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 520 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.
legendary
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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 .
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.
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.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.
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.
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.
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.
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.
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.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.
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.
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 $1 It's ok for withdraw fee but we also need an reason why binance raised withdrawal fees, From my perspectives it's normal but it's really have some impact especially for me too as small traders and some arbitrage players, Well did you already asking on telegram group? Maybe you will get an answer for this. I use binance for it's cheaper transaction fees but these these unnecessary withdrawal fees are going to be a push factor as newer exchanges too are coming with aggressive promotions.
Binance USDT trc-20 fee was increased 1$ 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.
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. It is no wonder that they are trying to promote their own coins further by these kind of strategies but still $1 is too low when you compare the withdrawal fee on other chains other than TRC.
I would like to wish this exchange a speedy ruin.
The position of a monopolist allows you to charge any fees, but why then create your own ecosystems with cheap fees?
The fees on the Ethereum network are quite justified by the price of gas, but on other blockchains, transactions are much cheaper.
The position of a monopolist allows you to charge any fees, but why then create your own ecosystems with cheap fees?
The fees on the Ethereum network are quite justified by the price of gas, but on other blockchains, transactions are much cheaper.
Binance USDT trc-20 fee was increased 1$ 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.
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.
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.
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.
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.
So go to Mandala Exchange, it launched on Binance Cloud...
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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.
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.
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. 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
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. 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.
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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.
The fee was increased long ago, exactly after few days when they first started to charge $0.20 USDT. This was a stupid decision in my opinion and from some point of view, it was totally biased decision to encourage the usage of their BUSD.
Why should they encourage the usage of USDT, which is essentially a stablecoin token issued by one of their competitor exchanges (Bitfinex)? I am quite surprised that they still allow USDT in Binance platforms. Now regarding the high withdrawal fee, I don't think that $0.20 will discourage a lot of users from doing transactions with USDT. I have seen a lot of users still transacting with USDT in ERC-20 Blockchain, despite the very high fee (~$20).
legendary
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The fee was increased long ago, exactly after few days when they first started to charge $0.20 USDT. This was a stupid decision in my opinion and from some point of view, it was totally biased decision to encourage the usage of their BUSD.
Not new, I've been paying 1$ for trc20 withdrawal on binance since last month now, I don't understand why binance decide to raise Tron USDT withdrawal fee when Tron coin withdrawal costs 1 TRX on binance, I withdraw USDT TRC20 from CoinEX and they charge me 0.3, it's the cheapest I've seen but since I prefer binance service I have no choice
Its not surprising after all they are the most trusted exchange so far. Any changes CZ would do will make people complain but I'm sure you will still continue to use Binance. Its the biggest in crypto that eats up all the volume. Influencers on youtube promotes Binance even when they get no pay for it. It's a big difference in the fee though that USDT (TRC20) withdrawal will cost $1.
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.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.
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.
Binance want more and more money, as usual. And they want to push you to use BUSD
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.
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