Post
Topic
Board Bitcoin Discussion
Re: Binance withdrawal fees are too high, what do I do?
by
tbct_mt2
on 21/12/2023, 08:06:10 UTC
Currently, the withdrawal fee are 0.0008 btc, which is too high. What sould I do?
If you can not afford to pay the expensive withdrawal fee, you only can wait for Bitcoin mempools to become clearer and Ordinals FOMO wave to calm down. You have to hope it will happen soon and centralized exchanges like Binance will edit their withdrawal fee cheaper.

Quote
I can't leave my btc on Binance, feeling kind of unsafe
I don't advice you to leave bitcoins on centralized exchanges because it is not a safe way.
Reminder: do not keep your money in online accounts

You can find alternatives like selling your bitcoin, buy Litecoin and withdraw it to your Litecoin wallet. Wait for chance to buy Bitcoin again. I believe withdrawal fee on Litecoin is cheaper than Bitcoin and even you will have to spend LTC for one on-chain transaction as a deposit to Binance later, to sell LTC and buy BTC, it will still be cheaper than withdrawal fee on Binance now.