Do not pay high BTC exchange fees anymore - Binance vs others

[coindetective]

Hey guys,

I have been trading BTC for a long time, since late 2012. During that time, I ve seen it all in the world of Bitcoin trading, the famous fall of Mt.Gox., Cryptsy hack which turned into charade, issues with Poloniex withdrawals being late for some users and a lot of smaller exchanges stealing funds of their users. All these issues taught me to 1) never keep large amounts of money on an exchange and 2) to choose my trading platform very carefully.

Recently, I ve started trading on Binance and to tell you the truth, I am amazed how professional and easy to use they are. In light of these previous experiences, I did some digging about them, compared them with others and here is what I ve concluded:

Location and reputation - they are located in Hong Kong but most of their main servers are in Korea. They ve been set up and led by ChangPeng Zhao, ex OKcoin CTO, a guy with a lot of experience in crypto trading who s been trying to introduce a lot of innovation into the the crypto economy.

Speed and tech details - their trading engine is capable of processing 1.4 million orders per second. I have never experienced lags or frozen pages I used to experience on Polo during peak periods when a lot users trade. I ve seen numerous complains on this forum how people were not able to execute their trades due to lags and inaccessible pages. I have never had these issues with Binance.

Multiple coins support - Binance offers trading in almost 50 trading pair, some exchanges offer much more, however, all major pairs are there including most of new and prominent ICO, which I specifically like.

Languages - they support English, Chinese, Japanese, Korean. Since it is an Asian exchange, languages from the region are predominant. However, having more global languages is must have. Hope to see improvements in this field soon.

Safety, stability and liquidity - these 3 elements are MUST have for any serious exchange. As I ve said, their engine s quite fast and stable, no issues there. Regarding safety, as far I was able to dig out, they have unique system which consist of a number of levels of co-wallets which contain funds used in trading. Not much is revealed about this but it seems to be some form of cold storage differentiation. Again, my experience with them is really great, however, never keep your funds on an exchange for a long period of time. Regarding liquidity, they re quite OK, not yet in the top 3 in the crypto world but they are going up.

Now a few things I like the most when using Binance:

User interface and trading experience - Oh Yes! Their UI is much more modern and easy to follow, especially when compared with some other exchanges. Trading experience is much closer to what professional stock market traders use, similar to financial trading tools. Users can choose between basic and advanced trading user interface where the latter offers everything you need for a deep market analysis. All major trading tools re there, MACD, Bollinger, RSI etc. IMHO, this is one their strong points, everything is easily accessible whether your re a newbie trader or a professional.  

THE LOWEST FEES IN THE MARKET - This is why I started this post in the first place. I ve got sick and tired of paying 0.001 BTC withdrawal fees when withdrawing $100 worth of BTC from Bittex, for example. That is almost $8 ATM. $8 FOR A SINGLE WITHDRAWAL! This practice has got to stop. I do not want to be forced to plan my withdrawals and to mass my funds on exchanges so I could withdraw as few times as possible to reduce these fees. This is dangerous since it makes me keep funds one exchanges and it unproductive since it prevents me from moving funds around and trading. This is why I love BINANCE, their prices are much cheaper!

Binance trading fee is 0.1% which can get reduced 50% if you own and use Binance coin which is their ICO coin. So you can end up paying 0.05% trading fee which is acceptable. In contrast, Bittrex charges 0.25% trading fee which means Bianance is 5x cheaper compared to Bittrex. 5X!!!

Binance withdrawal fee 0.001 BTC, the same as Bittrex will charge you when withdrawing BTC. However, your daily withdrawal limit is 2 BTC per day, no verification required. All other major exchanges require you to get verify to keep using them.

NEO and Gas One of my favorite coins - I wont discuss this coin here since a lot s been said about it. I ll just say it considered the next Etherum and its marketcap position number 7 after being on the market for a short period of time says a lot about it. I will stress the fact holding Neo in your wallet generates another coin, Gas. It is a form of divident and one of strong Neo points. Well, Binance gives you your Gas even if you have Neo sitting on the exchange which shows how fair these people are. Most of other coins keep whatever you PoS or dividend based coins generate for them.  

This is the info I wanted to share with you guys. As always, do your own analysis but I think I ve presented enough evidence, especially regarding fees, to test Binance and draw your own conclusion. For me, they re currently number 1.


If you would like to reduce your trading fees and try Binance, you can find Binance link under this thread in my signature.

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[coindetective]

It seems this was the best time to post this thread since NEO has started skyrocketing, almost 40% growth compared to yesterday.
Those of you who hold it, congrats!

[BUSTEDCLUB]

i always happy to hear there market with low fee, im not take a look at that website yet. but can i ask you, what option that site give for withdrawal fiat  ? do they accept skrill or any similar payment sistem ?

[coindetective]

i always happy to hear there market with low fee, im not take a look at that website yet. but can i ask you, what option that site give for withdrawal fiat  ? do they accept skrill or any similar payment sistem ?

I do not think any major crypto to crypto exchange allows you to withdraw to Paypal or Skrill without jumping through some hoops. Some of them allow sending money to you bank account but no intermediary.
In order to exchange to FIAT, you need to get verified and satisfy AML requirements. Instead, you can simply get a Bitcoin debit card!

[cryptojedi]

Binance coin from their ICO seems to be a very nice long term investment. Has anyone performed any research on that?

[ibininja]

 The fees are a main player on any exchange. the disturbing part is when an exchange starts off well priced just to increase their prices up again. I mean that is disgusting. I have not done my research on binance; but I guess it is time to give it a shot.

