchange platform. This means that the price entirely depends on the amount of trade you are making.

So, how do you avoid and reduce fees on Binance?
While getting a low transaction fee on Binance comes with a few perks, it can be very time consuming and exhaustive if you are not the patient kind. Remember, we mentioned, that Binance is one of the best exchange platforms in the crypto world because it has the lowest fees compared to its competitors.

There are 4 effective ways through which you can avoid and reduce fees on Binance.

1. Taking advantage of referral discounts
Thanks to the Binance Reference Program, any crypto trader who joins the platform is eligible for a Binande discount. Once you create a new Binance account using authorized promo links, your Binance fee structure automatically changes from the regular one to a discounted one.

2. Holding BNB coin on your Binance account
Once you have signed up and added funds to your Binance account, you should consider buying some BND coins. The BNB coins are a unique cryptocurrency that is primarily used to pay trading and other transaction fees on the Binance exchange platform.

3. Make use of the Binance VIP Program
Binance offers a rewarding VIP program which is strictly available for heavy traders who hold a significant amount of the BNB coin. Unfortunately, not many traders are aware about the Binance VIP program that offers great discounts. You can also increase your VIP level to enjoy fewer trading fees.

4. Making coin exchanges before withdrawal
Earlier on, we mentioned that Bitcoin and Ethereum incur little to no transaction fees. So, all you need to do is trade and convert the crytocurrency to Ethereum (ETH) or Bitcoin (BTC) first, before initiating any transfers.