Charles-Tim
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February 03, 2021, 07:49:03 AM |
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First of all, your example is clear and understandable, but it is not accurate because binance only charge 0.1% as trading fee. Which means the amount that will be deducted for $110 will not be more than $0.11. This is how it works, but there are certain reason you will still think binance charges more.
1. One of the reasons is because you are dealing with altcoin, and you used market order. Market order for high volume coins like bitcoin may be very close to the limit order but unlike altcoins, it is not close. The lower the trading volume for altcoins, the lower will be the market order if compared to limit order. This is because there is no much buyers and sellers for the coin, you will noticed if you place limit order for low volume coins, it may not be filled in time with limit order while the price of the coin is exactly at the limit order price you use to place the order, which can not happen to coins like bitcoin that will be filled immediately due to enough high number of buyers and sellers that will make the order filled with the limit price. Even, for altcoin, you may reduce the order price for the limit order and may not be filled until it matches your order with the price people are buying or selling which is more likely lower than the limit order price.
For example If the price of doge is $0.035 and you used a market order, it is likely the market order price is $0.34.
2. Another reason can be the limit order you used, the price of doge can be $0.35, but for the order to be filled in time, you may place the order at $0.34 for sell, this can also lead to such.
Which means what you think as the extra charges is from your order which are filled at slightly lower price. If you place limit order equal to or above the price of the coin you order, you will see it not happen. Or, even your fund will be increased if it is placed above the price of doge, and doge increased to the price and make your order filled.
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