Topic: Binance raised withdrawal fees again? - page 2. (Read 520 times)
legendary
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Definitely expected form CEX, and not to mention that it's a stablecoin anyway, basically owned by some private company, but still logical I guess if you're just trying to send money and be done with it, the problem with these high fee that are applied in some exchanges is that most of stablecoin users don't just move their stablecoin once but they make transaction multiple times. But I wonder why all the exchanges out of the blue increased the fee, is that decision from the stablecoin issuer or what.
It is expected for the most trusted CEX to do this. When people are still using it although the fees increased, that's the actual problem. We are badly in need of a trustable, reliable, and low fees DEX right now. Seriously, what made binance could defeat the decentralization principle in cryptocurrency?. Moreover, with the BSC popularity increasing, binance sure can scoop more profit right now. I'm aware that BSC innovation can solve any problem related to ETH high fees etc but people should start to find another alternative, if not, Binance will do the monopoly.
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.
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.
IMHO, I think thats not high enough compared to the ERC20 based USDT, and $1 fee for TRC20 based USDT is still favorable to me, compared to the ERC20 base USDT, and I believe Binance has a reason why they increased it as I remember in the fast if the Network was normalized Binance fees also reduced so I think thats the reason why fees are increased due to Network congestion.
First, OP should know that Binance is a business enterprise in a capitalist environment and not some charity organization or an NGO. Again, the difference in what is charged from OP's complaint in USDT withdrawal is infinitesimal compared to what Binance charges when it comes to BTC withdrawal which is extremely high. Binance has refused to adjust the 0.001% it has been charging for years now even while Bitcoin prices keeps surging causing withdrawal fee in dollar value to rise in proportion to BTC price. This is what irks me.
They should have a reson to increase withrawal fees. It may be related to the significant improvement of users who are doing withdrawal fees currently or probably they think other exchanges already have higher rates for withdrawal fees.
Maybe Binance can no longer give that for free and they see that there's a batch of transactions for that withdrawal and they have to take action on it or they'll miss a lot of profits from those small withdrawal fees that they'll get from everyone. But if this is the same as the other exchanges increasing the fee, they have to cope up with the fees being charged by the network itself.
This has been since February. ANd the increased fee is not only for USDT but also for other coins. Moreover, Ethereum is also the same due to the high transaction and also increases of the tokens themselves.
https://www.binance.com/en/support/announcement/ff82416efab0438db233f018d90cfadb
And actually, the increased fee of withdrawing USDT using TRC20 is not only on Binance and now only Binance that charges fees for TRC20.
We can find out several exchanges that also increase or charge $1 or more fees for USDT withdrawal using TRC20.
So this is just a typical situation where fees do rise up because if we do see these increases only on Binance platform not on other platforms then that would really be raising up question because https://www.binance.com/en/support/announcement/ff82416efab0438db233f018d90cfadb
And actually, the increased fee of withdrawing USDT using TRC20 is not only on Binance and now only Binance that charges fees for TRC20.
We can find out several exchanges that also increase or charge $1 or more fees for USDT withdrawal using TRC20.
charging much compared to typical fee will surely be giving out some bad impressions but it seems that this one is a global issue when it comes to fee increase.
For now we cant do that much about on getting rid of these rise in fees but to deal with it.I know that someone cant really just accept such changes but
basing on fiat value it isnt really that much high.
This has been since February. ANd the increased fee is not only for USDT but also for other coins. Moreover, Ethereum is also the same due to the high transaction and also increases of the tokens themselves.
https://www.binance.com/en/support/announcement/ff82416efab0438db233f018d90cfadb
And actually, the increased fee of withdrawing USDT using TRC20 is not only on Binance and now only Binance that charges fees for TRC20.
We can find out several exchanges that also increase or charge $1 or more fees for USDT withdrawal using TRC20.
https://www.binance.com/en/support/announcement/ff82416efab0438db233f018d90cfadb
And actually, the increased fee of withdrawing USDT using TRC20 is not only on Binance and now only Binance that charges fees for TRC20.
We can find out several exchanges that also increase or charge $1 or more fees for USDT withdrawal using TRC20.
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.
I have ever seen that binance was chargin 20 cents for USDT tron withdrawal but this already increased since last year and this is something that must not be complained as all of exchange sites were using the same rate. FTX was also using $1 as withdrawal fees.Im trading on the several exchange sites and this is not a problem at all. I think this is not a part of binance's strategy to promote its coin.
