Binance is one of the largest cryptocurrency exchanges in the world, offering a wide range of trading pairs, including Bitcoin (BTC). As a user, you may want to transfer Bitcoin from your Binance account to another wallet or exchange. However, you may be wondering how much does Binance charge to send Bitcoin?
In this article, we will discuss the fees associated with sending Bitcoin from Binance, how to calculate the fees, and some tips to save on fees.
Binance Bitcoin Withdrawal Fees
Binance charges a withdrawal fee when you transfer Bitcoin from your Binance account to another wallet or exchange. The fee varies depending on the network congestion and can change frequently. However, the fee is usually around 0.0005 BTC (or 50,000 satoshis) per transaction.
To put this into perspective, if you were to withdraw 1 BTC from Binance, you would pay a fee of around 0.0005 BTC. If you were to withdraw 0.1 BTC, you would pay a fee of around 0.00005 BTC.
Calculating Binance Bitcoin Withdrawal Fees
To calculate the exact withdrawal fee for sending Bitcoin from Binance, you need to follow these steps:
Step 1: Login to your Binance account and navigate to the “Withdraw” page.
Step 2: Select “Bitcoin” from the dropdown list of cryptocurrencies.
Step 3: Enter the amount of Bitcoin you want to withdraw.
Step 4: Enter the destination address.
Step 5: Binance will calculate the withdrawal fee based on the current network congestion.
Step 6: Review the fee amount and click on “Submit.”
Tips to Save on Binance Bitcoin Withdrawal Fees
While Binance withdrawal fees are relatively low compared to other exchanges, they can add up if you make frequent withdrawals. Here are some tips to save on Binance Bitcoin withdrawal fees:
1. Withdraw in bulk: Instead of withdrawing small amounts of Bitcoin multiple times, consider withdrawing larger amounts less frequently. This will help you save on fees in the long run.
2. Use a cheaper network: Binance allows you to choose between two networks for Bitcoin withdrawals – BTC and BCH. The BCH network is usually less congested and cheaper to use, so consider using it if you want to save on fees.
3. Check the network congestion: Bitcoin fees vary depending on the network congestion. If the network is congested, fees will be higher. Therefore, it’s a good idea to check the current network congestion before making a withdrawal.
4. Join Binance VIP program: Binance offers a VIP program that provides discounts on trading fees and withdrawal fees. The higher your VIP level, the more discounts you get. Therefore, consider joining the program if you are a frequent trader on Binance.
Conclusion
Binance charges a withdrawal fee when you transfer Bitcoin from your Binance account to another wallet or exchange. The fee is usually around 0.0005 BTC per transaction, but it can vary depending on the network congestion. To save on fees, consider withdrawing in bulk, using a cheaper network, checking the network congestion, and joining the Binance VIP program.