Zhao Changpeng, the CEO of China-based cryptocurrency exchange Binance, has announced that the exchange has reduced the withdrawal fees for all its ERC-20 tokens by 25%. Fees will be dynamically adjusted over time.
erc20 token withdrawal fees have been reduced by 25% on #binance. This fee will be dynamically adjusted overtime.
— CZ (@cz_binance) February 26, 2018
Welcome News for Binance Users
Binance already boasts of one of the lowest fees structures amongst the cryptocurrency exchanges. In its present form, the exchange charges a 0.1% trading fees on buy and sell orders, no deposit fees, and withdrawal fees that vary on a coin-by-coin basis. The exchange also offers a 50% discount on trading fees, effectively charging just 0.05% for users who pay via BNB. BNB is the exchange’s official coin, launched about 8 months ago. Binance Coin (BNB) quickly rose to prominence and now commands a market capitalization of about $1 million ($924,888,784 as of February 26). The BNB coin is up by over 7800% since its launch.
The news of the reduction in withdrawal fees was tweeted by Changpeng on February 26th and should be received as welcome news to all Binance users.
Withdrawal Fees on ERC20 Tokens Reduced by 25%
Accordingly, withdrawal fees on EOS (EOS) will now be charged at 0.525 EOS as opposed to 0.7 EOS earlier on a minimum withdrawal of 1.4 EOS. Similarly, Tron (TRX) and Qtum (QTM) withdrawals will now be charged at 96 TRX and 0.0075 QTM, respectively. Refer to the table above for the envisaged withdrawal fee reduction in some of the top ERC20 tokens on the Binance exchange.