Binance Launch New Feature To Allow Users To Transfer Funds With Zero Fee

Largest Cryptocurrency exchange Binance just launches the new feature by which binance users are allowed to transfer funds between binance accounts internally with no fee and no limit without doing the transaction on the blockchain, reported on 02 December 2019.

According to the report, Binance launched a new feature as Internal transfer Function for its users that allow users to transfer their crypto from one binance account to another with zero fees and with no limits as well as instantly without waiting for any block confirmations on the blockchain.

How Binance will do the transactions without a fee?

The transactions are not done on-chain. The transactions are just done through the Binance database. As all the user’s funds are stored in Binance cold wallets, when a user initiates a withdrawal to another binance account they need to connect the cold wallet and make a transaction to one of their own addresses.

But Now When a user initiates a withdrawal, Binance first search that the withdrawal address is their own or not. If the address belongs to binance then they just deduct the balance from your account and credit it to another binance account without any on-chain transactions. The all process is done through some simple database queries means they just update their balance database rather than making a on-chain transaction.

When the cold wallets are online they are open for hacking attacks. So the new feature of binance will also increase the security of the whole exchange.

You can also learn the full guide for how to make internal transfer withing binance without paying any fee here.

Binance also allowed users to enable/disable this Internal Transfer Feature by themselves even through API.

Previously, The leading cryptocurrency exchange Binance has added a new fiat payment option. Recently Binance has acquired the Indian exchange Wazrix to provide more liquidity to its users. Binance CEO Changpeng Zhao (aka CZ) has announced in a tweet that users can now add INR directly to their Binance account.

Also Read: How to Earn Bitcoin? 13 Different Ways to Earn Bitcoin Free