I bought 0.0011 BTC but only received 0.00053 BTC!

The Sceptical Chymist

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Quote from: mk4 on June 04, 2021, 01:02:48 PM

Binance sure demand a mostly unnecessarily huge amount for withdrawals.

It's a high fee to be sure, but I think that amount is pretty much standard for bitcoin withdrawals these days. Kucoin charges 0.0005BTC for a withdrawal, but that's the only other exchange I could check since I'm not registered on any other ones.

OP definitely should have checked what the fee was before making that withdrawal. Binance didn't do anything wrong at all; the fee is what it is, and it's the customer's responsibility to know it beforehand.

It's not worth it to withdraw small amounts of bitcoin from exchanges right now, and I'm fairly certain it's because they all use high fees in order to get the bitcoin into their customers' wallets as fast as possible (which you have to pay for, of course). I've noticed on Kucoin that withdrawal fees change as the network becomes more/less congested, but they're usually never cheap when it comes to bitcoin. The days of being able to get bitcoin out of your account for, say, 10k sats are over--at least for now.

hugeblack

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A lot of people use Binance to exchange large amounts, but when you want to transfer medium or small amounts, you can use auto buying sites, you will find them arranged if you click on my signature.

The part that prompted me to respond to you is that you bought bitcoin, did you buy it against paper money / bank transfer or did you exchange it with an altcoin? If it is with an alcoin then you have been scammer as a lower amount has been shown.
And if you bought it, you were also scammed

Generally the site you bought from is a scammer and you should stop using it.

Mkmanik

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YES, it make sense. To transfer your Bitcoin they need to pay a decent amount of bitcoin. The charge is dedicated to you so you get less Bitcoin. Bitcoin transaction fees are very high right now, Only for fees, I tried to use TRC based coin or USDT. For TRX and USDT withdrawal I need to pay only 1TRX or 1USDT. I am good with it.

however, Which platform you used? it would be nice if you share the link here with us?

JeromeTash

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Using third party services to buy Bitcoin is a bit expensive as there are hidden fees and service charges. Right now the best option would be to buy p2p exchanges but some of them charge high fees too, so you are left with an easy option of using this forum's currency exchange board. Make sure you trade with only trusted members or use a trusted escrow service to avoid getting scammed.

Or try localcryptos on days like today when the fee rate is down to 1 sat/byte.

WLtoys V912

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I always buy bitcoin with Perfect Money USD from exchangers with low fees but this time I wanted to try a new method which is buying bitcoin directly with my local currency and receive it directly in my BTC address. I didn't know the local platform charges me the whole Binance fee. They had to enlighten their buyers more about their purchase process.
I planned to buy some bitcoin for my mother to bring some profit for her but now I have to wait for long to just recover the losses. I hope BTC rises as soon as possible so that I could return her money at least with zero loss!
Next time, I only buy BTC with USD from the exchangers with low fees (like what I had always done).

mk4

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Quote from: WLtoys V912 on June 04, 2021, 01:14:32 PM

I had heard about high Binance fees but I didn't expect it to be this high! Thanks for your answer!
So, I will lose money rather than making profit!

I used a local platform in my country which is only well-known here.

Looks like that local service sucks lol. Try using peer-to-peer platforms such as LocalCryptos[1] and HodlHodl[2] instead. Watch out for scammers though, and only transact with people with good feedback as much as possible.

[1] https://localcryptos.com/
[2] https://hodlhodl.com/

hosseinimr93

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Quote from: BitMaxz on June 04, 2021, 02:20:40 PM

Take note for other networks/chain you can switch to other networks if you want like BEP2 to reduce the withdrawal fee but the receiving address must be on the same network in order to receive the BTC amount.

I would never use bitcoin on such networks.
Bitcoin on BEP2 network or any other network isn't real bitcoin. They are actually tokens that are pegged to bitcoin price. I don't think it's a good idea to use these tokens instead of the real bitcoin only for paying lower withdrawal fee.

passwordnow

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Quote from: WLtoys V912 on June 04, 2021, 01:14:32 PM

I had heard about high Binance fees but I didn't expect it to be this high! Thanks for your answer!
So, I will lose money rather than making profit!

I used a local platform in my country which is only well-known here.

