Topic: Cheapest Way To Withdraw From Binance Account? (Read 308 times)

jerry0, before you withdraw your coins, think carefully about what you will do with them in the future.
If you want to trade decentralized, then withdraw them to Optimism, Arbitrum or Polygon (Ethereum level 2 solutions), depending on what your exchange supports.
At Polygon, the commission is paid in MATIC tokens, at Optimism and Arbitrum in Ethereum. So you will need to make 2 withdrawal (ETH+stablecoins or MATIC+stablecoins)

This can be right or wrong, it depends on the amount you want to withdraw. If you have $1000 or $2000, altcoins will still result to very low fee even after trading and withdrawal, the trading fee on binance is 0.1% which can be used for the calculation. But having over $100000 or more of bitcoin, the trading fee would have increased more than the withdrawal fee, this is when to make use of your method which makes bitcoin that will be withdrawn directly to have low fee than converting it to altcoins, that is why I am not surprised whales will only withdraw bitcoin directly.

Personally... I would just suck up the conversion fees and convert everything to BTC and then withdraw the BTC.

You'll likely find that trying to withdraw multiple currencies will result in multiple overpriced withdrawal fees (in some cases, given the tiny amount you're trying to withdraw, you'll end up spending most of it in "minimum withdrawal" fees )

The small % loss you take during the conversion will likely be a lot less than minimum withdrawal fees.

Additionally, BTC is pretty much universally accepted everywhere. There are very few exchanges (if any?) that don't accept BTC. The same cannot be said for a large number of altcoins that are only listed on a few exchanges.

It also means you don't have to fuck about with potentially dodgy altcoin wallets/services... especially given your propensity for making every process/decision you make regarding cryptocurrency into a giant 20 page thread of "what if?" scenarios. You have a Ledger, it supports BTC. Problem solved.


TLDR: convert everything to BTC. Withdraw BTC to your Ledger.

You've got beaten actually with fees but that is how it works this time and the fees will also increase once the demand is high.
What I did was just save a few bucks, I converted it XRP as my receiving wallet (third-party) support XRP, and I just only pay below $1. But I'm not sure if this will work on you. If this is not applicable in your country, I think you should have to accumulate more, having $1000 worth of Bitcoin for withdrawal and just pay for $10 or less, I guess it was not hurt anymore.

The thing is if you want to hold bitcoin then you will have to bare the cost of 0.0005 BTC as withdrawal fees.
So if you decide to hold BTC then sell all coins for BTC and simply withdraw BTC to your hardware wallet.

If you want to hold the altcoin then you can sell BTC for BNB and buy that altcoin from the total BNB and withdraw the altcoin to your wallet.
Again if you want to hold the coin then you will have to bare the cost of withdrawal charges.

If you are stubborn not to spend more on withdrawal fees and want to hold a good coin then you can sell all coins and buy solana.
The withdrawal fees is not that big and also after transferring the SOL to your hardware wallet you can stake it too.
This will earn you passive income for holding your coins.

Again, all of this depends on what your priority is and I would suggest to hold BTC since that's the safest coin to HODL.
Don't think much about the withdrawal fees since that would be covered within a day's pump.

I don't use Nano Ledger so I can not answer you about it. But you must check that what chain Nano Ledger supports for BUSD.

On Binance, to withdraw BUSD, you have 3 chains to choose ^{click on Withdraw > BUSD, you will get details}

• Binance Chain (BEP2): Fee 0.5 BUSD
• Binance Smart Chain (BEP20): Fee 0 BUSD
• Ethereum (ERC20): Fee 25 BUSD

If Ledger Nano supports Binance Smart Chain for BUSD, it would be your best option.

• How to Connect a Ledger Nano to Binance Smart Chain (BSC)?
• Fee is 0 BUSD, so why do you not practice it yourself with a small withdrawal?

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?

I think the best you can do to prevent withdrawal cost is to stick with BSC chain. it is cheap and fast. i think it is the cheapest among all the blockchain offered by binance. although there is Binance chain which is cheap but so many platforms or tokens are not on that chain and also binance might close that blockchain in the future since there is the EVM which supports ethereum Layer 2. for me, i will move my token to solana, i think it is the project about to explode.

Your ways are not bad at all as I believe you have been using them for quite some time.
Though I will like to give it a try at some point in time.
Though it differs from the one I have been using.

Selling all the altcoin, the small BTC and BCH to USDT seem to be a good idea since the withdrawal fee of USDT is always 1USDT on Binance. However, if you don't mind changing the whole coin to LTC, Tron, and Stellar which are the altcoin with the cheapest transaction fee.

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?



Also to the person that said


The minimum trading with fiat pairs is $10...


You are telling me i can't sell 5 dollar worth of BNB for btc or BUSD or usdc/usdt?


I thought only USD is fiat?  Isn't BUSD, usdc/usdt not fiat?

