😲 Are you still trading on Bittrex?💸 Did you know you could spend a LOT less on trading fees on Binance Exchange? 💸

Almost everybody uses Bittrex it seems, but the trading fees on Bittrex add up. There are much cheaper alternatives out there. Binance exchange offers at least 50% cheaper fees, with the potential of even more discount.

You may think, who cares, a 0.25% isn't all that much, but don't forget about the hefty withdrawal fees.

It is currently 0.001 BTC just to withdraw your Bitcoin from the exchange, which is about $5-6 at today's prices! If you've got altcoins, those too can be quite costly to withdraw and will usually cost you several dollars. That means it is a costly business to withdraw your funds from the exchange to your own secure private wallet.

If you keep your funds on the exchange forever, you won't face the withdrawal fee as much, but if you don't trust the exchanges and you prefer to keep your funds in your wallet you'll find you'll be spending quite a lot of money on making a trade. If you were to sell 1 ETH (approx $340) you would currently pay about $0.85 (=0.25%) on the trade and 0.005 ETH ($1.70) to withdraw. That brings the total cost to more than $2.50 just to trade your one crypto for another.

And Ethereum is kind of cheap, when you compare it to Bitcoin trading and withdrawal costs; it could cost you up to $8 to make a Bitcoin trade!

Enter Binance

Binance made waves as a new exchange a few months ago by listing popular cryptocurrencies at a rapid pace, and offering amazing fees as well as an option to reduce those fees further.

Not only is the default trading fee 0.1% as opposed to 0.25% but also the Withdrawal fees are in many cases HALF the amount that Bittrex charges, and sometimes even free. Binance only asks 0.0005 BTC for a Bitcoin withdrawal, as opposed to Bittrex's 0.001 BTC. Some other withdrawal fees, like ETH, are similar but most are half of what Bittrex charges.

BNB Token = even lower fee

If that isn't enough for you, Binance has their own token called BNB. If you buy this token and keep a small supply of it, you can use it to pay for the trading fees and reduce them by another 50% to a mere 0.05% trading fee!

In other words, making the same Bitcoin trade as above on Binance will cost you less than $3.50 to trade and withdraw. That is significant, and $5 worth of crypto you are throwing away each time you do it on Bittrex and not on Binance.

Other advantages of Binance:

Bittrex has by far the biggest markets and one of the largest assortments of cryptocurrencies, which is why they are popular, but they have not been adding many new markets at all lately. Important upcoming crypto's like WTC, GAS, LINK, ZRX, IOTA have all still not been added to Bittrex, but Binance does have them. The total number of cryptocurrencies on Binance may be lower, but they definitely have the interesting ones and they are adding more at a rapid pace.

Beyond having a bit fewer cryptocurrencies (less crap coins, to be honest) another possible disadvantage of Binance is that they are based in Hong Kong. This could be seen as a disadvantage if you live in the west and have doubts about the power of the Chinese government over it. Hong Kong has it's own laws and regulations from the Chinese, however. And the whole point of this exercise is to withdraw funds (cheaply) after a transaction anyway.

Oh, did I mention that Binance pays your GAS if you hold NEO whilst keeping it on their exchange? They do.. whereas Bittrex keeps it for themselves.

Happy trading!

Check out Binance Exchange by clicking here!

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