Is Binance taking piss with the fees or this is normal?
I had some coins on Binance, which I wanted to send to my wallet. I could choose between ERC20 or BSC or BEP. I’m not even sure what the last one is. Now, the difference between using ERC20 and BSC is $15, supposedly because of the Ethereum high fees. Ethereum fees are high right now but not $15. In Coinbase Wallet I get $3.20 fee, which is way less than $15. And from what I understand, BSC belongs to Binance, which makes no sense withdrawing from the exchange. Using their chain they control “copy” of your coins. I don’t think you can have ETH on another blockchain.
Compared to other exchanges they seem to have the highest fees to take coins off the exchange, or the option is to use BSC or BEP (I’m not sure what BEP is) One thing worth mentioning is that I don’t trade often, maybe 2 – 3 times a year but for a day trader this is absolute bummer. Then also no reason to use Binance if I’m going to pay $50 – 60 in fees to get few coins. And I might be wrong but it seems intentional having super low fees on BSC and super high fees on the ethereum network. I also noticed that Binance coin increased from about $30 to $300 in no time. I seriously doubt investors and traders all of a sudden saw huge potential in this coin.
Again, I might be wrong so feel free to correct me.