Topic: Bitcoin withdrawal fee is damn high in exchanges! - page 3. (Read 767 times)
Absolutely right only btc withdrawal fee is too much high in the all exchanges. Yobit exchange taken 6$ for withdraw 20$ it’s really damn high. If i had no need to btc than i always go with eth payment to avoid high fee. I think coinbase is very lower fee in btc withdrawal form other wallet or exchanges. On the other things here you can withdraw by using mail without no fees.
Unfortunately, this kind of behaviour is quite rampant in the cryptospace.
Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
although the bitcoin withdrawal fee is only 0.0005 BTC but when the bitcoin price conditions at the exchange place, the value will be very expensive, because when the bitcoin price is already expensive the costs will not change precisely and the place of exchange that implements cheap fees is still very little, many of them they have very expensive withdrawal fees, it is better when making inter-exchange withdrawals using cheaper and faster altcoin.Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
Yeah, that's make sense to me. In Kucoin exchange bitcoin withdraw fee is 0.0004 satosi. It's really a small amount for 1 bitcoin if we are not convert as a FIAT money like dollars. But when we convert 0.0004 satosi to dollars then it's going to around 4$. Actually BTC price condition is the main fact in this situation.
Other hand if we see again in Kucoin XRP withdraw fee is 0.1 XRP (More than BTC withdraw fee when we see as a asset). Which means 0.027$ if we convert to USD. Per bitcoin right now 10k and per xrp is 0.27$. So clearly the main fact is price condition. Our problem is we are not able to use BTC like FIAT money (not at this moment). When we'll use BTC like FIAT money it'll never be a problem like this.
It is just the reality after all and that is why I considering all of the fees including the withdrawal fees before I opened an account in a certain exchange. Most of the reputable exchanges have a high withdrawal fees and there is nothing we can do about it. I'm a day trader and I following my plan first before I withdraw my coin. In order for me to save money, I only withdrawing monthly basis where I have limit of 1 withdraw every month.
Unfortunately, this kind of behaviour is quite rampant in the cryptospace.
Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
Of course, many trading exchanges charge a fairly high percentage for the transaction, and many cryptocurrency users are unhappy with such greed, especially if the trader appeals with a very small amount of Bitcoin for withdrawal. Such situations significantly deplete the trader, If you too often withdraw Bitcoin in small volumes. But we must also take into account the fact that the legalization of cryptocurrency and taxation of trading exchanges in any case will be an occasion to increase the commission for withdrawing Bitcoin and this amount may increase several times.Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
Some website does have a higher fee on withdrawing bitcoin and much lower fee's on some alt-coins, That's why some people smart-out exchanges by withdrawing altcoins rather than bitcoin to avoid high withdrawal fee.
Unfortunately, this kind of behaviour is quite rampant in the cryptospace.
Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
Of course, many trading exchanges charge a fairly high percentage for the transaction, and many cryptocurrency users are unhappy with such greed, especially if the trader appeals with a very small amount of Bitcoin for withdrawal. Such situations significantly deplete the trader, If you too often withdraw Bitcoin in small volumes. But we must also take into account the fact that the legalization of cryptocurrency and taxation of trading exchanges in any case will be an occasion to increase the commission for withdrawing Bitcoin and this amount may increase several times. Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
Not exchange charge this high, for example, the Binance exchange currently charges 0.0004BTC, which is about $3.9 they actually reduced the transaction fee. Exchanges are equally doing this for business purpose, they have a lot of expenses too.
Unfortunately, this kind of behaviour is quite rampant in the cryptospace.
Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
although the bitcoin withdrawal fee is only 0.0005 BTC but when the bitcoin price conditions at the exchange place, the value will be very expensive, because when the bitcoin price is already expensive the costs will not change precisely and the place of exchange that implements cheap fees is still very little, many of them they have very expensive withdrawal fees, it is better when making inter-exchange withdrawals using cheaper and faster altcoin. Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
Unfortunately, this kind of behaviour is quite rampant in the cryptospace.
Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.
Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.
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?
