Bitcoin withdrawal fee is damn high in exchanges!

stomachgrowls

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Quote from: thisnewcoin on February 24, 2020, 12:13:43 PM

Maybe you haven't noticed that most of the top exchanges already reduced the withdrawal fee by 50%! In Binance, Bitcoin withdrawal fee is now 0.0005 BTC, which is quite lower than before! If you feel the fee is still very high, you may convert it into the Litecoin and then withdraw it. There was a converting service in Myetherwallet that you van convert ETH to BTC by 3$ charge, you may have a look!

For some known or reputable exchangers.Of course they would actively change those withdrawal rates basing on the current market condition but i would like to say that
there are exchangers that havent done such thing. Want to know?

-Yobit.net/io
-Hitbtc.com

These are exchanges i know that havent changed up and stick to that ridiculous high fees.

thisnewcoin

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Maybe you haven't noticed that most of the top exchanges already reduced the withdrawal fee by 50%! In Binance, Bitcoin withdrawal fee is now 0.0005 BTC, which is quite lower than before! If you feel the fee is still very high, you may convert it into the Litecoin and then withdraw it. There was a converting service in Myetherwallet that you van convert ETH to BTC by 3$ charge, you may have a look!

bering

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Majority crypto exchange have high withdrawal fees for bitcoin and i think we cannot avoid it but as the posts above me if not for trading i think you can use altcoin for withdrawal purposes instead of bitcoin because altcoin fees usually lower but i think currently you would not find the exchange with low fees to withdraw because besides from trading fees then from this way also the exchange can get their income

Alice Nuttal

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Have you tried cex bro? I assume not, as it is a pretty new trading place. Well, as for me, it offers pretty bearable fees. However, what’s ok to me, can be too hight to you, so check it yourself – https://cexbro.com/. There is a bot on the main page, you can ask questions there if you will have any.

molsewid

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Quote from: Tduty on February 09, 2020, 03:01:33 AM

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

The withdrawal fee using bitcoin is too high compared to other coins. I don't know what's the real reason why their fee is huge but my guess is they want you to receive your bitcoin immediately.

My strategy is to use some altcoin to transfer my funds. However, if your wallet does not support altcoin you don't have a choice. Mostly the fee in exchanges nowadays in withdrawing bitcoin is not less than 0.0005 BTC. If you convert your funds and withdraw in XRP like I'm doing it will cost only 0.1 XRP( worth 0.028$) withdrawal fee. I don't know any other coin to use as a replacement in bitcoin to lessen the fee. I use XRP because my wallet in withdrawing my bitcoin accepts XRP too.

ololajulo

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Quote from: taufik0911 on February 23, 2020, 10:52:53 AM

this is a serious problem especially for people who want to trade using bitcoin or do a bitcoin withdrawal between exchanger A to exchanger B
in my opinion the solution is to use altcoin to make withdrawals if you don't want to incur large costs
why is the withdrawal fee so expensive? the answer is that the exchanger adjusts to the cost of gas to make standard or fast transactions that depend on the number of transactions on blockchains and miners
so we cannot blame why transaction fees for withdrawals from exchangers are so expensive

I also support the use of altcoins as transaction fee and I think exchange coin will be good substitute. Though some exchanges reduced the transaction fee lately but the value of bitcoin always bring the reluctance to loss any quantity of bitcoin to anyone. If my observation is right most exchange use a fixed amount for trade not a percentage, wish I think its considerable for all quantity of transaction.

taufik0911

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this is a serious problem especially for people who want to trade using bitcoin or do a bitcoin withdrawal between exchanger A to exchanger B
in my opinion the solution is to use altcoin to make withdrawals if you don't want to incur large costs
why is the withdrawal fee so expensive? the answer is that the exchanger adjusts to the cost of gas to make standard or fast transactions that depend on the number of transactions on blockchains and miners
so we cannot blame why transaction fees for withdrawals from exchangers are so expensive

FanatMonet

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Quote from: Shasha80 on February 15, 2020, 05:07:26 PM

Regarding the expensive bitcoin withdrawal fees in almost all exchanges is not new, discussions about this have often been discussed.
Many factors cause withdrawal fees to be expensive, one of them is because bitcoin prices are expensive compared other cryptocurrency
makes withdrawal fees expensive. The next reason is because exchanges need income, to cover operational costs and also so that these
exchanges can remain financially healthy by increasing the cost of withdrawing bitcoin.

First of all, the exchanges have the main income from the commission from each transaction, it is these operations that probably make up 95, if not more, percent of the income of each exchange. I can’t imagine that some kind of exchange functioned only thanks to the conclusions of users.

Olayinka2225

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With this alone, traders and investors are scared away from some exchanges due to high withdrawal fee. I think exchanges should work on how they will lower there withdrawal fee to as to attract reputable and the common traders.

dongosquad

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Quote from: AdoboCandies on February 15, 2020, 12:07:29 PM

That's right, that's why it's hard for a small time trader to even start trading because there are some exchanges that requires large withdrawal fee and also the minimum amount to be withdrawn is too damn high, but there are some exchanges that offers their great services, low trading fee, low withdrawal fee and low withdrawal amount just try and search for the right exchange for the amount of how much you want to trade try Bitpanda it's a good exchange with low withdrawal fees.

In most exchanges, the average fee for withdrawals using BTC is around 0.1-0.2%, and the highest is 0.5%, one of which is on Coinbase. This percentage is the authority of each exchange, so it is better if you want to trade on an exchange we must first read the rules to the fees of transactions there. If the 0.1-0.2% range is normal I think, not too high so even novice traders can handle this, after all with a good level of security even though it is a little longer, BTC has provided many benefits. and it is comparable to the services provided by the exchange, remember to choose an exchange that truly provides the best service, such as Binance, Huobi, Kucoin, etc.

