Bitcoin Forum

Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do? I can't leave my btc on Binance, feeling kind of unsafe.

Thank you!

Since the fee is too high and you are scared to leave your coin in the exchange due to obvious reasons, then I’d suggest you convert your coin to a stable coin probably Usdt and withdraw it.

There are other ways though like using BTC in bsc network but that’s too risky since you’re dealing with an altcoins and not bitcoin… so I’d suggest you go for the first suggestion unless a better idea is presented.

Or just keep watch of mempool, if the transaction fee comes down (I believe that of binance should also be affected) then withdraw your coin from it. You can keep track of the transaction fee using this bot. https://t.me/BitcoinFeesAlert_bot

At the moment we all have this problem. I think today you needed at least 200 sat/byte and you would get the transaction approved in 12 hours or so. It’s crazy.

My advice just convert to another coin and withdraw that way. Or buy some stablecoin like tether and withdrew on ARB or Poly which is the l2 for Ethereum. Fees are very low for those networks compared to ETH or BTC.

Which purpose you wanna withdraw btc? If there are options to use other altcoins other than bitcoin, like trx or litecoin, you can withdraw them by trading them from BTC to altcoins and withdraw them at a much lower withdrawal fee.
Moreover I don't think there is any other option  ::)

Yes, the problem is not only with Binance, but spreads to all the network. The fees that are being paid these days are crazy: I made a transactions a few days ago with low fees because I wasn't in a hurry (estimate time 15h) but there are people paying more than 200 times that fee, which is crazy. Anybody knows what is the cause for this? People is withdrawing to buy Christmas presents? are they putting their books in order because of the end of the fiscal year in many countries?

OP, if you are not in a hurry and you've had your coins there until now, if you wait a few days I think that fees will go back to the normality. If not, I'd heed the advice about the stablecoin.

It doesn't make sense.

Before you want to buy Bitcoin, you must check the current fees on mempool. So you will know how much money you need to spend when you want to withdraw your coins. Now you feel Binance isn't safe to hold your coins, you must use P2P e.g. Agoradesk instead centralized exchange.

If you have a lot coins, I don't think it's a bad thing to move your coins. But if you only have $100-$500, there's nothing wrong to wait for few weeks or months until mempool is less congested.

If it is small amount of coins, I will advise you to use Muun wallet and send to it using lightning network.

What if he wants to send it to his own wallet? USDT not an in this regard option.

Binance use a fixed fee.

Binance has a lot of coin conversion available so you can have it at anyway  like altcoins or stable coins , but I mostly uses USDT when there is congestion like this and send it to my local wallet for fiat conversion .

There are two options you can do @OP, one needs patience while the other need some sacrifices.  You can wait for the Bitcoin network congestion to be fixed in order for the exchange to revert back to a cheaper withdrawal processing fee.  The problem here is that you have to leave your precious Bitcoin on the exchange for a long time.

Another is the need for sacrifice because you have to deal with coin conversion, you can convert it to another established cryptocurrency sacrificing your wants to keep your Bitcoin intact.  You can exchange it for stablecoins and that only needs a dollar or two, for a withdrawal fee.

Your best choice is to use a non custodial wallet that support lightning network Bitcoin and then withdraw it there temporarily until the transaction fee is back to normal. You can choose Wrapped Bitcoin since they have pegged value to BTC but it's not a real Bitcoin and only good for temporarily holding.

You have no choice here than to wait for the fee to go back to normal and let your Bitcoin stay on exchange or use LN network & WBTC to temporarily save your Bitcoin invesment to a safer non custodial wallet.

consider the timing of your withdrawal. Cryptocurrency markets and the fees that go with them are always changing. So, we might need to be patient. Keep an eye on the fees; they may go down over time. If immediate withdrawal is not critical, waiting could be economical.

If you need to take your money quickly, you could also convert your Bitcoin to another cryptocurrency with lower withdrawal fees. There is a trade-off with this method, though. You'll have to weigh the possible benefits of lower fees against the risks and costs of changing countries. Carefully look at the market and make a choice that fits your financial goals and level of comfort with risk.

