Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: Coincollector on October 26, 2024, 09:37:37 AM
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I'm scrolling through twitter and I noticed a news about kucoin charging 0.1% for BSC deposit. What does this mean actually??
(https://i.ibb.co/Jxhnpsx/Screenshot-2024-10-26-08-36-15-34-0b2fce7a16bf2b728d6ffa28c8d60efb.jpg) (https://ibb.co/YDr2dLD)
Have you all noticed this??
Twitter: https://x.com/BroLeonAus/status/1849081039408574841?t=fqCkt3JlBiEXHehBC6hz_Q&s=19
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Is this the first time a platform has charged a deposit fee? If it was a Bitcoin deposit it would be different but I think the platform is trying to limit BSC deposits without stopping them and maybe trying to push investors to use their own token but it would be a bad sign if more platforms continue with this approach.
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This is what I saw on Kucoin:
(https://talkimg.com/images/2024/10/26/K3Bgj.jpeg)
The fee waiver limit is 100000 USDT for now but I think the amount will be reduced as time goes on. This is not appropriate at all.
I am done with Kucoin. Their withdrawal fee has been the reason I do not use the exchange. If they continue like this, probably many people will leave the exchange.
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To be honest, I don't remember seeing any exchange charge anything for deposits
I used Kucoin for a long time, I really liked the exchange and it always worked very well, but I stopped after KYC mandatory
It's quite normal for exchanges to charge withdrawal fees because after all they have to pay the fees to the networks and it avoids abuse
But deposit fees???
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The only thing i will have to tell most of the users of these centralized exchanges is for them to ensure that they have gone through their rules and policy, this will definitely help in many ways because you will not be thrown into a sudden surprise by being disappointed in what they would have done to you, some of them charges by percentage while some by a fix rate.
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Is this the first time a platform has charged a deposit fee? If it was a Bitcoin deposit it would be different but I think the platform is trying to limit BSC deposits without stopping them and maybe trying to push investors to use their own token but it would be a bad sign if more platforms continue with this approach.
Oh right. Cos whales are not finding this funny haha .
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To be honest, I don't remember seeing any exchange charge anything for deposits
I used Kucoin for a long time, I really liked the exchange and it always worked very well, but I stopped after KYC mandatory
It's quite normal for exchanges to charge withdrawal fees because after all they have to pay the fees to the networks and it avoids abuse
But deposit fees???
That's why I find it very weird and decided to share. Withdrawals yes. But desposit. That's new to me
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I guess it's related to competition? They are probably annoyed that most of their users are using a different chain more than their own native Kucoin Community Chain. Perhaps they are thinking adding deposit fees would increase usage of KCC ;D I doubt that's going to work.
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It's quite normal for exchanges to charge withdrawal fees because after all they have to pay the fees to the networks and it avoids abuse
But deposit fees???
Most of the time the fees you pay to withdraw are much higher than the network fees and are often hidden fees rather than high trading fees. These platforms make more money as withdrawal fees and more money if you leave your coins there, I wonder why they would think of charging a deposit fee
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Even banks don't charge fees for deposits. Has anyone heard of any banks that charge fees for deposits?
I think this will affect the inflow of assets to the exchange because many users will prefer other exchanges. From what I've observed, BNB Chain asset withdrawals are free on Bitget and Binance, and they don't charge receivers. This could be one of the reasons why these exchanges are growing faster than KuCoin.
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I think this could be a case of unfair competition, although I don't know if there are legal limits for this type of practice in all countries. What is clear is that charging to deposit on an exchange to "force" the use of the exchange's own token seems like a sufficient reason to withdraw all my funds from that exchange and never use it again.
With these practices the only thing they achieve is to eliminate more freedoms from users and guide them along the path they want as if they were simple lambs.