Binance is earning only $20,00 per day on transaction fees charge??

[franky1]

But don't forget that Binance covered the losses when the exchange was hacked.

but dont forget they make $440k-$1.4m a day on their internal market trade fees. so they wont wont to vex all their customers over just 1-3months of internal market fees.

if thy did the 'bank run' of people escaping would cost them more than the loss.

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[Xxmodded]

Yea... and just for context, 20k a day is a revenue of 7.3 million a year. That's nothing for any medium sized company much less for one of the largest crypto exchanges in the world.

You may not be happy that you aren't getting 1:1 trades, but i wouldn't exactly call this overcharging. If you can find a more trustworthy exchange with better exchange rates, then go there. If you find that hard to do, then they're not overcharging...

Any thoughts on OKEX / Huobi fees?

Binance earn only $20k every day on transaction fees charge because Binance exchange have many bigger investor, they have many altcoin kinds listing on Binance and excatly earn more than $20k every day from trader fees, right now binance become most trusted exchange use by many investor not only for trader but also for IEO investor to earn profit with Binance exchange.

[bobyhodob]

I think the income from the binance exchange place if it is very large is too reasonable because other exchanges are also like that, many top markets can benefit very much from the trading costs incurred by traders, that is why the business platform where the exchange is very good but keep in mind that the exchange must be able to provide a very high level of comfort and security for traders.

[Kakmakr]

Transaction fees are not their only income source, because a lot of these exchanges will negotiate a fee for the listing of new coins on their exchange. So the Alt coin developers will pay lots of money to list their coins on large exchanges like this and some of the ICO's will also be charged to list these tokens on the exchange. 

Crypto currency exchanges are popping up like mushrooms, because it is a cash cow in the Crypto currency scene and there are 1000's of Alt coins and ICO projects looking for a home. 

[ChrisPop]

Transaction fees are part of the cost of doing business on an exchange. As a trader you've got to factor in all the costs associated with your trades to come up with the real PnL. I don't think that a 0.10%/side fee is an enormous amount but it could be lower of course. As far as I know they do offer fees discounts to volum traders up to 0.05% ( if I am wrong please correct me). As any company they need to make their profits from somewhere. Where do you think they get the funds to launch so many different products ..

[Casdinyard]

But don't forget BNB which got the total marketcap value of nearly 3 billion which is itself their profits right? They created this token from nowhere and made this into a huge profit so the transactions fees were just extra bonus.

Perhaps, they don't bother about transaction fee and so there is BNB. So far, I don't see any exchange sites that have this usage for their token, specifically the 50% off from transaction fee once you have BNB.

However, the title seems inappropriate because of the word ONLY, because 20k a day isn't just nothing!

[Mandoy]

Yea... and just for context, 20k a day is a revenue of 7.3 million a year. That's nothing for any medium sized company much less for one of the largest crypto exchanges in the world.

You may not be happy that you aren't getting 1:1 trades, but i wouldn't exactly call this overcharging. If you can find a more trustworthy exchange with better exchange rates, then go there. If you find that hard to do, then they're not overcharging...

Any thoughts on OKEX / Huobi fees?

I dont believe that binance is just earning 20k dollars a day on transaction fees. The trade fees for binance is 0.1% out of the traded cryptocurrency.  I will give you an evidence that binance is earning more than 20k dollars per day. I will place the link below that proves that  binance take home 446 million profit income from 2018. If we divide 446 million by 365 days we will get  1,221,917 US dollars. In short Binance is earning more or less an average of  million dollars a day.

https://www.theblockcrypto.com/genesis/10491/analysis-binance-brought-in-446-million-in-profits-in-2018-despite-the-bear-market

[hello_good_sir]

The title is wrong, correct? You mean 20,000 dollars, not 2,000 per day, right? Well, I am going to assume my posts under this statistic.

I don't think that's a small amount to be making for basically doing nothing. Does electrum, or a ledger wallet charge you extra fees just to send BTC (other than the network fees of course)? Of course not.

I don't understand why exchanges are given the privilege to do so, people used to complain about Paypal fees, but isn't this the same? They charge almost 5 dollars for something that should cost 50 cents, that's basically free money.

I understand that they are a business and need to be able to milk their profits off all their ventures, but there needs to be some rules about this overcharging.

[teosanru]

Yea... and just for context, 20k a day is a revenue of 7.3 million a year. That's nothing for any medium sized company much less for one of the largest crypto exchanges in the world.

You may not be happy that you aren't getting 1:1 trades, but i wouldn't exactly call this overcharging. If you can find a more trustworthy exchange with better exchange rates, then go there. If you find that hard to do, then they're not overcharging...

Any thoughts on OKEX / Huobi fees?

ofcourse is nothing and I am sure most of it is hidden and concealed from the General Public. There is no way that they get such a low income each day. This is the problem with crypto world. There are no particular norms relating to financial reporting so all the incomes and assets of the company can be easily concealed. Moreover Binance is registered in Malta so pays taxes in Malta which is a tax Heaven therefore tax concealment too is a bit easier there. I think Binance are concealing lots of profits.

