Binance BTC withdrawal fees. Binance charges 0.005 BTC for any Bitcoin withdrawals. So it's just not worth withdrawing a low amount (as in super low amount) of Bitcoin from the exchange as the fees aren't worth it imo. Does anyone know of a way to get cheaper fees/ use a different network (lighting network would be great but I know that Binance futures trade bitcoin coin crypto doesn't support it) to pay cheaper fees? Maybe converting it to another stablecoin?
sorry i should have said, i want to keep it as bitcoin. it's not 0.005, it's 0.0005. You probably shouldn't buy on binance if that's enough to matter for withdrawals, use some low fee exchange instead. What you can do now is convert it to one of the stablecoins, kreditka.pw send it to an exchange with low withdrawal fees and buy & withdraw from there. Very true, I'll be using a different exchange from now on. I'm DCA'ing every week, but don't like to keep my BTC on the exchange.
I wanted to send my BTC to my hardware wallet every week once I had completed my DCA you see. So now I'll either use a new exchange, or build up the the weekly DCA to a month worth of buying and then send it to my hardware wallet. withdraw BTC-BEP20 instead of native BTC. For what it's worth, the fee is 0.0005 BTC, not 0.005 BTC as you wrote. It's still an annoyance (equivalent to $29 as of this writing), but it's not as prohibitive as 0.005BTC would be.
They have a full fee schedule for a zillion different kinds of withdrawals here: https://www.binance.com/en/fee/cryptoFee. Obviously, what's most economical depends on what you're trying to do. In the past, when I have wanted to convert BTC on Binance to USD in the US, I sold the BTC on Binance, bought EOS, transferred that to CB and Binance futures trade bitcoin coin crypto then internally to CBPro, sold it, and withdrew the USD to my bank account.
That's relatively free when it comes to actual withdrawal/xfr fees, but there are still transaction fees on the various buy and sell orders that ended up adding up to about 0.25%. So for a larger quantity of BTC (where 0.0005 is much less than 0.25% of your order) it would make sense to skip the part where you sell the BTC to convert to EOS, etc.