Pay attention before you confirm that order

[EarnOnVictor]

Some months ago, I needed an urgent $20 to cover a transaction elsewhere, so I decided to withdraw it from my new broker account. Thankfully, I detected an insane charge of 8 USDT just for a 22 USDT BEP20 withdrawal before proceeding. What would remain??

They even cited that the charge was for "mining fees." Are you kidding me? Mining fees for USDT. In short, I rushed to the live support, and we had a very heated argument that later made them apologize.

To my surprise, my USDT withdrawal charges have become 0 USDT since then, and I've withdrawn more than 30 times afterward. I believe others will continue to suffer those charges, but for me, this is what I get from knowing my rights and being a member of Bitcointalk.

[cryptoaddictchie]

Thats not good and very expensive fee. Can I know the name of the platform so people should be aware how these owners charge their users. Using main cex such as binance and others wont charge that kind of high fees only depends on the network youll withdraw but the expensive ones I can see is from ethereum network which is like 4 to 5usd I guess.

Their mode of fees seems not following the general on most exchange services.

[Apocollapse]

Eh? you're lucky they allow you to withdraw without fees.

Personally I will try to check other coins/chains which give me the lowest withdrawal fees, so after I found it, I will exchange my coins and withdraw it. Centralized exchanges like to charge any amount they want, so instead of complain, I think we're forced to agree with their rules. We know exactly the real amount of transaction fees, but the difference you're using someone else site, not via P2P.

Can you post the site?

[Justbillywitt]

Left for me I wouldn't be using that site anymore, because they are not being sincere and they are reaping people of their hard earned money. So anyone who don't have enough knowledge as you, they will continue reaping them  their hard earned money. Why not make the fees flat for everyone, instead of reducing only for those who discovered they are cheating. It's very wrong what they are doing. Op you shouldn't be happy that you are paying less or nothing, knowing fully well that the site are continually cheating other people who may not suspect. Keeping quiet and enjoying the low rate on your own is not good. You need to expose them so that others will be aware. Drop the link to the site or the name of the site here. You might be saving others here who are paying such fees here thinking it's normal.

[SquirrelJulietGarden]

Some months ago, I needed an urgent $20 to cover a transaction elsewhere, so I decided to withdraw it from my new broker account. Thankfully, I detected an insane charge of 8 USDT just for a 22 USDT withdrawal before proceeding. What would remain??

It's insane withdrawal fee but you must check exchange information on taker, maker and withdrawal fee before deposit.

https://exchangewar.info/
https://www.cryptowisser.com/exchanges/

They even cited that the charge was for "mining fees." Are you kidding me? Mining fees for USDT. In short, I rushed to the live support, and we had a very heated argument that later made them apologise

It's surprising information from the broker, but sure if you use any centralized platform, you will never stop surprising with their policies that can be weird to earn as most money as possible from customers.

Use this website for checking basic information on USDT fee on some famous blockchains, it's on chain fees but exchanges can change their withdrawal fees higher if on chain transaction fees are expensive.
https://gasfeesnow.com/

There is a heatmap for you to choose best hours to make your transactions on chain, it does not apply for withdrawal fees.
https://gasfeesnow.com/heatmap/

[Sipurba]

As some people here said you should mention it so that it becomes an experience and if the same thing happens to someone then you can do what you do to solve it. Even if you don't want to mention it for the sake of maintaining their good name then at least you give a clue like what symbol or color the exchange is for as a sign. Regarding that problem it really doesn't make sense when the bep-20 network is charged a large fee while we know that it should be much smaller than that.

[lovesmayfamilis]

Today, exchangers are throwing a real carnival with commissions with such a high price that sometimes you wonder if there are users on their sites. I don’t want to name the site, but I’ll tell you about the conditions for exchanging BTC for Tether at a fixed rate with a commission price of $20. If you want to get your funds urgently. There is a time spread. You pay $15 for the time; Tether will arrive in half an hour and $10 within an hour. I think I’m not mistaken. Since the market is very volatile today, exchangers are going through all the tricks that are beneficial to them, and probably those people who use their services do not pay attention to such large commissions.

[CryptoHeadlineNews]

Some months ago, I needed an urgent $20 to cover a transaction elsewhere, so I decided to withdraw it from my new broker account. Thankfully, I detected an insane charge of 8 USDT just for a 22 USDT BEP20 withdrawal before proceeding. What would remain??

They even cited that the charge was for "mining fees." Are you kidding me? Mining fees for USDT. In short, I rushed to the live support, and we had a very heated argument that later made them apologize.

To my surprise, my USDT withdrawal charges have become 0 USDT since then, and I've withdrawn more than 30 times afterward. I believe others will continue to suffer those charges, but for me, this is what I get from knowing my rights and being a member of Bitcointalk.

