Post
Topic
Board Service Discussion
Re: Can someone please help understand how the Binance Smart Chain works for fees?
by
noorman0
on 17/10/2021, 23:33:03 UTC
So is the picture in the OP gas fees? Or is it binance fees?

The withdrawal fee is adjusted to the onchain transaction gas fee at that time, so in the picture is the gas fee.

Ugh! This just gets more confusing. In layman's terms?

Layman's term: You can assume both are true.
It is binance fees for processing withdrawals.
or
It is gas fess because it is required in every transaction (commonly known).

More detailed answer:
Here you just instruct binance to send your BTC to the withdrawal address (yours), and the one who sends the BTC is binance. Because every transaction requires a gas fees, so binance charges you that fee which is taken from the amount you want to withdraw.

Conclusion of your withdrawal process:
You instruct binance > Binance estimates transaction fees (gas) > Binance sends to your withdrawal address and deducts gas fees.

As @vv181 mentioned above, it is 100% gas fees. There are no other fees for binance.