Trading spot at Binance does accumulate pennies in several wallets

JeromeTash

legendary

Activity: 2338

Merit: 1261

Heisenberg

Quote from: hugeblack on April 16, 2021, 11:15:43 AM

Another option is to sell everything you own using the market order but it is burn money option Grin

No need to think about trading fee differences if you are not on VIP 1 and above. The taker and maker fee is the same for VIP 0 chaps ( 0.1000% / 0.1000% or 0.0750% / 0.0750% if using BNB's 25% discount) Cheesy

https://www.binance.com/en/fee/schedule

hugeblack

legendary

Activity: 2702

Merit: 4002

When you place buy/sell orders, some of the orders require that 99% of the currency be placed and not 100%, so even if you actually calculate the fees, you will notice some small Sats.
The solution offered by Binance is to convert small amount currency to BNB which seems to be one of the reasons for the high price because it has many uses on this platform + BCS.

Another option is to sell everything you own using the market order but it is burn money option Grin

trigger1975

full member

Activity: 252

Merit: 113

NFTs on Sale: https://bit.ly/2POlV17

Quote from: NeuroticFish on April 16, 2021, 04:26:03 AM

Quote from: trigger1975 on April 16, 2021, 04:19:37 AM

I assume this has something to do with the way how Binance deducts the trading fee. But I did not find a way to specify, that the fee shall always be deducted from a specific currency/wallet. Is there a way to avoid this pennies accumulation on Binance when selling a coin and to get the appropriate wallet 100% empty?

It has to do with the fact Binance, when you sell a coin, works with 6 digits after the decimal point, not 8.
If you want to get use of those coins the way to do it is to go, in the spot wallet, on the path/link "Convert Small Balance to BNB", which will allow you to pick which small balances get converted into BNB, which you can keep for paying for fees, or sell.

How blind can one person be Roll Eyes

Just did not see this link. Awesome, thanks for your quick help!

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

Quote from: trigger1975 on April 16, 2021, 04:19:37 AM

I assume this has something to do with the way how Binance deducts the trading fee. But I did not find a way to specify, that the fee shall always be deducted from a specific currency/wallet. Is there a way to avoid this pennies accumulation on Binance when selling a coin and to get the appropriate wallet 100% empty?

It has to do with the fact Binance, when you sell a coin, works with 6 digits after the decimal point, not 8.
If you want to get use of those coins the way to do it is to go, in the spot wallet, on the path/link "Convert Small Balance to BNB", which will allow you to pick which small balances get converted into BNB, which you can keep for paying for fees, or sell.

trigger1975

full member

Activity: 252

Merit: 113

NFTs on Sale: https://bit.ly/2POlV17

When trading spot markets at Binance, I found that always some minor amount of money is left in the "asset" wallet which I can not change back to BTC or USDT due to low amount. It's just pennies, but they accumulate to a higher amount being locked up.

For example, I've traded 1INCHUSDT and after I've closed my position (sold 100% of my 1INCH position), 77 Sats where left in the 1INCH wallet ($0.047). And that happened for all trades I've taken in the past which leads to having 126 Sats being fully locked up. Even though it's pennies, it's money and if possible I'd like to have the asset wallet being 0 after I've closed a position.

I assume this has something to do with the way how Binance deducts the trading fee. But I did not find a way to specify, that the fee shall always be deducted from a specific currency/wallet. Is there a way to avoid this pennies accumulation on Binance when selling a coin and to get the appropriate wallet 100% empty?

Topic: Trading spot at Binance does accumulate pennies in several wallets (Read 96 times)