#TradingMistakes101

Let's break down crypto fees so you can keep more of your hard-earned profits.

*What are Crypto Fees?*

Crypto fees are charges paid to process transactions on the blockchain network. These fees compensate validators or miners for confirming and adding transactions to the blockchain. You might also hear them referred to as "gas fees" or "network fees".

*Types of Crypto Fees on Binance:*

- *Maker Fees*: These range from 0.1% for orders that aren't executed immediately.

- *Taker Fees*: These go up to 0.2% for orders that take liquidity from the market.

- *Base Commission*: Binance charges a base commission of 0.1% for trades.

- *Withdrawal Fees*: These vary depending on the cryptocurrency.

*How to Save on Crypto Fees:*

- *Pay Fees with BNB*: Using Binance Coin (BNB) to pay fees reduces your rates to 0.075%.

- *Become a VIP*: If you trade over $1 million monthly or hold more than 25 BNB, your fees drop by up to 80%.

- *Use Limit Orders*: Opt for limit orders instead of market orders to avoid taker fees.

- *Monitor Conversion Fees*: Be aware of the spread when using Binance's conversion feature, as it can add up.

*Why Understanding Crypto Fees Matters:*

Knowing how fees work helps you minimize losses and maximize profits. By adjusting your trading strategy, you can save anywhere from $100 to $1,000 annually, depending on your trading volume ¹.