It's not a lacking of bitcoin. I can agree with that trader or normal bitcoin user suffer because of huge transaction fee. But i think it's exchange demand. And in many way it's right also. They giving us some benefit like multiple trade system in one exchange, security for your asset etc. So they can offer you some fee whatever it's low or high. After all they are running a business.
There is couple of ways that you can reduce your transaction fee. Buy some popular altcoin like XRP or ETH and withdraw altcoin where you want to transfer, then after transfer use altcoin to buyback your btc. It'll save some dollars. Other hand if you don't want those mess then try to use those exchange whom provide low transaction fee than others. You can see more details here.
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?
Unfortunately, the less miners we have the higher the transaction fees go. It also depends on the exchange that you are using.
Generally, international exchanges have higher fees compared to local exchanges that are available in your country. Preferably, you should check whether you have a local exchange in your country and try withdrawing your BTCs there. If your country does not have one, then I would suggest withdrawing your BTCs in one transaction to avoid high and continuous fees.
It is not an issue, just like us, they also has families to feed, bills to pay up, and other personal needs. We just have to be wise when using exchanges, in my case, if I really needed the money as soon as possible, I will convert my bitcoin in a token that has lower transaction fee when you are withdrawing it our from your wallet in a certain exchanger to your cryptocurrency wallet.
Examples of that tokens are XRP and ETH. But if you are going to hold your bitcoin and you need to transfer it somewhere safe, I guess the transaction fee is worth to be paid.
Examples of that tokens are XRP and ETH. But if you are going to hold your bitcoin and you need to transfer it somewhere safe, I guess the transaction fee is worth to be paid.
This is actually very useful! Converting your bitcoins into other tokens can potentially lessen your fees but you should look for an exchange that has the best rates in order to maximize the value.
That's the price we deserve from a better, quicker, and private system. That's worth it for security services, right? after all the fee depends on the price set by each exchanger and the amount of withdrawal. This is a list of fee comparisons in BTC and eth of some of the top exchanges.
Is exchange decentralization a solution to this transaction fee? not necessarily, surely there are other issues related to trading security and volume and comfort in trading, so it's worth it. Is not it a problem of high fees but you get a satisfying service?
Is exchange decentralization a solution to this transaction fee? not necessarily, surely there are other issues related to trading security and volume and comfort in trading, so it's worth it. Is not it a problem of high fees but you get a satisfying service?
It depends on the whole exchange. In fact, it is another way of revenue. They will take the trading fees and also withdrawal fees. However, not all exchanges are the same. Depending on which exchange you use. Many exchanges have seen withdrawal fees asking 0.001 BTC, while many others have 0.0005 btc. So first see which exchange offers better benefits. Must you need to choose a reputed exchange. I have many exchange offer low fees but they are shady exchange.
I also don't get this thing when I try to withdraw my coins that why do they ask us that huge amount when they don't even send half of what we paid them in fee? Is it not a way for them to make money? I can go for altcoins but then, what is the use of Bitcoin? Why can't we have 5k satoshis in fee instead of 50k or 100k? The alts we choose to withdraw, need buyers in real world too to sell these to them directly without finding a way to convert it back to BTC or Eth.
There is not much that we can do about it. The exchanges are not legally bound to have an upper threshold on the withdrawal fee that they charge. And that means that they can charge whatever they like. In the end, it is up to the users to make the decision. If they don't want to pay such high fee, then they have two choices. The first one is to use an exchange with lower fee. There are thousands of exchanges out there, and it is not that difficult to find one with lower fee. The second option is to first convert your BTC to BCH or ETH and then convert it back to BTC after the withdrawal. If the amount is not that large, this is the method that I use.
I also don't get this thing when I try to withdraw my coins that why do they ask us that huge amount when they don't even send half of what we paid them in fee? Is it not a way for them to make money? I can go for altcoins but then, what is the use of Bitcoin? Why can't we have 5k satoshis in fee instead of 50k or 100k? The alts we choose to withdraw, need buyers in real world too to sell these to them directly without finding a way to convert it back to BTC or Eth.
