Binance withdrawal fees are too high, what do I do?

[franklin2058]

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!

[Cantsay]

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

[adaseb]

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.

[Crypto Library]

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!

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 

[Porfirii]

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.

[Despairo]

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.

[Charles-Tim]

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.

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

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.

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

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

Binance use a fixed fee.

[kotajikikox]

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!

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 .

[lionheart78]

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.

[Wapfika]

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!

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.

[Blitzboy]

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.

[blckhawk]

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.

[Zaguru12]

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?

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.

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.

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

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

Binance use a fixed fee.

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

[tbct_mt2]

Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do?

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 can't leave my btc on Binance, feeling kind of unsafe

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

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.

[Churchillvv]

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.

[Charles-Tim]

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

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:



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.

[NeilLostBitCoin]

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.

[Barikui1]

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.

[PrivacyG]

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.

[traderethereum]

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.