Charging $8 as withdrawal fee for just $22 is absolutely outrageous, because it's just like a day-light robbery of your own fund simply because you want to move your money from one platform to another. Because though it's sad you had to execute transaction before checking it's fees and now you no longer gets charged, which I'm sure  might be the platforms way of apologizing. But on the contrary, checking my transaction fees is one habit I don't always joke with, so as to not always lose excess money I never planned for, and I will advise newbies to inculcate same habits too.

[Mia Chloe]

Some months ago, I needed an urgent $20 to cover a transaction elsewhere, so I decided to withdraw it from my new broker account. Thankfully, I detected an insane charge of 8 USDT just for a 22 USDT BEP20 withdrawal before proceeding. What would remain??
They even cited that the charge was for "mining fees." Are you kidding me? Mining fees for USDT. In short, I rushed to the live support, and we had a very heated argument that later made them apologize.

Yeah it isn't much of a new thing to me though since ethereum fees are just way out of the box. It's like that in almost every set up ranging from exchange to brokers and many more. Anyways most times when I work with usdt on my broker sometimes I prefer to make use of TRC20 for my usdt transactions that because the fees are way smaller in fact my broker charges zero fees when you wish to withdraw.

Nevertheless are you a Forex trader? And what broker do you make use of? Well you could shoot me a pm though.

[Ruttoshi]

That's a crazy fee which I wouldn't dare to pay on any transaction on altcoins. OP, you should tell us the name of the exchange so that it can be avoided by many of us. I only use Binance because their network is zero fee to send funds to any exchange on the same network.

What I do when I want to pay a lower fee when using a different exchange, I look for any of the network with the lowest fee. This is the first time, seeing such fee. Etherum network is the most expensive which I always avoid. Keeping quiet means dying in silent. It's good that you fought your way out from such extortion.

[hd49728]

Charging $8 as withdrawal fee for just $22 is absolutely outrageous, because it's just like a day-light robbery of your own fund simply because you want to move your money from one platform to another.

I agree that withdrawal fee on centralized exchange is expensive but I disagree to call it as day-light robbery.

You can have same with on chain transactions and on chain transaction fees, that don't mind about the value of your transactions. Your transaction size, and fee rate will decide its transactoin fee that is not depended on transaction value.

Same with withdrawal fee on centralized exchange, it is applied for all withdrawals and dependent on withdrawal value.

You only can control your transaction fee by using non custodial wallet to have control of UTXOs for transaction size, and fee rate. You can broadcast your transaction in hours with cheapest fee rates that you can not do with centralized exchange account. Their withdrawal fee policy does not count whether you widthraw money at day or night hour.

[Bitcoin Smith]

They even cited that the charge was for "mining fees." Are you kidding me? Mining fees for USDT. In short, I rushed to the live support, and we had a very heated argument that later made them apologize.

Exchanges generate revenue mainly from two things, one is trading fee and the other one is withdrawal fee so paying $8 fee is insane but that is the cost for the service, I am not backing the high withdrawal fee here just presenting the facts. Good thing is most exchanges will have flat fee so it's same if you withdraw $10 or $1M so retail users need to be careful when picking their trading platforms.

One possible way to avoid these huge fee is pick the platforms where LN withdrawals are available for BTC, ofcourse you need LN channel and need to pay fee to close the channel to move it to on chain but still it will be cheaper than paying $8. Once you moved to on chain you can exchange BTC to USDT on here forum or if youre lucky you may find to use LN itself.

[bitbollo]

I am not suprised in the past we have seen many times higher fees.
sometimes they used these fees saying also that they cover part of the expense of the service (likewise setup of hot wallets and so on).
or there are services that requires you spend hundreds of dollar for a "premium" , without fees to pay.
you need to evaluate always this aspect since if you make such "small" withdraw fees have a great impact on your wallet

[Potato Chips]

Some months ago, I needed an urgent $20 to cover a transaction elsewhere, so I decided to withdraw it from my new broker account. Thankfully, I detected an insane charge of 8 USDT just for a 22 USDT BEP20 withdrawal before proceeding. What would remain??

They even cited that the charge was for "mining fees." Are you kidding me? Mining fees for USDT. In short, I rushed to the live support, and we had a very heated argument that later made them apologize.

To my surprise, my USDT withdrawal charges have become 0 USDT since then, and I've withdrawn more than 30 times afterward. I believe others will continue to suffer those charges, but for me, this is what I get from knowing my rights and being a member of Bitcointalk.

That's certainly more inflated than what I've seen from other centralized custodial providers. I'm also surprised they lowered it for you. I would guess a lot of services out there would stand their ground instead and give canned answers lol—a lot go by the textbook. Perhaps your pitch was also good.  

