Topic: Cheapest Way To Withdraw From Binance? (Read 392 times)

Okay so i just withdrew my balance on binance via btc and using the btc network.    But i wanted people opinion on this.


Yea i heard hitbtc has very high withdraw fees... but i never used that exchange ever.  That is ridiculous with those fees.


Well my thought was this.  When i converted the altcoin to btc.  And the tiny amount of bnb to btc.   I thought about converting my btc... roughly 2k worth of btc... i thought instead of paying the btc fee... convert it to usdt/usdc and withdraw via binance smart chain.  Then send it to my nano ledger s and pay less than a dollar.


But when i want to send that usdt/usdc via binance chain to say one of those sushiswap or peer to peer places, well thats going to cost me another dollar.  But what about when converting that to btc then?  Because well you have obviously have to pay a fee to trade usdt/usdc binance smart chain to btc... so in those places... wouldnt the fee to trade be much higher?  So let say i now have 2k - 2 dollar sending fee since well it would cost one dollar each time to receive from binance... and me sending the usdt/usdc to an exchange.  So its 2 dollar total fee now.  But when i convert that 1998 worth of usdt/usdc that is binance smart chain to btc... well isn't this going to cost me probably at least 1 percent? 


So by then... me converting it from usdt/usdc binance smart chain to binance is going to cost me another 20 dollars.  So now total fees i paid is now 22 dollars.  Then you have to add whatever fee that sushiswap or peer to peer place charges to send the btc back to my nano ledger and the price is going to be around 25 dollars or even more?


Is my math right on this?  Such as me trying to pay a lesser fee to withdraw on binance such as withdr

Posted this in another thread.


Yes I find the btc withdraw fee quite a lot which is why i kind of dont want to withdraw that way.  Again the reason isn't the usd price the withdraw price is worth to withdraw... its the btc amount.  So if btc goes ten times it... well you would have paid 250 dollars as oppose to 25 dollars for it.


The thing is i had converted my altcoin, and a tiny amount of bnb to btc already.


I am planning to withdraw it now... but are some of you suggesting to not do it this way?  Thus just convert the btc to usdt/usdc in binance smart chain network or BUSD and then withdraw so i dont have to pay the fees?  I know the simpler thing to do is just pay the fees so withdraw will be simpler.


Why do people suggest BNB?  Yea withdraw fee is low but the issue is the price still fluctuates.

Since you want to withdraw in the cheapest way, I think it would be better to withdraw in BNB.  Because BNB is the native coin of Binance. Its withdrawal fee is very low. However, it would be better to withdraw at stablecoin because it will not have the tension of price dump.

Well, in tha case, I don't know what altcoins does have in the nano ledger were your the only one knows what coins they have in Nano.
now, whatever coins they have in it, check its coin fee and compared it into the transaction fee in which Binance have as far as I know
here try to open and review them all https://www.binance.com/en/fee/cryptoFee

Yes, I wouldn't say binance withdrawal fees as dynamic as it is not. Maybe, exchanges should review their fees from time to time as there are really times that the network are really not busy. But I don't think exchanges have dynamic fees, mostly are fixed. I only see dynamic fees when it comes to some gambling sites. Or better yet, check the network fees other than the bitcoin network, you can check already the BSC as well.

Binance bitcoin withdrawal fee isn't really dynamic.
Currently, at the time I am making this post, the mempool is almost empty and 1 satoshi/vbyte is enough for getting confirmation in the next block. Binance is still charging 0.0005 BTC as bitcoin withdrawal fee.

Okay so the reason why I kind of don't want to convert altcoin and the tiny amount of bnb to btc and then withdraw my entire balance is not that it will cost around 22 dollars to withdraw.  Its the fact that it cost 0.0005 btc.  So its like in the future if btc goes up 10x, then that 22 dollar withdraw fee is now worth 222 dollars. 


Does that make sense?  Or is my thinking about this completely wrong?

If you are tending to save up BTC then better to convert all your altcoins to btc and those small BnB you do have so that you could withdraw in all go and also it wont really be that much of an issue

when it comes to fees because btc fees now are cheap and binance do really have dynamic fees which means it would vary on the network.Then on that part you do store up your btc

on your ledger nano.I wont see for it an issue since you are withdrawing thousands of worth from alt to btc in overall value.Its just peanuts.

Looking from my own stand point, the amount of altcoins is far way more than the BTC you are holding in your wallet. And with my little knowledge of cryptocurrencies, in order be at the loosing end. I would advise you to convert half your altcoins to a more stable coin, coins like BTC, ETH and BNB. And leave the remaining half in altcoins. Reason being that, if there is any major clash and it affect your altcoins. You will be on a safer side, because these three coins have been doing great lately. There are some altcoins that are more than 4 years now, and they have not witness a major milestone yet.

