Binance Introduces New Tiered Trading Fee Program and Makes Alterations to BNB Discount, As per its Whitepaper
The team shared that they are on track with their whitepaper, which states that the cryptocurrency exchange will make yearly changes to its BNB discount fee. What was once a 50 per cent discount rate, will now become a 25 percent discount rate.
— Binance (@binance) July 19, 2018
With the amount of support Binance has gained over the past year, the exchange has decided to promote its Tiered Trading Fee Program as a way to show its gratitude. The new program has been set to commence on July 21, 2018 at 1:00 AM UTC time.
Tiered Trading Fee Discount Program Key Rules
As for the program rules, the Binance team has listed three key rules that will be considered:
Evaluation of the Total Trading Volume in a 30-Day Time Span
Binance has decided that the two key factors that will determine what tier a user belongs to include his or her total trading volume over the past month along with one’s current BNB balance. If both factors are satisfied to their expectations, then Binance will make the Maker/Taker update an hour after 1:00 AM (UTC) on a daily basis.
Binance’s Tier Program has nine different tiers, labelled “General” and “VIP (one to eight)”, which breaks down the percent in fees both makers and takers have to pay by analyzing one’s. For instance, if a user is classified as VIP 5, then they have 3,500 BNB, with greater than or equal to 20,000 BTC trading volume. Furthermore, if they are seen as a marker, then their discount rate is 0.05 percent and taker, 0.07 percent.
The notion of a “taker” and “maker” must be understood here.
The former targets users who place an order that instantly fills up, which is referred to as a “taker”. This individual is required to pay the associated fees.
Similarly, the latter is when users place an order, however, it does not instantly fill up, making one take the role of a maker. This individual also has fees to pay, but they will be reduced.
Its Effective Time
As per provided information, “the trading fee discounts for each Tier are in effect for 24 hours from 1:00 AM (UTC).”
Trading Fee Program Independent from Other Binance Services
Lastly, Binance has clarified that the Tier program is an “independent” project and will not be associated with the several other products and services that the crypto exchange houses. The rates found here are not applicable to other programs.
Binance continues to prove that its efforts are for consumers at large, as both their services and incentive programs help its followers! If you are not happy with the changes that Binance has added, you can read our top alternative crypto exchanges.
For more information, check out: https://support.binance.com/hc/en-us/articles/360007480472