Withdrawing crypto from Binance

[Bergkampsballs]

Hi,

I want to withdraw some crypto (Bitcoin) from Binance to my ledger nano S but the options have confused me. I can pay the fees in:

Binance Chain (BNB) cost: £0.25
Binance Smart Chain (BSC) cost £0.49
Bitcoin (BTC) cost £9.07
Etherium (ETH) cost £3.81

I have some BNB that I could use to keep the fees down but I get a warning saying "The address does not match the currently selected network, it is recommended that you switch to another network.
"

If I try to use the BSC network I get a warning saying "The network you have selected is BSC. Please ensure that the withdrawal address supports the Binance Smart Chain network. You will lose your assets if the chosen platform does not support retrievals."

If I try to use ETH I get the warning "The address does not match the currently selected network, it is recommended that you switch to another network."

The only option that doesn't give a warning is BTC which has a £9.07 fee. I wanted to do a test transaction first so this would bring the fees to £18.14 or $24

What is the best option here?

[jackg]

The BSC network if you want to hold bnb?

Just ignore the warning if you've checked the wallet is compatible (eg you're not withdrawing to an eth address which would require erc20 instead).

[TryNinja]

Which crypto are you trying to withdrawal?

If you want to withdrawal BTC to your Nano S, you need to use the BTC chain (which is the real one, where the real BTC is located).
If you want to withdrawal ETH to your Nano S, you will need to use the ETH (ERC20) chain.

The same way, if you want to send BTC to another exchange, ecommerce, friend, etc... you will have to select the right (and compatible) chain, which 99% of the time is just their native chains. Basically, only Binance itself accepts BNB and BSC chain coins.

Both BNB and BSC are different chains created by Binance, so they are not really Bitcoin (or Ethereum, Ripple, etc...). The BTC in there is basically an IOU where they promise you that you can give them 1 BTC on the BNB chain and receive 1 BTC on the real chain. Basically, it's a side chain you can use to transfer coins from/to compatible wallets/exchanges while not actually moving them in the real chain, and thus paying less fees.

I have some BNB that I could use to keep the fees down

The BNB token only lowers your fees when trading on Binance, not when withdrawing. Unfortunately, Binance's fees on Bitcoin are outrageous, so there isn't much you can do if you want to take them from there through the BTC chain.


edit:

Really, really careful with that:

I don't think you will get any warning about the addresses if you entered the right address.

You also don't get a warning if you use any ETH address (0x...) to withdrawal through the BNB or BSC chain. But both can result in the loss of your coins if you send BNB/BSC coins to someone that doesn't support it (99% of all ecommerces/services).

For example, you can withdrawal LINK through the BNB or BSC chain to Coinbase, but that will result in the LOSS of your coins.

[Bitcoin_Arena]

Check your ledger nano and generate the appropriate addresses for the network of your preference.

1. If it ETH or ERC20 token then generate an Ether address, it starts with "0x"
2. If it Binance Chain, use a BNB address. It starts with "bnb"
3. If it's binance smart chain then generate a BSC address, it's similar to an ether address and starts with "0x"

I don't think you will get any warning about the addresses if you entered the right address.

[Bergkampsballs]

Which crypto are you trying to withdrawal?

Thank you for the explanation, that's very helpful. I should have stated, I am looking to withdraw Bitcoin for now.

So, I guess my best bet is to just pay the $24 fees to transfer the funds. Is there much chance that the fees will go down soon or is that only likely to happen if the price of Bitcoin goes down?

[TryNinja]

Thank you for the explanation, that's very helpful. I should have stated, I am looking to withdraw Bitcoin for now.

So, I guess my best bet is to just pay the $24 fees to transfer the funds. Is there much chance that the fees will go down soon or is that only likely to happen if the price of Bitcoin goes down?

BTC fees are really low right now (3-4 sat/vByte) since the mempool is almost empty. You can send BTC transactions paying no more than $0.20. Why are they charging 0.0005 BTC ($12.32)? I have no idea. But they can do whatever they want, even though that hurts their customers.