My friend and I have talked about this stuff before and we've agreed that if the withdrawal fees don't go down, we would just quickly convert to another crypto that or maybe USDT then transfer that USDT or chosen crypto as a buffer to dodge the high withdrawal fees, I've done this before although I didn't have the transaction fee avoidance in mind and conversion works just fine, no fees involved so you can easily switch to a stable coin and then just transfer that to your non-custodial wallet or you can just sell your bitcoin here in the Marketplace or if you've converted already to USDT, you can also buy here in the same discussion that I have mentioned.

Mass transactions are usually the cost of the congestion of the mempool but this time around it is not only about bitcoin only, there are inscriptions using the network too and some of their transactions are done with very high fees just to get into the next block which is affecting everyone.


I would have also said that he should wait till the fees go back to normal but with the continuing persistence of this fees for over a month now, we can’t be certain so it will be better he uses a stable coin for now either USDT-TRC20 or DAI, or Atleast go for XMR and withdraw to his personal wallet like unstoppable to reduce the risk of leaving his on CEXs


Yes the have fix charges but it changes depending on the network congestion since part of that is paid to the miners. I also thought before that it doesn’t change since binance has its own mining pool but it does change and will reduce if the congestion reduces too

If you can not afford to pay the expensive withdrawal fee, you only can wait for Bitcoin mempools to become clearer and Ordinals FOMO wave to calm down. You have to hope it will happen soon and centralized exchanges like Binance will edit their withdrawal fee cheaper.

I don't advice you to leave bitcoins on centralized exchanges because it is not a safe way.
Reminder: do not keep your money in online accounts (https://bitcointalk.org/index.php?topic=5421039.0)

You can find alternatives like selling your bitcoin, buy Litecoin and withdraw it to your Litecoin wallet. Wait for chance to buy Bitcoin again. I believe withdrawal fee on Litecoin is cheaper than Bitcoin and even you will have to spend LTC for one on-chain transaction as a deposit to Binance later, to sell LTC and buy BTC, it will still be cheaper than withdrawal fee on Binance now.

I have read all comments and everyone seems to be saying same thing which equally means that it's the best solution to the problem of high fees on binance exchange.

Op leaving your Bitcoin on CEXs can be risky but in the main time you could also have some patients and wait a for a little bit of time but if you can't you better follow the above suggestion by the previous comments.

There was a time the fee was 0.0005 BTC. Binance reduced it to 0.0002 BTC. Ordinals came and transaction increased, then Binance increased it to 0.001 BTC this year. OP said the fee is 0.0008 BTC. During congestion I was surprised that Binance reduced transaction fee. I went to check and I saw this:

https://www.talkimg.com/images/2023/12/21/IHCcf.jpeg

That is almost 2 times of 0.000 8 BTC.

When the mempool was congested in 2020/2021, the withdrawal on Binance was 0.0005 BTC. It took months before Binance reduced it to 0.0002 BTC when the mempool has been less congested with 1 sat/vbyte getting confirmed, Binance left it at 0.0005 BTC, until several months has passed.

But when the mempool becomes congested, Binance did (several times) increases the fee asap. But when the mempool become not congested, Binance will not reduced the fee for months that can be more than a year.

Some exchanges are using floating rate, but not Binance. Binance used a fixed fee that we should not consider to be altered for decrement unless you want to hold on the exchange. And not your key not you coin.

The temporary solution is to just use lightning network on wallets that have their own channel like Muun wallet if the amount is small.

There are two options available to you. You can either accept the fee and withdraw your Bitcoin from your wallet, or you can choose to exchange it for a different cryptocurrency that carries a lower withdrawal fee.

My suggestion is to continue withdrawing your Bitcoin to your wallet, even if the withdrawal fee is high. If you choose the other option, you will still encounter a higher fee when you buy Bitcoin on another exchange and want to withdraw it to your Bitcoin wallet. But if you still plan to hold it in other exchanges, convert it to another crypto-currency and transfer it to your preferred exchange.

Brother a lot have already been said already, if you can't wait for the fee to come down, then covert it ato a stable or more reliable alt then withdraw, but it better to be on a safer side to avoid story.

This is the first situation I will ever put this advice out.  If you are bothered about the high Fees.  Then withdraw your Bitcoin to your Smart Chain Wallet.  When the Fees decrease, swap it to real Bitcoin.

