Topic: This is definitely huge for Binance traders! (Read 472 times)
This is nothing huge and new, exchange like gate .io has introduced this features of moving funds from one account to another without blockchain interference
I think this kind of transfer between accounts of the same exchange brings convenience to investors and brings certain risks. Investors should regularly check their accounts for missing tokens.
I tried sending a few coins and it turned out smoothly and quickly. There is a little mechanism that confuses me. Is this some kind of internal transaction in a hot wallet or is there another reason? and how the transaction goes without requiring a confirmation block and fees considering that each user's wallet has a different address.
It's looks like the Binance use "branch address system", it's makes me curious why that transfer is only work within the same Binance branch, maybe they use same wallet with thousand address for one branch and use the mechanism like Zelle apps. That just my guess, cmiiw.
this is cool . i never know that you can now transfer fund from one user to another , i thought this kind of feature only exist on gambling sites and other websites but the zero fee and no block confirmation is not new to me . like i said earlier i already saw this one on other platforms and these platforms are also free when sending between accounts . i never used binance anymore and i forgot if they have fees before ? if yes then it is still a good news for binance traders that loves to transfer funds between accounts .
I tried sending a few coins and it turned out smoothly and quickly. There is a little mechanism that confuses me. Is this some kind of internal transaction in a hot wallet or is there another reason? and how the transaction goes without requiring a confirmation block and fees considering that each user's wallet has a different address.
As long as they do not make transactions when coins are moved from one account to another, they should not be charging any kind of fees I believe. Yes, if you move coins and they actually do a transaction to move the coins then they are in their right to charge the transaction fees and maybe some management fees.I see this decision has made people happy but I haven't used binance much can anyone tell me why exactly we need multiple accounts on Binance though when we can keep them all in a single account? Sorry about asking this but I rarely use Binance.
I tried sending a few coins and it turned out smoothly and quickly. There is a little mechanism that confuses me. Is this some kind of internal transaction in a hot wallet or is there another reason? and how the transaction goes without requiring a confirmation block and fees considering that each user's wallet has a different address.
Since the topic is about Bianance I wanted to comment that I spotted a lot of fake websites which claimed to be Binance and I reported them all to the Binance support through telegram and I was very upset with what they replied me. They told me that hackers will always be there, thanks for your report and we will investigate the issue. Then they never again replied, I mean that was very lame and dull of them to say like that. At least appreciate the guy who is doing some work and reporting you the clones that are scamming people.
Coming to the topic - Transfer between accounts are hardly needed and would actually encourage some sort of scam if done excessively instead they should try and reduce the fees when trading among assets.
Coming to the topic - Transfer between accounts are hardly needed and would actually encourage some sort of scam if done excessively instead they should try and reduce the fees when trading among assets.
Compared to all other exchanges, regardless of their size and location, Binance is by far number 1.
The number of innovations they introduce every years is astonishing. The only downside I see is this Binance.us issue where the US exchange has got only a portion of coins compared to the international one. However, this is more of legal issues then crypto issue.
Go Binance!
The number of innovations they introduce every years is astonishing. The only downside I see is this Binance.us issue where the US exchange has got only a portion of coins compared to the international one. However, this is more of legal issues then crypto issue.
Go Binance!
It may be late for them but at least they are following the trend. And for other exchanges that haven't done it, this will make them follow the horde for exchanges because it is Binance and other exchanges are looking towards it. This is still a good news for me and imagine that if other exchanges will do the same. We'll getting a lot of exchanges that will have no fees for inside exchange transactions. Still brought a good vibe though.
Does this mean it will make binance users will do transaction without trading and they will just sell their coins directly to the people itself to avoid the fee, but it will increase scam if many people are doing this
They will be able to do internal transaction without any kind of fee if I am not wrong. This is what it actually sounds like though. So, according to you if someone does internal transaction between two accounts inside the exchange, then the one selling the coins to another user will not have to bear any fees. All the fee has to be paid by the buyer (if he wants to withdraw it to an external wallet). So yeah, good for sellers, bad for buyers. I don't even think they will want to take this options, since sending those coins to an external wallet of the buyer would be better.How is this going to increase scam?
I have used the internal transfer at Mercatox before.
I thought binance wouldn't do it, but I was wrong, it was very effective in preventing the volume from leaving their exchanges. For matters related to laundry and misuse, there is still a transaction log if there is a suspected case. The important point is that their large users will be greatly helped by this option.
I thought binance wouldn't do it, but I was wrong, it was very effective in preventing the volume from leaving their exchanges. For matters related to laundry and misuse, there is still a transaction log if there is a suspected case. The important point is that their large users will be greatly helped by this option.
