Bittrex Fees for bitcoin withdrawals too much???

rajatjain

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Quote from: jabfly on January 11, 2018, 11:30:28 PM

That is because the transaction fees are connected with the price of the Bitcoin. Since the prices are increasing higher, then so is the fee and we can't blame Bitcoin on it entirely.

Yes and that is why we need to be done with the fixed fee formula. The withdrawal fee should be varying with the varying costs of bitcoin and other altcoins. I tried to withdraw VIBE from hitBTC and the withdrawal fee was 145 VIBE. When VIBE came onto HitBTC it was just 0.02 dollars but now it is at 1.5 dollars per coin. Who in their right minds will pay off over 220 dollars to withdraw.
They can introduce their own coin like binance and keep the fees entirely through binance which will be beneficial for both them and the consumer.

jabfly

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That is because the transaction fees are connected with the price of the Bitcoin. Since the prices are increasing higher, then so is the fee and we can't blame Bitcoin on it entirely.

Raimy

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I been mining Electroneum and sending it off to Cryptopia, I was exchanging it for BTC at first and when I went to withdrawal they had a 0.002 BTC fee! This would be $32 on top of their exchange fees that I already paid. This seemed rather high so I took a chance and converted my BTC to Doge and was able to send it off exchange for about 3 doge, which is about 1 cent.

I now exchange ETN directly to Doge on Cryptopia and send them off via Doge to another exchange that has more reasonable BTC withdrawal fees. Of course this is a lot of extra hassle, but sometimes it works in my favor as the doge price fluctuates a bit too so if you time it right you can sell it a bit higher than you bought it for on the other exchange, helping to cancel out some of the trading fees.

But yeah, getting back to the thread topic BTC fees are too damn high right now and some of these exchanges are making it worse by taking an extra cut.

Kazi Sajib

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yes Bittrex Fees is very high cost for Bitcoin withdrawals & also exchange. this is very expensive cost.

Thirdspace

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cryptopia just increased bitcoin withdrawal fee recently to 0.002 BTC Roll Eyes

probably cryptopia is currently an exchange with the highest withdrawal fee
though it has a nice feature for transfering coins between users and no charge

masterbt

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Mostly coin exchanges are always put a fixed rate to balance the transaction load. But, this problem needs to be addressed as there is no other option available

CryptoBry

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Quote from: rajatjain on December 07, 2017, 06:05:01 PM

With bitcoin surging ahead with gains of over 1000 dollars in each passing day, doesn't one feel if bittrex is not doing enough to ensure the fees for withdrawal remains low enough for people to stay on bittrex? 0.001 BTC is roughly 18 dollars now and may soon touch even 25 with the current trends. For someone who likes to withdraw when they have like 100 or 200 dollars, 20 dollars is just too much to withdraw. There are still so many people who don't transact that much and have less than 100 dollars in their account. Shouldn't bittrex solve this problem soon? Maybe change the model to have separate fees for different amount of withdrawal amounts. For up to withdrawals of 0.01 btc they can change it to 0.0001 btc and then go upwards to 0.001 to make it a sustainable solution for everyone.

Yes, it can be too much but this situation is not unique to Bittrex and can be true with all the Bitcoin exchanges and wallet providers. This must be a force beyond the capacity of the exchange (Bittrex in this case) to control. I am not so familiar between the dynamics of exchanges and the miners but somewhere in between the two can we find the answer we are looking for...I guess that there is a competition of sorts with confirmations that is why the fee is also surging just like the Bitcoin. This is the reason why I am not moving my Bitcoin right now from my wallet to anywhere else.

LTU_btc

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Quote from: rajatjain on December 07, 2017, 08:37:52 PM

Quote from: LTU_btc on December 07, 2017, 06:26:33 PM

Look at current average bitcoin transaction fees and how many unconfirmed transactions there are. So, Bittrex fees isn't much higher than current network fees.
Why they should lover fees for small withdrawals? 0.0001 btc withdrawal fee usn't enough to cover transaction costs. For exchanges it's not worth to process small withdrawals, especially with such low fee.

Even poloneix has 0.0001 btc and they are also doing well. What is the use of exchanges if small investors can't bring in good earnings. Already crypto is much volatile and with added exchange fees it is just pushing the average guy away atleast from bittrex.
If i withdraw 100 dollars from bittrex it costs me 20 dollars and similar from poloneix will cost me 2 dollars. A 20 percent margin for a 100 dollar withdrawal which in some countries is quite a good amount for withdrawal.

With growing bitcoin prices, it is just creating more and more problems. What happens if btc reaches 100k? My 100 dollars worthof investment becomes worthless at all.

