Best coin for transfer funds between exchanges

Athanasios Motok

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Quote from: bitmover on September 28, 2018, 07:15:43 AM

Quote from: mk4 on September 28, 2018, 03:17:14 AM

I don't know what universe you're in but bitcoin has been significantly faster and cheaper now due to the increase is SegWit adoption.

While XLM might be indeed significantly faster and cheaper, most of the exchange's trading pairs are in USD. When you transfer XLM, you need to exchange it for BTC to be able to trade with it, which is quite the opposite of what you're trying to achieve if you're trying to save on fees due to the exchange's trading fees.

Even if transaction fees have lowered recently, withdrawal fees from exchanges are usually higher for btc. I don't know why, but I find much cheaper to withdrawal amd transfer xrp than btc or eth, for example.

Maybe those coins that are more common among new users and investors have overpriced withdrawal fees from exchanges

Exactly. The exchanges are trying to make money on it.
I had a case on the Huobi exchange. For the exchange of coins that are not very well known to you, they considered a rather large amount in exchange for Bitcoin. It was more profitable for me to exchange them for Ripple and withdraw the riple. However, on the withdrawal from the stock exchange the commission was crazy.

Therefore, you should always consider that it is more profitable for you.

daviost

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Talk about the best coin for transfer funds between exchanger its depends exactly with the exchanger. Of course for us, we usually search for the cheap transaction fee and the fast too. And I usually use XLM, doge, TRX, ETC, LTC. They are all good in speed and the cheap one for transaction fee.

hajimasan

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Quote from: Jokerrrrrr on September 28, 2018, 02:34:20 AM

Bitcoin transaction fee is approximately higher on exchanges and transfer time is also too much
Also there are many alts which have lower transaction fee and fast transaction even on exchanges
But If we search for best one to transfer our funds from one exchange to other than I suggest you to use stellar (xlm)

Reasons to use xlm :
-it is available mostly on all exchanges
-it has good volume on all exchanges as compared to that exchange total volume
-it has lower fee (0.0001$ approx) than all alts on exchanges
-it is instantly transfer in seconds even through exchanges (exchanges takes more confirmations for other alts but for xlm they takes only one confirmation mostly)

So I found it best for transfer funds between exchanges. I uses xlm always when there is instant requirement for funds on any exchange or I have to transfer small amount.

I hope this information will be helpful for people ( mostly traders and Noobs having small amount )
Please share your experiences if you uses xlm and other alts for this purpose
I also prefer to do your own research on it
Thanks

Very good option as a alternative of bitcoin to make transaction , since I made also analysis that it is better to have as a option because it have high volume of trade , so easy to convert back into btc to xlm and vice versa .
But still here I am not using this option much because bitcoin's segwit wallet is better for me to make transaction to save fees .
But surely where segwit address doesn't support I tries to use xlm , eth only .

mk4

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Quote from: bitmover on September 28, 2018, 09:23:08 PM

Quote from: mk4 on September 28, 2018, 11:33:00 AM

Well, sure, exchange withdrawal fees on some exchanges are quite expensive(more expensive than it should be), but would you withdraw XLM or another altcoin to your cold wallet instead just because bitcoin's withdrawal fees are quite expensive? Moving funds using altcoins are quite understandable, but using them as a store of value though, definitely not.

EDIT:
Probably gonna take a bit of look on Cryptonite though. It's not open source I think. Couldn't find a github repo as of now.

The idea here is not to withdrawal to your cold wallet, but to another exchange.

You may want to arbitrage or to buy another altcoin which is not available at this exchange.

Choosing an altcoin for that may be cheaper because of transaction and withdrawal fees.

Well then if that's the case then it completely depends on the situation. If I were to withdraw a big amount of money I'd still do it with BTC and pay the 0.0005 BTC withdrawal fee(Binance) rather than doing BTC-->XLM-->BTC as you would end up spending more due to the exchange taker/maker fees.

bitmover

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Quote from: mk4 on September 28, 2018, 11:33:00 AM

Well, sure, exchange withdrawal fees on some exchanges are quite expensive(more expensive than it should be), but would you withdraw XLM or another altcoin to your cold wallet instead just because bitcoin's withdrawal fees are quite expensive? Moving funds using altcoins are quite understandable, but using them as a store of value though, definitely not.

EDIT:
Probably gonna take a bit of look on Cryptonite though. It's not open source I think. Couldn't find a github repo as of now.

The idea here is not to withdrawal to your cold wallet, but to another exchange.

You may want to arbitrage or to buy another altcoin which is not available at this exchange.

Choosing an altcoin for that may be cheaper because of transaction and withdrawal fees.

mk4

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Merit: 3873

Paldo.io 🤖

Quote from: bitmover on September 28, 2018, 07:15:43 AM

Quote from: mk4 on September 28, 2018, 03:17:14 AM

I don't know what universe you're in but bitcoin has been significantly faster and cheaper now due to the increase is SegWit adoption.

While XLM might be indeed significantly faster and cheaper, most of the exchange's trading pairs are in USD. When you transfer XLM, you need to exchange it for BTC to be able to trade with it, which is quite the opposite of what you're trying to achieve if you're trying to save on fees due to the exchange's trading fees.

Even if transaction fees have lowered recently, withdrawal fees from exchanges are usually higher for btc. I don't know why, but I find much cheaper to withdrawal amd transfer xrp than btc or eth, for example.

Maybe those coins that are more common among new users and investors have overpriced withdrawal fees from exchanges

Well, sure, exchange withdrawal fees on some exchanges are quite expensive(more expensive than it should be), but would you withdraw XLM or another altcoin to your cold wallet instead just because bitcoin's withdrawal fees are quite expensive? Moving funds using altcoins are quite understandable, but using them as a store of value though, definitely not.

