How to circumvent withdrawal fees on Binance, by using Shapeshift 😎
Binance is pretty popular these days and their withdrawal fees used to be low, but nowadays they're pretty high. In most cases you will pay atleast $12 to withdraw, and with the recent price rise sometimes as much as $30-40 per type of coin that you want to withdraw. This is oftentimes a lot more costly than simply transacting on the network. But, I have a workaround for you!
FREE WITHDRAWALS
The cost of withdrawal varies per coin. For some coins it's very expensive, but for others it can be very cheap. Sometimes, withdrawing coins can even be free. This is in the case of NEO and GAS. Great! But what if you don't want to withdraw NEO, but, for example you would like to withdraw an ERC20 token and not NEO? No problem, really! Because once you've taken the NEO out of Binance for free, you can change it into something else! Keep reading!
JUST SHAPESHIFT IT
Shapeshift.io is a different type of exchange. It's not an exchange per se, but a company rather. You simply go to their website, tell them what coin you want and what you want to send them, and they will make the exchange with you in a very easy way. Because there is no account creation involved, there are no withdrawal fees as such either. Shapeshift does charge a small fee for the network transaction costs, plus some profit for themselves, but I've found these to be very reasonable all things considered. Shapeshift gets their tokens from multiple exchanges, so their prices are often very sharp and the total amount of fees are low.Shapeshift recently started accepting NEO token trades, so now it's possible to send them NEO and receive something else in return. YES! You can probably see where we go from here!
If you want to withdraw from Binance, it can be cheaper to turn it into NEO and then shapeshift it into whatever you want to withdraw. This way you only pay a relatively small network fee, and no withdrawal costs for as long as NEO remains free to withdraw from Binance. Yay!
KUCOIN WORKS TOO
Alternatively you can also lower the withdrawal costs by transferring your NEO into the Kucoin exchange, which currently offers a 50% cheaper BTC withdrawal fee than Binance does.I'm sure at some point the free withdrawals are going to be turned into paid withdrawals too, as more people discover about this trick. I don't think anybody besides me is really talking about this 'trick' yet, I thought of this myself, but eventually others will figure it out. Binance doesn't want to miss it's profits, obviously! So take advantage while you can :)
This is also an excellent way to ship funds from one exchange to another, by the way. Bitfinex and Kucoin both have free NEO transfers. Perhaps others too (not Bittrex though).
>> Click here to visit Shapeshift.io <<
Thanks, this will save a lot of people a lot of money :) Do you know if some coins are cheaper to transfer than others when transferring from bittrex? Youbsaid it is bot free for NEO but didnyou check any other Coin perhaps?
Bittrex has fees for every coin, so nothing is free to withdraw from Bittrex unfortunately. But there certainly are differences in fees. I know that Dogecoin used to be super cheap and I've used it in the past to transact between exchanges. It's one of it's hidden qualities! Other people use LTC for the same reason. There may be cheaper alternatives yet!
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Really nice idea! But unfortunatelly NEO is unavailable at the moment at ShapeSift. :(
For some other coins the withdrawal fee is pretty low, for example you can withdraw Dash for about $1.5.
Nice post. I'd noticed a sharp increase in Binance's fees recently as well, possibly several increases. Checking today, Tron is 186 TRX to withdraw - as one example.
Some others are usable as well, XRP or XLM (0.01 XLM fee) or IOTA.
tested this out and still works on both platforms :)
I will try this with my EOS tokens. Thanks for the article.
this post is golden! and NEO is the bomb. i used to consider NANO since it was built to be fee-less, but that's not the case in Binance.
Thank you for the great guide https://9blz.com/binance-review/