Binance want more and more money, as usual. And they want to push you to use BUSD
That might be the case and you understand how Business people think, they will try to take advantage of every situation to better their own and I am guessing that Binance might do that too or just trying to catch up with the fees from other exchange because I know that I was charged 1USDT transferring some USDT from one other exchange to BInance some time ago. 
Topic: Binance raised withdrawal fees again? (Read 508 times)
The withdrawal fees were changed from 0 to 0.2 a month ago for the withdrawal of USDT as TRC20. I went with withdrawing some USDT from binance to Kucoin to buy some velo but the withdrawal fees taken were $1. It's absurd how much binance is charging for withdrawal when the fees from blockchain are most probably free for binance as they are super representative on tron blockchain.
I use binance for it's cheaper transaction fees but these these unnecessary withdrawal fees are going to be a push factor as newer exchanges too are coming with aggressive promotions.
Withdrawal fees for USDT are increased but look at BUSD there are no fees for withdrawals, I think the increase in USDT withdrawal fees is a marketing strategy for Binance to get more people to switch to BUSD.I use binance for it's cheaper transaction fees but these these unnecessary withdrawal fees are going to be a push factor as newer exchanges too are coming with aggressive promotions.
maybe it's one part of a business that aims to grow the bnb. converting your coins to bnb before they become addicted is one great way. bnb has minimal fees in transactions compared to usdt or other coins and a lot of development has been done since 2017 to improve not only the exchange itself but also its ecosystem
Not only Binance but other exchanges as well since the value of bitcoin started growing up. The gas fees has grown up from around $5 to $15 now. Blocks must be consuming more gas as more traffic would be causing delays, so need more gas and more gas requires. It p
They are raising the Tether fees on Tron too though. This has nothing to do with Bitcoin. I remember very well that it was free to withdraw tethers by using TRX chain and now they are charging $1. It is still cheap but it is still an unpleasant event. If you use BSC, they charge 0.8 bucks now but the other exchanges I use don't use that chain so it is useless.
The withdrawal fees were normal back to days when the LTC price was increased from $150 all the way up to $220 but the fees didn't change much. Btw, the high withdrawal fees for BTC are not actual for Binance compared to the same amount of withdrawals on alternative exchanges. The high withdrawal fees are still the main problem of payment processors too, the best way is to use the cheaper alternatives while the storm continues on the markets. Binance will not decrease the fees until the end of the current bull market, IMHO.
Not only Binance but other exchanges as well since the value of bitcoin started growing up. The gas fees has grown up from around $5 to $15 now. Blocks must be consuming more gas as more traffic would be causing delays, so need more gas and more gas are expensive.
The withdrawal fees were changed from 0 to 0.2 a month ago for the withdrawal of USDT as TRC20. I went with withdrawing some USDT from binance to Kucoin to buy some velo but the withdrawal fees taken were $1. It's absurd how much binance is charging for withdrawal when the fees from blockchain are most probably free for binance as they are super representative on tron blockchain.
I use binance for it's cheaper transaction fees but these these unnecessary withdrawal fees are going to be a push factor as newer exchanges too are coming with aggressive promotions.
Fees has been the problem that everyone has been facing through out this year ever since the bullish ride started, and I don’t think this bullish ride will end soon and that’s the same thing with exchanges and most of them will be adjusting based on the situation at hand so that they will be able to cope with whatever that is happening. It’s really not easy but I know for sure that they are going to be able to fix al these things soon when things starts getting better and better, it’s all with time.I use binance for it's cheaper transaction fees but these these unnecessary withdrawal fees are going to be a push factor as newer exchanges too are coming with aggressive promotions.
Binance want more and more money, as usual. And they want to push you to use BUSD
Eehm… that’s another angle or thought of what’s happening lol, we are not sure if that’s really the reason why they have increased their fees, but before all that they already have some perks that will convince whoever that wants to make use of their BUSD or whatever token they have. A few days ago Binance exchange don't allow withdraw Fees on tether withdraw but recently Binance centralized exchange already raised withdraw fees on tether. You can withdraw your tether USDT TRC20 on 1 dollars withdraw fees.
3 days ago I did transac using Binance and sent usdt TRC20 to another wallet of TRC20. I was shocked because the fees suddenly became 1$ which was just cheaper before $0.2. I haven't a choice than do use it. Although still trc20 is cheaper than erc20 gas fee. Still recommended to use trc20 than erc20 usdt.
this has become their marketing strategy, the more people who use it, they will use it to make a profit, it's not uncommon for Binance to do this on the crypto market just the way they want us to.
Cz can do anything at any time. These things always happen like this. He saw high commissions in the Ethereum network and collected customers with low commissions in the bsc network, now he is gradually increasing the fees.
The USDT withdrawal fee is:
- BEP2: $1
- BSC: $0.8
- ERC20: $20
- TRC20: $1
- OMNI layer: disabled.
USDT Omni withdrawal fee is 28 from https://www.binance.com/en/fee/depositFee.- BEP2: $1
- BSC: $0.8
- ERC20: $20
- TRC20: $1
- OMNI layer: disabled.
