Binance USDT TRC20 has been changed from 0 to 0.20 USDT

khiholangkang

hero member

Activity: 2142

Merit: 594

Quote from: Little Mouse on February 19, 2021, 07:11:41 PM

All these days, it was free or zero cost to withdraw USDT TRC20 but suddenly from today, they have changed it to 0.20 USDT. I don't know if BUSD fee was 0 from the beginning or not but now it has been decreased to 0. The target is to boost the use of BUSD. This is the manipulation of Binance. There’s more to come.

I don't think this is a manipulation, I've also seen some other exchanges apply withdrawal fees for USDT-TRC20. Though the exchange doesn't have its own coins like Binance's BUSD. There seems to be another reason behind this Undecided

tygeade

legendary

Activity: 2086

Merit: 1058

There is nothing shocking about Binance doing something for free when they are the ones who will be charging the money for it, so BUSD being free makes sense, I do not know if it was free neither but since it is a centralized project that means we are talking about zero costs for them, hence why would you charge something for something free when you want it to be used as many times as possible, that is why you would make it free and get it in the hands of everyone.

On the other hand Tron is definitely not something that charges you money for small fee but when you make it bigger it starts to charge something a bit, not a lot but a bit, and if you start to deal with millions of dollars that becomes something decent charged, and why would they pay it from their pockets, you think about few bucks changes like me but reality is that binance has a lot of whales and they have to charge people, could they pay it? Surely, but they rather promote their own of course.

bluebit25

sr. member

Activity: 1666

Merit: 292

Eloncoin.org - Mars, here we come!

Maybe this is a manipulation to get people to switch to more BUSD. But to me, it doesn't matter too much in current transactions. But this action shows that they can fully control it in this space, I've seen a lot of other actions that Binance used to do similar but for me a Binance lover, I feel very good.

bakasabo

legendary

Activity: 2436

Merit: 1207

Seems that fees vary. Someone has $0.2, I've seen $0.5, $1 and $2 options also.
I have a verified account and almost dont have BNB (if it matters what kind of acc level I have) and for USDT fees looks like this:

Those who deposit and withdraw USDT frequently - does this change significantly affect you? Looks that we are approaching to a bank-like fee system, where every single movement now cost money,

SistaFista

sr. member

Activity: 1638

Merit: 251

Hexhash.xyz

Quote from: makishart on February 19, 2021, 07:34:17 PM

Im a bit surprised to see that happens. it looks like the majority of people were using tron USDT and that's why binance was taking such action. BUSD is good but it's not a lot of exchange sites that accepting this stable coin.
binance can do anything with its centralized platform while people faced very big problem with the fees.
Look at this news https://cointelegraph.com/news/binance-s-brief-pause-of-ethereum-withdrawals-leaves-community-perplexed

Mate, no wonder that many people are prefer to using USDT TRC20 than other USDT, for example ERC20,
because the transaction fee on TRON blockchain network is far cheaper than the others.
I think high withdrawal fee was the reason for the brief pause of ethereum withdrawal on the news you mentioned.

Willitivity

sr. member

Activity: 1190

Merit: 256

It's now 1 usdt per withdrawal, I don't get why Binance would like to take advantage of everything, I tried withdrawing trc20 USDT on FTX and the transaction fee is still zero, same goes for alot of exchange out there, I think Binance did this cause the deposits/withdrawal with the trc20 usdt has increased massively due to eth high gas fees, also they want their users start using their stablecoin BUSD, which is not on every exchange now like the USDT, they are just trying to promote BUSD nothing else

XUR_TIP

member

Activity: 227

Merit: 24

Quote from: Bazlur on March 21, 2021, 11:27:07 AM

A few days ago, USDT TRC20 withdrawal from Binance, Bithumb global and Kucoin was totally free. But now Bithumb global is taking 1 USDT fee, Binance is taking 0.20 USDT fee. USDT TRC20 withdrawal from Kucoin is still free. However, I think all these withdrawal fees are relatively low and tolerable to us. Because now almost all transactions cost more than $1.

I just trade some ETH for USDT on binance and the exchange charged me 1 USDT on Tron, it's no more 0.20 USDT like OP said, I think this is climbing for unknown reasons, on coinEX tron usdt is still more cheaper than binance exchange and I don't know why

Bazlur

member

Activity: 364

Merit: 12

A few days ago, USDT TRC20 withdrawal from Binance, Bithumb global and Kucoin was totally free. But now Bithumb global is taking 1 USDT fee, Binance is taking 0.20 USDT fee. USDT TRC20 withdrawal from Kucoin is still free. However, I think all these withdrawal fees are relatively low and tolerable to us. Because now almost all transactions cost more than $1.

momchilandonov

jr. member

Activity: 121

Merit: 1

Market manipulation is favorite thing from binance, for sure

meldrio1

full member

Activity: 1358

Merit: 100

Well it's not bad for me that the binance exchange set $0.2 fee for USDT TRC20 that is so cheap compare USDT ERC20 the transaction fee is so expensive. Every exchanges must support USDT TRC20 so that we have an another option to transfer our funds because of the low fee.

raji1995naya

member

Activity: 812

Merit: 10

This happened to me as well. They're trying to promote the BUSD currency. I saw CZ's tweet, in which he said that BUSD is not from Binance, but that they are promoting it.

Kitaiev

sr. member

Activity: 1064

Merit: 300

I myself used USDT TRC20 before withdrawing from binance and other exchanges and even then i was surprised that there was no commission for withdrawal.
In addition recently the tron has almost doubled which accordingly increased the commission. So I think that globally nothing terrible happened.