In theory this should still be safer than holding it on your Binance account.  The other options are withdrawing it and accepting your fate of having to pay so much for Fees or waiting until the Fees finally calm the hell down.

Yes, current bitcoin withdrawal fees are too high. You have no choice but to leave it for the time being on Binance.
You can convert them to stablecoins by selling them at a temporarily high price so that you can make a profit and buy bitcoin again when the price experiences a correction. Maybe that's what you can do instead of just waiting for the costs to decrease.
You can also buy your bitcoins with altcoins that have the potential to increase and after the altcoin price increases, you can sell them to get your bitcoins back.
Each method you will use has risks, and you must consider each before deciding.
I'm still waiting for the costs to return to normal but I haven't done anything.

Currently all platform with bitcoin fund withdrawing have high fees, not only with binance exchange but also I tried some gambling platform need more than 0.0008 btc for withdrawing. I think if you want to withdraw Bitcoin to be cash or fiat you can sell to the trusted buyer and send them trough BinancePay without have to pah higher fees sending. I don't have ideas how to reduce with bitcoin transaction fees right now because if want set up lower fees for sending need waiting more than several days later for transaction is completed.
Left one option with Binance withdrawing bitcoin and reduce fees payment by sending internal wallet trough BinancePay, you can sent to other wallet or sell for your cryptocurrency country community and looking the lower fees payment under how much have to pay using bitcoin fees.

Binance has a Binance pool which is equal to about 6.35% of the total mining power. In addition, they do batch transactions. In addition, their transactions contain one income and therefore cheaper fees. However, they ask for 0.0008 BTC as a withdrawal fee. This is good profits for them and pushes investors to keep their Bitcoin in Platforms.

If the option to withdraw to the Lightning Network is available, use it with a wallet such as Muun Wallet

I'd like to add something that I didn't say before and I have just remembered. I don't know where the OP is living and the regulations there, but there is something apart from the technicalities of the blockchain that should be taken into account in the case he wants to swap his coins, and that's whether it can be considered a taxable event or not.

In most jurisdictions, when you simply withdraw or move your coins to a different wallet you are not performing any taxable event (except for the fees?), but in some countries the act of swapping could trigger the obligation to declare income in 2023. In others, like Germany or Portugal, if I'm not wrong, it would reset the time needed for completing a year, deadline date from which the initial purchase is no longer considered short term investment.

Chances are that you live in a jurisdiction like the latter, and you want to think it twice before swapping your coins. Please, let us know.

You should have taken the chance when you had the opportunity, the fees are not Binance call to make, it may go up or may comes down but the 8mbtc they are charging users is high in my opinion. I'm very sure they will be sending you one from a single input and since you are sending to external wallet, it shouldn't cost more than half of that amount but I forgot that Binance are after your fees to survive as a business platform.

What you should do is maybe you should take out Rune from Binance, make use of the Dex and then convert it From Rune to typical bitcoin on the exchange but the disadvantage of this is that even me, I don't know if the fees might cost you more than what you are trying to avoid here on Binance, so I think you should check the fees before trying out my option.

You are going to cry for 0.0008 everything has to do with the withdrawal amount and in those circumstances it will make sense to say, it is very high fee, for now it works like this, and in fact in Binance regardless of the "stalemate" the fee is always high, but yes It is a relevant amount, do not think twice to withdrawal.

Where are you planning to move it? If you're withdrawing it to a wallet that supports Lightning, then use that option. If you're moving it to another centralized service which supports altcoins, you also have the option to convert it to an altcoin first which is much cheaper to withdraw. But if you are withdrawing it to a Bitcoin-only wallet that doesn't support Lightning, I'm afraid you have no other option but to sacrifice around $35.

Or, if you're withdrawing an amount small enough that paying $35 for its withdrawal is ridiculous, why don't you leave it there for a while? It's unsafe, yes, but you're using Binance anyway. You must have trusted that exchange even a little. And if you also trade every once in a while, it might hurt you more if you move your Bitcoin in and out of the exchange every now and then.

Either way, there will be trade-offs.

We can't blame Binance for the high fee it is the network that is highly congested and the main reason is airdropped, I have seen some inscriptions on telegram channels that I have joined and they are sharing many airdrops where we might get an airdrop but to do that we have to inscribe something I don't know what but inscribe it in BTC blockchain and while doing that we might have to pay the fee and this is increasing the network traffic.

