English/USD
Language
Currency
How can we help you?
Support Center
FAQ
Terms of Use
Binance Terms of Use
Using BNB to Pay for Fees
Binance
2017-07-10 09:22

In accordance to the Binance whitepaper, you can use BNB to pay for any fees on the Binance platform. When you hold BNB and use BNB to pay for trading fees, you will receive a significant discount based on the amount of time passed since Binance’s launch in 2017.  

TIME

The 1st year

The 2nd year

The 3rd year

The 4th year

The 5th year

Discount rate

50%

25%

25%

6.75%

No discount

NOTE: The TIME is calculated since Binance establishment on July 2017, not account registration time. 

FAQ 

1. The logic of converting BNB to other coins.

If you trade BNB to receive NEO, our system will calculate the fee based on the exchange ratio of NEO to BNB at the market price, which is based on the market price of  NEO / BTC and BNB / BTC.

Exchange ratio of NEO/BNB = NEO/BTC[market price] /(BNB/BTC [market price]). Binance updates its market price every second. 

2. Can I turn on/off the Using BNB to pay for fees】function?

Yes, you can turn the function on or off in the User Center-【Dashboard】 at any time. You can also find an alert on the trading page about the current status of this function.

__2.png

User Center

4.png

 trading page

3. How do I calculate the fees for trading BNB itself?

When you turn on the【Using BNB to pay for fees】 function, there will be a discount applied to your trading fees. If you turn it off, Binance will charge 100% of the trading fees. Please refer to the Binance Fee Schedule for more details on trading and deposit/withdrawal fees.

4. If  I’ve enabled theUsing BNB to pay for fees】function but I have insufficient BNB in my account, what happens?

If you have insufficient BNB in your account, fees will be deducted according to the Binance Fee Schedule.

Besides, BNB can be used to pay for Interest in Margin account, more details in How to Use BNB to Pay For the Interest in Margin Account.

 


Have more questions?submit a request
Related Articles
NPXS Monthly Token Unlock Program