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Binance Smart Chain Network Issues and the Pursuit to Find Low Fee Transfers

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muhsound
@muhsound
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In light of the Binance Smart Chain Network issues on binance.us I’ve been trying to figure out some alternate ways to transfer crypto to SPS/DEC/Hive with low transaction fees.

I had been buying BNB and transferring the BNB to Metamask through the BEP20 network, but for some reason the BEP20 network has been unavailable through Binance.us for the past three days. It’s frustrating when you’re trying to gear up for the Chaos Legion release and can’t transfer (well with low fees). I wanted to try to get to the bottom of this, because these exchanges can be unreliable from time to time.

I couldn’t find direct answers so I decided to bite the bullet and put a little bit of funds in a couple different cryptos to figure out how to get it to SPS/Dec/Hive. I won't get into my mishaps, but I'll share my successes and what I learned from it.

Ultimately, I think the cheapest way to transfer from Binance.us to SWAP.HIVE is through BNB BEP20. Binance only charges 0.0005 BNB to transfer from Binance to Metamask. Metamask charges a 0.0005 BNB withdrawal fee, and supposedly Hive-Engine doesn’t charge for BSC Deposits. That means for a $1000 USD transfer of BNB, you’re charged about ~$0.56 USD in fees transferring from Binance.us to Metamask to Hive-engine. I could be wrong because I can’t fully compare as the BEP20 Network is unavailable, but I swear those fees are super low.

Anyhow, this is what I found:

hive-engine.com has a “Deposit” button which took me way too long to find. You can deposit a number of different coins with the click of a button and it will automatically convert your coin to SWAP.[COIN]. From there you can jump on the exchange and swap it to SWAP.HIVE. [If you don't understand I can reply with further information]

Two coins I had success with are Litecoin and Bitcoin Cash. Both of which had really fast transfers. No more than 2-3 minutes to get from Binance.us to Hive-engine.

---Litecoin
Binance charges a 0.001 LTC fee to withdrawal LTC and Hive-engine charges a 1% fee to Deposit LTC. Now, because Litecoin is cheaper than Bitcoin Cash the fee is cheaper to withdrawal from Binance. This is my number one pick aside from BNB BEP20.

$1000 USD of LTC($151.69 USD per 1 LTC) = 6.592392 LTC Binance charges 0.001 LTC to Withdrawal Hive-Engine charges 1% fee to Deposit You’re left with 6.52547846 SWAP.LTC ($989.849828 USD) = ~$10.16 USD in fees for a $1000 USD transfer

---Bitcoin Cash Binance charges a 0.001 BCH fee to withdrawal BCH Hive-engine charges a 1% fee to deposit BCH.

$1000 USD of BCH ($444.93 USD per 1 BCH) = 2.24754456 BCH Binance charges 0.001 BCH to Withdrawal Hive-Engine Charges 1% fee to Deposit You’re left with 2.22407911 SWAP.BCH ($989.559519 USD = ~$10.45 USD in fees for $1000 USD transfer.

***Note: For those who just want HIVE, HBD, or HP in their Hive Wallet you can use Blocktrades.us to deposit directly from your exchange (like Binance.us) into your Hive wallet. You will not be charged the 1% Hive-engine deposit fee. However, if you want SWAP.HIVE on the Hive-engine you will need to deposit the HIVE from your Hive wallet in which you will be charged a 1% deposit fee at that time.

I was going to try out Ethereum but it automatically cost ~$24 USD in gas fees to transfer ~$50 USD from Binance to Metamask. I’m guessing theres a another fee to withdrawal from Metamask to Hive. So, I didn’t look into it. I do know that there’s no 1% deposit fee into Hive-Engine using Ethereum.

Sorry if this isn’t super clear, and sorry about my ignorance with any of this. I’m still fairly new to all of this but this was hectic for me. I figure some of you may benefit from the information. If anyone can add to this or correct any of it please do share.

Thanks all! -MuhSound