Binance raised withdrawal fees again? - page 3.

tyz

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Quote from: tbct_mt2 on April 09, 2021, 12:35:56 AM

Quote from: tsaroz on April 08, 2021, 11:27:49 PM

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.

Your finding is right. Binance increase their withdrawal fee for USDT on all chains, not only increase on TRC-20 chain.

The USDT withdrawal fee is:
- BEP2: $1
- BSC: $0.8
- ERC20: $20
- TRC20: $1
- OMNI layer: disabled.

When fee on TRC20 is $0.2, fee on BSC is $0.1
Binance Adjusts Withdrawal Fees for BUSD and USDT on Selected Networks. I can not find their news for the newest adjustment on withdrawal fee. Huh

That's the strategy. Binance wants to move as most transactions as possible to their own chain. So they increase the fees for all other chains to reach this goal. One cannot blame Binance for this. They are only pursuing their own business interests. Everyone is free to use a different exchange.

Cadaver20

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I often used Binance because TRC20 USDT withdrawal from Binance was free. But now there is no difference between Binance and other exchanges. As far as I know, TRC20 USDT withdrawal from Kucoin was free. I haven't checked in the last few days. From now on everyone will use Kucoin for TRC20 USDT withdrawal.

Kunnu

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Imo this kind of aggressive nature of Binance exchange is not good for average and small traders, increasing withdrawal fee without any specific reason is absolutely unacceptable anyways it's all depends on the owner of Binance exchange if he consider to control his temptation of money so that will be good for us.

andthereyou

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Quote from: tsaroz on April 08, 2021, 11:27:49 PM

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 if it happens in binance there's a big possibility it will happen to other exchange too. whether it's an emerging exchange or not.

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Quote from: tsaroz on April 08, 2021, 11:27:49 PM

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.

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Quote from: tsaroz on April 08, 2021, 11:27:49 PM

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 suppose $1 It's ok for withdraw fee but we also need an reason why binance raised withdrawal fees, From my perspectives it's normal but it's really have some impact especially for me too as small traders and some arbitrage players, Well did you already asking on telegram group? Maybe you will get an answer for this.

tsaroz

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Quote from: Tigerheart3026 on April 09, 2021, 09:56:38 AM

Binance USDT trc-20 fee was increased 1$ in 2 months before can't remembering accurate date, i think it's still lower and pair withdrawal fee in the other exchanges, can you recommend me if any exchange is lower than this. BUSD fee is 0 it's binance promotion, will provide lower fee or free and it's their advantages to increase customers.

Most of the exchanges I've been using seems to have started taking a rather high fee for TRC20 USDT withdrawal to $1. Still exchanges like coinex have 0.3 USDT fees, I think the exchanges too want to get a larger profit when there much more activity in crypto markets. But even with $1 fees, Binance USDT's withdrawal are one of the slowest compared to other exchanges.

DaMut

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Quote from: jrrsparkles on April 09, 2021, 07:18:54 AM

What is the withdrawal fee for BUSD?

It is no wonder that they are trying to promote their own coins further by these kind of strategies but still $1 is too low when you compare the withdrawal fee on other chains other than TRC.

you should be able to guess it, of course they are charging 0 fee for Busd withdrawal. I just tested it a few hours ago and sending it to my Bsc wallet, just look at the rate they are charging Usdt withdrawal to other chains and their chain. They are charging less fee than on their network compared to the others, it is very clear they are indirectly herding us to use their network and their product than the others.

zasad@

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I would like to wish this exchange a speedy ruin.
The position of a monopolist allows you to charge any fees, but why then create your own ecosystems with cheap fees?
The fees on the Ethereum network are quite justified by the price of gas, but on other blockchains, transactions are much cheaper.

Tigerheart3026

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Binance USDT trc-20 fee was increased 1$ in 2 months before can't remembering accurate date, i think it's still lower and pair withdrawal fee in the other exchanges, can you recommend me if any exchange is lower than this. BUSD fee is 0 it's binance promotion, will provide lower fee or free and it's their advantages to increase customers.

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Quote from: tbone777 on April 09, 2021, 12:14:24 AM

Binance want more and more money, as usual. And they want to push you to use BUSD

I don't think so. Almost all of the exchange sites were charging the same fees that already used by binance. I have been withdrawing from the various exchange sites that used TRON USDT and these exchange sites were charging me $1 as the transaction fees while FTX has become the only exchange site that charges me less than it.

Even when you are using BUSD and the tx fees will be the same.

unusualfacts30

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I think it's part of business model to grow bnb. best way to go about this is exchange your coin for bnb before withdrawing. bnb has very minimum fee compare to usdt or any other stable coin.

jrrsparkles

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What is the withdrawal fee for BUSD?

It is no wonder that they are trying to promote their own coins further by these kind of strategies but still $1 is too low when you compare the withdrawal fee on other chains other than TRC.

dogtana

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So go to Mandala Exchange, it launched on Binance Cloud...

ethereumhunter

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It would be no surprise if Binance raised withdrawal fees because that is always happening. That will depend on us how we want to withdraw and I think we still have many altcoins that we can use for withdrawing to prevent the high fees. Maybe Binance wants their member to use BSC to reduce the fees, but if many members finally use BSC, they will increase the withdrawal fees (again). We can not do anything about that, but we can search for the other coins that do not have high withdrawal fees.

MrcMrc

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Most of the exchanges have increased their withdrawal fees lately I can’t say if this is unconnected with the general increase in blockchain transactions. I have noticed the increase in withdrawal fees on bi-nance about a week ago when I wanted to withdraw my bitcoin.

nicecrypto

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Quote from: tsaroz on April 08, 2021, 11:27:49 PM

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 must say that this does not apply to only Binanace alone. Last month I wanted to withdraw about 200 USDT from Coinsbit exchange through ERC20 and my charges was to be 20USDT so I used thr TRC20 instead since both where available in both Coinsbit and Binance i was transferring to USDT to and eventually I was charged 1USDT which I believe was better than paying 20USDT. Until Binance charges gets to 20 USDT for that amount of transaction, I believe I am still good and nothing wrong in promoting your product.

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Quote from: tbone777 on April 09, 2021, 12:14:24 AM

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.

electronicash

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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. Grin

Quote from: Little Mouse on April 09, 2021, 01:37:34 AM

Quote from: bryant.coleman on April 09, 2021, 01:32:21 AM

Quote from: Little Mouse on April 09, 2021, 01:00:40 AM

it was totally biased decision to encourage the usage of their BUSD.

Why should they encourage the usage of USDT,

Have you read what I said? I think you have missed my post. I didn’t say they are encouraging USDT. I said they are encouraging the use of the Binance Chain stablecoin BUSD.
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.

Little Mouse

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Quote from: bryant.coleman on April 09, 2021, 01:32:21 AM

Quote from: Little Mouse on April 09, 2021, 01:00:40 AM

it was totally biased decision to encourage the usage of their BUSD.

Why should they encourage the usage of USDT,

Have you read what I said? I think you have missed my post. I didn’t say they are encouraging USDT. I said they are encouraging the use of the Binance Chain stablecoin BUSD.
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.

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