Number one lesson:
One should never keep their Bitcoins in a centralized exchange for lengthy periods. Bitcoin should be in your noncustodial on chain addresses when such situations come up because exchanges like taking advantage by increasing withdrawal fees unless if you are involved in active trading.
Like someone said, they will take months to drop those high fees even when the bitcoin on chain transaction fees drop, so you either cut losses and move your Bitcoins out or use altcoins with cheaper withdrawal fees.
Topic: Binance withdrawal fees are too high, what do I do? (Read 285 times)
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.
The worst thing is to have your Bitcoin in a centralised exchange especially if you want to maintain it in Bitcoin. As it is, there has never been a solution unless you convert it to another coin and then send it to your non-custodial wallet. You may later want to convert it to Bitcoin through a decentralised exchange. By this, you would have beaten the fee a little compared to the insane amount by Binance. But still, you will have to part ways with some money for obvious reasons. The congestion in the Bitcoin network is much, only that it can be lessened with DEX. 
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.
Thank you!
Thank you!
Not just binance but the overall mempool fee is high these days and therefore the centralized exchanges have to increase the bitcoin withdrawal fee. However, the disadvantage of the centralized exchanges is that even if you withdraw less of amount bitcoin, you will still have to pay the static high fee.
Anyways, as you say that you feel unsafe keeping your bitcoins at the exchange, this means that you have a good amount of BTC at the exchange, leaving them there can cause you a significant financial loss if any mishap happens with the exchange. This should mean that you can spend one time this high fee to move your funds to your personal wallet and it is worth doing it.
This is the American government's plan to scare people away from Binance exchange, and it seems to be working. It is unfortunate that Binance will not lose its traders to any American exchange. I dont know how true it but I learnt the Dubai Government is working on a bigger ane new exchange, it could come with not a single name like Binance. In the event that it succeeds, it will be difficult for the American government to intimidate it again in the future.
This move has nothing to do with the government.
This always happens when the mempool is congested AF which has been the situation for weeks now so btc miner fees are higher than usual. Let's also add the fact that binance bitcoin withdrawal fees are inflated as well as it is also a part of their revenue therefore it feels like withdrawal fees are doubled lol.
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.
Thank you!
This is the American government's plan to scare people away from Binance exchange, and it seems to be working. It is unfortunate that Binance will not lose its traders to any American exchange. I dont know how true it but I learnt the Dubai Government is working on a bigger ane new exchange, it could come with not a single name like Binance. In the event that it succeeds, it will be difficult for the American government to intimidate it again in the future. Thank you!
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.
Thank you!
Nothing much you can do if you wish to withdraw bitcoin from the exchange. There is a fixed exchange fee plus the network fee which right now is very high. If the coin doesn't matter, then you can trade your coins for some other coins that has lower withdrawal fee such as BNB or dogecoin and transfer it to a wallet that you own. You can convert it to a stable coin like others suggested, but make sure to use a cheaper network like Tron. But if you still insist in holding bitcoin, then just hold the amount in the exchange. Since you can't pay the 0.0008 BTC, I am assuming that the amount of BTC you hold is very small. In that case, paying the fee doesn't make any sense at all. Thank you!
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.
Indeed, currently withdrawal fees for Bitcoin are high, not only on the Binance exchange, local exchanges have also experienced an increase, indeed currently Binance fees have been cut by 0.00075/$32.8 USDT, This is a very big number, there is no way to overcome this, except: wait for a cheap price, who knows when.
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.
Indeed, currently withdrawal fees for Bitcoin are high, not only on the Binance exchange, local exchanges have also experienced an increase, indeed currently Binance fees have been cut by 0.00075/$32.8 USDT, This is a very big number, there is no way to overcome this, except: wait for a cheap price, who knows when.For this reason, if you want to send and carry out crypto transactions, you should take another alternative and sending method, such as USDT from the Tron network, it may be cheaper at the moment, that's the only way you can do it, considering that the fees with Bitcoin are too high.
There is no other way if you want it out but to pay the fee if you don't want to convert that into another altcoin. But the solution is either to wait for the fees to decrease or you convert that to some altcoins like stable coins that has cheap network for you to transfer. The fee is around $30+ so that's not worth it but because of the network, Binance has to adjust so that they're not going to shoulder the fee depending on what's being asked by the network for its low, medium or high priority.
If the option to withdraw to the Lightning Network is available, use it with a wallet such as Muun Wallet
Yeah, this is one other solution too for choosing it out through LN. I remember that it also supports other chains but you don't get real Bitcoin with them. 
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.
Thank you!
We can't blame Binance for the high fee it is the network that is highly congested and the main reason is airdropped, I have seen some inscriptions on telegram channels that I have joined and they are sharing many airdrops where we might get an airdrop but to do that we have to inscribe something I don't know what but inscribe it in BTC blockchain and while doing that we might have to pay the fee and this is increasing the network traffic.Thank you!
And in a result, the fees are increasing and this increment in fee is causing exchanges to increase the transaction fee, well, the amazing thing is the transaction fee would be way lower than the fee that you might be seeing on mempool or on any other noncustodial wallet like Electrum or Trust wallet. That's because Binance makes transactions in Batches and batches cost lesser fee.
Where are you planning to move it? If you're withdrawing it to a wallet that supports Lightning, then use that option. If you're moving it to another centralized service which supports altcoins, you also have the option to convert it to an altcoin first which is much cheaper to withdraw. But if you are withdrawing it to a Bitcoin-only wallet that doesn't support Lightning, I'm afraid you have no other option but to sacrifice around $35.
Or, if you're withdrawing an amount small enough that paying $35 for its withdrawal is ridiculous, why don't you leave it there for a while? It's unsafe, yes, but you're using Binance anyway. You must have trusted that exchange even a little. And if you also trade every once in a while, it might hurt you more if you move your Bitcoin in and out of the exchange every now and then.
Either way, there will be trade-offs.
Or, if you're withdrawing an amount small enough that paying $35 for its withdrawal is ridiculous, why don't you leave it there for a while? It's unsafe, yes, but you're using Binance anyway. You must have trusted that exchange even a little. And if you also trade every once in a while, it might hurt you more if you move your Bitcoin in and out of the exchange every now and then.
Either way, there will be trade-offs.
You are going to cry for 0.0008 everything has to do with the withdrawal amount and in those circumstances it will make sense to say, it is very high fee, for now it works like this, and in fact in Binance regardless of the "stalemate" the fee is always high, but yes It is a relevant amount, do not think twice to withdrawal.
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.
Thank you!
Thank you!
You should have taken the chance when you had the opportunity, the fees are not Binance call to make, it may go up or may comes down but the 8mbtc they are charging users is high in my opinion. I'm very sure they will be sending you one from a single input and since you are sending to external wallet, it shouldn't cost more than half of that amount but I forgot that Binance are after your fees to survive as a business platform.
What you should do is maybe you should take out Rune from Binance, make use of the Dex and then convert it From Rune to typical bitcoin on the exchange but the disadvantage of this is that even me, I don't know if the fees might cost you more than what you are trying to avoid here on Binance, so I think you should check the fees before trying out my option.
I'd like to add something that I didn't say before and I have just remembered. I don't know where the OP is living and the regulations there, but there is something apart from the technicalities of the blockchain that should be taken into account in the case he wants to swap his coins, and that's whether it can be considered a taxable event or not.
In most jurisdictions, when you simply withdraw or move your coins to a different wallet you are not performing any taxable event (except for the fees?), but in some countries the act of swapping could trigger the obligation to declare income in 2023. In others, like Germany or Portugal, if I'm not wrong, it would reset the time needed for completing a year, deadline date from which the initial purchase is no longer considered short term investment.
Chances are that you live in a jurisdiction like the latter, and you want to think it twice before swapping your coins. Please, let us know.
In most jurisdictions, when you simply withdraw or move your coins to a different wallet you are not performing any taxable event (except for the fees?), but in some countries the act of swapping could trigger the obligation to declare income in 2023. In others, like Germany or Portugal, if I'm not wrong, it would reset the time needed for completing a year, deadline date from which the initial purchase is no longer considered short term investment.
Chances are that you live in a jurisdiction like the latter, and you want to think it twice before swapping your coins. Please, let us know.
Binance has a Binance pool which is equal to about 6.35% of the total mining power. In addition, they do batch transactions. In addition, their transactions contain one income and therefore cheaper fees. However, they ask for 0.0008 BTC as a withdrawal fee. This is good profits for them and pushes investors to keep their Bitcoin in Platforms.
If the option to withdraw to the Lightning Network is available, use it with a wallet such as Muun Wallet
If the option to withdraw to the Lightning Network is available, use it with a wallet such as Muun Wallet
Currently all platform with bitcoin fund withdrawing have high fees, not only with binance exchange but also I tried some gambling platform need more than 0.0008 btc for withdrawing. I think if you want to withdraw Bitcoin to be cash or fiat you can sell to the trusted buyer and send them trough BinancePay without have to pah higher fees sending. I don't have ideas how to reduce with bitcoin transaction fees right now because if want set up lower fees for sending need waiting more than several days later for transaction is completed.
Left one option with Binance withdrawing bitcoin and reduce fees payment by sending internal wallet trough BinancePay, you can sent to other wallet or sell for your cryptocurrency country community and looking the lower fees payment under how much have to pay using bitcoin fees.
Left one option with Binance withdrawing bitcoin and reduce fees payment by sending internal wallet trough BinancePay, you can sent to other wallet or sell for your cryptocurrency country community and looking the lower fees payment under how much have to pay using bitcoin fees.
Yes, current bitcoin withdrawal fees are too high. You have no choice but to leave it for the time being on Binance.
You can convert them to stablecoins by selling them at a temporarily high price so that you can make a profit and buy bitcoin again when the price experiences a correction. Maybe that's what you can do instead of just waiting for the costs to decrease.
You can also buy your bitcoins with altcoins that have the potential to increase and after the altcoin price increases, you can sell them to get your bitcoins back.
Each method you will use has risks, and you must consider each before deciding.
I'm still waiting for the costs to return to normal but I haven't done anything.
You can convert them to stablecoins by selling them at a temporarily high price so that you can make a profit and buy bitcoin again when the price experiences a correction. Maybe that's what you can do instead of just waiting for the costs to decrease.
You can also buy your bitcoins with altcoins that have the potential to increase and after the altcoin price increases, you can sell them to get your bitcoins back.
Each method you will use has risks, and you must consider each before deciding.
I'm still waiting for the costs to return to normal but I haven't done anything.
This is the first situation I will ever put this advice out. If you are bothered about the high Fees. Then withdraw your Bitcoin to your Smart Chain Wallet. When the Fees decrease, swap it to real Bitcoin.
In theory this should still be safer than holding it on your Binance account. The other options are withdrawing it and accepting your fate of having to pay so much for Fees or waiting until the Fees finally calm the hell down.
In theory this should still be safer than holding it on your Binance account. The other options are withdrawing it and accepting your fate of having to pay so much for Fees or waiting until the Fees finally calm the hell down.
Brother a lot have already been said already, if you can't wait for the fee to come down, then covert it ato a stable or more reliable alt then withdraw, but it better to be on a safer side to avoid story.
There are two options available to you. You can either accept the fee and withdraw your Bitcoin from your wallet, or you can choose to exchange it for a different cryptocurrency that carries a lower withdrawal fee.
My suggestion is to continue withdrawing your Bitcoin to your wallet, even if the withdrawal fee is high. If you choose the other option, you will still encounter a higher fee when you buy Bitcoin on another exchange and want to withdraw it to your Bitcoin wallet. But if you still plan to hold it in other exchanges, convert it to another crypto-currency and transfer it to your preferred exchange.
My suggestion is to continue withdrawing your Bitcoin to your wallet, even if the withdrawal fee is high. If you choose the other option, you will still encounter a higher fee when you buy Bitcoin on another exchange and want to withdraw it to your Bitcoin wallet. But if you still plan to hold it in other exchanges, convert it to another crypto-currency and transfer it to your preferred exchange.
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