Some things you could do:

a) Pay the $24 (oof).
b) Trade the BTC for LTC or another coin with cheaper withdrawal fees, move them to a exchange with realistic withdrawal fees, trade back to BTC and send to your wallet (warning: risk of LTC/coin price going down while moving them).

[Darker45]

Just stick to the native network of your coin. This feature of Binance is just misleading a lot of users. I guess there's already a good amount of coins and tokens wasted because of this. Why would Binance provide as an option the Ethereum network when the user is trying to withdraw Bitcoin? I've noticed this some time ago and my first impression is that it just adds confusion.

Anyway, Binance's withdrawal fee right now is exorbitant enough that a test transaction is completely impractical unless perhaps your main transaction is really large. Otherwise, you may just do some careful double-checking of your address and other details.

Or, if you are allowed to withdraw fiat from Binance, you might want to take advantage of their 3-day offer provided your fiat is included in the list. Move the funds somewhere it is accepted and where BTC withdrawal fee is cheap and do the conversion to BTC there. I don't know if this will make things better. Just another option to explore.

More here: ZERO FEES for Buy Crypto, Fiat Deposits & Withdrawals - Three Days Only!

[pakhitheboss]

As per my understanding if you want to transfer Bitcoin you have to then use Bitcoin network. Bitcoin does not work on cross chain platform.

If you do not want to pay the high fee then you have to convert your Bitcoin kyo BNB and then use BNB network to transfer your BNB as BNB also do not support cross chain network.

Binance fee are preety much high as compared to other exchanges and that is why they are one of the richest exchange.

[Bergkampsballs]

OK, so I've somehow been stung for about $160 in fees for 2 transactions

I did a test transaction but stupidly didn't check the fees.

e2d9401b7a9b60d10599d84a76cbfff5e336959cdc87526c6f4474d21bf5797a

£53.66? I just transferred in Binance using the standard BTC fees?


I then did another transaction:

35898d030132eced077dce4a7d1a3eef2fb5daf6762f0a78b44f8fd710841e5b

£65.23 in fees!

I have no idea why the fees are so high when Binance was showing a charge of £9.07

[Coin_trader]

OK, so I've somehow been stung for about $160 in fees for 2 transactions

I did a test transaction but stupidly didn't check the fees.

e2d9401b7a9b60d10599d84a76cbfff5e336959cdc87526c6f4474d21bf5797a

£53.66? I just transferred in Binance using the standard BTC fees?


I then did another transaction:

35898d030132eced077dce4a7d1a3eef2fb5daf6762f0a78b44f8fd710841e5b

£65.23 in fees!

I have no idea why the fees are so high when Binance was showing a charge of £9.07

You are looking to the total fee of the group of transaction that your personal transaction belong. 9.07£ is indeed your transaction fee. Transaction that made at the same time are being confirmed by batch. You can check the amount of BTC that you will receive on that transaction list and compared if its the same to the amount of BTC you will receive when you withdraw on binance. Or simply indicate here your wallet address that you used on transaction.

[Bergkampsballs]

You are looking to the total fee of the group of transaction that your personal transaction belong. 9.07£ is indeed your transaction fee. Transaction that made at the same time are being confirmed by batch. You can check the amount of BTC that you will receive on that transaction list and compared if its the same to the amount of BTC you will receive when you withdraw on binance. Or simply indicate here your wallet address that you used on transaction.

Ah, OK, thanks for clarifying. My balance between my Binance account and the wallet I was transferring to seems to have gone down by a couple hundred dollars so I thought that must have been it. In that case I'll have to try to work out why that's happened, I must have miscalculated something somewhere. Cheers.

[Coin_trader]

You are looking to the total fee of the group of transaction that your personal transaction belong. 9.07£ is indeed your transaction fee. Transaction that made at the same time are being confirmed by batch. You can check the amount of BTC that you will receive on that transaction list and compared if its the same to the amount of BTC you will receive when you withdraw on binance. Or simply indicate here your wallet address that you used on transaction.

