I've been seeing this little tag on my profile that says "VIP Status 0" while others just have "VIP Status." I mainly trade spots and perpetuals and provide liquidity, but now I'm kinda curious about what VIP status really means on these exchanges.
From what I gather, it seems to come with some benefits like lower fees, higher withdrawal limits, and quicker support, but I’m not sure how valuable any of that really is in practice.
So here’s my question:
Has anyone here actually signed up for a VIP program on an exchange?
What are the real requirements to get in (like trading volume, asset holdings, invite-only, etc.)?
And are the benefits really worth it?
I’d love to hear experiences from traders who've done it, whether it's with Binance, Bitget, OKX, or any other exchange with VIP options.
The VIP feature on different centralized exchange always have different benefits which varies from one another. The benefits of VIP levels on binance exchange could be slightly different from that of bybit exchange, it won't be easy to start detailing all the benefits offer of the VIP ranks on different centralized exchange but you check it out yourself, study the benefits and know which would be beneficial to you. You will also see guides on how to achieve any of those VIP rank respectively.
On those exchange, the way to check the benefits of the VIP ranks is by clicking on the option that say "VIP promotion (VIP) " On any of the exchange you are using. The place you saw the VIP on your account, click on it and you will see the detail information you are looking for. Some of the common benefits are the ones you have already listed out, but when you check, you will find more.
I do not have huge amount of coins on exchanges that can make me to be VIP but the usefulness of the VIP can be seen if you click on the VIP on your profile on the exchange, you will see the benefits.
Example of it on Bybit are:
1. Lower Fees and Interest Rates
2. Industry Insight Reports
3. Priority Access to Customer Support
4. Invitation to Offline Events
5. Access to VIP-Only Campaigns
6. Welcome and Birthday Gifts
7. Dedicated VIP Ambassadors
8. Higher API and Withdrawal Limits
.
.
.
There are still few more benefits.
On Binance, I think there are some VIP that are paid trading fee money instead of deducting it.
If I have high amount of money, I will prefer to have it on a cold noncustodial wallet instead of it to be on exchanges.
The VIP benefits can be similar but still have some differences. Go to each exchanges to find out about the VIP benefits.
Never had or joined a VIP program from any trading sites. I'm a small trader, so I can't apply for the VIP program. On OKX you need to deposit above $50k to be eligible to become VIP1 and above.
There are many benefits. if you got at least VIP1, the only problem is $50k is a huge amount; I don't think I could deposit such a big amount and trust the exchange to hold it while trading.
You can also be qualified to be VIP1 if you are able to make 5m spot trading volume or 50m trading volume on futures.
This one is hard to achieve unless you have a big capital and have a solid trading strategy.
This is for OKX, but I believe the requirements are the same as those offered by Binance and other exchanges.
It is mostly something to do with lower/discounted trading fees, dedicated customer support among other things depending on the exchange you are using. This is to encourage traders to trade more and make more deposits in order to attain the different VIP levels. I just wanted to know exchange were you using. Maybe I could help pull up some benefits from their frequently asked questions.
The VIP status is given to people based on the volume of trade they have completed in that exchange. It comes with various benefits such as reduced trading fees, access to some of the exchange features and even cash prizes. However, if you are a profitable trader, you will not bother about those because you are already earning far more than that from your trading except for the exchange features.
You mentioned the benefits earlier; you just need to compare trading fees between VIP levels (I think they describe it transparently). You'll only see the benefits if you're an active trader (high trading frequency).
For users: generally, priority and access to special services (more specifics are available on each VIP's program page).
For exchanges: encouraging users to deposit and use more > high statistics and liquidity.
Based on my experienced with Bybit exchange when getting mass deposit delays with any coins the exchange giving us compensation with VIP status for several user Bybit account. Get several benefit after our account reach VIP level from fees trading at spot from 0.1% cut off to be 0.045% and other benefit when trading at future we got cut off fees trading to 0.03% and its more helpful as usually paying higher fees if not VIP status exchange account.
Another interested with VIP level exchange account or Bybit have bigger allocated when exchange launching new project launchpool, we earn bigger than usual user with their account not VIP. But some exchange have fees if want upgrade account to VIP and must reach higher amount of trading transaction volume, I think every exchange have difference benefit earn when account have reach level to VIP.
Most folks here have already given proper analysis, the perks are different, for me I've only compared between Bitget and Binance and I prefer thw former due to perks like I received a VIP manager that caters for issues without hassles,got invited to private trading events and I got early access to new features like the recently released GetAgent..it varies based on exchanges just choose the one that suits you.
You have given quite an instructive light to OP's question and that's very brilliant but I like to point out that a trader don't need to apply for such grade of trading or status on your account. We have to remember that there are so many benefits if an account become a VIP status like lower trading fee or withdrawal, expounded account etc. To get to that level you will need to have contributed or traded very well in the exchange, as you will know trading means depositing, losses, profit and creating activities, traffic in the exchange. These kinds of activities get the account attracted and if evaluated positively it can get an upgrade before the account get those benefits.
It won't be given for free at least in binance, if you will apply it means you will show prove of trading performance from other A class exchange.
There is a special status that such account get just like in banks, it will get a dedicated support that will be personalised to check on the account to ensure everything is okay and benefits go to it, whatever issue is given adequate attention.