Why do Binance withdrawals cost 50,000 sats?

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I use Binance US and I appreciate how low the exchange rates are, but withdrawals are very expensive. How do I remedy this situation? I want to put my BTC stash into BlockFi to earn interest, but it’s not worth it if Binance’s fees are so high.

I bought from other exchanges like Coinbase and the wallet transfer fees are pretty close to any private wallet transfer fees.

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Posted in Binance Reddit

4 Comments

  1. CoyotaTorolla on 11. February 2020 at 3:02

    To make money and incentive to keep your money on the platform so they can leverage it.

     


  2. [deleted] on 11. February 2020 at 3:02

    [deleted]

     


  3. _veaz_ on 11. February 2020 at 3:02

    Totally true.

     


  4. SamZFury on 11. February 2020 at 3:02

    is BlockFi safe to lend ? what % would we get back each month are the funds insured ? like in case of hack would the funds be backed up ?