erc20 token withdrawal fees have been reduced by 25% on binance.

BigBoy89

legendary

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Quote from: drogas on February 26, 2018, 05:23:33 AM

"erc20 token withdrawal fees have been reduced by 25% on #binance. This fee will be dynamically adjusted overtime."

Source: https://twitter.com/cz_binance/status/967924744040235008

What do you think?

Even though some of the coins will still have insane fees, I think this is a step in the right direction

This is good news! Let's hope that other exchanges will follow Binance, as they are one of the market leaders.
I'm usually trying to withdraw on large amounts and fees to be under 0.01% of the amount, but fees are a killer for smaller transactions.

maursader

sr. member

Activity: 509

Merit: 250

Disrupt the banking system!

Quote from: drogas on February 26, 2018, 05:23:33 AM

"erc20 token withdrawal fees have been reduced by 25% on #binance. This fee will be dynamically adjusted overtime."

Source: https://twitter.com/cz_binance/status/967924744040235008

What do you think?

Even though some of the coins will still have insane fees, I think this is a step in the right direction

I like Binance more and more every day.This is one of the best exchanges in the crypto space right now imho. They support nearly every legit fork and airdrop.

boyjackyou

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Activity: 301

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Quote from: drogas on February 26, 2018, 05:23:33 AM

"erc20 token withdrawal fees have been reduced by 25% on #binance. This fee will be dynamically adjusted overtime."

Source: https://twitter.com/cz_binance/status/967924744040235008

What do you think?

Even though some of the coins will still have insane fees, I think this is a step in the right direction

That is great,i dont have any doubt that binance is one of the most secured exchange today,it has the least transactions fees compare to those major exchanges like bittrex and poloneix which will require you to pay huge fees when you are widrawing your money,this is the reason why i moved my holdings from bittrex to binance,you should too because it might be the best exchange few months from now.

pharaon

full member

Activity: 753

Merit: 100

Certainly this is good news, but will not this fee go back when the market is active and the number of transactions increases?

george_hured

full member

Activity: 644

Merit: 101

Wow, well, that's very good news, binance always has good news, so probably binance today is one of the most popular exchanges that exist in the crypto world. I really like them, I hope that they will not disappear with the advent of decentralized exchanges.

ChinkyEyes

sr. member

Activity: 687

Merit: 301

Great news indeed. By lowering their fees it shows they appreciate their customers and are willing to change things.
Binance is a very nice exchange to use and I like how they host trading competitions to create awareness for coins/tokens.
They differentiate themselves from other exchanges this way. I can see Binance growing steadily in the near future.

ItsEzMkay

full member

Activity: 303

Merit: 100

Fantastic news and great for Binance, I hope other prominent exchanges like HitBTC could take a hint and follow. Don't see why there exchange fees are anywhere from 200-500% higher than elsewhere, but gjob on your end Binance I use your website the most now!

jafhdskl

newbie

Activity: 52

Merit: 0

For some token they have monstrous fees. 25% decrease is not enough.

@ngelcryptopia

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Activity: 238

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Staker.network - POS Smart Contract ETH Token

Do they have withdrawal fee for NEO? I withdrew NEO and it was free. So maybe change into a coin with no fee and send it to another exchange?

cicciogas

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Activity: 56

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CryptoCashbackRebate-Rewarding Cryptos

Sweet Lord, thanks for sharing, a good news at least, their fee were too high! It's incredible that they kept them high for so long, it's a steal! Binance is a wonderful exchange, if they can keep lowering them at the level of other exchanges that would be huge!

QFT

sr. member

Activity: 476

Merit: 250

Quote from: drogas on February 26, 2018, 05:23:33 AM

"erc20 token withdrawal fees have been reduced by 25% on #binance. This fee will be dynamically adjusted overtime."

Source: https://twitter.com/cz_binance/status/967924744040235008

What do you think?

Even though some of the coins will still have insane fees, I think this is a step in the right direction

Why can't they just have a fair withdrawal fee for all coins, it shouldn't be that much work.
Let's hope will lead to that.

yomarve

jr. member

Activity: 196

Merit: 6

https://cryptotvplus.com

This is great news. Imagine withdrawal of FUN tokens would cost you over 100fun. That's not fair. Good it has been reduced. We do need more reduction though

MV7

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Activity: 322

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It's been a long time coming. I like binance as an exchange, but their exchange fees were very high compared to other exchanges.

Now I just wish they had a "dust" cleaner, where we can change our dust for bnb coins or something. I know people who have hundreds of dollars in dust, but can't do anything about them.

ekn222

jr. member

Activity: 120

Merit: 1

SO you really think it is becaase they like us? Don't get me wrong, great news but all these companies have to battle hard to keep customers, look @ COSS, Bread...but still great news

Ciucas

member

Activity: 266

Merit: 10

It's great to hear this news, it shows that they are not so greedy.
For some tokens the fees are still high though, especially if you are making small withdrawals.

Dluretic

member

Activity: 224

Merit: 10

The Experience Layer of the Decentralized Internet

So this is good news, and as the price of ETH falls, so is the decline in fees.
If there are only a small amount of tokens, it is not appropriate to ask for such an expensive fee.

ICO Lancer

newbie

Activity: 182

Merit: 0

Transferring ETH on binance has always been a pain because of the fees. 25% reduction isn't exactly a lot but I hope they will reduce it even more in the future.

skelethon

newbie

Activity: 168

Merit: 0

Quote from: blozo on February 26, 2018, 05:45:38 AM

It was time and they should lower them more. For some ERC20 token,10$ withdrawal fee is too much

Especially when the Ethereum network is not congested (99% of the time) a transaction with 5 gwei is enough to send the tokens (it would cost around 10/20 cents)

I definitely agree. I hope this is just the start, even if it's for erc20 tokens only and other sites will follow suit

blozo

member

Activity: 308

Merit: 10

It was time and they should lower them more. For some ERC20 token,10$ withdrawal fee is too much

Especially when the Ethereum network is not congested (99% of the time) a transaction with 5 gwei is enough to send the tokens (it would cost around 10/20 cents)

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

The problem with Binance's Fees that I find is that it you buy into various cryptocurrencies with rather small amounts, the withdrawal fee is proportionally high (in my case, around 5% in relation to the amount purchases), plus you can’t reduce this Fee by using native BNB for this purpose (only for purchase/sell transactions).

So conceptually, if you plan to withdraw your cryptocurrencies from Binance (always recommended for storage; only leave day to day trading crypto), it is better to buy into a narrower portafolio since withdrawal fees are set as a fixed quota and not a percentage).

ERC-20 withdrawal being reduced by 25% is a good step in the right direction nevertheless.

Topic: erc20 token withdrawal fees have been reduced by 25% on binance. (Read 187 times)