Binance, the world’s largest cryptocurrency exchange by trading volume, has just announced a new “trust fee” on all withdrawals from the platform. The fee, which is a flat rate of 0.
0001 BTC per withdrawal, is designed to “ offset network transaction fees incurred when users withdraw cryptocurrencies from the Binance platform.”.
The announcement comes just a day after Binance announced that it would be adding support for Ethereum Classic (ETC) withdrawals and deposits. Binance has been on a roll lately, adding support for a number of new coins and tokens, as well as launching its own decentralized exchange (Binance DEX).
The trust fee is not the only fee that Binance charges for withdrawals. The platform also has a “network fee” that is paid to the network of the cryptocurrency being withdrawn.
NOTE: Warning: Binance Trust Fee is a fee charged by the Binance Exchange for its services. This fee is non-refundable and cannot be waived. It is important to understand the fees and other related fees before making any trades or investments on the platform. Please make sure to do your own research and understand the risks associated with trading on Binance before engaging in any activities.
For example, when withdrawing Bitcoin (BTC), the network fee is 0.001 BTC.
The new trust fee is in addition to the network fee, and will be charged on all withdrawals from the Binance platform. The fee will be paid to Binance in the form of the cryptocurrency being withdrawn.
At first glance, the new trust fee may seem like a way for Binance to make more money off of its users. However, it is important to remember that Binance is a business and businesses need to make money to stay afloat.
The trust fee is likely just a way for Binance to ensure that it can continue to offer its users low-cost withdrawals.
In conclusion, the new trust fee from Binance is simply a way for the platform to offset the costs of network fees when users withdraw cryptocurrencies. The fee is not designed to make Binance more money, but rather to ensure that the platform can continue offering low-cost withdrawals to its users.
5 Related Question Answers Found
Binance is a digital asset exchange platform that provides a wide range of services including spot and derivatives trading, margin trading, lending, staking, and more. One of the key features of Binance is its low fees. In addition to charging low fees, Binance also offers a funding fee to help offset the costs associated with providing these services.
Binance, the world’s largest cryptocurrency exchange by trading volume, has launched a new decentralized trading platform called “Binance Liquid Swap.” The new platform is designed to offer users a more convenient and efficient way to trade digital assets. With Binance Liquid Swap, users will be able to trade directly with each other without the need for a centralized exchange. This will allow for more seamless and efficient trading, as well as lower fees.
Binance Futures Fees are the charges assessed by Binance for the use of its futures contracts trading platform. These fees are generally very reasonable, and are often lower than the fees charged by other exchanges. In addition, Binance offers a variety of different ways to trade futures, which can help to keep costs down.
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Binance has a tiered fee structure for trading and withdrawals.
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