If you find the withdrawal fees troubling, you have the option to go for altcoins with cheaper fees like doge. You can trade on decentralized exchanges but you might raise another issue which is liquidity. Then again, CEX provides better liquidity and using their service has a higher cost.
there is no big cost of withdrawing btc for the exchange. they make enough from trade fee's to cover their running costs.
the reason they do it is to two fold
both are about not wanting as many people taking bitcoin out so easily.
first people end up trading more often to make enough profit that the fee is immaterial amount.
and the other is to slow down how often people arbitrage by taking btc out to then put into other exchanges. yep by people converting btc into an altcoin to then withdraw means the exchange keeps the btc because less people are taking out the btc.
other reasons are that it stops people just wanting to play around with $50 worth of bitcoin as it costs 20% to take their funds out. so people end up playing with $500+ so the exit fee is only 2% and easier to make 2% extra profit to make that fee negligable
. if the fee was only 20cents more people would do a single trade and exit and drain the exchange of their cold wallets. by putting it up to $10 makes them keep coins in for longer
..
its the same game fiat banks use.
by having daily withdrawal limits of $500 ATM and then put charges on ATM withdrawals. people are less easily wanting to take money out of their bank
Just some tips for you guys! Use XRP when withdrawing in any trading website, withdrawing using XRP is instant and the withdrawal fee is very slow I am using XRP in almost all of my transactions considering that it's speed and fee is outstanding. Honestly, like it or hate it bitcoin traction is not ideal, it's fee is too damn high and the speed is very slow, so use alternative cryptocurrency when you want a hassle-free transaction.
well indeed for withdrawals from the exchange to another exchange you can use altcoin such as litecoin, XRP and Tron which in my opinion have transaction speeds and are proven to be cheaper, imagine if bitcoin becomes very expensive, shipping costs will certainly be expensive too.
Just like the post above me to solved this problem you can use altcoin instead of btc because altcoin usually have low fees compare to bitcoin but one of the main income from exchanges besides trading fees is from the withdrawal fees too and i think they don't have any plan to reduce it even if someday bitcoin price higher than now i'm sure they will increase the fees too following the price
I still think exchanges should let users choose a "slow" withdrawal method that involves using 1 sat/b tx fees. Yes, even funds being moved from their cold wallet.
If you want to withdraw $100, $10 in fees is too much, and there are people willing to wait in exchange of paying less. But exchanges don't ever think about it and blame it on Bitcoin.
Using an altcoin is no solution when you want to cash your profit and hold them in Bitcoin. If anything, this is an anti-Bitcoin practice, exchanges should be more mindful of what this implies.
Despite these exchanges having their own native token for the fees of the traders, they themselves don't accept these tokens as fees in withdrawals. Take BNB for example, instead of them asking BNB for the withdrawal fees, they asks BTC. Even the rest of the exchanges like Kucoin. I have no idea which exchanges nor DEX that don't take BTC as withdrawal fees. WAVES DEX asks 0.01WAVES for withdrawal fees but their gateway will still asks BTC.
Just like the post above me to solved this problem you can use altcoin instead of btc because altcoin usually have low fees compare to bitcoin but one of the main income from exchanges besides trading fees is from the withdrawal fees too and i think they don't have any plan to reduce it even if someday bitcoin price higher than now i'm sure they will increase the fees too following the price
Just some tips for you guys! Use XRP when withdrawing in any trading website, withdrawing using XRP is instant and the withdrawal fee is very slow I am using XRP in almost all of my transactions considering that it's speed and fee is outstanding. Honestly, like it or hate it bitcoin traction is not ideal, it's fee is too damn high and the speed is very slow, so use alternative cryptocurrency when you want a hassle-free transaction.
well indeed for withdrawals from the exchange to another exchange you can use altcoin such as litecoin, XRP and Tron which in my opinion have transaction speeds and are proven to be cheaper, imagine if bitcoin becomes very expensive, shipping costs will certainly be expensive too. Jump to: