Binance Lowers Withdrawal Fees for BTC

Binance Exchange

Thankfully, the company has taken this feedback to heart. As of today, the Bitcoin withdrawal fee has been lowered by 0.001 BTC. Right now, BTC withdrawal fees have been lowered to 0.0004 BTC, from 0.0005 BTC previously. while ETH withdrawal fees have been lowered to 0.003 ETH, from 0.01

Bitcoin transaction fees have been on the rise for quite some time now. Until the scaling issue is solved. The bigger question is whether or not the company will further reduce the fee in the future. We do know other exchanges will introduce dynamic fees in the future. However, it is unclear when this will happen exactly,  A withdrawal fee is a price we pay to avoid delays, One way to bypass these fees is by using a different currency to withdraw money and convert to Bitcoin later on. Litecoin is a good option in this regard, that much is evident.

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.

it will be interesting to see if other platforms lower their costs as well moving forward. Making it too expensive for people to access their funds is not a positive development by any means. These problems need to be addressed sooner rather than later.

Official statement on Binance blog here  

Fellow Binancians,

Binance has lowered BTC, ETH and ERC20 token withdrawal fees to provide a better service offering for our users, as below:

  • BTC withdrawal fees have been lowered to 0.0004 BTC, from 0.0005 BTC previously.
  • ETH withdrawal fees have been lowered to 0.003 ETH, from 0.01 ETH previously.
  • ERC20 token withdrawal fees have also been lowered and the full list can be found here: Withdrawal Fee Schedule.

Please note: Binance will continue to periodically adjust withdrawal fees based on the performance and status of each blockchain network. 

Thanks for your support!

Binance Team

2020/01/29

 

 

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Credit(s)

@newsbtc

 

 

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