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Understanding Hidden Costs When Buying Crypto on Binance – My Experience

Hey folks,

I recently raised a concern about excessive charges when purchasing crypto via Binance. I bought $1,070 worth of crypto but received only $1,001 after deductions, which seemed far beyond the expected 2% transaction fee.

After reaching out to Binance support, here’s what I learned:

1. Breakdown of Fees – The fees charged were accurate, but they included:

a) Transaction Fee (e.g., 2% or a fixed amount like $5)

b) Platform Fee (a small additional fee)

c) Card Processing Fee (charged by the payment provider)

d) Exchange Rate Difference (the key reason for the missing amount)

2. The Hidden Factor – Exchange Rate – Unlike stablecoins, cryptocurrencies like BTC, ETH, and SOL are purchased at rates that may not be favorable. The difference between the expected and actual amount received often comes from fluctuating exchange rates rather than extra fees.

3. How to Avoid These Extra Costs?

a) Use P2P Trading – No extra fees and more control over exchange rates.

b) Bank Transfer (EUR Deposits) – If available, this method has minimal fees.

c) Buy USDT/USDC First – Then convert to BTC or other crypto to avoid exchange rate fluctuations at the time of purchase.

Unfortunately, card purchases tend to have high fees and less favorable exchange rates, making them one of the most expensive ways to buy crypto. I wish I had known this earlier! Hopefully, this helps others avoid unnecessary losses.

Would love to hear your experiences—how do you minimize fees when buying crypto?

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🚨🇺🇸SEC #Charges Unicoin and Executives in $100M #Fraud Case

🔹SEC has charged Unicoin and top executives, including CEO Alex Konanykhin, for fraud

🔹Allegations: false/misleading statements led to #raising over $100 million from #investors

🔹Thousands #reportedly misled via unregistered crypto securities sales

🔹The case underscores growing regulatory pressure on crypto fundraising practices

Source: Reuters, May 21, 2025

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🔹A partial verdict may be accepted if the deadlock persists, with the possibility of the government retrying the remaining charges.

CryptoChargeKuCoin and Founders Criminally Charged Over Violation of U.S. Anti-Money Laundering Laws

According to the United States Attorney's Office:

Cryptocurrency exchange KuCoin and its founders, Chun Gan and Ke Tang, have been indicted for allegedly operating an unlicensed money transmitting business and violating the Bank Secrecy Act. KuCoin is accused of failing to maintain an adequate anti-money laundering (AML) program, neglecting to verify customer identities, and not filing any suspicious activity reports as required by law.

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