Why is the Bitcoin transfer fee so high on Binance?

[davids355]

I don't get why the transfer/withdrawal fee for BTC on Binance is so high at 0.005BTC or almost $25 at the time of writing.

In the end, I exchanged the BTC for LTC, transferred that for about $0.20 and then converted it back to BTC and the destination.

It seems crazy that their BTC fee could be so high when there is an easy way around it as well.

 

[dheer]

Blockchain is all same. Seems like these are working as robbers.

 

[JackRabbitSlim]

I just sent Binance a long bitchy email about the same thing like a week ago... No response as of yet...Straight up robbery

 

[awesomewebsites]

May be new users will not be aware about the option to convert. So they are looting. All exchanges do this. I use localbitcoins for transfers and pay $1-$2 per transfer irrespective of amount.

 

[bdman]

This is called Hari-Loot In Bengali when something happen like this.

 

[MIRANTHA]

i use XRP for tx

 

[lakerr]

https://ycharts.com/indicators/bitcoin_average_transaction_fee

 

[Deleted member 601870]

Coinbase to coinbase transfers usually has 0 network fees
Coinbase to others with 1-2$ usually

 

[Gogol]

Same for most of the other ones I have used. For example wazirx. They charge 0.006btc which is extortion! We need more platforms. More competition = less fees.

 

[kyoiphe]

Blockchain is all same. Seems like these are working as robbers.

Few hours ago, someone sent me btc from his blockchain wallet, and he paid $8 for transaction fee. I waited for 9(nine) hours to receive it after confirmations. You have to adjust the fees yourself i guess...

 

[Zedcov]

I tried to transfer my USDT from Binance to Tokocrypto it cost 20 USDT. That's crazy

 

[SeedPhrase]

WazirX has $34 fees lol, i had to send someone $40 he received only $6..i wasn't aware of the fees

 

[FatBee]

They gotta make money out of something, and many peeps don't care about he fee :/
What I usually do and I suggested the same in another thread, is to buy LTC and transfer it to another wallet.
I usually, send LTC to my crypterium than load them to card or change them back to BTC

 

[dheer]

Few hours ago, someone sent me btc from his blockchain wallet, and he paid $8 for transaction fee. I waited for 9(nine) hours to receive it after confirmations. You have to adjust the fees yourself i guess...

They have two models. In normal money transfer which might someone sent you with got charged 8$ then imagine how much they charge for the rapid transfer?

I have dealt with Localbitcoins for so long and never had such issues. I recently read it here that blockchain charges very high and its true. I have experienced the same.

 

[kyoiphe]

They have two models. In normal money transfer which might someone sent you with got charged 8$ then imagine how much they charge for the rapid transfer?

I have dealt with Localbitcoins for so long and never had such issues. I recently read it here that blockchain charges very high and its true. I have experienced the same.

How much does localbitcoins charge now for transaction fee?

 

[HunterLife]

Its all Because of too Much Up and down in the Market. So At Always exchnage will. Get rich in these situation.. They always Play with us.

Thank. you

 

[deedee1whoa]

This is called Hari-Loot In Bengali when something happen like this.

Do you actually believe this random fact is useful to anyone?

Try harder next time you want to up your post count & visibility on BHW.

 

[Terle]

I paid 0.005BTC for Paxful to Personal Wallet.
From my wallet I paid $12 in transaction fees to buy a $5 vcc.

 

[Deleted member 1333509]

Network fees for BTC and ETH are high. They're adding some on top, but generally it's very expensive to use both of these blockchains right now.

Using BSC cuts cost a lot. Bear in mind Binance are trying to make BSC/BC dominant right now, so it's a double win for them to make the two main competitors (BTC, ETH) more expensive - when people use BTC or ETH they get more fees, and also it pushes many users to BSC to avoid those high fees.

They didn't get to #1 by playing nice with everyone else, and they're going for the long term win. Many in ETH community already pointing out that Binance is deliberately making it harder and more expensive to use Ethereum network.