Is there any way or workaround to avoid the abusive withdrawal fee from Binance to any Cardano wallet of a 1 ADA. I know most other big exchanges have the same fee but I just feel like I’m be robbed when I transfer BSC peg ADA from my TrustWallet to Binance for just 16cents and then Binance wants to charge me 2.58$ (1ADA as of right now) to send those ADA to my Yoroi or Nami wallet.
Binance sees ADA as a competitor to BSC and does whatever it can to make ADA look bad (including charging high fees that have nothing to do the the protocol).
Is just crazy. I hope the community could do something about it.
Sure, stop using Binance.
I can’t for now. Is the only way I can move funds from my local currency to crypto and viceversa, is just the best and almost only option to me in my country. If only Trustwallet would support the cardano network then there wouldn’t be any problem but they are partners of Binance so…
same principle in atomic wallet.
ZIL staking claim was nothing once, just 35 zil
now the price went to 0,1 dollar, still 35 zil.
Unfortunately there is no workaround, you have to pay the fees. Next time you want to buy more Ada, buy them on Coinbase Pro, they only charge network fees.
That’s the thing, Coinbase isn’t available in my country. Well, I guess we’ll just have to wait for a Cardano dex to go big and forget about Binance.
UPDATE: Ok, after researching a bit and thinking what would be the best alternative I finally found a work around. It implies the use of a third party service and I don’t know if I can share links to other services but it’s basically the equivalent of using an exchange with lower/zero fees, like Coinbase that was recommended in one of the comments above. I used an exchange service called FixedFloats, I don’t know much about it, I just did a bit of research and decided to give it a try with a small amount and it happened to work perfectly for me. Their commision is of 1% or 0.5% depending of what you choose (fixed or floating rate) and they are basically a bridge exchange that uses lightning network (yea…) and I transfered my funds from Trustwallet to Namiwallet using their BSC to ADA exchange and it worked perfectly and their support service is crazy good.
But as it looks like their commision is percentage based I can see it as an alternative for small transactions since for larger amounts there would be a moment that the fees would be equal or larger than that of Binance. Anyways, is another alternative for those that are interested.
Hey! Found your post just today
I just wrote my research and the steps to avoid Binance “Big Withdrawal Fees” using FixedFloat in this post. I hope others can use the platform and get the benefit from it.