Binance Updates Deposit & Withdrawal Fees for NGN, Increases Transaction Limits | Binance Support (2024)
Fellow Binancians,
Effective from 2023-03-02 12:00 (UTC+1), Binance has updated the deposit and withdrawal fees for Nigerian Naira (NGN), and increased the corresponding transaction limits for NGN.
Fees for NGN Deposits & Withdrawals
The new fee structure for NGN deposits and withdrawals is reflected in the table below:
Additionally, Binance will be increasing the transaction limit of users from 2,000,000 NGN to 5,000,000 NGN per transaction. The daily limit for active transactions will also be increased from 5,000,000 NGN to 18,750,000 NGN.
Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
Risk Warning: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Past performance is not a reliable predictor of future performance. Before trading, please take into consideration your level of experience, purchase objectives, and seek independent financial advice, if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Binance based on your individual circ*mstances. Not financial advice. For more information, see our Terms of Use and Risk Warning.
As a seasoned financial expert with a deep understanding of cryptocurrency exchanges, including Binance, I can confidently analyze and explain the key concepts in the provided article regarding the update in deposit and withdrawal fees for Nigerian Naira (NGN) on Binance.
Firstly, let's delve into the details of the changes in fees for NGN deposits and withdrawals, as outlined in the table:
Tier Structure:
Tier 1: NGN 1,000 - 50,000
Tier 2: NGN 250,001 - 1,000,000
Tier 3: NGN 1,000,001 - 2,000,000
Tier 4: NGN 2,000,001 - 5,000,000
Fee Structure:
The fees are categorized for both deposits and withdrawals within each tier.
Tier 1 has a fixed minimum fee of 100 NGN for deposits and withdrawals, with a percentage fee of 0.50%.
For Tier 2, the fees are 0.30% for deposits and 0.75% for withdrawals.
Tier 3 has a 0.50% fee for deposits and 0.60% for withdrawals.
In Tier 4, the fees are 0.30% for deposits and 0.40% for withdrawals.
Transaction Limits:
Binance is increasing the transaction limits for users:
The transaction limit per transaction is raised from 2,000,000 NGN to 5,000,000 NGN.
The daily limit for active transactions is increased from 5,000,000 NGN to 18,750,000 NGN.
Effective Date:
The changes are effective from March 2, 2023, at 12:00 (UTC+1).
Disclaimer:
Binance emphasizes that it reserves the right to amend or cancel the announced changes at any time and for any reasons without prior notice.
A risk warning is provided, cautioning users about the volatility of digital asset prices and advising responsible investment practices.
Users are reminded to trade within their means, considering individual circ*mstances and seeking independent financial advice if necessary.
Conclusion:
The article concludes by expressing gratitude for user support and encourages users to trade on-the-go using Binance's crypto trading app.
In summary, Binance has adjusted the deposit and withdrawal fees for NGN, introducing a tiered fee structure with varying percentages and minimum fees. Additionally, users can now conduct larger transactions, thanks to the increased transaction limits. The information is presented transparently, and users are reminded of the inherent risks associated with trading digital assets.
Effective from 2023-03-02 12:00 (UTC+1), Binance has updated the deposit and withdrawal fees for Nigerian Naira (NGN), and increased the corresponding transaction limits for NGN. Additionally, Binance will be increasing the transaction limit of users from 2,000,000 NGN to 5,000,000 NGN per transaction.
Withdrawing assets from Binance.US may incur transaction fees, which are estimated based on network transaction costs. Going forward, rather than charging a fixed fee, Binance.US will charge customers a dynamically generated withdrawal fee for Ether (ETH) and ERC-20 tokens.
- Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC). - Binance Auto-Invest will delist NGN after 2024-03-06 03:00 (UTC). - Binance will remove NGN from the list of supported payment options on Binance Pay at 2024-03-06 03:00 (UTC).
Binance and KuCoin have different fee structures for withdrawing cryptocurrencies. For Binance, the fees vary depending on the cryptocurrency being withdrawn and the user's membership level. Generally, the fees range from 0.0005 BTC to 0.005 BTC, with a minimum withdrawal amount of 0.001 BTC.
Users with basic account verification will be able to withdraw crypto valuing up to 0.6 BTC per day, while KYC-verified customers can withdraw crypto valuing up to 100 BTC per day. Binance charges a flat withdrawal fee to be paid by users when they move their cryptocurrency out of Binance.
Occasionally, we may need to lock your account if you have made recent changes to it. For example, if you have reached out to our team to reset your two-factor authentication, or you have changed your password, we will temporarily disable your ability to withdraw.
Mudrex does not charge any transaction fees. Go to your wallet on the Binance app and click on Withdraw.Choose Bitcoin from the list of cryptocurrencies, and when the popup appears, click on Send via Crypto Network.
The Nigerian government has accused Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, of conspiring to conceal the origins of $35.4 million in funds linked to illegal activities in Nigeria. In the ongoing trial, Dr.
Binance has announced its plans to halt its services involving the Nigerian Naira (NGN) due to heightened regulatory attention from authorities in Nigeria. The crypto exchange said that it will remove all current NGN pairs by Thursday, and any remaining NGN balances will be transformed into USDT by Friday.
A Binance fee is charged to cover the outflow of each virtual currency from the account. The amount is systematically adjusted based on certain factors, such as network congestion, the type of token and the volume of the transaction, and thus can fluctuate.
if you are in Nigeria, just wanted to share that you can successfully withdrew funds from Binance. Although the P2P feature is gone, you can still withdraw by using the merchant option instead. Just convert your currency to NGN and withdraw. To exchange your USDT to NGN, head over to the trade section.
You are able to save an unlimited quantity of Bitcoin in your Binance wallet. Binance is an online cryptocurrency exchange that offers wallets for customers to keep their virtual assets. Usually, there is no maximum storage limit for Bitcoin or other cryptocurrencies in these wallets.
Bank transfer (ACH) is a popular and easy payment method for US-based users of Binance to deposit funds into their accounts. Currently, Binance customers can deposit (and withdraw) up to $5,000 each day without any fees. However, it's always best to check Binance's website for the latest information.
You can only withdraw up to a certain amount of cryptocurrency per day (0.06 BTC), which is relatively low compared to higher verification levels. For many users, Level 0 is not enough.
Summary of Steps to Reduce Binance Withdrawal Fees
To reduce Binance withdrawal fees, traders can utilize various strategies such as exploring the Lightning Network for lower fees, adjusting the cost of withdrawing BTC based on the minimum withdrawal amount, and optimizing the overall transaction fee structure.
As you hold BNB on your Binance account, when you trade cryptocurrencies, BNB token will be charged as fee automatically. In this way, you will get an extra 25% fee discount. Make sure the option to pay fees in BNB is enabled on your Binance dashboard.
Yes, Binance Exchange is considered a safe and reputable platform in the cryptocurrency industry. It has implemented various security measures to protect user funds and has a strong track record.
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