Binance withdrawal rate reduced by 50% on Bitcoin, Kraken follows

Binance, one of the exchange platforms in the cryptosphere known for its focus on Coin to Coin exchange, has recently made a statement on Twitter that they will be reducing their withdrawal fees on BTC by 50% and is effective right away.

“#Binance is happy to announce a 50% reduction in $BTC withdrawal fees. Effective immediately, BTC withdrawal fees are only 0.0005 BTC!”

Binance’s specialty is its low trading fees and being a pure cryptocurrency exchange it doesn’t deal with major regulatory issues.

Binance is also very fond and familiar with customer reviews and it is one of the only exchange platforms that incorporates customer feedback in their operations.

Just four hours after Binance posted on Twitter about their reduction on withdrawal fees, Kraken another leading exchange platform followed its footsteps and tweeted,

“Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001”

Binance has always been recognized for its efficiency and speed in cryptocurrency transfers and according to regular Binance traders, their user interface is the most user-friendly and simple when compared to any other platform’

Randy Lee, a cryptocurrency investor from Boston says,

“This news benefits existing customers so I don’t really know what the hue and cry is for. Also, 0.0005 is still a lot”

Binance is led by Chang Peng Zhao, ex OKcoin CTO and is located in Hong Kong with most of their servers in Korea.

Their trading engines are capable of processing over 1.4 million orders per second and that is one of the main reasons they could introduce such reduced withdrawal fees.

Binance offers one of the best user experience that has the support for multiple languages, such as English, Chinese, Japanese, Korean and even some predominant Asian languages.

Benjamin Chao, a cryptocurrency investor from London says,

“The three most important elements of any exchange platform is their commitment to safety, stability and liquidity and as far as Binace is concerned they have a put up a strong foot forward in all the three segments”

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