Hi mate, have you read these trading rules?
https://www.binance.com/en/trade-rule
The minimum trading with fiat pairs is $10...

And for the withdrawal fee, you can check completely on this and you should know which is best including the minimum amount and also fee to spend:
https://www.binance.com/en/fee/cryptoFee

And about to connect your Binance with a ledger nano with BSC, you can read this:
https://academy.binance.com/en/articles/how-to-connect-a-ledger-nano-to-binance-smart-chain-bsc

If we only take the withdrawal fee into the account then withdrawing it as BNB seems more cheaper but when I am looking it as an asset to protect the value of the asset its not really a wise choice to go with BNB or other altcoins just because it has cheaper withdrawal and transaction fee.

Since you've mentioned that you don't want to sell that altcoin as it is under the Ethereum network, I'm afraid that you have to accept the fact that the transfer fees are high when you transfer it from wallet to exchange. That's the reality now. ETH fees are sick nowadays. I remember the time that I paid almost $60 transaction fees to swap my ETH coin to Ethereum on Uniswap.

It depends on the people itself, saving cryptos in a hardware wallet doesn't always mean they want to save it for a long term but saving cryptos in hardware wallet is a must if we already have hardware wallet, because it's the safest wallet available right now.
And for the OP case, most replies are recommend to sell it into BNB and transfer it to your hardware wallet because it has the cheapest fee.
Don't worry if you can't use binance exchange to sell it, there's many way to access the exchanges on the internet 

Since you are moving the funds to your hardware wallet so I am assuming that you have no intention of trading them in near future so I won't prefer the cheapest withdrawal option at this moment since in long term the best coin is more important for that bitcoin is more preferred or if you don't want your portfolio to grow then you can go for a stable coin.

I agreed. Its not that its kinda small but we all knew that kind of amount would be eaten up only by fees and withdrawal reductions. Also if you OP got the 2k usd, then instead of withdrawing that to ledger, convert all asset to btc and send it there. Its better to stick on a good major coins especially not all altcoin can be supported by ledger. Some have not yet listed or can be sent there as far as I know. Maybe not sure if its now accepted.

Okay so from the best option to worst option would it be like this


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





Sell altcoin for btc.  Sell 5 dollar worth of bnb for btc.  Then just withdraw the entire btc to my nano ledger?  Pay the fee of 0.0005 btc = 22 dollars


Sell altcoin for usdt/usdc via Binance Chain/Tron Chain.  Sell the tiny amount of bnb and btc for usdt/usdc.  Then withdraw it to nano ledger using Binance/Tron network?  Pay Fee of = 1 dollar max


Sell altcoin for btc.  Sell all the btc for bnb and withdraw Bnb.  Fee = < 1 dollar


Keep the altcoin and withdraw altcoin to nano ledger.  Sell the btc for bnb.  Then withdraw entire bnb to nano ledger?


Sell altcoin for usdt/usdc via ETH chain.  Sell the tiny amount of bnb and btc for usdt/usdc.  Then withdraw it to nano ledger using ETH Chain?  Pay the fee =25 dollars




The thing about my situation is I don't really want to sell the altcoin that i have.  Its an ETH coin.  But since people say if i keep it and send it to my nano ledger... well im going to pay around 25 dollars the next time i want to move it to an exchange.  Is that accurate?  But my other concern is many of the exchanges I could trade this altcoin... im country restricted.  So wouldn't this be another reason to not with this altcoin?



People also mention about just trading it all for BNB.  Well the first thing is BNB isn't stable like btc.  I mean... i rather have btc than bnb.  The other thing is where can I even sell bnb if im a us citizen but in a restricted state?  I cannot use Binance.com... nor binance.us due to the state where im from.  So would this be another reason to not hold BNB?   Or is this not an issue for people?  Like imagine you cannot sell a coin because the exchanges that allow you to trade it... you are country restricted.  What do you do then?



I mean i rather have usdt/usdc but then i read you pay high fees if you use ETH chain which is the most popular chain.  But if i use binance chain or tron chain... isn't my issue... well how can i sell it in the future if im limited to coinbase and gemini only?  And those exchanges... they have usdt/usdc but its only on the ETH chain.



So based on that... best to just convert altcoin and tiny amount of bnb to btc? 

This seems to be the best option, what's the point of keeping $5 bnb and $8 btc! It won't do much to you financially even if btc where to be trading at 100k for instance,  better to convert everything to that same alts and hold, the chances you will get good returns from the alts is way higher than hold the btc and bnb dust, the solution is already in front of you.

but he needs to consider also that there's min trading amount of 10USD in binance. so if you are trading an equivalent amount of less than 10, i don't think it will go thru. so another option you can do is send those small amounts to another exchange that can accept small amount and trade it. he may not get the target amount that he wants but at least get something from it. make sure to check the min deposit/withdrawal of the exchange as well as the min trading amount. he can also check the network that he wants to use for withdrawal, in binance, it will already show you how much they are charging and the min amt of withdrawal.