True we ought to be cautious of the transaction fee before making any transactions but like as Zaguru12 stated various CEX charges different fees for transactions, after all they still need to make money for themselves while binance are still comparably better than most if not all.
Aside using non custodian wallet which allows you change transactions fee another thing you can do is to swap/convert the coin to a coin with lesser transaction fee and then transfer it to your binance were you can convert it to the actual coin/swap if what you have meet minimum requirement for exchange which is usually $5 or $10 dollar on binance and depending on the coin
Topic: Why the transaction fee hike on ORDI? - page 2. (Read 251 times)
Concerning ORDI its fees are high on exchanges probably because of the network congestion on the bitcoin network. Even binance which is the biggest centralized exchange charges around 2.5 ORDI, this one of the difference between using your own wallet to customize fees with the charges done by exchanges, most at times exchanges charges more.
Concerning the Bitcoin fees, you are using the BNB blockchain which means you’re sending a wrapped or bridge bitcoin and not the direct bitcoin that’s why the fee is 0.00001 bitcoin, because it is going through the smart chain network. Be informed that you can only send to BNB network using that method, if you’re sending directly to bitcoin address then you should change the network to bitcoin network and the Mexc charges is around 0.0011 BTC (47$) due to the transaction congestion on bitcoin network.
As for USDT, the fees are mostly small in almost all networks and it is around that 1USDT for almost all networks.
I will advice you to pay attention to the network address you’re receiving a coin to and be sure it same with the one you’re sending from, because if you’re sending and receiving from different networks then your coin will be lost for ever
Concerning the Bitcoin fees, you are using the BNB blockchain which means you’re sending a wrapped or bridge bitcoin and not the direct bitcoin that’s why the fee is 0.00001 bitcoin, because it is going through the smart chain network. Be informed that you can only send to BNB network using that method, if you’re sending directly to bitcoin address then you should change the network to bitcoin network and the Mexc charges is around 0.0011 BTC (47$) due to the transaction congestion on bitcoin network.
As for USDT, the fees are mostly small in almost all networks and it is around that 1USDT for almost all networks.
I will advice you to pay attention to the network address you’re receiving a coin to and be sure it same with the one you’re sending from, because if you’re sending and receiving from different networks then your coin will be lost for ever
it is always good to check transaction fee before making a transaction because if you don't check your transaction fee you might loose a lot of fund to transaction fee. just take a look at the price of transaction fee of these coins I listed below on mexc exchange
as I was trying to do a withdrawal on mexc exchange to binace I decided to use ORDI instead of the usual BNB, to check if the transaction will be less as BNB or tron, only for me to discover that the network fee is 3 ORDI which is equal to $147 in current price. which is 0.4 also checked BTC, it was 0.00001 sats approximately 0. 43cent, transaction fee. I also checked USDT and the price was $1 for transaction fee I started wondering why it's so high compared to bitcoin? and perhaps if I had a lot of f fund in that coin like 500rdi I wouldn't have checked it until I might have made the transition, but since I don't have fund on it. I was cautious to properly check it, so lets always settle down before making transaction or read terms and conditions before making any transaction because any loss can not be replaced thanks you guys can shear your thoughts on this
as I was trying to do a withdrawal on mexc exchange to binace I decided to use ORDI instead of the usual BNB, to check if the transaction will be less as BNB or tron, only for me to discover that the network fee is 3 ORDI which is equal to $147 in current price. which is 0.4 also checked BTC, it was 0.00001 sats approximately 0. 43cent, transaction fee. I also checked USDT and the price was $1 for transaction fee I started wondering why it's so high compared to bitcoin? and perhaps if I had a lot of f fund in that coin like 500rdi I wouldn't have checked it until I might have made the transition, but since I don't have fund on it. I was cautious to properly check it, so lets always settle down before making transaction or read terms and conditions before making any transaction because any loss can not be replaced thanks you guys can shear your thoughts on this
Jump to: