Etini
Valued Contributor
Binance is arguably the biggest cryptocurrency exchange platform in the world now. However, one of the concerns raised by users of Binance is the fees charged for withdrawals by the exchange platform. In this post, I am going to be sharing some tips on how to minimize fees on withdrawal and conserve your funds.
The first strategy is for people who move huge sums of cryptocurrencies to and fro the platform. It is called the Binance Tiered Fee Structure. It is designed in such a way that your 30 day transactional volume is used to determine your transactional fees on the platform. The higher your transactional volume over 30 days, the lower fee you would be charged on transactions. The strategy here is to make more of your cryptocurrency transactions on Binance to enjoy this benefit.
The second option is to buy the Binance owned cryptocurrency currency called BNB and use it to pay for your transactional fees. Binance offers discounted charges when a user pays for transactions using BNB. It makes complete sense to hold some BNB and use it to pay for your transactions. You would get to realize that your transactions would be charged very low on the platform.
With these two tips, you can bring down the fees you are charged for withdrawals on Binance.
The first strategy is for people who move huge sums of cryptocurrencies to and fro the platform. It is called the Binance Tiered Fee Structure. It is designed in such a way that your 30 day transactional volume is used to determine your transactional fees on the platform. The higher your transactional volume over 30 days, the lower fee you would be charged on transactions. The strategy here is to make more of your cryptocurrency transactions on Binance to enjoy this benefit.
The second option is to buy the Binance owned cryptocurrency currency called BNB and use it to pay for your transactional fees. Binance offers discounted charges when a user pays for transactions using BNB. It makes complete sense to hold some BNB and use it to pay for your transactions. You would get to realize that your transactions would be charged very low on the platform.
With these two tips, you can bring down the fees you are charged for withdrawals on Binance.