It's good to see how much they have been improving this year. This is going to attract a lot of new traders and even some of those that left the exchange. No one likes paying for an in-house transaction, making it to be a free thing to do is a really great. I just hope that some people don't start misusing the opportunity that has been given to them lol, just like one other person mentioned.
This is really one big surprise and I hope to be seeing more of it as time goes on. Binance has always been my favorite exchange though it's not the only exchange I make use of (about four of them), but it's on top my list.
This is really one big surprise and I hope to be seeing more of it as time goes on. Binance has always been my favorite exchange though it's not the only exchange I make use of (about four of them), but it's on top my list.
Binance is too late to implement this feature in my opinion as most other exchanges are doing it for years like yobit's yocodes and cryptopia's internal transfers (as cryptopia is not in operation, I could not recall their feature name).
Yes you're right about that, other exchanges have been offering this particular feature, but there is nothing wrong with an upgrade. If an exchange started offering this particular feature first, there is no need for them to rush into it so it wouldn't be like they are straight up copying what others are doing, would be best for them to take their time. And I'm happy they did. 
Not to spoil the fun here but sending an amount within the same branch should always be instant with no-fees. Internal transactions at no-cost are now implemented at some of the exchanges for quite a long time now, even those smaller than Binance so it's not really surprising that Binance made this move.
Agreed. The announcement is exciting because the feature wasn't available before now on Binance. Most users would've loved to make internal transfers but couldn't but now, it's available. It's kinda like this. An iPhone-only feature that android users would love but don't have and now, it's available. That's a similar case.
Binance is looking for ways to add to its users base, this is one of those ways to make that work – keep existing users happy.
Binance has just announced a way to easily move money between accounts on the exchange. According to the announcement, transfers are now free and instant.
Users can withdraw assets from one Binance account to another without the need for any block confirmations. With zero transfer fees, moving money between accounts is instant. Withdrawals to another account are done through the ‘withdraw’ tab, like withdrawing any other cryptocurrency on the exchange. The new feature can be enabled and disabled via API.
This is welcoming news from Binance but the doubt is who will be trading within the exchange without an escrow and i am not sure how it will be an added bonus in the overall scheme of things and how many will be using that is to be seen.Users can withdraw assets from one Binance account to another without the need for any block confirmations. With zero transfer fees, moving money between accounts is instant. Withdrawals to another account are done through the ‘withdraw’ tab, like withdrawing any other cryptocurrency on the exchange. The new feature can be enabled and disabled via API.
What ever they do i hope they will take care of security and we will not hear any hacking news from them.
Looks to me like they just hit the number they needed for profit and this is their compensation for it.
I forgot the name of the exchange but they offer the same before and it never clicked. Sorry for my forgetfulness. I do drink medicines for that.
Now, they have done. The good thing is they are going to have another hype about this although it is already late. Should have done it before.
But because of the number of supporters who trusted them it will still look like a blessing.
I forgot the name of the exchange but they offer the same before and it never clicked. Sorry for my forgetfulness. I do drink medicines for that.
Now, they have done. The good thing is they are going to have another hype about this although it is already late. Should have done it before.
But because of the number of supporters who trusted them it will still look like a blessing.
Binance has just announced a way to easily move money between accounts on the exchange. According to the announcement, transfers are now free and instant.
Users can withdraw assets from one Binance account to another without the need for any block confirmations. With zero transfer fees, moving money between accounts is instant. Withdrawals to another account are done through the ‘withdraw’ tab, like withdrawing any other cryptocurrency on the exchange. The new feature can be enabled and disabled via API.
Check the full news here
It looks like Binance has done it again! They've made a very good move by letting our transfers absolutely instant and free!
Changpeng Zhao once again making me and the other Binance traders happy. I just hope there will be more surprises and improvements to come in the Binance exchange.
Been supportive of Binance ever since, especially meeting Changpeng Zhao twice in person. Withdrawing assets without the need of block confirmations is absolutely amazing!
Once again, thank you Changpeng Zhao for this!
Users can withdraw assets from one Binance account to another without the need for any block confirmations. With zero transfer fees, moving money between accounts is instant. Withdrawals to another account are done through the ‘withdraw’ tab, like withdrawing any other cryptocurrency on the exchange. The new feature can be enabled and disabled via API.
Check the full news here
It looks like Binance has done it again! They've made a very good move by letting our transfers absolutely instant and free!
Changpeng Zhao once again making me and the other Binance traders happy. I just hope there will be more surprises and improvements to come in the Binance exchange.
