RE: CRYPTOCURRENCY 101 - CRYPTOCURRENCY EXCHANGE FUNDAMENTALS

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CRYPTOCURRENCY 101 - CRYPTOCURRENCY EXCHANGE FUNDAMENTALS

in crypto •  7 years ago 

I’ve always enjoyed poloniex and recently started using binance because they had coins that poloniex didn’t have. The one bad thing about binance that I’ve noticed so far is withdraw fees!! Sure their trading fees may be low but I bought 2 different tokens and when I went to send them to my ledger Nano I found out it was going to cost me over $11 each transaction. One token I bought 140 of and the transaction fee was 20 tokens, the other I bought 100 tokens and the fee was 12 tokens. I checked the network and the fees were .1 token for each leaving 19.9 and 11.9 for binance to keep. Not a good site if you plan on buying and holding unless you want to hold there. I plan on holding these token for one year in hopes they do well but now they must do even better than expected to make up for the chunk that binance took as a transaction fee.

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transaction fees are through the roof because of network congestion. hang in there it will get better.

I understand that. What I’m saying is I checked etherscan for my transactions and the fee was minimal. Binance is gouging withdraw fees imo.