Cheapest Way To Withdraw From Binance?

[jerry0]

I have an altcoin on binance that I need to withdraw.  I also have a tiny bit of btc and bnb on it as well. 


Basically i have roughly 2000 dollars worth of altcoin and about 8 dollars worth of btc and 5 dollars worth of bnb.


I would like to withdraw everything to my hardware wallet nano ledger s.  I only keep btc and bch in my nano ledger s.




My options seem to be



Sell that 8 dollar worth of btc for usdt/usdc?   Then sell the 5 dollar bnb for usdt/usdc?  Then withdraw either the usdt/usdc and the altcoin to my nano ledger?


Sell that 5 dollar worth of bnb for btc.  Sell that 13 dollar worth of btc for that same altcoin I have.  Then withdraw that altcoin whole balance to my nano ledger?


Sell the altcoin for btc.  That altcoin can only be traded for BTC or ETH.  Sell the 5 dollar worth of bnb fo btc.  Then withdraw the whole btc balance to my nano ledger?



It wouldn't make sense to just


Withdraw Altcoin to nano ledger.  Withdraw btc to nano ledger.  Withdraw bnb to nano ledger.  Since the withdraw fee to withdraw btc is higher than my btc balance?

[mk4]

Look up Binance's[1] withdrawal fee list and check the withdrawal fees of the altcoins you're holding. If a certain altcoin of yours has a cheap withdrawal fee, it's probably best to convert your BTC to that altcoin and withdraw from there.

As with stablecoins, withdrawal fees are quite sizeable as well unless if you withdraw it through Tron/BSC(and not through the Ethereum network).

[1] https://www.binance.com/en/fee/cryptoFee

[jerry0]

What is my best option here?  My issue with keeping that altcoin is im not sure if i could even sell it in the future because I cannot use many exchanges.  It is also an ETH coin so people say im going to pay lot of fees.


But if i trade it all for usdt/usdc... wouldn't i incur lot of fees as well?  I mean i dont mind keep usdt or usdc as its a stablecoin.




The thing that is confusing is what are the withdraw fees for btc, usdt and usdc on binance?  Because i see multiple different chains for each of these.


But I also have to make sure its compatible with the nano ledger as i heard usdt and usdc is only ETH chain?



Are those my three options that I list based on the coins I have and since i want to send it to my nano ledger?  Thing is im confused if i have to pay around 25 dollars to withdraw usdt or usdc from binance to nano ledger?   But I see if its a different network, its only ten or twenty cents?



Bitcoin would cost around 22 dollars or so?

[jerry0]

Look up Binance's[1] withdrawal fee list and check the withdrawal fees of the altcoins you're holding. If a certain altcoin of yours has a cheap withdrawal fee, it's probably best to convert your BTC to that altcoin and withdraw from there.

As with stablecoins, withdrawal fees are quite sizeable as well unless if you withdraw it through Tron/BSC(and not through the Ethereum network).

[1] https://www.binance.com/en/fee/cryptoFee

Hey I did saw the fees on binance.  But how do i know what network usdt/usdc is on binance?  Because isn't the fee around 25 dollars to withdraw usdt or usdc on binance with the ETH network?  Bit you withdraw through Tron/BSC its very little. 


But isn't the issue here... me wanting to receive usdt or usdc on my nano ledger though?  Because from what I read... if you store usdt or usdc on nano ledger... its on the ETH network so if you withdraw usdt or usdc from binance... you need to make sure its on the ETH network?


Then how could I withdraw it on the tron/bsb network then?

[Bazley]

What is my best option here?  My issue with keeping that altcoin is im not sure if i could even sell it in the future because I cannot use many exchanges.  It is also an ETH coin so people say im going to pay lot of fees.

But if i trade it all for usdt/usdc... wouldn't i incur lot of fees as well?  I mean i dont mind keep usdt or usdc as its a stablecoin.

 keep usdt or usdc ？Is this a joke? Investing in cryptocurrency is about its volatility, and do you mind keeping a stable currency? What are you doing in the cryptocurrency market? You might as well change it into Fiat and put it in your bank. If I misunderstand what you mean, you can change all your coins into BTC and then withdraw them to your wallet. If you think the fee is high, you can leave it alone and put it in the exchange.

