Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: akeemqaz on November 01, 2024, 10:24:56 AM
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Recently, KuCoin announced a 0.1% fee for BSC deposits, which seems to be a red flag in my opinion. I wonder why this fee has been implemented, as I haven't seen this practice in any other exchanges I use.
Which exchange do you use and do they implement similar fees, or vice versa?
How do you think these charges will help KuCoin?
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I have used many exchanges before and I am still using many exchanges. None of the have deposit fee but only Kucoin.
When I saw this few days ago, I have stopped using the exchange. Binance, Bitget, Bybit, OKX and other exchanges do not have deposit fee.
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it depends on the exchange. Many charge a percentage based on your trading volume and their fee schedule. In that case binance, bitget is the best exchange for me where there are no deposit fees. But if kucoin has allocated fees for new updates, then stop using it for now. Since binance is first in the list of best exchange you can definitely use it. In fact, not all coins are listed on all exchanges which is why it is important to have an account on all exchanges. Such a response may frustrate everyone in the future as everyone has opposing views on paying fees.
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Recently, KuCoin announced a 0.1% fee for BSC deposits, which seems to be a red flag in my opinion. I wonder why this fee has been implemented, as I haven't seen this practice in any other exchanges I use.
Which exchange do you use and do they implement similar fees, or vice versa?
How do you think these charges will help KuCoin?
I will be abandoning them because their fees are becoming ridiculous, and I consider that enough reason to stop using an exchange.
I am not comfortable using an exchange that will be demanding uncommon fees, almost acting in the manner of the regular traditional banks. There are a few other options of exchanges that I could use in my country; I see no exact reason for staying with them.
There will certainly be other's who share the same opinion.
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I have used many exchanges before and I am still using many exchanges. None of the have deposit fee but only Kucoin.
When I saw this few days ago, I have stopped using the exchange. Binance, Bitget, Bybit, OKX and other exchanges do not have deposit fee.
I don't understand why they're imposing such fees on deposits. This isn't ideal imo, some of the exchanges you mentioned like Bitget are even giving users rewards for first time deposit. I've seen similar gestures on okx too.
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I will suggest that for more easy and convenient way of running safe with the use of these centralized exchanges, we had better make use of the the common exchanges such as binance or bybit, this will be more safe for us because they are mostly used by many, am not saying kucoin is not fine as well, but there are some uncertainties in which we may count as abnormalities with the use of some exchanges, especially from the way of how they bill or charge their users.
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When I saw this few days ago, I have stopped using the exchange. Binance, Bitget, Bybit, OKX and other exchanges do not have deposit fee.
And this will definitely affect the inflow of coins to the exchange because many people will stop using it the way you did. I use the exchanges you mentioned as well although, mostly Bitget because of their consistent rewards. And I believe these two exchanges are doing great jobs. If any of them impose any form of fee like kucoin did, it will definitely affect their inflow also..
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I don't understand why they're imposing such fees on deposits. This isn't ideal imo, some of the exchanges you mentioned like Bitget are even giving users rewards for first time deposit. I've seen similar gestures on okx too.
KuCoin has given their reasons for charging deposit fees, but I don't think users will be easily convinced. With so many other exchanges out there, people might just switch to those instead of staying and putting up with these unreasonable fees, and potentially more in the future.
I'm also confused as to why KuCoin would make such an illogical move. They're making themselves less friendly to traders, especially when other exchanges are doing a great job catering to traders' needs. Personally, I'm hesitant to send any BEP20 tokens to KuCoin. 0.1% isn't a huge deal, but it's still frustrating.
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I'm also confused as to why KuCoin would make such an illogical move. They're making themselves less friendly to traders, especially when other exchanges are doing a great job catering to traders' needs. Personally, I'm hesitant to send any BEP20 tokens to KuCoin. 0.1% isn't a huge deal, but it's still frustrating.
Maybe their higher-ups are a bit out of touch with the market or they want to hit BEP20 chain volume indirectly. I don't think they will continue doing this if they take a significant hit from it. At the end of the day, they follow the money, unless they are incompetent and don't read the data correctly. If they don't revert or change this decision, I guess they're fine with it. I'm not sure things will be the same when they start charging other networks tho. CMIIW.