The cheapest Way To Withdraw From Binance? That might be a problem seeing as the withdrawal limit for people without KYC is very very low. So either way you pay the same percentage fees for the withdrawal from a mathematical standpoint, however, depending on the amount you need to withdraw you might need a few days or longer. I do not know if they will let people withdraw without KYC after 10th of October though...

trading on binance has conditions as far as I know, which is a minimum transaction of 10$ so if your balance is not sufficient you have to add it first, and then exchange it to the type of coin you want to save, preferably if it is a small amount save on another coin that has a withdrawal fee small one.

Can anyone answer my question on just converting everything to BUSD instead and withdrawing it to nano ledger?


Would i save money on withdraw fees?  It seem yes but isn't the issue of when i want to send BUSD to an exchange, i have to pay ETH fees like the current altcoin I own because I read BUSD is an ETH coin? 



Or it isn't?

Personally, I bring it through the cardan. It turns out cheap, even cheaper than on Ripple and the dollar on the Tron network.

I just thought about something else.


If I trade the altcoin for BUSD.  Then trade the tiny amount of bnb and btc i have for BUSD... then withdraw that BUSD to my nano ledger... would that work?  Would that be like the cheapest way since by doing that... you pay 0.8 BUSD only?  But not only that... you don't have to be concerned about price fluctations since its a flat dollar?  But compared to usdt/usdc... you dont have to pay that higher fee if its on that ETH Network?
Thus even if i traded it all for BNB, well im still subject to price fluctuations right?  So BUSD makes the most sense?  Or second option is just convert everything to btc and withdraw that way and pay the fee?


But my situation though is i would only be able to use coinbase/gemini due to my citizenship and country location though.  And I notice BNB and BUSD... the only exchanges you could buy/sell it is binance and binance.US which i cannot use.  So would this pose a problem for me in the future?  But people say there are peer to peer exchanges where you can trade with others in situations like this?  But how much more percentage would one have to pay?  Example imagine having around 2000 BUSD and wanting to convert that to btc or fiat or usdt/usdc.  How much percentage around would that be?

These times, I always choose to use TRON (TRX) to pay very low fees. Before I started doing this, I used USDT many times but the fee was worth $1. Then, I realized that when I was going to my transactions with TRON, I was going to pay only 1 TRX which is equal to a very low amount these days. Considering the place that I withdraw from Binance, TRX is the best option for me.

If you're looking for small fee probably the best way is to sell your altcoin to bnb then dump it, because bnb nowadays isn't expensive like what bitcoin and erc20 had. And by the way you can use any swap site for that instead of exchanges, i don't if you will agree but for me it's so easy, i mean in just one click you can easily trade your coins as long as you have balance for fees as well.

I had been also using binance for more than 1 year, but I think once you reach the limits of your withdrawal using Binance, the platform
itself will require you to submit or to verify your KYC or else according to binance, your withdrawal will temporarily not possible except
or unless you submit to verify your KYC, just simple as that.

I've read all the replies of OP and I can see he always uses the word "future".
You are going long-term so just pay the transaction fees in Bitcoin. That's the best possible option you could get rather than putting it in many baskets that would just stress you again about transaction fees if you want out.
It will just confuse you checking on each altcoins or stablecoins that you purchased and then having doubts about something else.
It's giving you a headache now, what more in the future?

Simple agreement exists between Tron and Binance Smart Chain.

One might agree that the Ethereum blockchain has always been the safest and most respected, and if can one manage to pay for a withdrawal, it's really the best option.

Holding usdt or usdc, on the other hand, is a risky proposition. Is it important to you to preserve a stable currency if you invest in cryptocurrency?
If you believe the cost is excessive, one could ignore it and place this in the trade.

The transaction fee depends on the mempool whicn means that is not always a $25 fee, it could probably go above $25 and it could also be as low as $5. The reason why you are paying a hefty $25 fee is that it is set by the exchange (Binance) and is usually their standard withdrawal fee being charged to their customers.

You can take a look at ethgasstation to help you estimate the amount fee you will be spending.

As for me yes! And I think this will help you save from a lot of headache worrying if the token you are holding is still worthy to trade when the time you have decided to trade it on the exchange. You really can't be certain if the token you are holding to stil has a value unlike BTC.

You only need to pay for gas fees when moving ETH/ERC20 tokens from an ETH wallet to an exchange. Whereas fees range from $2 to around $20 depending on how congested the mempool is.

If you're country restricted, then you could simply use the likes of UniSwap and SushiSwap. Though expect exchange fees to be more expensive since we're talking about on-chain DEX exchanges here.

You can sell to other people in a peer-to-peer manner, but you'd have to find a buyer/seller that's actually not a scammer.