Been supportive of Binance ever since, especially meeting Changpeng Zhao twice in person. Withdrawing assets without the need of block confirmations is absolutely amazing!
Once again, thank you Changpeng Zhao for this!
And it's small things like that, that make binance my favorite go to exchange and also the no.1 I reccomend to newbies when they ask me which exchange I reccomend for starters.. This feature will be especially handy for me since plenty of my friends and even some relatives use binance. Instant and free transfer? Awesome!
If that will be their offer for everybody whose new to their trading site, this will attract more investors. The demand of each coins that has higher potentials will soon increase. Binance traders will earn higher profits due to more activities will be coming in and out, as they can trade more often.
Binance has just announced a way to easily move money between accounts on the exchange. According to the announcement, transfers are now free and instant.
Users can withdraw assets from one Binance account to another without the need for any block confirmations. With zero transfer fees, moving money between accounts is instant. Withdrawals to another account are done through the ‘withdraw’ tab, like withdrawing any other cryptocurrency on the exchange. The new feature can be enabled and disabled via API.
Check the full news here
It looks like Binance has done it again! They've made a very good move by letting our transfers absolutely instant and free!
Changpeng Zhao once again making me and the other Binance traders happy. I just hope there will be more surprises and improvements to come in the Binance exchange.
Been supportive of Binance ever since, especially meeting Changpeng Zhao twice in person. Withdrawing assets without the need of block confirmations is absolutely amazing!
Once again, thank you Changpeng Zhao for this!
Users can withdraw assets from one Binance account to another without the need for any block confirmations. With zero transfer fees, moving money between accounts is instant. Withdrawals to another account are done through the ‘withdraw’ tab, like withdrawing any other cryptocurrency on the exchange. The new feature can be enabled and disabled via API.
Check the full news here
It looks like Binance has done it again! They've made a very good move by letting our transfers absolutely instant and free!
Changpeng Zhao once again making me and the other Binance traders happy. I just hope there will be more surprises and improvements to come in the Binance exchange.
Been supportive of Binance ever since, especially meeting Changpeng Zhao twice in person. Withdrawing assets without the need of block confirmations is absolutely amazing!
Once again, thank you Changpeng Zhao for this!
And it's small things like that, that make binance my favorite go to exchange and also the no.1 I reccomend to newbies when they ask me which exchange I reccomend for starters.. This feature will be especially handy for me since plenty of my friends and even some relatives use binance. Instant and free transfer? Awesome!
Not to spoil the fun here but sending an amount within the same branch should always be instant with no-fees. Internal transactions at no-cost are now implemented at some of the exchanges for quite a long time now, even those smaller than Binance so it's not really surprising that Binance made this move.
It should be a feature free to tap into for users, but I see it all too often on non-crypto brokers that they do charge a fee for such transfers. I'm not sure if there are any crypto exchanges that charge you for this feature, but considering that the profit margin on such a feature is basically 100%, it's a very lucrative move.
In Binance's case it probably won't really matter because they capture such a large percentage of the pie, that they can afford to offer their users features without charging for them. In the same way, they didn't charge users extra for Bitcoin withdrawals when the fees shot up to unreasonably high levels. They lost several dollars consistently for months on every withdrawal. Tells you a lot about how much profit they make.
Binance is too late to implement this feature in my opinion as most other exchanges are doing it for years like yobit's yocodes and cryptopia's internal transfers (as cryptopia is not in operation, I could not recall their feature name).
Cryptopia is gone and Yobit is a ghost town. Binance is one of the biggest exchanges in the world. That's the difference. I have a feeling this will boost Chinese traffic to Binance as Chinese traders search for reliable/liquid OTC onramps for USDT.
Is this facility available only within binance or also available for all other binance's sister concerns too?
It's platform by platform:
Quote
It should be noted, however, that the transfers only work within the same Binance branch. So, you cannot move funds from Binance Jersey to Binance U.S., for example, through an internal transfer — that will require a regular withdrawal, which is subject to fees.
Binance is too late to implement this feature in my opinion as most other exchanges are doing it for years like yobit's yocodes and cryptopia's internal transfers (as cryptopia is not in operation, I could not recall their feature name).
Is this facility available only within binance or also available for all other binance's sister concerns too? Like, recently binance acquired wazirx. Now, wazirx account holders will be able to transfer their funds to their binance account internally? I did a small research on this but no mention about such feature. Probably, they may implement in next upgrade.
Is this facility available only within binance or also available for all other binance's sister concerns too? Like, recently binance acquired wazirx. Now, wazirx account holders will be able to transfer their funds to their binance account internally? I did a small research on this but no mention about such feature. Probably, they may implement in next upgrade.
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