Binance name being used again by the media. I'd rather say crypto exchanges, in general, are overcharging on tx fees, but they go with Binance instead. Nice strategy for SEO.
Some exchange even charges for your deposit, such as Luno. That's way terrible. My local exchange is charging 1% for fiat withdrawal, that's a lot of money for me, especially considering bank transfer take less than $1 fee.
Topic: Binance Earns More Than $20,000 per Day Overcharging on Transaction Fees - page 2. (Read 299 times)
October 21, 2019, 02:22:08 AM
October 21, 2019, 01:49:06 AM
It is interesting to note as well, based on that article that Binance still uses Legacy wallet as input address that can really ballooned the fees by x amount.
Anyways, it still boils down to business + profit, at the end of the end, those exchanges really needs to find ways to generate and squeeze every penny out of us, crypto traders.
This is not a problem with Binance alone all of the exchanges have a very high withdrawal fees and 0.0005BTC is the standard fee and some exchanges even charge as high as 0.0015BTC HitBTC for example and CoinMex has the highest fees 0.002296BTC. There is no one protesting that and so is the reason they are continuing that old fees. If you are looking for free withdrawal fees go to Bitstamp and Coinbase Pro.Anyways, it still boils down to business + profit, at the end of the end, those exchanges really needs to find ways to generate and squeeze every penny out of us, crypto traders.
To know the complete list of withdrawal fees here is the exchanges and the fees they are charging.
https://withdrawalfees.com/coins/bitcoin
ANXPRO and CoinMex charge $20.73 and $23.80 respectively. I guess both exchanges are for traders with lots of money. I do not see how average traders would use the exchanges.
Exchanges with free withdrawal fees:
Bitstamp
Coinbase Pro
Liquid
Shake pay
October 21, 2019, 01:43:01 AM
Well.. it is in their best interest to make the users keep their bags on their platform. I think you've seen what they are doing. Adding staking programs, lending, futures, etc. they want to become the one stop shop for everything related to crypto trading and financial. This is not good because we don't want BTC centralized in one place. If you take a worst case scenario where most BTC in circulation is held into BNB cold wallet and it gets hacked the whole crypto economy could collapse.
October 21, 2019, 12:39:14 AM
If you are running your exchange and that happens to be one of the most well-known exchanges in the industry, that's going to be profitable, right? Without considering the Trading Fees either. They are advantageous for sure.
The concern with the wallet is that if they were to change or update a new wallet for it, it's going to be hard. Imagine a large amount of BTC in the exchange itself, and moving and upgrading a wallet would be somewhat interrupting with their business. I don't have the experience with that, but I know it could expose the wallet or something, could there be an exploit when doing that and stealing the funds?
The concern with the wallet is that if they were to change or update a new wallet for it, it's going to be hard. Imagine a large amount of BTC in the exchange itself, and moving and upgrading a wallet would be somewhat interrupting with their business. I don't have the experience with that, but I know it could expose the wallet or something, could there be an exploit when doing that and stealing the funds?
October 21, 2019, 12:30:30 AM
Maybe the excess transaction fees is to take care of the BTC dust in the different wallets. Anyways they also have to make profit at whatever opportunity they get.
To know the complete list of withdrawal fees here is the exchanges and the fees they are charging.
Honestly i never knew about this tool. Thanks for sharing... However, the USD price doesn't seem to be in line with the current BTC price. Would have been cool if they were matching but non the less it's awesome 
October 21, 2019, 12:19:28 AM
Of course most cypto exchanges have been very exploitative in every aspect but then again, you don't want to have many pending withdrawals from thousands of customers due to a sudden spike in BTC fees. So they have to overestimate the withdrawal fees just in case.
Binance withdraw charges are somewhat fair compared to other exchanges. You haven't seen withdraw charges of HitBTC or Yobit. Yobit for example currently charges 0.0012 BTC as withdraw fees... Ridiculous, isn't it?
The lowest fees I have seen so far on the exchanges i have used are of bitmex and mercatox which is around 0.0003 BTC
Binance withdraw charges are somewhat fair compared to other exchanges. You haven't seen withdraw charges of HitBTC or Yobit. Yobit for example currently charges 0.0012 BTC as withdraw fees... Ridiculous, isn't it?
The lowest fees I have seen so far on the exchanges i have used are of bitmex and mercatox which is around 0.0003 BTC
October 21, 2019, 12:18:43 AM
It is interesting to note as well, based on that article that Binance still uses Legacy wallet as input address that can really ballooned the fees by x amount.
Anyways, it still boils down to business + profit, at the end of the end, those exchanges really needs to find ways to generate and squeeze every penny out of us, crypto traders.
This is not a problem with Binance alone all of the exchanges have a very high withdrawal fees and 0.0005BTC is the standard fee and some exchanges even charge as high as 0.0015BTC HitBTC for example and CoinMex has the highest fees 0.002296BTC. There is no one protesting that and so is the reason they are continuing that old fees. If you are looking for free withdrawal fees go to Bitstamp and Coinbase Pro.Anyways, it still boils down to business + profit, at the end of the end, those exchanges really needs to find ways to generate and squeeze every penny out of us, crypto traders.
To know the complete list of withdrawal fees here is the exchanges and the fees they are charging.
October 21, 2019, 12:04:14 AM
Binance Earns More Than $20,000 per Day Overcharging on Transaction Fees
https://beincrypto.com/binance-earns-more-than-20000-per-day-overcharging-on-transaction-fees/
It is interesting to note as well, based on that article that Binance still uses Legacy wallet as input address that can really ballooned the fees by x amount.
Anyways, it still boils down to business + profit, at the end of the end, those exchanges really needs to find ways to generate and squeeze every penny out of us, crypto traders.
Quote
If you are a regular Binance user, you are probably well aware that the cryptocurrency exchange charges a 0.0005 BTC withdrawal fee, irrespective of the size of the withdrawal or network fee requirements.
The 0.0005 BTC withdrawal fee is currently around 33 times higher than the average fee required to ensure transactions are mined on the next block.
The 0.0005 BTC withdrawal fee is currently around 33 times higher than the average fee required to ensure transactions are mined on the next block.
https://beincrypto.com/binance-earns-more-than-20000-per-day-overcharging-on-transaction-fees/
It is interesting to note as well, based on that article that Binance still uses Legacy wallet as input address that can really ballooned the fees by x amount.
Anyways, it still boils down to business + profit, at the end of the end, those exchanges really needs to find ways to generate and squeeze every penny out of us, crypto traders.
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