But seriously mate. If you really want BTC, then just pay for the freakin transaction fee LOL. You're honestly just better off paying the fee rather than wasting precious time thinking of what to do. You could've spent the time doing something productive instead, probably something that could earn you an easy $20 so you wouldn't have problems with the withdrawal fees. 🤷‍♂️

Is there a concern if I cannot trade the usdt/usdc though in the future if i only have access to two exchanges which is coinbase/gemini though?


I also heard if you withdraw usdt/usdc on binance via tron network to nano ledger... you need to make sure you have tron in your ledger... otherwise that usdt/usdc wont show up?  I do not have any eth/tron etc.



But most ppl agree best thing is just convert everything to btc and withdraw that?  Thing is i dont want to really sell that altcoin though... but thing is im not sure i could sell it in future because i cant use most exchanges.  Would that be an issue?

I think you can use BSC network to transfer USDT, nothing to worry mate, you can see details here
https://www.ledger.com/supported-crypto-assets/coin

Btw,you can convert your small nominal assets into BNB, you don't need to trade and all you need to do is look for the asset to BNB conversion button on the wallet dashboard on the Binance application

As far as I know the cheapest withdrawal on Binance is BUSD he only charge $0.8
U can convert all of ur altcoin into BUSD if u wanna get cheapest withdawal fee

Convert everything to BNB, then buy USDT with your BNB. Then withdraw USDT. That's how I do it and there are probably other methods that are cheaper but this one works for me. I only lose $1 to the fees and USDT is available almost on every exchange there is.

Withdrawing BTC is probably the most costly way so I would avoid it.

If you are withdrawing in BTC or USDT/USDC, you'll be saving yourself a few dollars. Almost all of the alts pairs with BTC and stable coins. You can convert them all to BTC or to USDT or USDC and withdraw with a single withdrawal fees. Though the single withdrawal fees is lower for BCH, you can't directly convert every of your coins to BCH in one step. Even USDC has much limited number of pairs as compared to USDT. However you may withdraw, try doing them all in single currency of your choice. And preferably not in dollars as the price are much down at the moment.

Keep in mind that current withdrawl fee for any ERC20 tokens on binance is around $30 in those tokens, so it doesn't make sence.
If you want to withdraw purely $ value, no matter what coin, sell everything for XLM and withdraw, as XLM fee is like 0.1 XLM or less.
Or use USDT on TRC20 ($1 fee) or BUSD ($0.8 fee)

Tether is an insolvent fractional reserve scam, is based on a fiat which continually loses value, and Tron and BSC are both centralized scams. The number of things which could go wrong holding this combination long term is huge, and even if everything goes right, all that will happen is you will continual lose value. I would gladly pay $22 in a withdrawal fee if it meant I could hold bitcoin instead of these trash coins. If you are talking about a total value of ~$2,000, then inflation only needs to be 1% over the next year (it will be  higher than this) for you to lose the value of Binance's ridiculous withdrawal fees if you choose to hold a stablecoin instead.

Further, given how much trouble you have had in the past doing fairly simple things involving your Ledger Nano, I would think you wouldn't want to install another altcoin app on it and manage additional accounts. Just stick to bitcoin and top up your bitcoin wallet.

Mate I gave you the fees page. You can just compare, and just decide which coins you prefer holding. This is going to be more of a "which coin do you prefer holding" than a fee problem as you can clearly see all the fees on the page I provided.

You can still send it back to an exchange in the future even on the Tron/BSC chain. It's just that most exchanges accept Ethereum blockchain only so you might have a bit of trouble finding good ones, but there are others if you look.

Please @OP, decide only bitcoins for you to keep long term. Maybe your altcoins will still be traded on the exchange you bought them from in the next few months. However, lately government regulations have begun to "attack" these exchanges more stringently. You may not get a chance to sell it if you don't submit KYC.

Back to low withdrawal fee solutions.
If you are okay with the privacy of your nano ledger address, you can find guys who willing to exchange their onchain BTC for your Binance balance Coins (internal sending). Or use Coinjoin first instead if you want more privacy.

Here is the other thing.  If i have usdt/usdc on the tron network... what if i cant sell that in the future?


I only have access to coinbase/gemini and apparently these two exchanges which has usdt/usdc only is on ETH chain?  So i cant in the future sell the usdt/usdc that is on the tron chain? 

Unfortunately P2P isn't an option for OP given that he doesn't want to do KYC and in Binance's P2P you have to undergo KYC before they even allow you to trade.

If you plan to use the tron network then I think you could use an instant exchange to convert a small amount of BTC to TRX.

Wait, so one could withdraw usdt/usdc via tron and binance smart chain to the nano ledger then?


Because doing this would save lot in fees as it seem like it cost around 20 cents to withdraw as oppose to 25 dollars for usdt/usdc on the ETH network and 22 dollars if withdrawing btc?


