Best Places to Buy Binance Coin

Here are some tricks every trader can use to reduce the fees they pay.

1. Deposit fiat using a bank transfer if possible

Most cryptocurrency exchanges let you transfer fiat currency (traditional money like U.S. dollars) using a bank transfer for free. Credit card payments are almost always more costly, especially as you may pay an additional fee to the card issuer. Debit card payments can cost less, so if this is your preferred method of payment, look for a platform with low debit card fees. If you already own cryptocurrency and want to trade it for Binance Coin, it should be free to deposit crypto directly to your account.

2. Compare “test” trades before you commit to anything

Cryptocurrency trading fees can be confusing. Plus, each platform uses different fee structures, so it’s difficult to compare. Some platforms charge a set dollar amount per trade, while others charge a percentage. Some also charge a high spread — the difference between the buy and sell prices quoted for that crypto. This is often hidden, or only clear when you make the transaction, but it could mean you end up with less BNB for your buck.

One surefire way to know which crypto exchange will give you the lowest fees is to experiment. Find out how much BNB you would get for, say $100, on the platforms you might use. The results can be surprising. You don’t need to deposit any money to view a sample trade (though you may need to create an account).

3. Understand withdrawal fees from the outset

Withdrawal fees can take a significant chunk out of your profits. Nobody wants to get hit by huge fees when they want to access their money. Think about how you plan to withdraw your assets and look for the platform that will do it cheaply. Some platforms offer free withdrawals, which might give them the edge over their competitors.

If you’re withdrawing dollars to a bank account, you may find you’ll pay as much as 1% on the total — or a set amount such as $25 per withdrawal. Crypto-to-crypto withdrawals are often cheaper, but that depends on which crypto. For example, withdrawing BNB on the Binance Smart Chain might cost $0.20, whereas withdrawing ETH using the Ethereum network could cost $15 or more.