[coindetective]

The fees are a main player on any exchange. the disturbing part is when an exchange starts off well priced just to increase their prices up again. I mean that is disgusting. I have not done my research on binance; but I guess it is time to give it a shot.

Yes, I ve noticed this as well. Instead of moderating their fees as they grow they become more and more greedy. 0.001 BTC withdrawal fee is really expensive, terrible price. I have to compare ETH withdrawal prices but I think it s more less the same difference. My business is with Binance from now on.

[scottykarate]

The only part I don't like about Binance is the volume versus the other exchanges. Sometimes their value is a little off.
I do like that you can get a few coins on their exchange that you can't get elsewhere and that they get the community involved.
All of the exchanges have their drawbacks, though.
I definitely would buy NEO on Binance because they don't keep your GAS like the other exchanges do. Or, do they give us gas?   

[cryptojedi]

Yes, Binance gives Neo holders gas, I remember reading it somewhere in their FAQ. If u hold Neo there, even on orders, you get Gas, they do not keep it.

[filharvey]

Its an exchange based in china.Since it is a new exchange,we don't know how legitimate it is.It has enabled two factor authentication but only chinese phone numbers are now allowed for verification.Even some users have faced delays in withdrawing some coins from the exchange.Also,we would have to see how chinese regulations affect its performance.Its compatible with android,IOS,web,etc.

[coindetective]

I have turned 2FA without any issues and I do not have Chinese phone number, I m in Europe. Regarding liquidity, they re decent IMO, whenever I trade NEO, my orders get executed within a day if I place realistic conditions.

As I ve said low fees place great UI and trading engine are their main comparative advantages.

[coindetective]

I see people ve been having issues with withdrawal limits as well. Binance offers 2 BTC daily limit, no verification at all. Very decent level.

[crazyivan]

I use Binance as well, a very decent exchange, especially regarding NEO&GAS operations. There is even some form of ledger where they show you your last activity including how much GAS did you get and when that distribution took place.

[jerry0]

Is binance very easy to get verified?

[HippiePyro]

I've been on binance since the beginning I found it to be a very easy site to use and decent rates on trading.

[Bytem3]

I've been on binance since the beginning I found it to be a very easy site to use and decent rates on trading.

I agree. It's really simple to use the site and the fees are low (0.05% if you use BNB or 0.10% without which is way lower compared to other exchanges).

 decided to use Binance for IOTA trading, volume is pretty high and the it's very user friendly.

[jerry0]

what are the fees to withdraw if its some other currency like litecoin, iota etc?  So bittrex charges 0.001 btc to withdraw flat rate no matter what right?  But thats only if you are withdrawing btc?  But if you are withdrawing other coins, its much less right?


So the OP mentioned fees are 0.1% and it goes to 0.05% if you own binance coin.  Can you explain what that means?  Bittrex is 0.25 percent fee.  So binance is not only less by more than 1/2... but its 5 times less if you own binance coin.  But what does that mean by that?  You mean if you own binance coin and keep it in your account, then your fees are 0.05 percent?  So how much minimum do you need to buy?

[jerry0]

anyone?


Also how much btc can you withdraw without verification?


What about other altcoins?

[marto25]

what are the fees to withdraw if its some other currency like litecoin, iota etc?  So bittrex charges 0.001 btc to withdraw flat rate no matter what right?  But thats only if you are withdrawing btc?  But if you are withdrawing other coins, its much less right?


So the OP mentioned fees are 0.1% and it goes to 0.05% if you own binance coin.  Can you explain what that means?  Bittrex is 0.25 percent fee.  So binance is not only less by more than 1/2... but its 5 times less if you own binance coin.  But what does that mean by that?  You mean if you own binance coin and keep it in your account, then your fees are 0.05 percent?  So how much minimum do you need to buy?

Binance fees to Withdraw to high ? self.binance

CND: Transaction Fee: 180
TRX: Transaction Fee: 100
QSP: Transaction Fee: 30
XLM: Transaction Fee: 0.01000(this is nice)
REQ: Transaction Fee: 15
ADA: Transaction Fee: 1(Maybe ok to)
VEN: Transaction Fee: 5
BRD Transaction Fee: 4
ICX: Transaction Fee: 1
ETH: Transaction Fee: 0.01
Just Some Examples

[marto25]

what are the fees to withdraw if its some other currency like litecoin, iota etc?  So bittrex charges 0.001 btc to withdraw flat rate no matter what right?  But thats only if you are withdrawing btc?  But if you are withdrawing other coins, its much less right?


So the OP mentioned fees are 0.1% and it goes to 0.05% if you own binance coin.  Can you explain what that means?  Bittrex is 0.25 percent fee.  So binance is not only less by more than 1/2... but its 5 times less if you own binance coin.  But what does that mean by that?  You mean if you own binance coin and keep it in your account, then your fees are 0.05 percent?  So how much minimum do you need to buy?

Binance fees to Withdraw to high ? self.binance

CND: Transaction Fee: 180
TRX: Transaction Fee: 100
QSP: Transaction Fee: 30
XLM: Transaction Fee: 0.01000(this is nice)
REQ: Transaction Fee: 15
ADA: Transaction Fee: 1(Maybe ok to)
VEN: Transaction Fee: 5
BRD Transaction Fee: 4
ICX: Transaction Fee: 1
ETH: Transaction Fee: 0.01
Just Some Examples

I wont be using binance anymore. First of there are these bots who just don't do shit and come and sit over your order. Then binance has 0.01 ETH withdrawal fees and 0.3 on OMG. I withdrew eth today and guess how much the transaction costed, It was 0.001 ETH. Yea 1/10th of the fees.

The fees is absurd.