Again i have around 2000 dollars in altcoin right now and around 8 dollars in btc and 5 dollars in bnb in my binance account.  And i want to know the most cost effective way to withdraw it to my nano ledger.


Such as sell altcoin and bnb for btc and withdraw btc and pay that fee?  Or sell altcoin for btc.  Then sell all that btc for usdt/usdc and send that to nano ledger.




Thing is I do not have any ETH or Tron coin etc.  I only have btc and bch in my nano ledger at the moment.

The easiest way to do it is to keep BTC and BCH in your Ledger, trade it all to BTC, and then withdraw it all. The only problem is that you have to pay 0.0005 or  50k sats for this transaction. So with the price of BTC now (time of posting), that would be 22 USD, and at least you would get all your balance to your ledger without any other hassle.

Yes, you can withdraw an altcoin but decide on what you are going to HODL. Have something like TRX network USDT or an altcoin that has a small fee. Check out mk4's link reference. It has all the costs, and then you can correlate it to Ledger Manager and install the app accordingly.

As far as I know Ledger also supports Tron and Binance Smart Chain, so you'd just need to do a bit of Googling and look for a guide on how to connect your Ledger to a Tron/BSC wallet.

^I really can't recommend both blockchain platforms as the Ethereum network is still the safest and much more reputable, but I guess you have no choice if you can't pay the hefty $25 withdrawal fee.

I need to withdraw from the binance exchange soon as they have KYC and I do not plan on submitting KYC.

 keep usdt or usdc ？Is this a joke? Investing in cryptocurrency is about its volatility, and do you mind keeping a stable currency? What are you doing in the cryptocurrency market? You might as well change it into Fiat and put it in your bank. If I misunderstand what you mean, you can change all your coins into BTC and then withdraw them to your wallet. If you think the fee is high, you can leave it alone and put it in the exchange.

Hey I did saw the fees on binance.  But how do i know what network usdt/usdc is on binance?  Because isn't the fee around 25 dollars to withdraw usdt or usdc on binance with the ETH network?  Bit you withdraw through Tron/BSC its very little. 


But isn't the issue here... me wanting to receive usdt or usdc on my nano ledger though?  Because from what I read... if you store usdt or usdc on nano ledger... its on the ETH network so if you withdraw usdt or usdc from binance... you need to make sure its on the ETH network?


Then how could I withdraw it on the tron/bsb network then?

What is my best option here?  My issue with keeping that altcoin is im not sure if i could even sell it in the future because I cannot use many exchanges.  It is also an ETH coin so people say im going to pay lot of fees.


But if i trade it all for usdt/usdc... wouldn't i incur lot of fees as well?  I mean i dont mind keep usdt or usdc as its a stablecoin.




The thing that is confusing is what are the withdraw fees for btc, usdt and usdc on binance?  Because i see multiple different chains for each of these.


But I also have to make sure its compatible with the nano ledger as i heard usdt and usdc is only ETH chain?



Are those my three options that I list based on the coins I have and since i want to send it to my nano ledger?  Thing is im confused if i have to pay around 25 dollars to withdraw usdt or usdc from binance to nano ledger?   But I see if its a different network, its only ten or twenty cents?



Bitcoin would cost around 22 dollars or so?

Look up Binance's[1] withdrawal fee list and check the withdrawal fees of the altcoins you're holding. If a certain altcoin of yours has a cheap withdrawal fee, it's probably best to convert your BTC to that altcoin and withdraw from there.

As with stablecoins, withdrawal fees are quite sizeable as well unless if you withdraw it through Tron/BSC(and not through the Ethereum network).

---

[1] https://www.binance.com/en/fee/cryptoFee

I have an altcoin on binance that I need to withdraw.  I also have a tiny bit of btc and bnb on it as well. 


Basically i have roughly 2000 dollars worth of altcoin and about 8 dollars worth of btc and 5 dollars worth of bnb.


I would like to withdraw everything to my hardware wallet nano ledger s.  I only keep btc and bch in my nano ledger s.




My options seem to be



Sell that 8 dollar worth of btc for usdt/usdc?   Then sell the 5 dollar bnb for usdt/usdc?  Then withdraw either the usdt/usdc and the altcoin to my nano ledger?


Sell that 5 dollar worth of bnb for btc.  Sell that 13 dollar worth of btc for that same altcoin I have.  Then withdraw that altcoin whole balance to my nano ledger?


Sell the altcoin for btc.  That altcoin can only be traded for BTC or ETH.  Sell the 5 dollar worth of bnb fo btc.  Then withdraw the whole btc balance to my nano ledger?



It wouldn't make sense to just


Withdraw Altcoin to nano ledger.  Withdraw btc to nano ledger.  Withdraw bnb to nano ledger.  Since the withdraw fee to withdraw btc is higher than my btc balance?