And in a result, the fees are increasing and this increment in fee is causing exchanges to increase the transaction fee, well, the amazing thing is the transaction fee would be way lower than the fee that you might be seeing on mempool or on any other noncustodial wallet like Electrum or Trust wallet. That's because Binance makes transactions in Batches and batches cost lesser fee.

There is no other way if you want it out but to pay the fee if you don't want to convert that into another altcoin. But the solution is either to wait for the fees to decrease or you convert that to some altcoins like stable coins that has cheap network for you to transfer. The fee is around $30+ so that's not worth it but because of the network, Binance has to adjust so that they're not going to shoulder the fee depending on what's being asked by the network for its low, medium or high priority.

Yeah, this is one other solution too for choosing it out through LN. I remember that it also supports other chains but you don't get real Bitcoin with them.

Indeed, currently withdrawal fees for Bitcoin are high, not only on the Binance exchange, local exchanges have also experienced an increase, indeed currently Binance fees have been cut by 0.00075/$32.8 USDT, This is a very big number, there is no way to overcome this, except: wait for a cheap price, who knows when.

For this reason, if you want to send and carry out crypto transactions, you should take another alternative and sending method, such as USDT from the Tron network, it may be cheaper at the moment, that's the only way you can do it, considering that the fees with Bitcoin are too high.

Their fee is unreasonable ever since they started their exchange service. That's a common concern since then. That's why i use other crypto when withdrawing my funds out binance like XRP, then use other exchange instead.

Nothing much you can do if you wish to withdraw bitcoin from the exchange. There is a fixed exchange fee plus the network fee which right now is very high. If the coin doesn't matter, then you can trade your coins for some other coins that has lower withdrawal fee such as BNB or dogecoin and transfer it to a wallet that you own. You can convert it to a stable coin like others suggested, but make sure to use a cheaper network like Tron. But if you still insist in holding bitcoin, then just hold the amount in the exchange. Since you can't pay the 0.0008 BTC, I am assuming that the amount of BTC you hold is very small. In that case, paying the fee doesn't make any sense at all.

This is the American government's plan to scare people away from Binance exchange, and it seems to be working. It is unfortunate that Binance will not lose its traders to any American exchange. I dont know how true it but I learnt the Dubai Government is working on a bigger ane new exchange, it could come with not a single name like Binance. In the event that it succeeds, it will be difficult for the American government to intimidate it again in the future.

This move has nothing to do with the government.

This always happens when the mempool is congested AF which has been the situation for weeks now so btc miner fees are higher than usual. Let's also add the fact that binance bitcoin withdrawal fees are inflated as well as it is also a part of their revenue therefore it feels like withdrawal fees are doubled lol.

Not just binance but the overall mempool fee is high these days and therefore the centralized exchanges have to increase the bitcoin withdrawal fee. However, the disadvantage of the centralized exchanges is that even if you withdraw less of amount bitcoin, you will still have to pay the static high fee.

Anyways, as you say that you feel unsafe keeping your bitcoins at the exchange, this means that you have a good amount of BTC at the exchange, leaving them there can cause you a significant financial loss if any mishap happens with the exchange. This should mean that you can spend one time this high fee to move your funds to your personal wallet and it is worth doing it.

The worst thing is to have your Bitcoin in a centralised exchange especially if you want to maintain it in Bitcoin. As it is, there has never been a solution unless you convert it to another coin and then send it to your non-custodial wallet. You may later want to convert it to Bitcoin through a decentralised exchange. By this, you would have beaten the fee a little compared to the insane amount by Binance. But still, you will have to part ways with some money for obvious reasons. The congestion in the Bitcoin network is much, only that it can be lessened with DEX.

Number one lesson:
One should never keep their Bitcoins in a centralized exchange for lengthy periods. Bitcoin should be in your noncustodial on chain addresses when such situations come up because exchanges like taking advantage by increasing withdrawal fees unless if you are involved in active trading.
Like someone said, they will take months to drop those high fees even when the bitcoin on chain transaction fees drop, so you either cut losses and move your Bitcoins out or use altcoins with cheaper withdrawal fees.