Massive Luno transfer fee to binance

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Valaskjalf

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Hi guys I sent some USDC from my Luno wallet to Binance and out of $90, $42 was sent to Binance and the sending fee was $48?? Is this normal or should i have rather sent it to my ETH wallet?

They list their USDC fees as "Dynamic" which is super obscure because if i knew it was 100% fee then i obviously woildnt have sent it.

Any ideas? Thanks
 
Ethereum / ERC20 fees have been fluctuating to some ridiculously high levels the past while - a lot of people across various exchanges have been hit with large withdrawal fees to cover the transaction costs. That's on top of the withdrawal fee they're charging you. $48 seems crazy but I suspect that's the answer you'll get from Luno. Silly that that can't give you a rough estimate before sending though.
 
I had some extra cash and decided to send it to Binance...this was from Luno to Binance, it wasnt a withdrawel. In the past Ive sent similar amounts of ETH to my Binance wallet and the costs werent nearly this much.

I trade Cardano so leaving it in Luno is pointless. And FNB wont allow direct payments to Binance anyway and Binance wont accept our country's creditcards (big surprise).

How do you send anything to other exchanges or do you not trade other coins?
 
Other options are to convert your BTC/ETH to BCH or DOGE and then transfer. Should be cheaper and quicker.
 
Cool thanks..but ja a basic estimate would be the best solution. Not sure how these fools think a 100% send fee is something people wouldnt want to know about beforehand.
 
Valaskjalf said:
How do you send anything to other exchanges or do you not trade other coins?
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Buy BTC local & send to Binance and trade there for alts. Sometimes you just gotta swallow that initial send fee from here to there. Besides, if your trading is turning a profit you'll cover those fees pretty quickly.
 
So if you were like me and you try to send a fixed amount each month to binance instead of a lump sum, would it be best to accumulate in luno (lets say R1k a month to Luno then send R6k after 6 months to Binance)? Or do you thinj the massive fees will still apply
 
Valaskjalf said:
Even if you send smaller amounts like R1000 at a time to Binance?
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I sent 97 ripple to my wallet yesterday, the fee was 23 cents. The transaction fee isn't a percentage of what you're moving, it's just a network fee that varies and doesn't get cheaper if you send more. Ripple is designed to be fast and cheap so it's a good option for moving crypto when ethereum fees are high
 
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Syphonx said:
I sent 97 ripple to my wallet yesterday, the few was 23 cents. The transaction fee isn't a percentage of what you're moving, it's just a network fee that varies and doesn't get cheaper if you send more. Ripple is designed to be fast and cheap so it's a good option for moving crypto when ethereum fees are high
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I'm not sure if binance is doing xrp at the moment. It's been removed from a few exchanges of late
 
Valaskjalf said:
Hi guys I sent some USDC from my Luno wallet to Binance and out of $90, $42 was sent to Binance and the sending fee was $48?? Is this normal or should i have rather sent it to my ETH wallet?

They list their USDC fees as "Dynamic" which is super obscure because if i knew it was 100% fee then i obviously woildnt have sent it.

Any ideas? Thanks
Click to expand...
that's the ERC20 network fee (gas fee) fyi, not a cent of that goes to Luno, send USDC from Binance to another exchange and it will be pretty much the same, it is dynamic because it fluctuates all the time depending on how busy the network is ... you should have had a confirmation of sorts showing the exact fee before you finalized the USDC send though?

The_Hobbit said:
Nah, it highlights an issue with crypto.
And the trading fee on Luno is 2%+
Crooks.
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Snyper564 said:
Or valr... And get paid if you a maker minus 0.1 if I'm not mistaken
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~2% is when you do a simple/easy/whatever the name is buy or sell without using the exchange, Valr's equivalent is also not cheap fyi (~1%), compare apples with apples

with orders placed manually directly on each exchange the fee structure changes significantly, Valr's maker fee goes negative and Luno's is free, taker fees are Luno 0.1% max, Valr 0.2%:
www.luno.com

Crypto Trading Fees & Transaction Limits, Fees & Pricing

Luno uses a maker-taker fee schedule with volume incentives based on your activity in the past 30 days. Learn more about our fees and transaction limits
www.luno.com www.luno.com
support.valr.com

What are VALR's charges?

We are committed to providing fair and transparent pricing to our customers. We charge no monthly fees. No management fees. No cryptocurrency storage fees. No account opening fees. Deposits & W...
support.valr.com support.valr.com
 
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