What platform did you use? is it a swap that gets a quote from different exchanges and you've chosen the quote that they've provided from Binance?
Every amount that they put, as a result, is still changeable and dynamic because it will change depending on the exchange rate and as well as the included fee. Next time, you now have an idea that the fees will be included with your purchase.

herurist

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if that's the case of course binance will charge a fee for this but this is very inefficient, why don't you check first where the shipment is from and how the transaction process is carried out. because if something like this happens of course you yourself will bear the loss because I believe the sender will not be responsible for this, especially if binance is only a third party in this case.
next time pay more attention to transactions so that you don't experience the same incident and you don't need to be harmed again like this

acener

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Quote from: WLtoys V912 on June 04, 2021, 01:14:32 PM

I had heard about high Binance fees but I didn't expect it to be this high! Thanks for your answer!
So, I will lose money rather than making profit!

I used a local platform in my country which is only well-known here.

It would depend on what you would do crypto currency and Fiat are just the same,
You could earn on both of them with the right decision and plans,
So better think and read all the terms when using any platform to maximize your profit if you want.
If you want to earn using Binance avoid withdrawing it without making profit first learn to trade and apply what you learn to earn.

BitMaxz

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Quote from: WLtoys V912 on June 04, 2021, 01:14:32 PM

I had heard about high Binance fees but I didn't expect it to be this high! Thanks for your answer!
So, I will lose money rather than making profit!

I used a local platform in my country which is only well-known here.

Yes their withdrawal right now is pretty expensive look at the minimum withdrawal fee that I get when trying to withdraw my BTC out from Binance

BTC network

But if I switch to other networks like BEP2 here the fee that I got

Next time check the fee before you withdraw from exchanges like Binance. Take note for other networks/chain you can switch to other networks if you want like BEP2 to reduce the withdrawal fee but the receiving address must be on the same network in order to receive the BTC amount. If you are going to send it directly to BTC address you won't receive anything.

hosseinimr93

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Any platform you are talking about, I recommend you to avoid it for your future purchases.
The service you purchased bitcoin from is awful. What a service that doesn't have its own wallet and send you bitcoin from binance.

Most probably, they have charged you their own fee too (maybe, with selling bitcoin at a higher price)

The Cryptovator

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It depends on. How your contract was with the seller? Wasn't there any discussion about who will recover the transaction fees? In no then usually the seller will not carry the transaction fees. If he said like this you mentioned above then definitely it does make sense. The problem isn't with that platform you are using. The problems exist from the seller's ends. In the future, you should have a clear discussion about who will carry the transaction fees since the amount isn't very small for the transaction fee.

dhemasm

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Quote from: WLtoys V912 on June 04, 2021, 12:59:22 PM

Does it make sense?

Hi mate, Here the simple answer "Yes it make sense" you will pay Network + Platform Fees (Not all platform charging fees). Maybe in the futures you can read about fees before making any deposit or withdraw and checking the network Fees on Third Parties Website like https://www.blockchain.com/ (For Bitcoin), https://ethgasstation.info/ (For Ethereum). Beside that maybe using alternative coins like TRX, LTC and DOGE Will cost much lower transaction fee the last one in case you still didn't know, Use SegWit, Read more here; https://www.ledger.com/academy/difference-between-segwit-and-native-segwit

Good luck!

WLtoys V912

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I had heard about high Binance fees but I didn't expect it to be this high! Thanks for your answer!
So, I will lose money rather than making profit!

I used a local platform in my country which is only well-known here.

mk4

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Binance sure demand a mostly unnecessarily huge amount for withdrawals. And currently, they demand a 0.00057 BTC fee as you can see on their fees page[1]. Next time, probably choose a platform with a lower withdrawal fee.

Which platform did you use, anyway?

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

WLtoys V912

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Hi everyone,
Recently, I bought 0.0011 BTC from a platform and payed for it. A few hours later, I received 0.00053 BTC. Now, after 48 hours, my balance is still 0.00053 BTC. I wrote a support ticket and they told me they have sent the BTC from Binance with the fee of 0.00057 BTC and this fee is deducted from the 0.0011 BTC and the remaining is 0.00053 BTC (which is what I have received).
Does it make sense?

Topic: I bought 0.0011 BTC but only received 0.00053 BTC! (Read 159 times)