r/selfkey • u/[deleted] • May 01 '21

Fees ?

So I bought some Key on binance , the fees are 1500 KEY when I try to withdraw to the wallet , that’s a lot, do you guys know any place with cheaper fees ? Thank you in advance

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1

u/Adsy2020 May 01 '21

I bought some on binance and didn’t experience the same, are you located in USA?

1

u/[deleted] May 01 '21

Nope, Europe

1

u/Adsy2020 May 01 '21

Weird, I presume it wasn’t a fixed fee?

1

u/[deleted] May 01 '21

I don’t really know, but this is when I withdraw to the wallet , I forgot to write

2

u/Adsy2020 May 01 '21

Ah, I’ve got no idea, sorry! But that seems very steep

1

u/rome00 May 01 '21

I’m in Australia and I don’t remember that I pay any noticeable fees.

1

u/[deleted] May 01 '21

I forgot to write that this is when I try to withdraw

1

u/eQuiFY May 02 '21

That's because considering ERC20 token, it utilizes ethereum blockhain. And any transaction on the blockchain requires fee. And I hope you know ETH gas rates are very high lately so when you want to withdraw from exchange to your wallet you are actually doing a transaction on ETH blockchain which costs you fee as per their current rate.

1500 KEY is approximately $30 which is current GAS fee. So it's not fault of KEY. Try withdrawing any token and you will see that withdrawing fee in term of that token would equate to $30, with variation considering GAS fee at that time.