Bitcoin Forum

Greetings!
  Recently I sent 399 trx from binance to MEW. I only got 198 trx now in mew. So i am guessing the rest were Binance fee??

Transactions fees are not included but the withdrawal fee should be visible before you confirm the withdrawal but looking at the price of the coin, It's possible yes.

Yes. Binance is famous for very high withdrawal fees. There was even a huge camapign on reddit to get them to reduce the fees and Binance just blew them off and said they weren't going to make any changes.

A lesson learnt - check the withdrawal fees as well as the trading fees when you sign up for an exchange.

You can always do a test withdrawal just to see the transaction fee even without owning the X amount of coins that you will enter as you're not actually going to tap the "submit" button SO  I just tried it, The numbers are right [Image below]

https://i.imgur.com/R1SvqE9.png

EDIT: I made the image smaller  

You are right binance have the flat fees of 201 TRX and minimum withdrawal is 250 TRX.  As you moved out 399 - 201= 198 (i.e what you have received). Withdrawing is beneficial for higher qty as even if you withdraw 2000 or say 5000 TRX coins still the withdrawal fees is 201 TRX only. So for smaller transaction the binance fees will hurt a lot.

Binance decided its fees in very weird way IMO. What I have noticed it that it decides the withdrawal fees of other coins based on BTC withdrawal fee, i.e 0.001 BTC,  so binance converts this is to other coin's rate and fixes that fee, even though some of these coins have much smaller network fees.

You probably haven't seen hitbtc's withdrawal fees, their fees is way higher than binance or bittrex. it seems bittrex has lower fees on token withdrawals.  binance should follow the bittrex way to reduce the fees.

Yes the rest should be there fees. I have this same problems sometime ago when I transferred tokens to hitbtc and all the tokens was taking as fees, I actually got disappointed and since then I have never used them to convert my tokens again. Binance transactions fees are very higher compare to other exchange platforms. If you don't want to beat your fingers then be wise.

In Binance trading platform, the withdrawal fee of any coins is shown on the Withdrawal Page. Please pay attention to that so that it will not confused you next time you will do token withdrawals and will not be surprised to what you received.

About the TRX withdrawal fee like that, it's really making sense now to just keep hanging your coins there until you decided to transfer it on your own stash. Risky as it is but it's not wrong to put trust at them on a considered smaller amount. It's not like before that TRX fee on Binance can be considered as cheap price.

I don't see the point of complaining about the fees of exchanges. It's not that anyone here is forced to make use of an exchange, which would then mean that you're also forced to pay for the fees they think is justifiable.

In most cases the fees are displayed on a page that is accessible to all people before they even register, and for Binance that's exactly the same, so you'll never be catched by odd fees by surprise afterwards.

If people want to see the entire fee structure of Binance per coin, then visit https://www.binance.com/fees.html and see for yourself before registering. It will safe you time and prevents potential disappointment.

Binance is focusing on low trading fee while it also has a blur fee on withdrawals that can not be read clearly in their terms. Even if you transact small amounts, you will be charged much more than ever expected. Let's suppose for 399 TRX, you have been charged 200 TRX, the present value of a single TRX is $0.05,  when you calculate the price of 200 TRX, it is $10 and rest 199 TRX is equaling $9.95.  Here you come to know that for $9.95 you have paid $10 in fee

@h0lybyte That's right, I paid more in fees than the amount I got. Lesson learned.

@BitHodler  I guess it is what it is...

@harizen @reliable  Best idea would be to keep the coins in Binance until the withdrawal would be a large amount.

 Exchangers are hard to find these days due to many of them are not accepting new users (Bittrex for instance), while others are really tough to get verify to.
 So I'll deal with Binance until something better shows up.

 Thank you all guys, you are the best

Many traders are encouraged to trade in binance because of the low trading fee. You will even have 50% discount in trading if you use their coin BNB for the fee but you will be discouraged upon withdrawal. If you are an active trader then this would be an advantage because you will always be trading so you will have low trading fee but you seldom withdraw so you only have to pay higher when you do this and making sure you withdraw only a significant amount so that you cannot feel that much the withdrawal fee. OP paid higher in transaction fee than the amount he received so we don't want that to happen.