Binance, the world’s largest cryptocurrency exchange by trading volume, has come under fire for its high fees. Some users have even called for a boycott of the platform.
The issue came to a head when popular YouTuber and crypto analyst Lark Davis tweeted that he had been charged $170 in fees for a $6000 withdrawal from Binance.
Other users soon joined in, sharing their own stories of high fees and even accusing Binance of price gouging.
So why are Binance’s fees so high?
There are a few factors at play here.
First, it’s important to understand that when you withdraw from an exchange, you’re not just paying for the withdrawal itself. You’re also paying for the transaction fees associated with sending your coins from the exchange to your wallet.
NOTE: WARNING: Binance fee is typically higher than other exchanges. This is because of the trading volume and liquidity of the exchange, as well as its security measures. As such, it may not be suitable for those who are looking for a cheaper option. Additionally, Binance may increase their fees without notice and users should be aware of this.
These transaction fees can vary depending on the coin you’re withdrawing and the network conditions at the time. So if you’re withdrawing a coin with high transaction fees, like Bitcoin, you can expect to pay more in withdrawal fees.
Second, Binance charges what’s called a “withdrawal fee” on top of the transaction fee. This fee is set by Binance and is generally around 0.
1% of the total withdrawal amount. So if you’re withdrawing $6000 worth of Bitcoin, you can expect to pay a withdrawal fee of $6.
Third, Binance has been accused of price gouging on some coins. This means that they charge more for withdrawals than other exchanges. For example, at the time of writing this, Binance charges a 0.
0005 BTC withdrawal fee for Bitcoin while Kraken only charges 0.0001 BTC. That’s a difference of $4!.
So there you have it: three reasons why Binance’s fees might be higher than other exchanges. Of course, this doesn’t excuse them from charging high fees, but it does help to explain why they might be doing so.
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Binance, one of the world’s largest cryptocurrency exchanges, charges a lot for withdrawal. The reason for this is because they want to make a profit and they need to cover their costs. Withdrawal fees on Binance are 0.1% of the total withdrawal amount or 10 USD, whichever is greater.
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