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RE: The downsides of Binance Exchange - It's not just sunshine and roses
I have noticed this problem too. I still like the ease of use on the site but it is a little tricky trading small amounts of coins. (and since I'm new, I only have small amounts I'm able to use to trade with) I did buy some BNB but even that is fractional now (below 1 BNB) but it still shows that I get the discount when trading. (for now?)
I have a lot to learn about their system and on bittrex also. (I have some Dash trapped on Bittrex because of Dash's (or Bittrex?) network transaction/withdrawal fees being higher than what I have.)
There are a lot of little things (mistakes) I have been learning but it's been interesting so far.
Thanks for a good summary of the current issues with Binance!
I think a fractional BNB is probably still tradeable for ETH or BTC if you get above the minimal trade amount.
But yeah, there's a likely chance that somehow some funds will end up being left abandoned. I guess this is the cost of trading that might be offset against Bittrex's higher withdrawal fees.. but still..
The flipside is that BNB is actually not a bad token to hold. I have looked at it before and considered buying it, so it's not terrible to end up holding it. It's just that I'd rather choose to do it out of my own free will, at my time of choosing rather than be forced into it like this.
And with SBD as high as it is, I shouldn't complain about having to buy a single $5 BNB token really. It's more of a principle thing! :)
I agree, they really need to be better on explaining the fees and minimum amounts so things don't get lost in the weeds of tiny fractions of crypto. (I have about 5 or 6 cryptos with super tiny amounts of them leftover after trading them, like you said, dust, that I can't really trade unless I buy more, etc.) For now, it's just mostly trial and (lots of) error. But that is mostly their fault for not communicating in better ways. While it can be fun to guess how (some) things work, it's not exactly pleasant when it comes to financially related things.
Totally! Pretty much every exchange I tried, it's cost me one way or another. Either by hidden fees or mistakes through wonky mechanisms. I guess I'm glad I'm learning these things at an early stage..
and besides, it's kind of fun too. Reminds me of way back when the entire internet was like this (except it didn't cost any money then)
New to Binance -- and had pennies of Ether remaining after a BTC buy without BNB. Now I know better. But, anyway, just a heads up that I used that Ether dust to buy BNB not even knowing there might be a limit. Just clicked. Well, I now have .27 USD equiv of BNB. Thought you'd want to know that the fractional is possible. I'll now use that .01999 BNB to buy more BNB, so I don't have to pay .1% to get a large amount of BNB.