Binance want more and more money, as usual. And they want to push you to use BUSD
If they want to push using BUSD it's not matter at all since there is benefit on using their stablecoin instead of tether and usdc. I know this cause I'm taking advantage of the busd. Holding it, can give you free token reward from launchpool and no fee on trading busd pair tokens. If you used usdt on trading the fee is huge unlike using busd which is totally free. Binance is on the lead now among other exchanges and that brings them confidence with their decisions and they know that the trust from their users will stick to them no matter if the fees will increase.
I think the fee for USDT withdrawal of $ 1 is still cheap and reasonable, because when we trading on Binance we might be able to get a profit greater than $ 1 and I think trading fees on Binance is also very cheap, so of course that's still okay with the withdrawal fee being $ 1 and as long as the fee is under $ 5, then of course it's still reasonable for me.
They raised the transaction to 1usdt per withdrawal over a month ago, probably because trc20 usdt was getting more deposits and withdrawals than their BUSD, so they decided to make some money off usdt withdrawals, and it's no longer just Binance last week I tried withdrawing TRC-20 USDT from kucoin and I was charged $1 too, seems like very soon time every exchange will want that too.
Binance want more and more money, as usual. And they want to push you to use BUSD
Everyone wants money, that's just the main aim of doing business satifybthe customers then make money off them, that's just business for you. After all having low withdrawal fees, it is their way of calling the attention of people to use it which is normal in a business. What happened today is just normal when talking about business it nvolves making money. I guess the main reason having high fees is that many uses it. The higher the demand is, the higher fees it have, that is business.
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.
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.
Are you saying Binance is centralized and is trying to monopolize the market? Nooooooooooooo
Jokes aside, yes, as said previously, they're pushing you to BSC (Binance Shit Chain)
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.
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.
I think you are telling half truth, how much is Binance charging as compared to other exchanges, FTX charge $1 withdrawal fees for USDT Tron transaction fee, why are you making it sound as if Binance is exploiting their users, you can even get lower fee if you withdraw to BSC address but not supported by all exchanges for now
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.
They raised the transaction to 1usdt per withdrawal over a month ago, probably because trc20 usdt was getting more deposits and withdrawals than their BUSD, so they decided to make some money off usdt withdrawals, and it's no longer just Binance last week I tried withdrawing TRC-20 USDT from kucoin and I was charged $1 too, seems like very soon time every exchange will want that too.
Binance want more and more money, as usual. And they want to push you to use BUSD
Everyone wants money, that's just the main aim of doing business satifybthe customers then make money off them, that's just business for you.
Binance is intentionally doing it because they now know that none of the exchange is providing better service than them so they became monopoly in the global crypto trading platforms which is the reason why they are doing what they wanted to implement.
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.
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.
I think $1 for withdrawal USDT TRC20 on Binance is not a big problem, because with very cheap trading fees, lots of token for you to trading and high APY staking is the advantage you get from Binance exchange, so I don't think $1 is a big problem for withdrawal fees, because coinbene withdrawal fees for USDT TRC20 is $1 (same as Binance), while Binance is an exchange that is bigger than coinbene, so I think $1 for withdrawal USDT is still reasonable and cheap for all the facilities on Binance exchange.
And with Binance, you are sure that your funds are safe because of their SAFU. Though $1 is unreasonable to some but I believe it is already time to increase their fees. Other small to medium exchanges are already charging the same or higher to their customers. Though we feel that it is all about business, but at least they are giving alternative options like using their BUSD. In any case, it is still up to the trader if he wants to use the services of binance or not. Are you going to trust your funds to a newly-launched exchange with very low liquidity?
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.
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.
I think $1 for withdrawal USDT TRC20 on Binance is not a big problem, because with very cheap trading fees, lots of token for you to trading and high APY staking is the advantage you get from Binance exchange, so I don't think $1 is a big problem for withdrawal fees, because coinbene withdrawal fees for USDT TRC20 is $1 (same as Binance), while Binance is an exchange that is bigger than coinbene, so I think $1 for withdrawal USDT is still reasonable and cheap for all the facilities on Binance exchange.
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.
I think they have their own reason, if keep small maybe it is not profitable or maybe not much help them to maintain their site, it need big cost and we all know it. I think as long it is not really big amount of money (like when we want to use erc20 chain), it is still can be accepted by their users.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.
Users are willing to go for it as long as they are also benefiting using the exchange, like what you have said there's reason
behind maybe we are not aware or there's no clear explanation.
But in the way that traders accepts this fees or some might need to accept as they don't have any other options, it's business
and the owners knows how to play well.
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