Maker vs taker: what they mean and how the fees differ
Short answer
A maker order sits on the order book until someone fills it; a taker order fills straight away at the current price. Standard Binance spot fees are 0.1% for both; at OKX makers pay 0.08% and takers 0.1%.
- A limit order that doesn't fill straight away and waits on the book is a maker order. Market orders are always taker orders.
- The fee rebate is based on the fees you actually pay, maker or taker.
In one line
Maker: you set a price and wait for someone to fill it. Taker: you fill straight away at the current price.
An example
Bitcoin is trading at 60,000 USDT.
- You place a buy order at 59,500 and wait for the price to drop: that’s a maker order.
- You buy straight away at the current price: that’s a taker order.
Fees
Fees are a percentage of the trade value. Standard Binance spot fees are 0.1% for both maker and taker orders; at OKX standard spot fees are 0.08% for makers and 0.1% for takers.
Related
FAQ
Should a beginner use maker or taker orders?
For a small first purchase, a market order (taker) is simplest because it fills straight away. If you're not in a hurry and want to pay a little less, place a limit order.
Is a limit order always a maker order?
No. If your price can fill immediately, for example a buy price above the current ask, it fills right away and counts as a taker order.
Do I get the fee rebate on both maker and taker fees?
Yes. The rebate is based on the fees you actually pay, whichever kind of order it is.