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Author Topic: Got ripped off by Binance's withdrawal transaction fee - BE AWARE!!!  (Read 119 times)
nksyow (OP)
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January 27, 2018, 07:46:37 PM
 #1

Hello everyone,

Just started investing in crypto currency about a week ago. I have bought about 10 different coins so far from Binance. I decided to withdraw 77 BAT coins from Binance to my Exodus wallet to be safer. After the transaction, I noticed I received only 57 coins out of 77 (worth of $10 USD). It turned out Binance has different transaction fees depending coins.
https://www.binance.com/fees.html (looks like they changed from 20 coins to 19 coins for BAT since yesterday). I just wanted to share my lesson with you guys.

Here is my question. I am not comfortable leaving my coins in Binance wallet but I don't want get ripped off again by withdrawal transaction fee again. I guess I could trade all the coins into one kind (i.e. ETH) and just pay one time fee for that coin. However, I want to hold on to my coins for now to grow.

For now, I have no choice but leave them with Binance. Sad  >:(Any suggestions?

Thanks!

Whoever mines the block which ends up containing your transaction will get its fee.
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jzz
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January 27, 2018, 07:54:39 PM
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I withdraw some ETH couple of days ago, 0.01 ETH fee
That's around 10 USD wasted  Sad
Binance should really revise their fees
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January 27, 2018, 08:05:19 PM
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Normally the generic advice is to never keep your coins in your exchange wallet, but how much money do you have? If it is not much, you may choose to keep them in your exchange wallet for now. Because if you want to trade often, and trade using a bunch of altcoins, transferring them between your offline wallet and your exchange wallet is going to make you run out of money in no time due to transaction fees.

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