Why are the fees so high?
1. Because your position is large,
Fees are calculated based on the market value of your position, not just the principal.
2. You are taking market orders
Market orders incur higher fees than limit orders.
Regular users: Market order: 0.05%, Limit order: 0.02%. You may have noticed that market orders have a higher fee rate. Market orders take away liquidity and reduce market depth. Exchanges generally encourage limit orders. So, in the future, when opening positions, use limit orders to save on fees.
3. Earning exchange commissions
Why can some people enjoy ultra-low rates? The reason is that in addition to using limit orders, they can also enjoy a rebate on each order's fees; the costs incurred after each position is opened will be returned to your account in various ways.
The logic is: Exchanges, to promote the market, will give back a portion of user fees to attract more users. However, exchanges cannot personally engage, so they collaborate with KOLs. Only users invited through KOL's unique link or invitation code can enjoy this benefit.
Now you know, high fees stem from not understanding the platform's fee structure. Otherwise, you could significantly reduce your fee expenditures.
Open the Binance APP - Funds - Futures - Today's Profit and Loss - Funding Fees and Trading Fees.
You can see your fees for the past year.
