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Using BNB to Pay for Fees
2017-07-10 09:22
Using BNB to Pay for Fees
BNB (The Binance Coin) is a utility token created in 2017. It’s the cryptocurrency that powers the Binance ecosystem and provides discounted trading fees for users. You can use BNB to pay for trading and transaction fees on the Binance exchange, Binance DEX, Binance Chain, and Binance Smart Chain.
When you hold BNB, you can receive a significant discount for using BNB to pay for trading fees.
The BNB trading fee discount is calculated based on the number of years since Binance’s establishment in July 2017. Please refer to the table below for the discount rate:
Time since Binance established The 1st yearThe 2nd yearThe 3rd yearThe 4th yearThe 5th year
Discount Rate50%25%25%6.75%No discount
NOTE: “Time” is not referring to your account registration time.
1. How to convert BNB to other coins?
For example, if you trade BNB to receive ETH, our system will calculate the fee based on the exchange ratio of ETH to BNB at the market price, which is based on the market price of ETH / BTC and BNB / BTC.
Exchange ratio of ETH/BNB = ETH/BTC[market price] /(BNB/BTC [market price]).
Please note that Binance updates its market price every second. You should refer to the transaction history for the final fee charged.
2. Can I enable/disable the [Using BNB to pay for fees] function?
You can enable/disable the function anytime from [Profile] - [Dashboard]. Scroll down to [Your Trading Fee Level] to toggle on or off the button next to [Using BNB to pay for fees ( 25% discount )].
You can also see your current status of this function on the Spot and Futures trading pages.
3. How do I calculate the fees for trading BNB?
When you turn on the [Using BNB to pay for fees] function, you can receive a discount for 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 the [Using BNB to pay for fees] function but I don’t have sufficient BNB balance in my account, what will happen?
If the BNB balance in your account is insufficient, fees will be deducted according to the Binance Fee Schedule.
Besides, BNB can be used to pay for Interest in Margin account, you can visit How to Use BNB to Pay For the Interest in Margin Account for more details.
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