[jerry0]

I need to withdraw from the binance exchange soon as they have KYC and I do not plan on submitting KYC.

[mk4]

Then how could I withdraw it on the tron/bsb network then?

As far as I know Ledger also supports Tron and Binance Smart Chain, so you'd just need to do a bit of Googling and look for a guide on how to connect your Ledger to a Tron/BSC wallet.

^I really can't recommend both blockchain platforms as the Ethereum network is still the safest and much more reputable, but I guess you have no choice if you can't pay the hefty $25 withdrawal fee.

[crwth]

The easiest way to do it is to keep BTC and BCH in your Ledger, trade it all to BTC, and then withdraw it all. The only problem is that you have to pay 0.0005 or  50k sats for this transaction. So with the price of BTC now (time of posting), that would be 22 USD, and at least you would get all your balance to your ledger without any other hassle.

Yes, you can withdraw an altcoin but decide on what you are going to HODL. Have something like TRX network USDT or an altcoin that has a small fee. Check out mk4's link reference. It has all the costs, and then you can correlate it to Ledger Manager and install the app accordingly.

[jerry0]

Wait, so one could withdraw usdt/usdc via tron and binance smart chain to the nano ledger then?


Because doing this would save lot in fees as it seem like it cost around 20 cents to withdraw as oppose to 25 dollars for usdt/usdc on the ETH network and 22 dollars if withdrawing btc?


Again i have around 2000 dollars in altcoin right now and around 8 dollars in btc and 5 dollars in bnb in my binance account.  And i want to know the most cost effective way to withdraw it to my nano ledger.


Such as sell altcoin and bnb for btc and withdraw btc and pay that fee?  Or sell altcoin for btc.  Then sell all that btc for usdt/usdc and send that to nano ledger.




Thing is I do not have any ETH or Tron coin etc.  I only have btc and bch in my nano ledger at the moment.

[ralle14]

You can probably try P2P, there's no fees there although the problem is that each buyer and seller is unique and some have a lower rate than what's in the market and some of have their own ways of preference in terms of mode of payment.

Unfortunately P2P isn't an option for OP given that he doesn't want to do KYC and in Binance's P2P you have to undergo KYC before they even allow you to trade.

Thing is I do not have any ETH or Tron coin etc.  I only have btc and bch in my nano ledger at the moment.

If you plan to use the tron network then I think you could use an instant exchange to convert a small amount of BTC to TRX.

[jerry0]

Here is the other thing.  If i have usdt/usdc on the tron network... what if i cant sell that in the future?


I only have access to coinbase/gemini and apparently these two exchanges which has usdt/usdc only is on ETH chain?  So i cant in the future sell the usdt/usdc that is on the tron chain? 

[noorman0]

Here is the other thing.  If i have usdt/usdc on the tron network... what if i cant sell that in the future?


I only have access to coinbase/gemini and apparently these two exchanges which has usdt/usdc only is on ETH chain?  So i cant in the future sell the usdt/usdc that is on the tron chain? 

Please @OP, decide only bitcoins for you to keep long term. Maybe your altcoins will still be traded on the exchange you bought them from in the next few months. However, lately government regulations have begun to "attack" these exchanges more stringently. You may not get a chance to sell it if you don't submit KYC.

Back to low withdrawal fee solutions.
If you are okay with the privacy of your nano ledger address, you can find guys who willing to exchange their onchain BTC for your Binance balance Coins (internal sending). Or use Coinjoin first instead if you want more privacy.

[mk4]

Again i have around 2000 dollars in altcoin right now and around 8 dollars in btc and 5 dollars in bnb in my binance account.  And i want to know the most cost effective way to withdraw it to my nano ledger.

Such as sell altcoin and bnb for btc and withdraw btc and pay that fee?  Or sell altcoin for btc.  Then sell all that btc for usdt/usdc and send that to nano ledger.

Mate I gave you the fees page. You can just compare, and just decide which coins you prefer holding. This is going to be more of a "which coin do you prefer holding" than a fee problem as you can clearly see all the fees on the page I provided.

Here is the other thing.  If i have usdt/usdc on the tron network... what if i cant sell that in the future?

