Topic: Bitcoin withdrawal fee is damn high in exchanges! - page 4. (Read 796 times)
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.
Indeed, it has been a long time since the problem of bitcoin withdrawal fees is high, every exchange it imposes is most likely due
bitcoin prices are increasingly expensive and the difficulty level of mining is increasingly difficult to make miners costs so high.
From here is the beginning Bitcoin withdrawal fees are increasingly expensive. But in this regard there is already a solution, by first
converting your bitcoin into coins others that have lower withdrawal fees, before making withdrawals from exchanges. Due to withdrawal
fees such as ETH, XRP, XLM, LTC and DOGE are much cheaper than bitcoin.
bitcoin prices are increasingly expensive and the difficulty level of mining is increasingly difficult to make miners costs so high.
From here is the beginning Bitcoin withdrawal fees are increasingly expensive. But in this regard there is already a solution, by first
converting your bitcoin into coins others that have lower withdrawal fees, before making withdrawals from exchanges. Due to withdrawal
fees such as ETH, XRP, XLM, LTC and DOGE are much cheaper than bitcoin.
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.
the number of bitcoin users every day continues to increase and it also increases the number of bitcoin transactions every day, maybe one of the reasons why the fees are very large is to limit the number of transactions that occur so that transactions can be faster confirmed
Exactly. Due to the reason of plenty transaction have been made every day, transaction fees tend to increase. Exchanges offer high transactional fees in order to process every transaction more faster and to be prioritized by miners, besides, it simply serves as their profit. As a result, traders used to convert their Bitcoin unto more cheaper transaction coins like XRP and ETH.
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?
This is true for some exchanges out there but some exchanges have reasonable Bitcoin transaction fees. If you using Yobit or any other exchanges, it's better to convert it first to XRP then send it to your local exchanges that support XRP as well. you can also choose ETH but I prefer XRP because so far, this is the only coins that I know that have the lowest transaction fee ever and fast.
the number of bitcoin users every day continues to increase and it also increases the number of bitcoin transactions every day, maybe one of the reasons why the fees are very large is to limit the number of transactions that occur so that transactions can be faster confirmed
Exactly. Due to the reason of plenty transaction have been made every day, transaction fees tend to increase. Exchanges offer high transactional fees in order to process every transaction more faster and to be prioritized by miners, besides, it simply serves as their profit. As a result, traders used to convert their Bitcoin unto more cheaper transaction coins like XRP and ETH. Sometimes it kinda depends especially on the service they provided if it is worth the price, because it is gonna be a double-edged sword if they put the fees in a "wrong" amount.
From the days that I was still day-trading in Binance, the withdrawal fees aren't that much of something that would give me a lot of losses. Another one exchange that I traded at was EtherDelta, and to be honest it was kinda slow to even deposit, so I must say that fees aren't worth that long of a wait.
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?
Yes bitcoin transaction fee was really huge when the transaction will be made and held through bitcoin so it would be better if you guys will try to convert it first into xrp or ethereum to avoid huge transaction fee, remember that if it is in the ethereum or xrp the payment deduction will be just a small amount of xrp or ethereum and it would be great because the transaction fee will be lessen.
It is not new to us seeing withdrawal fees will increase once Bitcoin price will also be soaring high. Base on my experience, most exchanger asking 0.001BTC for withdrawal and our good option to save some fees is to convert it into altcoins which are of lesser fees. I usually doing and converted into XRP, it was lesser fees than of ETH but if we don't have other options, then we have to sacrifice some BTC just to withdraw our funds. It was disappointing but we have nothing to do.
That is why some traders are so particular in fees and so they always have to look for exchanges that offer low fees. But at this time, we could expect that fees may increase as the market rise also.
That is why some traders are so particular in fees and so they always have to look for exchanges that offer low fees. But at this time, we could expect that fees may increase as the market rise also.
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?
I've also tried many exchanges before and I think that is normal. Every time bitcoin's price goes up, fees in exchanges goes up as well in fiat value.
So if you plan to trade only a small amount, you should also deposit additional funds that can cover that fee.
If you are a whale trader, that fee is already good in exchange for receiving a big amount of money.
the number of bitcoin users every day continues to increase and it also increases the number of bitcoin transactions every day, maybe one of the reasons why the fees are very large is to limit the number of transactions that occur so that transactions can be faster confirmed
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?
As a Bitcoin-only exchange which is offering very competitive trading fees [0% maker; 0.25% taker] while having to comply with local regulations in Vietnam to offer a consistent and stable service to our clients, the revenue has to be generated somewhere in order to keep providing such a service.