Someone has pointed out that they increased the withdrawal fee on different networks to promote their native stable coin BUSD. Let's compare the withdrawal fees:
- BEP 2: 0.5
- BEP20 (BSC): 0
- ERC20: 10
^ Those figures confirm what has been said by other members.
Is Poloniex still under the control of Justin Sun? If so, I won't be surprised if he increases withdrawal fees of BNB and BEP2/BEP20 as a response to his buddy CZ's action. New level of exchange wars
It is possible that due to the increased amount of withdrawals they begin to charge fees. If we compare withdrawals in USDT-ERC20 with other platforms, the difference is huge. ERC 20 has a very high cost so they apply a TRC20 fee of $ 1 for a withdrawal which is still too good because the speed is fast but the cost is cheap. The decoy effect in this case is very obvious.
Binance's increase in withdrawal fees also caused other exchanges to charge 1. Currently, as far as I know, only Kucoin allows free withdrawal of USDT-TRC20.
Binance's increase in withdrawal fees also caused other exchanges to charge 1. Currently, as far as I know, only Kucoin allows free withdrawal of USDT-TRC20.
You should not much bother about the 1$ fee. Still, the Binance fee is affordable to pay if compared with the ERC-20 Gas fee. Let see Erc-20 fee will be reduced or not after the Berlin hard fork that is expected soon. We all know most of the traders' first priority is Binance for trading just because of the huge volume on the pairs. Traders don't trust easily on new exchanges it takes time to build up the trust and Binance is a tested and trusted exchange. But if Binance will also be on the path of ERC-20 transaction charges soon we will see some other exchanges on top for less transaction fees.
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This should be expected, binance is a centralized business with their own currency, even with their own stable coin, so personally, I see this as a marketing strategy for their own stable coin (BUSD), it's just like them saying that "we are gonna raise the fees for other stable coins on our platform, if you don't want to pay the fee, then use our own stable coin cus its totally free from fees".
So to cut the long story short, I think this is just a way to push people to start using or transacting in BUSD, atleast, in some way, this will also boost their platform and blockchain.
So to cut the long story short, I think this is just a way to push people to start using or transacting in BUSD, atleast, in some way, this will also boost their platform and blockchain.
Yeah, binance raising up some fees now because i withdrew usdt trc network was now charged to $1 that supposedly it was only 0.5$ or less as i remembered last month. Even on xrp i think they also make a raised to 0.25 xrp, while other exchange like mxc only charge 0.1 xrp for withdrawals.
High fees is really proffitable thing for them. A lot of withdrawals happens every day
The actual withdrawal fee of TRX USDT should be around 0.2$ just imagine how much these people are seeing every minute of every day, I've stopped using binance for USDT withdrawal, if I have to trade on binance I always end up using doge or XRP to withdraw to another exchange that have less USDT-TRX fee if USDT is really what I want
when users in crypto learned that it was cheaper to send USDT in TRON than USDT - ERC20, they began using TRX20 USDT extensively that Binance felt they are missing a lot of profit and then adjust the fees. $1 isn't that high compare to ETH gas.
i didn't discover it was cheap to use the USDT of TRX until there was a thread about it.
it was totally biased decision to encourage the usage of their BUSD.
Why should they encourage the usage of USDT,
And the fee isn’t $0.20, it’s $1 per transaction which I think not a small amount considering the required fee needed for them.
there isn't a lot of projects yet on BSC that will make us go and use BUSD yet. i doubt there will be many. been around for a while but i don't even have a BSC wallet.
Binance is really encouraging it's users to use their BUSD and we can do nothing about that. As long as it's cheap then we're good to go.
Are we expecting this?
We are just surprise but this kind of decision isn't alarming since the other exchanges are also increasing their fees. The only difference to Binance is that they are giving some way to promote the use BUSD where people think that they can help to save cost from withdrawal.
We are just surprise but this kind of decision isn't alarming since the other exchanges are also increasing their fees. The only difference to Binance is that they are giving some way to promote the use BUSD where people think that they can help to save cost from withdrawal.
Well i can't feel that increase in binance because I commonly Use XRP(Ripple) when Withdrawing In binance so the cheapest is what i always got from Fee.
Maybe people need to have use Cheaper coins for their transactions though I am lucky because our local wallet has XRP adoption so anytime we can use Ripple from Exchange withdrawal and to Fiat conversion .
XRP save us, I mostly use this when I make withdrawals, 1XRP that just only a cents. That is a huge difference to other coins.Maybe people need to have use Cheaper coins for their transactions though I am lucky because our local wallet has XRP adoption so anytime we can use Ripple from Exchange withdrawal and to Fiat conversion .
Well i can't feel that increase in binance because I commonly Use XRP(Ripple) when Withdrawing In binance so the cheapest is what i always got from Fee.
Maybe people need to have use Cheaper coins for their transactions though I am lucky because our local wallet has XRP adoption so anytime we can use Ripple from Exchange withdrawal and to Fiat conversion .
Maybe people need to have use Cheaper coins for their transactions though I am lucky because our local wallet has XRP adoption so anytime we can use Ripple from Exchange withdrawal and to Fiat conversion .
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