Binance, one of the world’s largest cryptocurrency exchanges by trading volume, charges a withdrawal fee of 0.0005 BTC when you move your bitcoins out of the Binance exchange.
This is in addition to the transaction fee that is charged by the blockchain network. .
Withdrawal fees are necessary to cover the costs associated with the transfer of assets from Binance to your personal wallet. These costs include but are not limited to: miner fees, gas fees, and network fees.
The good news is that Binance withdrawal fees are relatively low when compared to other exchanges. For example, Coinbase Pro charges a 0.
0001 BTC withdrawal fee for Bitcoin transfers and Kraken charges 0.005 BTC.
When making a withdrawal from Binance you will need to specify the address that you would like your assets to be sent to as well as the amount that you wish to withdraw. We recommend that you double and triple check that the information you are inputting is correct before confirming the transaction as once it is confirmed it cannot be reversed.
Once you have inputted all of the relevant information and reviewed it for accuracy, hit the “Confirm Withdrawal” button and your transaction will begin processing. The time it takes for your assets to arrive in your personal wallet will depend on the blockchain network that you are withdrawing from Binance onto.
For example, Bitcoin withdrawals will typically take between 15-60 minutes but can sometimes take longer if there is high network traffic. Ethereum withdrawals tend to be much faster, typically taking only a few minutes.
If you have any further questions about Binance withdrawal fees or anything else related to the Binance exchange, we recommend that you contact their customer support team for assistance.