In This Article
As of 2024, it’s estimated that over 700 crypto exchanges now exist. The reason for this, much like the dynamic between high street banks and neobanks, is that newer entrants are fiercely flexible and competitive.
Among these entrants is Bitunix. Since 2021, the Singapore-based derivative exchange has quickly become recognized for its competitive offerings and lack of KYC.
The fast-growing crypto exchange uses a maker-taker model that rapidly benefits those with a larger bankroll. But, as we will find out, it's hardly considered expensive even for beginners...
What Are The Fees For Bitunix? Understanding The Model
Buying and selling becomes cheaper the more you do it on Bitunix. The VIP system has seven tiers, each with progressively lower fees based on 30-day trading volume or account balance (one or the other is fine).
VIP Tier Qualification: Users can jump up the VIP levels by trading more. Alternatively, they can simply have a higher account balance.
Balance: Ranging from 1,000 USDT to 3,000,000 USDT
Spot Trading Volume: Tiers start from 100,000 USDT
Futures Trading Volume: Tiers start from 1,000,000 USDT
The VIP tiers go from 0 all the way through to 7, and the savings increase fairly steadily - though VIP 2 to VIP 3 is the most substantial jump in savings. Active accounts can gain status with activity, but traders taking a break can retain their status via their account balance.
Spot Trading Fees
As mentioned, Bitunix trading fees have a tiered fee structure. The fees are calculated on a 30-day trading volume basis - here are some examples.
Fee Progression:
VIP 0: 0.0800% (maker) / 0.1000% (taker)
Fees reduce substantially through higher tiers
The jump from VIP 3 to 4 is a reduction in maker/taker fees of 0.025% and 0.02% respectively
VIP 7: 0.0100% (maker) / 0.0325% (taker)
Volume Thresholds: Start at 100,000 USDT (VIP 1) and reach 8,000,000 USDT (VIP 7)
Futures Trading Costs
Bitunix is primarily a derivative platform, so its focus is also on competitive rates for futures trading. Like spot trading, fees are based on a 30-day trading volume.
Fee Structure:
VIP 0: 0.0200% (maker) / 0.0600% (taker)
Substantial fee reductions are available at higher VIP levels.
VIP 0 to VIP 1 sees no savings for makers, but a substantial 0.004% is saved when reaching VIP 2
VIP 7: 0.0060% (maker) / 0.0300% (taker)
Leverage Trading: Margin requirements and funding rates impact overall costs, varying with market conditions.
Funding Rates: A dynamic mechanism maintains stability in perpetual contracts, with rates fluctuating based on market dynamics.
Competitive Fee Comparison
Bitunix fees stand out favourably against the major exchanges. Even its spot trading maker fee for the lowest VIP tier (0) is 0.08% - beating Kraken's 0.25% and Coinbase's 0.40% base rates significantly.
In futures trading, Bitunix's taker fee of 0.06% is more competitive than Binance's standard rate of 0.075%. For high-volume traders, Bitunix's VIP 7 maker fee of 0.01% for spot trading is particularly attractive compared to Bitfinex's 0.02% rate, which is twice as much.
Deposit and Withdrawal Fees
Bitunix has relatively straightforward deposit/withdrawal fees. It’s straightforward because, essentially, there are no fees for deposits, meaning it’s cost-effective to fund your account. However, this is now the industry standard. For Bitunix withdrawals fees, they vary by cryptocurrency and network choice.
Bitcoin withdrawals incur a fee of 0.0004 BTC, while USDT withdrawals cost $5 on the Ethereum network and $1 on networks like Tron, Polygon, BSC… There are many different pricing.
The platform has a tiered withdrawal limit system based on verification levels. Without KYC, users can withdraw up to (let’s face it, a rather massive) $500,000 daily - which is far beyond most trader’s needs. This limit refreshes every 24 hours at midnight UTC. For more withdrawal capabilities, users can simply complete additional security measures.
Ways to Reduce Trading Costs
Traders can really cut down a lot of their costs by using the features and programs available. By reaching VIP 7 status, traders can access maker fees as low as 0.01% and taker fees of 0.03% for futures trading.
The platform also offers a welcome bonus program worth up to 5,500 USDT for new users, including a mystery box bonus of up to 200 USDT and deposit rewards up to 5,000 USDT. These can offset some of the fees for some time. Plus, users can access continued bonuses with their referral program, providing commissions up to 40% on referred trades. The more active traders will likely see more promotions, like with seasonal campaigns and promotional events.
Conclusion and Comparison
Bitunix presents a very affordable exchange, with plenty of bonuses and vast economies of scale. It outcompetes most of the major exchanges, yet even the lower VIP tiers are cheap. Plus, its lack of KYC requirements makes it attractive to traders of all levels of experience.