EDIT:
Probably gonna take a bit of look on Cryptonite though. It's not open source I think. Couldn't find a github repo as of now.

ralle14

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Quote from: bitmover on September 28, 2018, 07:15:43 AM

Even if transaction fees have lowered recently, withdrawal fees from exchanges are usually higher for btc. I don't know why, but I find much cheaper to withdrawal amd transfer xrp than btc or eth, for example.

Maybe those coins that are more common among new users and investors have overpriced withdrawal fees from exchanges

Fees are higher for Bitcoin because it's a way for them to make more money. I sometimes notice other exchanges process their withdrawals by batch and if they charge a high miner fee they won't even use the exact amount for your transaction.

Good thing that the exchange i'm currently using doesn't charge a fix fee for BTC or else I have to stick with alts.

bitmover

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bitcoindata.science

Quote from: mk4 on September 28, 2018, 03:17:14 AM

I don't know what universe you're in but bitcoin has been significantly faster and cheaper now due to the increase is SegWit adoption.

While XLM might be indeed significantly faster and cheaper, most of the exchange's trading pairs are in USD. When you transfer XLM, you need to exchange it for BTC to be able to trade with it, which is quite the opposite of what you're trying to achieve if you're trying to save on fees due to the exchange's trading fees.

Even if transaction fees have lowered recently, withdrawal fees from exchanges are usually higher for btc. I don't know why, but I find much cheaper to withdrawal amd transfer xrp than btc or eth, for example.

Maybe those coins that are more common among new users and investors have overpriced withdrawal fees from exchanges

harshmonty3

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Quote from: Jokerrrrrr on September 28, 2018, 02:34:20 AM

Bitcoin transaction fee is approximately higher on exchanges and transfer time is also too much
Also there are many alts which have lower transaction fee and fast transaction even on exchanges
But If we search for best one to transfer our funds from one exchange to other than I suggest you to use stellar (xlm)

Reasons to use xlm :
-it is available mostly on all exchanges
-it has good volume on all exchanges as compared to that exchange total volume
-it has lower fee (0.0001$ approx) than all alts on exchanges
-it is instantly transfer in seconds even through exchanges (exchanges takes more confirmations for other alts but for xlm they takes only one confirmation mostly)

So I found it best for transfer funds between exchanges. I uses xlm always when there is instant requirement for funds on any exchange or I have to transfer small amount.

I hope this information will be helpful for people ( mostly traders and Noobs having small amount )
Please share your experiences if you uses xlm and other alts for this purpose
I also prefer to do your own research on it
Thanks

I suggest you to use LTC (Litecoin) coin. LTC is quite fast and have very low fee and almost available on all exchanges.

LTC have good volume and have low vulnerability in price so its good to use LTC without losing your money.

Other coins you can use to transfer between exchange are TRX , EOS , NEO , ETH.

crairezx20

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Here in my country only few altcoins are supported Bitcoin, ETH, BCH and XRP so if I want to transfer my coins with less fee I choose BCH because it gives me less fee compared to other altcoin supported. If you know about coins.ph we can directly exchange our altcoin and bitcoin into cash without any 3rd party exchange sites.

XLM is not supported in my country so the best coin from transferring funds to our local exchange with less fee is BCH.

mk4

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Merit: 3873

Paldo.io 🤖

I don't know what universe you're in but bitcoin has been significantly faster and cheaper now due to the increase is SegWit adoption.

While XLM might be indeed significantly faster and cheaper, most of the exchange's trading pairs are in USD. When you transfer XLM, you need to exchange it for BTC to be able to trade with it, which is quite the opposite of what you're trying to achieve if you're trying to save on fees due to the exchange's trading fees.

Cryptolord_ng

copper member

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Well! i think doge is still the best coin for transferring fund across exchange, almost available on all exchange with good volume and the cheapest coin I can ever think of, in my own case, i always use doge across exchange if there is no doge on the exchange, i use ltc.

If i need to pay a small amount of btc and don't wanna pay for transaction fee, I transfer doge to coinpot, exchange it to btc and then transfer for no fees Grin

Sunnysahu

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Mostly i sent TRX for one exchange to another exchange if i have to transfer BTC and selled rate to rate because TRX almost available in every exchange with good volume and you can easily sell your coins rate to rate and within 1 min after withdrawl, coin successfully deposited. So, in my point of views TRX would be better option rather than XLM.

Note : It depends on time to time. Maybe sometime XLM Blockchain is conjusted and TRX working fine or vice-versa .

Jokerrrrrr

jr. member

Activity: 34

Merit: 4

Bitcoin transaction fee is approximately higher on exchanges and transfer time is also too much
Also there are many alts which have lower transaction fee and fast transaction even on exchanges
But If we search for best one to transfer our funds from one exchange to other than I suggest you to use stellar (xlm)

Reasons to use xlm :
-it is available mostly on all exchanges
-it has good volume on all exchanges as compared to that exchange total volume
-it has lower fee (0.0001$ approx) than all alts on exchanges
-it is instantly transfer in seconds even through exchanges (exchanges takes more confirmations for other alts but for xlm they takes only one confirmation mostly)

So I found it best for transfer funds between exchanges. I uses xlm always when there is instant requirement for funds on any exchange or I have to transfer small amount.

I hope this information will be helpful for people ( mostly traders and Noobs having small amount )
Please share your experiences if you uses xlm and other alts for this purpose
I also prefer to do your own research on it
Thanks

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