Shasha80

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Regarding the expensive bitcoin withdrawal fees in almost all exchanges is not new, discussions about this have often been discussed.
Many factors cause withdrawal fees to be expensive, one of them is because bitcoin prices are expensive compared other cryptocurrency
makes withdrawal fees expensive. The next reason is because exchanges need income, to cover operational costs and also so that these
exchanges can remain financially healthy by increasing the cost of withdrawing bitcoin.

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

This is so true and sometimes i think the exchanges are extorting huge fees from us. Initially i thought it was because bitcoin was at very low prices below $5K but i have realized that no matter the price increase in Bitcoin some exchanges are still going to take huge fees.
I have this view that the withdrawal feels should be constant but based on the currentt trading price of the coin. So for instance, if bitcoin should be at $50K would Binance still be charging $0.0005 BTC? That would be huge and insane

Indymoney

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Quote from: ?? on ??

Quote from: Tduty on February 09, 2020, 03:01:33 AM

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

yeah it’s true. bitcoin is its too high withdrawal fee. Because, The price of Bitcoin is very high, so the low amount of Bitcoin becomes more in dollar terms

This is really shamefull for exchanges because they are not giving any space to users today I was checking on yobit they are taking 0.0012 and hitbtc is taking 0.0015 its not accetpable as this is not good for users those came here for less fees and fast transactions they must think what are they doing with this its really bad for them and users.

AdoboCandies

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Giggity

That's right, that's why it's hard for a small time trader to even start trading because there are some exchanges that requires large withdrawal fee and also the minimum amount to be withdrawn is too damn high, but there are some exchanges that offers their great services, low trading fee, low withdrawal fee and low withdrawal amount just try and search for the right exchange for the amount of how much you want to trade try Bitpanda it's a good exchange with low withdrawal fees.

btc78

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Quote from: ?? on ??

Quote from: Tduty on February 09, 2020, 03:01:33 AM

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

yeah it’s true. bitcoin is its too high withdrawal fee. Because, The price of Bitcoin is very high, so the low amount of Bitcoin becomes more in dollar terms

Not because the price is high meaning the fee are high also,because there are also cheap currency that has higher fee.

Quote from: ?? on ??

The reason for the high fee call for questions. There is no exchange that does not charge for trading fees, outside that most of them have a native coin that can sustain the business. Well, some exchanges are coming gradually now with zero trading fees, if they can defend their reputation, things will change in the near future.

But there are exchanges that offers lower fees,so why need to stick on high fees exchange when we can use the cheapest?but of course find legit one and don't be scammed.

Dr.Osh

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Quote from: julius caesar on February 12, 2020, 10:42:18 AM

Quote from: Tduty on February 09, 2020, 03:01:33 AM

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

My suggestion is try to convert it on the other kind of coin first. Try to exchange it for ethereum and ripple first because these two coin has a low withdrawal fee. Many people are doing it for them to be able to avoid the 10$ withdrawal fee of bitcoin. It will for surely gonna save you a big amount of money so try it and check it out.

in general, this is something people often do when withdrawing bitcoin. However, if you don't want a large fee, I think there are a number of new exchangers out there who provide free event fees, or discounts. You can also try to use the token system on some exchangers, by using tokens from their products, sometimes the cost is reduced. but, I would suggest using another altcoin.

matchi2011

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Quote from: julius caesar on February 12, 2020, 10:42:18 AM

Quote from: Tduty on February 09, 2020, 03:01:33 AM

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

My suggestion is try to convert it on the other kind of coin first. Try to exchange it for ethereum and ripple first because these two coin has a low withdrawal fee. Many people are doing it for them to be able to avoid the 10$ withdrawal fee of bitcoin. It will for surely gonna save you a big amount of money so try it and check it out.

If you are not in the need of btc or you are just need to transfer your assets to another exchange, this kind of act will fits you. It's practical to convert
crypto coin to another assets that have much lesser withdrawal fee. As long as the exchange or wallet that you'll going to use as receiver also have
the same address with whatever crypto coin you'll be going to use.

rodskee

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Quote from: Tduty on February 09, 2020, 03:01:33 AM

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

but you always have a choice mate because if the one exchange has high fee then the others have low,check this out for references https://forkdrop.io/#table-exchanges
maybe you will find the exchange fees you want in each occasions .
sometimes all we need is just to find option because in crypto world we have lots of choices but only if we can find them.

Quote from: LUCKMCFLY on February 13, 2020, 07:59:18 PM

Quote from: Tduty on February 09, 2020, 03:01:33 AM

~snip~

The truth is that the only Exchnge that I use to pass my BTC to my wallet or any other Exchange, is from Binance activating the part of its BNB currency, with that they charge only half that is 0.0005BTC per fee, it seems to me that it is more reliable than That way, and Coinbase also has a good fee rate. Of course it is under my personal experience.

while Binance is the most popular in this time of ours still there are some others that we can use with lower fees.

LUCKMCFLY

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Quote from: Tduty on February 09, 2020, 03:01:33 AM

~snip~

The truth is that the only Exchnge that I use to pass my BTC to my wallet or any other Exchange, is from Binance activating the part of its BNB currency, with that they charge only half that is 0.0005BTC per fee, it seems to me that it is more reliable than That way, and Coinbase also has a good fee rate. Of course it is under my personal experience.

Luqueasaur

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Quote from: Tduty on February 09, 2020, 03:01:33 AM

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

My exchange (MercadoBitcoin, a Brazilian exchange) asks for 3 BRL (~0.75 USD) + 1,99% of the value you'll withdraw. So if you're withdrawing 1 BTC...

They get 900 BRL.

That's one month of minimum wage right there.

Topic: Bitcoin withdrawal fee is damn high in exchanges! (Read 796 times)