Binance withdrawal limits make people mad!
Update: 15.07.2018 Solved
For some time Binance has new prices for commission. In addition, Binance has completed its system maintenance and they resumed all trading activity. From now until the commencement of transactions, users will be able to manage the transactions. For a few days, the Binance Exchange is testing a strange practice that is likely to reduce the number of low-value transactions. As you can guess, this practice secures the stock exchange against gigantic system burdens.
Of course, it’s about continuous platform failures, but users did not like this solution. We can assume that this is only temporary to help with the network congestion. Other Exchanges did the same thing a few weeks ago by imposing minimum deposit and withdrawal limits. It is obvious that lots of small transactions were clogging up the system and making everything take longer. So, by setting a minimum amount, they were able to eliminate lots of smaller transactions and thereby reduce the congestion and help deposits and withdrawals process smoothly and faster again.
Total must be at least 0.002 btc
If someone tries to sell a currency with a value of less than 0.002 btc, he gets the message: “Total must be at least 0.002”. It’s not okay, Binance! This is never done, and if you do, you should inform users much earlier!
As internet forums warmed up to redness, someone from Binance’s staff published an apology:
“About our communication regarding this, I’d like to apologise and want to ensure you that any significant changes further down the line like this will be given an announcement with an explanation of why the change has occurred and whether it is a permanent or a temporary change.”
What to do with limits?!
What to do with limits? We have some tips from Reddit:
- Swapping to ETH and back should have cost you a maximum 0.2%. It is worth knowing that, if Ethereum were to crash, technically an exchange would be the best place to have it because if you get in early enough you could sell and then re-buy lower. So, if it’s stuck in your wallet, by the time it reaches the exchange, confirms and becomes available for trade, you may have missed the opportunity.
- Trade ETH to Raiblocks or to buy it wont cost any fees. Raiblocks is obviously better as a currency but you’re stuck with exchanges that have actually Raiblocks not to mention the trading fees of converting to ETH or BTC just to buy other coins.
- Withdraw it in LTC and then convert at next exchange. Users confirm that they did LTC withdrawals within the last 4 hours and had no problems.
What people say?
“The market is more than capable of handling $100 trades. And too many “newbies” open so many support tickets because they don’t understand how crypto works or if they can’t login for 2 minutes. People need to have patience. Deposits and withdrawals are not always instant, and during heavy traffic things are slower.” (Reddit)
“It makes totally sense! The Crypto Market is in trouble, becuase too many kids trade 100USD, the platforms are overloaded, they cant accept new users, they fail to work on the Support Tickets. Open your eyes, this situation will not scale. Lets get mature and understand that this platforms need to take action.” (Reddit, Daigonsaig)
“IMO, they’re trying to suppress ETH, short term. The issues they’ve been having over the past few days have all been because of the ETH network congestion. These measures, although horrible for their user base, will limit the ETH transactions. Absolute appalling way of dealing with the issue. I may be moving exchanges after all this cools down. I’m not confident in their business strategy to deal with a rising user base.” (Reddit, BillySaurus42)