Ah, OK, thanks for clarifying. My balance between my Binance account and the wallet I was transferring to seems to have gone down by a couple hundred dollars so I thought that must have been it. In that case I'll have to try to work out why that's happened, I must have miscalculated something somewhere. Cheers.

No worries dude. If all your questions was already answer by all the replies here. Its a common customary to lock the thread to avoid spam or repetitive replies. You can find the lock button on the bottom left of the thread.

Cheers buddy.

[kakonhat]

Hi,

I want to withdraw some crypto (Bitcoin) from Binance to my ledger nano S but the options have confused me. I can pay the fees in:

Binance Chain (BNB) cost: £0.25
Binance Smart Chain (BSC) cost £0.49
Bitcoin (BTC) cost £9.07
Etherium (ETH) cost £3.81


What is the best option here?

I think you are so new in Crypto. However once a time everyone is new in crypto like you.
Firstly you must know what are the differences between all of the networks fees.
All are totally differences networks.
You said you want to withdraw Bitcoin so must select Bitcoin network because everywhere won't support others network for Bitcoin. So when you want to hold your any coin you must try to use main network for your coin. So you won't fall in trouble in future.
Hope you will understand.

[Brindez_kromo]

Where did you find the problem? What coins you will withdraw.
When you hold an eth coin and you want to draw as btc it's very funny.. try to understand about the withdrawal of coins you hold
I play trading on binance market for a very long time and never had any trouble withdrawing my coins.
But if your coins are in bsc try to exchange on BNb,,it all looks complicated if you are a new user of tokens

[TryNinja]

I have no idea why the fees are so high when Binance was showing a charge of £9.07

You can compare that with buying something off Amazon.

Example: You only pay $2 or whatever on shipping, but they pay $200 on gas, logistics and warehousing. You look on how much Amazon paid and you see the $200, but that includes the other packages on the truck. Each user paid $2 until they had the $200 + the profit.

If you look at the blockchain, you'll see the high fee of £50+ but you only paid your part of it and your transaction is there in the middle of the other ones.

[baundul]

You are the first in the exchanger so it seems very complicated. It is a warning message sent to them. If the address you withdraw is incorrect, they will sent it to the wrong address. If you want to transfer BTC, you have to input BTC address. BNB to BNB. You will never send BNB to BTC address. If you do this you will lose coins. The transaction fees of each network and each ex-changer are completely different. Consider for yourself how much you are withdrawing and how much you can handle.

[Little Mouse]

You can send BTC transactions paying no more than $0.20. Why are they charging 0.0005 BTC ($12.32)? I have no idea.

Because they are a centralize service and withdrawal is a part of their profit although it's ridiculous when we look at the fiat amount they charge. Most of the reputed exchanges charge 0.5mbtc while some other do less or even higher.

[khaled0111]

My balance between my Binance account and the wallet I was transferring to seems to have gone down by a couple hundred dollars so I thought that must have been it.

How much did you withdraw and how much did you receive?
Even if your wallet uses a service/exchange different from the one binance uses to determine the fiat value of bitcon, the difference shouldn't be that big!

Because they are a centralize service and withdrawal is a part of their profit

But why the withdrawal fees are high only for bitcon?

[jerry0]

If that is the case, wouldn't it mean btc fees are going to be a ton if btc price gets even higher?

[erikoy]

If that is the case, wouldn't it mean btc fees are going to be a ton if btc price gets even higher?

Yes, many bitcoiners wishes to get fast and easy transaction so they set up higher fees to get the transaction confirm immediately. Miners will going to pick transaction with high gas fee to earn more rewards. Nkw, to beat with other bitcoiners that are setting high fee in transaction then you have to set higher too in order to pick first your transaction by the miners. This is the reason why fees are so high due to high volume of transactions being made and for the miners service to confirm that needs more demand. If only there are more miners out there then there could be no problem in doing transactions and probably low fees will be applied.