Lordhermes

sr. member

Activity: 1232

Merit: 379

Quote from: heztida3 on March 03, 2021, 09:51:19 AM

Binanace has changed it's fee from 0 to 1 usd for per trc20 transaction and minimum withdrawal is 10.Although this is simple strategy but it was more helpful and comfortable when the fee was less.

This is as a result of many investors choosing usdt trc20 withdrawal, therefore their statistical analysis shows the inflow of withdrawal through that, if that's the case why not investors uses ripple or litecoin when withdrawing from Binance in as much as it contains a little fee of <$1. Maybe in the meantime, Binance may increase the withdrawal charge to $2 after observing how investors have more interest in withdrawing via usdt trc20.

heztida3

member

Activity: 176

Merit: 17

Binanace has changed it's fee from 0 to 1 usd for per trc20 transaction and minimum withdrawal is 10.Although this is simple strategy but it was more helpful and comfortable when the fee was less.

Fivestar4everMVP

legendary

Activity: 2394

Merit: 1082

Leading Crypto Sports Betting & Casino Platform

Quote from: doctor877 on February 28, 2021, 05:55:03 PM

its binance choice whether they put charges on usdt trc20 withdrawal or not. its not not even a bogus amount so it shouldnt spark much interest. its what other exchanges are doing which isnt different in their case to do likewise. this is even one of the cheapest means of withdrawal on exchanges.

Thank you for your insightful post, 0.2 usdt for trc20 usdt withdrawal is almost same as free withdrawal, I don't understand why people should start complaining, alot of other exchanges charge far higher fees for the same trc20 usdt withdrawal, like a week ago, I traded some of my tokens on bilaxy exchange, decided to withdraw in trc20 usdt, it was a little amount of about one hundred and fifty usdt, I had to pay 2.80 usdt for the trc20 usdt withdrawal to my wallet, so if binance decides to charge 0.2 usdt for the same, I think its the same as free.

7788bitcoin

legendary

Activity: 2282

Merit: 1023

Quote from: Little Mouse on February 19, 2021, 07:11:41 PM

All these days, it was free or zero cost to withdraw USDT TRC20 but suddenly from today, they have changed it to 0.20 USDT. I don't know if BUSD fee was 0 from the beginning or not but now it has been decreased to 0. The target is to boost the use of BUSD. This is the manipulation of Binance. There’s more to come.

Thank you for the information. It is not a secret that they are using their authority to create their own coins and they have the user base to test anything by providing offers and that gives them the power to manipulate the market as well and we have seen that recently in BNB and now they wanted to popularize their version of the stable coin and this happens if you have a major share of the market.

doctor877

full member

Activity: 896

Merit: 115

its binance choice whether they put charges on usdt trc20 withdrawal or not. its not not even a bogus amount so it shouldnt spark much interest. its what other exchanges are doing which isnt different in their case to do likewise. this is even one of the cheapest means of withdrawal on exchanges.

roosbit

member

Activity: 893

Merit: 43

Random coins :)

Quote from: Little Mouse on February 19, 2021, 07:11:41 PM

All these days, it was free or zero cost to withdraw USDT TRC20 but suddenly from today, they have changed it to 0.20 USDT. I don't know if BUSD fee was 0 from the beginning or not but now it has been decreased to 0. The target is to boost the use of BUSD. This is the manipulation of Binance. There’s more to come.

What a coincidence, I actually ran into something similar with another exchange called whitebit.
Though on the higher side of fees two days ago I actually noticed these guys had started including withdraw fees of 0.5 usdt trc20 from being free of charge so am now left to wonder if these exchanges have some sort of consensus to charge or one of exchanges got the idea from the other....or its a way of promoting one coin over the other ....

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: FireBallex on February 28, 2021, 10:34:53 AM

It's true, yesterday I was trying to move some USDT from binance to my private wallet and I noticed the charges of 0.2 usdt but to be honest this is way better than ethereum that charges up to 10$ or even more when sending tokens from one wallet to another, to me this charges on Tron USDT is still fair enough

Surprisingly, I yesterday withdrew USDT from the Binance using the TRON network, I was charged a commission of $1. It is obvious that the exchange increased the cost of the fee for using the network to the TRON, but even this price is still low if we compare it with Ethereum.

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

Quote from: ?? on ??

I don't even like this protectionist policy in favor of its coins and its blockchain that binance is recently adopting, why put fees on the withdraws of other stablecoins and not on his own?

But its effective, look how their coins reach the top 10 on cmc and ofc, its a way to promote to its users to use more of their projects which has uses, lesser fees and no network congestion as of now, and I see nothing wrong about that.

The fees on usdt omni, erc20, trc20 is obviously because the congestion of its network and it should be adjusted so that it will be confirmed right away, but I cant argue that the fee seems so high for normal traders though. While BSC does not affect the congestions even though it reaches more transactions than the eth, so having zero fees is normal and its a win-win offer for their users to use it.

Quote from: ?? on ??

then the block a few days ago of the withdraw of eth and of the erc 20 tokens for more than an hour without warning?

You must follow binance and cz's twitter handle, all updates including the disabled withdrawal are posted there, mainly for the reason to minimize the eth network congestion. Its just few hours though and didnt affect much its users anyway.

Topic: Binance USDT TRC20 has been changed from 0 to 0.20 USDT (Read 420 times)