I only have access to coinbase/gemini and apparently these two exchanges which has usdt/usdc only is on ETH chain?  So i cant in the future sell the usdt/usdc that is on the tron chain?  

You can still send it back to an exchange in the future even on the Tron/BSC chain. It's just that most exchanges accept Ethereum blockchain only so you might have a bit of trouble finding good ones, but there are others if you look.

[o_e_l_e_o]

Wait, so one could withdraw usdt/usdc via tron and binance smart chain to the nano ledger then?

Tether is an insolvent fractional reserve scam, is based on a fiat which continually loses value, and Tron and BSC are both centralized scams. The number of things which could go wrong holding this combination long term is huge, and even if everything goes right, all that will happen is you will continual lose value. I would gladly pay $22 in a withdrawal fee if it meant I could hold bitcoin instead of these trash coins. If you are talking about a total value of ~$2,000, then inflation only needs to be 1% over the next year (it will be  higher than this) for you to lose the value of Binance's ridiculous withdrawal fees if you choose to hold a stablecoin instead.

Further, given how much trouble you have had in the past doing fairly simple things involving your Ledger Nano, I would think you wouldn't want to install another altcoin app on it and manage additional accounts. Just stick to bitcoin and top up your bitcoin wallet.

[btcltcdigger]

Keep in mind that current withdrawl fee for any ERC20 tokens on binance is around $30 in those tokens, so it doesn't make sence.
If you want to withdraw purely $ value, no matter what coin, sell everything for XLM and withdraw, as XLM fee is like 0.1 XLM or less.
Or use USDT on TRC20 ($1 fee) or BUSD ($0.8 fee)

[Tipstar]

If you are withdrawing in BTC or USDT/USDC, you'll be saving yourself a few dollars. Almost all of the alts pairs with BTC and stable coins. You can convert them all to BTC or to USDT or USDC and withdraw with a single withdrawal fees. Though the single withdrawal fees is lower for BCH, you can't directly convert every of your coins to BCH in one step. Even USDC has much limited number of pairs as compared to USDT. However you may withdraw, try doing them all in single currency of your choice. And preferably not in dollars as the price are much down at the moment.

[mindrust]

Convert everything to BNB, then buy USDT with your BNB. Then withdraw USDT. That's how I do it and there are probably other methods that are cheaper but this one works for me. I only lose $1 to the fees and USDT is available almost on every exchange there is.

Withdrawing BTC is probably the most costly way so I would avoid it.

[khiholangkang]

I have an altcoin on binance that I need to withdraw.  I also have a tiny bit of btc and bnb on it as well. 


Basically i have roughly 2000 dollars worth of altcoin and about 8 dollars worth of btc and 5 dollars worth of bnb.


I would like to withdraw everything to my hardware wallet nano ledger s.  I only keep btc and bch in my nano ledger s.

As far as I know the cheapest withdrawal on Binance is BUSD he only charge $0.8
U can convert all of ur altcoin into BUSD if u wanna get cheapest withdawal fee

[Pelana vreo]

Here is the other thing.  If i have usdt/usdc on the tron network... what if i cant sell that in the future?


I only have access to coinbase/gemini and apparently these two exchanges which has usdt/usdc only is on ETH chain?  So i cant in the future sell the usdt/usdc that is on the tron chain? 

I think you can use BSC network to transfer USDT, nothing to worry mate, you can see details here
https://www.ledger.com/supported-crypto-assets/coin

Btw,you can convert your small nominal assets into BNB, you don't need to trade and all you need to do is look for the asset to BNB conversion button on the wallet dashboard on the Binance application

[jerry0]

Is there a concern if I cannot trade the usdt/usdc though in the future if i only have access to two exchanges which is coinbase/gemini though?


I also heard if you withdraw usdt/usdc on binance via tron network to nano ledger... you need to make sure you have tron in your ledger... otherwise that usdt/usdc wont show up?  I do not have any eth/tron etc.



But most ppl agree best thing is just convert everything to btc and withdraw that?  Thing is i dont want to really sell that altcoin though... but thing is im not sure i could sell it in future because i cant use most exchanges.  Would that be an issue?