While you might be able to buy also in the OTC markets, you most likely will end up paying a higher spread than if trading directly on an exchange platform.
Moreover: If the exchange has a proper cold storage set up, the withdrawal fee has to basically cover for three transactions:
- Deposits moved into Cold Storage
- Cold Storage transfers into Hot Wallet
- User withdrawal from Hot Wallet
...without a Cold Storage, you can reduce this from 3 to 1tx the exchange has to cover... - but this comes at (naturally) a much higher risk, that the exchange might go bust if things go the wrong way.
Ultimately: You get what you pay for.
Operating a service such as this costs significant $ and if one is cutting a few corners too much in order to beat the competition by another basis point or two, the users will ultimately pay the price for it.
I would have given you a merit but you choose to hide your link to your blog page.
You offered some inside as to multiple transactions to send the btc correctly. Plus keep it protected while you hold it. I do believe most of us would not realize this is a real expense incurred by a good exchange practicing safe money keeping.
That's why most traders trade it beforehand to other cryptocurrencies with lower withdrawal fees such as Ethereum and XRP. The fees for Bitcoin is just quite high for regular withdrawals. However, the problem emerges when you want your coins to be Bitcoin, in which case you'll be forced to withdraw with high fees, or find an e-wallet service supporting direct exchange of cryptocurrencies (even only the top ones) with significant lower fees of conversion.
In exchanges, you can do trading and through trading, you can earn a lot of profit there if you're good at it. So exchanges fee are very expensive since you're using their platform for your benefit. Bitcoin price is going higher so expect that fees will go high too, it's directly proportional to each other.
Bitcoin is the target of all of the devs that creates good exchanges, they wanted to earn profit as well from their users.
Bitcoin is the target of all of the devs that creates good exchanges, they wanted to earn profit as well from their users.
The exchange fee will be higher if the value of bitcoin increases.
In some exchanges the fee are really high but with other top exchanges, you can get at 0.0005 withdrawal fee per transaction, that's already 5 usd at the current price but actually that would not hurt you if you are making money in an exchange.
In some exchanges the fee are really high but with other top exchanges, you can get at 0.0005 withdrawal fee per transaction, that's already 5 usd at the current price but actually that would not hurt you if you are making money in an exchange.
Considering huge amounts of withdrawals then obviously $9-12 is very cheap. But the point here is, what about small withdrawals? Well, since bitcoin price continues to increase so the fixed bitcoin withdrawal fees on exchanges increases in dollar value too. But I think exchanges will lower withdrawal fees once bitcoin price reaches ath or more. For now, there is nothing we can do but using altcoins on withdrawals can be a good alternative.
It will be very normal since bitcoin price is getting higher now ,so fees will go higher as well, if you want to lower the fees i think you may convert it in XRP for lower fees and faster transaction. But it is up to you, exchange fee is so high for me it will lessen my earnings since I only got salary here in bounty so it is bad for me .
No doubt about it, since bitcoin has the most valued price in the market, exchanges also wants to earn out from it. Higher valued crypto higher rate of fees.
I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?
That's like a uniform fees, It seems that every exchange wants to follow a certain range of exchange rates which I found absurd. High withdrawal fees has become a headache even before, but like most of the people do, we can't avoid these fees, specially if we are trading or use an exchange for a different transactions.
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?
I think if you compare it to fiat withdrawals, it is still cheap. Besides, they need to money to keep their business going so I guess they need to charge extra. And we don't know what exchanges you try though, much better if you tell us so that we can we see if they have the 'rights' to charge such high fees. Maybe the network is clogged that time. Anyways, here is one example why it is cheap: Bitcoin whale moves ball busting $1.1B for just $83.
Considering huge amounts of withdrawals then obviously $9-12 is very cheap. But the point here is, what about small withdrawals? Well, since bitcoin price continues to increase so the fixed bitcoin withdrawal fees on exchanges increases in dollar value too. But I think exchanges will lower withdrawal fees once bitcoin price reaches ath or more. For now, there is nothing we can do but using altcoins on withdrawals can be a good alternative.
The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?
I think if you compare it to fiat withdrawals, it is still cheap. Besides, they need to money to keep their business going so I guess they need to charge extra. And we don't know what exchanges you try though, much better if you tell us so that we can we see if they have the 'rights' to charge such high fees. Maybe the network is clogged that time. Anyways, here is one example why it is cheap: Bitcoin whale moves ball busting $1.1B for just $83.
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