[bounceback]

Binance earning $20K from transaction fees is not a big or small thing to take into controversy. From my understanding the primary purpose of the Binance exchange is trading of cryptocurrencies. Out of the trading there will be fee, which needs to be the earning of Binance. If the earning made is a big issue, he could've got house arrest.

binance is superior to other exchanges because they have their own coins like BNB we know that BNB coins are coins issued by binance exchanges and now we see that BNB coins are among coins whose prices are always stable so we can say that binance exchanges have more lots of income especially if added to profit every exchange will definitely get a lot of income at the end of each month.

[angrybirdy]

Yea... and just for context, 20k a day is a revenue of 7.3 million a year. That's nothing for any medium sized company much less for one of the largest crypto exchanges in the world.

You may not be happy that you aren't getting 1:1 trades, but i wouldn't exactly call this overcharging. If you can find a more trustworthy exchange with better exchange rates, then go there. If you find that hard to do, then they're not overcharging...

Any thoughts on OKEX / Huobi fees?

It's not actually shocking for us. We all know that binance is one of the largest and one of the popular exchange nowadays.
Binance is most used because of its security, and aside from its fee, most of its users find it reasonable because of the service it is given to its users.

[CryptoBry]

Reading the many reactions from members here, it is quite obvious that Binance as a cryptocurrency exchange can be a polarizing subject. There are those who maybe reluctantly agreeing with the fees that Binance are charging, there are those who don't mind the fees as long as they get what they want and of course there are those who seem to never like the centralized Binance platform as a whole. I have an account in Binance but I only use it whenever there is a token that I need to liquidate and it is already traded in that platform...am not yet doing regular trading and in many cases I don't mind the fees they are charging.

However, I feel that as consumers, these things have to discussed openly who knows Binance can be reading this piece and they can come up with something more acceptable. By the way, am wondering what about the Binance DEX, is that something better or just a new dog with a different collar?

[pjcaruci]

In any case Binance is a big exchange so they should earn enough on fees.

[Zeke_23]

In any case Binance is a big exchange so they should earn enough on fees.

It's expected, there's a lot of traders in binance. Every transaction they have a percentage. If we include even the withdrawal fee's its no wonder why they can earn up to $20,000 per day. Considering the largest cryptocurrency exchange, they still continue to give satisfaction to all of us its users.

[Rinimitra1926]

the exchange has not made a public announcement on this, it can be argued that by charging 0.0005 BTC per transaction now, Binance will be able to compensate for any loss, with bitcoin transaction fees never seen in the late peak. Must rise back to level. 2019. After all, the transaction hour we have considered is an average hour for Binance, the platform can generate around $ 22,000 per day in bitcoin transaction fees alone.

[yoseph]

In any case Binance is a big exchange so they should earn enough on fees.

Before we comment further, we should know the amount that they charge for every single transaction and the average number of transactions that happens on a daily basis. Yobit is currently charging the equivalent of $9 with each withdrawal with Binance charges the same or more then I will not be surprised with the amount that are reported to be making.

[ene1980]

I have been a binance user from the day I learn about trading and trust me there is no other exchange which is more secure than binance and it's reliable as well. It doesn't matter about the transaction as far as it served the purpose.

If you think that Binance is the most trusted and secure exchange in the bitcoin market then we have a big problem here as the most secure exchanged got short changed for $40 million by the hackers this year alone   and if your version of secure is like this then it is hard to understand the logic behind it, they are making almost billions of dollars annually as per the reports and they could not have a secure system is ridiculous.

[SaShiRaJaVu]

Yea... and just for context, 20k a day is a revenue of 7.3 million a year. That's nothing for any medium sized company much less for one of the largest crypto exchanges in the world.

You may not be happy that you aren't getting 1:1 trades, but i wouldn't exactly call this overcharging. If you can find a more trustworthy exchange with better exchange rates, then go there. If you find that hard to do, then they're not overcharging...

If you look at the reported volume per day they have a volume of $797,280,406 and the amount of fees they get with every trade per day is much higher than any other ventures in the market and on top of that they are charging a withdrawal fees for every individual of 0.0005BTC while the transaction fees is really low in bitcoin and majority of the exchanges are following these practices even now and no one is questioning these encourages them to continue that fees, personally i am not trading with Binance nor any centralized exchanges as all of my trading are done through P2P exchanges.

[lionheart78]

I'd assume a large amount of their profits from the exchange mostly come from the launchpad and the IEO's they hold, they charge huge fees and usually sell out on their platform.

That is the best way to say it.  Not mentioning their manipulated pump and dump of these token that use their IEO launchpad.  They made huge money on these price manipulation.  Aside from that they also have listing fees for both their DEX and Centralized exchange.

[Lizzylove1]

But $20k profit for binance exchange is a bit small considering that it's the largest exchange by volume, maybe this could be due to the situation of the market. If Binance makes $20k, how much then does smaller exchanges make? They have a load of staff to take care of.