It's indeed always good to review everything is right before hitting that withdrawal button. A lot of other issues have also emerged from not double checking all the deets. Most common is probably sending to the wrong chain. At this point, it should be a must.

Yeah it isn't much of a new thing to me though since ethereum fees are just way out of the box. It's like that in almost every set up ranging from exchange to brokers and many more. Anyways most times when I work with usdt on my broker sometimes I prefer to make use of TRC20 for my usdt transactions that because the fees are way smaller in fact my broker charges zero fees when you wish to withdraw.

From OP's screencap, he was actually trying to withdraw the USDTs on BSC which network fee should be pretty cheap like in TRON.

[btcltcdigger]

Damn those fees are absurd. Good thing you cought it in time. I mean, it's not the end of the world, but come on. 8 bucks here, 8 bucks there, they're making a fortune off of people who aren't paying attention.
Thats a classic case of a scam being played as "oops, we made a mistake"

[khaled0111]

On all the centralized exchanges I’ve used, the withdrawal fees for altcoins (except ETH) range from $0.10 to $2. It’s only Bitcoin withdrawal fees that are high on those platforms.

However, I always check the minimum deposit amount and withdrawal fees for any service I'm considering to use, just to avoid similar surprises.

I’m not sure which exchange you’re using, but unfortunately, it’s “their company, their rules.” What matters most is being transparent about those rules from the beginning.

What I didn’t like, though, is pretending that those are mining fees, which is obviously not true.

[serjent05]

That was really an insane mining fee, especially at the BEP20 chain. Bitmart offers a $0 fee on the BEP20 chain and a dollar on other networks while most exchanges charge a dollar or a bit more depending on the network in USDT withdrawal.

I do not know if the platform is trying to appease you so that you will not spread the news of their hidden high fee, thus they allowed you to have a 0 fee withdrawal.  As far as I know, this kind of fee change cannot be easily modified once implemented by the company.  Or they are swayed by your information and fix their fee.  Regardless you are indeed lucky to have given the privilege of withrawing your funds with no fees.

What I didn’t like, though, is pretending that those are mining fees, which is obviously not true.

Some companies that promised a zero processing fee will try to cover their charge by implementing mining fee, so uninformed people will think it that way.  This is deceptive advertising and a violation of consumer protection law.

[sunsilk]

I thought that we'd only see high fees during network congestion but we don't see any of it as of the moment. To label the transaction fee as a mining fee seems inappropriate. Users will not understand that and it's best for that platform to just say that it's the withdrawal fee.

If that happens to me, I'll wait until the fees settle because these fees done by exchanges or any other platform are dynamic, sometimes they change but if they're in USDT, they're sort of stable.

Maybe they've given you an incentive for having that free withdrawal and check it maybe it's for a life time.

[Publictalk792]

It is really annoying to deal with that huge fee broker wanted to charge you for taking your money out. Reason they gave about "mining fees" for taking out USDT probably did not sound right and it makes sense that you questioned it.
Fact is that you were able to get those fees canceled after talking with their online support shows that it can really help to know what you are entitled to and to speak up for yourself. However it is shame that other people might still be paying those unfair charges which means it is so important for customers to stand up for themselves when something does not seem right. It is worth thinking about whether other brokers in same business do things like this or if there might be better companies out there to work with.

[EarnOnVictor]

-snip-
There is a heatmap for you to choose best hours to make your transactions on chain, it does not apply for withdrawal fees.
https://gasfeesnow.com/heatmap/

You quoted enough websites, which I appreciate, but the Exchanges ones are just irrelevant to it because they will not use them. However, gasfeesnow.com is the most appropriate, and I checked it immediately then. It was about 7.9+ USDT more compared to what they wanted to charge, which makes it extortion. Or should I say the middle dealer they use was extorting.

Exchanges generate revenue mainly from two things, one is trading fee and the other one is withdrawal fee so paying $8 fee is insane but that is the cost for the service, I am not backing the high withdrawal fee here just presenting the facts.

You don't even have to side with them, for that will amount to not having a point at all, the charge is outrageous and has no other name for that. I've never seen an exchange charging me more than 1 USDT to withdraw through BEP20, most of them charged far less. For almost a year now, Binance has been charging nothing for such transactions.

That's certainly more inflated than what I've seen from other centralized custodial providers. I'm also surprised they lowered it for you. I would guess a lot of services out there would stand their ground instead and give canned answers lol—a lot go by the textbook. Perhaps your pitch was also good.  

That's why I love to use the best in the industry. And if we can't agree, why not move to another, after all, there are at least over 50 good ones I can move to.