But Poloniex is exception from the rule - probably it's the only big exchange with such a low withdrawal fee. Despite extremely high Bitcoin price, exchanges can't lower transaction fees. Withdrawal fee can't be lower than Bitcoin tx fee, otherwise exchange would have to cover transaction costs from their own pocket. I agree that current situation isn't normal, but why can't do anything to change it...

oginiimaoyani

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I think is a problem, Bittrex should fix this problem soon, transaction fees too high better still one can decide to use other exchanges that charges lesser fees for transactions.

dewi91

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Quote from: rajatjain on December 07, 2017, 06:05:01 PM

With bitcoin surging ahead with gains of over 1000 dollars in each passing day, doesn't one feel if bittrex is not doing enough to ensure the fees for withdrawal remains low enough for people to stay on bittrex?

0.001 BTC is roughly 18 dollars now and may soon touch even 25 with the current trends. For someone who likes to withdraw when they have like 100 or 200 dollars, 20 dollars is just too much to withdraw. There are still so many people who don't transact that much and have less than 100 dollars in their account.

Shouldn't bittrex solve this problem soon? Maybe change the model to have separate fees for different amount of withdrawal amounts. For upto withdrawals of 0.01 btc they can change it to 0.0001 btc and then go upwards to 0.001 to make it a sustainable solution for everyone.

if you think bittrex fees is too expensive, you have to use another exchanger which is cheaper as an alternative option.. but I think fee in every exchanger has been adjusted to their service.

neoandtrinity

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yes almost coin exchange fee 0.0005-0.001 btc, hope they will like polo fee only 10k satoshi so impress Shocked

Phantomberry

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Yes bittrex is a expensive cost of withdrawal i use poloniex and it is cheap to withdraw.

starblocks

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Exchange fees vary, with some of them charging as much as 0.005 for a withdrawal but a fixed percentage of the amount you are withdrawing makes more sense rather than just a flat fee across the board

You could perhaps make a suggestion in this thread: https://bitcointalksearch.org/topic/ann-bittrex-next-generation-exchange-btcltceacppcrddftcand-more-463202

Beefcake

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Beefcake!!!

Hi, the price is moving too fast for Bittrex to adjust. I was reading an article earlier that had 12k price in the title, and by the time I finished reading it, bitcoin was already up to 15k!

I wouldn't expect transaction fees to stay at $17, but I don't think it is as easy as clicking a button for them to change this. I suggest sending them a support ticket, or waiting a few days. I am fairly certain that they are getting lots of complaints about this but they will need time to make adjustments.

rajatjain

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Quote from: LTU_btc on December 07, 2017, 06:26:33 PM

Look at current average bitcoin transaction fees and how many unconfirmed transactions there are. So, Bittrex fees isn't much higher than current network fees.
Why they should lover fees for small withdrawals? 0.0001 btc withdrawal fee usn't enough to cover transaction costs. For exchanges it's not worth to process small withdrawals, especially with such low fee.

Even poloneix has 0.0001 btc and they are also doing well. What is the use of exchanges if small investors can't bring in good earnings. Already crypto is much volatile and with added exchange fees it is just pushing the average guy away atleast from bittrex.
If i withdraw 100 dollars from bittrex it costs me 20 dollars and similar from poloneix will cost me 2 dollars. A 20 percent margin for a 100 dollar withdrawal which in some countries is quite a good amount for withdrawal.

With growing bitcoin prices, it is just creating more and more problems. What happens if btc reaches 100k? My 100 dollars worthof investment becomes worthless at all.

LTU_btc

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Slava Ukraini!

Look at current average bitcoin transaction fees and how many unconfirmed transactions there are. So, Bittrex fees isn't much higher than current network fees.
Why they should lover fees for small withdrawals? 0.0001 btc withdrawal fee usn't enough to cover transaction costs. For exchanges it's not worth to process small withdrawals, especially with such low fee.

rajatjain

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Activity: 210

Merit: 16

Decentralize $15-Trillion Global Trade Industry

With bitcoin surging ahead with gains of over 1000 dollars in each passing day, doesn't one feel if bittrex is not doing enough to ensure the fees for withdrawal remains low enough for people to stay on bittrex?

0.001 BTC is roughly 18 dollars now and may soon touch even 25 with the current trends. For someone who likes to withdraw when they have like 100 or 200 dollars, 20 dollars is just too much to withdraw. There are still so many people who don't transact that much and have less than 100 dollars in their account.

Shouldn't bittrex solve this problem soon? Maybe change the model to have separate fees for different amount of withdrawal amounts. For upto withdrawals of 0.01 btc they can change it to 0.0001 btc and then go upwards to 0.001 to make it a sustainable solution for everyone.

Topic: Bittrex Fees for bitcoin withdrawals too much??? (Read 605 times)