Klicker

Binance crippling fees

I'm trying to make my first purchase and realised that:

1 - Binance has a minimum withdrawal of 0.001 BTC (about $47).
2- The withdrawal fee on this would be of 0.0005 BTC (50%).

Am I doing something wrong here? How do you guys avoid these fees? Which exchange do you use?

Thanks in advance.

Noxa88

LB only using BTC is a total fuck up imo, ridiculous to use a POW where it has to go through every single miner to prove work, there are a million other options that would be awesome, I mean NEXO is free… XRP takes seconds, BTC transactions for an 1/8 is retarded full stop.

Todd's Sure Thangs 10/10

exchanges come and go and so do their policies. its always best to have your own wallet. many free ones exist, just move your money there after you exchange a chunk. that money is truly yours and not captive to minimums or extra fees.

mrneo

Does that mean that if I buy let’s say £500 in BTC, pay the £20 binance fee and put it in my wallet (I use BRD but could use other), now that £480 is completely mine and can send it to other people (sellers here lol) for free?

+2.2

Noxa88

The cheapest way would be buy something like NEXO woth your fiat, transfer to a wallet for free then swap the NEXO for BTC in the wallet itself. Cheapest way it can be done.

Todd's Sure Thangs 10/10

yes my furry friend if its in your wallet its yours and there is no way it can be taken away or subjected to pinching.

Nickpj123

Hi, it is a minefield, it is easier now there is the multi vendor option to checkout! I use Bitpanda the minimum is 0.0015, but the hash rate tracks the market mwan I think, itisusually a couple of quid to make the transfer.

mrneo

Only a couple quid for a 0.0015 transaction sounds great to me. I thought the 0.0005 BTC fee was standard all across? Man so much to learn…

pollypuff20

Yeah, I use Bitpanda too…
Transaction fees change by the minute to reflect levels of activity on the blockchain. Bitpanda is generally cheap at weekends, particularly at night. It is then a couple of quid normally, but with that irritating 0.0015 minimum.
It’s pretty fast and easy though👍

mrneo

I’d imagine that if the price depends on the activity on the blockchain then it’s probably cheaper in the evening over the weekend on Binance too right? Is that kinda how it works?

pollypuff20

Yup…lower traffic should mean lower fees…

mrneo

Alright so in case there's another newbie like me around... I managed to sort this out! I avoided binance's awful fees by sending from my wallet (BRD) and payed only $0.70 in fees.

Much love everyone, and thanks for your help.

Marcw360

How do you use the brd wallet ? Is it just like binance ? Buy crypto then send to the required address ? Any help much appreciated!

mrneo

It’s kinda similar. BRD is a wallet so I think its main function is to store your crypto, but it allows you to buy and sell, transfer, etc . I’ve found that the fees BRD charges are way better than Binance, so definitely worth a shot!

hippy50s

not with binance now the fee charged by binance is returned to your account fully so the fee will only be down to the blockchain traffic and that for me is arond 30p to £1.30 from ledger to LB ;)

hippy50s

yes its new came in a few weeks ago and its automatic and puts it in your funding account its a bit tricky finding it and then covert it back into USDT. this is substantial as the fees were £20 now its free ;)

hippy50s

they now also do free bank deposits but i wont use this feature as i cant see why i sould make their job easy by tracking everything crypto as using this will give them your account details of your binance info so i do still pay a £3 fee via revolut but this way i keep the two seperate

mrneo

Sorry for the late reply. I buy mine through BRD (which is also my wallet) and their fees have been minimal in comparison to other places I've tried. Hope this helps!