Now that you’re using the bot on Binance or Binance US, and you’re building up some trading volume, you might be interested to learn more about the fees schedule, and the referral program Binance offers, and how this can increase the profitability of your trading strategy.
The WolfpackBOT does not take fees into account when calculating the profitability of a trade. As the fees can vary widely depending on the status of your account, it is important to understand how the fee system works in order to understand how it will impact the profit on each trade.
If you haven’t already, you should definitely choose to pay fees with BNB. This instantly gives you a 25% discount on all trading fees, which instantly improves your profitability and ROI. It’s a good idea to always have some BNB in your account for this purpose. Once you run out of BNB, you lose the discount, and then you lose extra profit.
You may also be interested in the VIP Trading Fee levels that Binance lays out here.
Basically, the more you trade, the higher your fee discount is, giving you further incentive to trade more confidently with lower fees.
You need to both fulfil the trading thresholds, as well as hold enough BNB in your wallet in order to receive the various VIP statuses.
And to put it in plain English, market orders are ‘Taker’ trades, and limit orders are ‘Maker’ trades/ You can find more information about this here.
Another way to earn BNB and reduce your fees is through your referral code. When other accounts use your unique referral code, you receive a commission based on the trading fees the other account pays.
Not only that, but you can also decide if you want to share the commission with your friend so that everyone enjoys the benefits of the referral. You can earn up to 40% commission using your code, so maybe its time to tell that friend of yours to get a subscription to WolfpackBOT and get trading.
Once other accounts are using your referral code, you can see a detailed breakdown of how much BNB you are earning on the referral page.
This article is brought to you by WolfpackBOT, an advanced cryptocurrency trading bot that allows you to securely and automatically trade digital assets on Binance, and by the EvolV Smart Contract. The EvolV Ecosystem includes built-in referral dividends and volume based staking dividends for all token holders, meaning that every time EvolV is bought or sold, all EvolV holders receive instant dividends, paid in Ethereum.