Cheapest Crypto/Bitcoin Decentralized Exchanage or Wallet?

justdimin

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Quote from: cryptosleeper on February 22, 2021, 05:58:43 AM

i'm not sure if this is the correct forum for this but it seems like.

What are the best wallets or decentralized exchanges with the lowest fees out there?
I've been testing a few some got crazy fees some decent but i haven't really found one that has low fees.

Binance Smart Chain is definitely the best decentralized blockchain, I mean the blockchain itself may not be decentralized but the decentralized projects on it are, so you are using a centralized blockchain for decentralized projects. This is why I think it is obvious that people could use that for a cheap transactions and that is what I am doing as well.

Look at pancakeswap right now on the dex list at coinmarketcap and you will see that it is one of the top ones, why? Because, it is such a cheap deal that people use that for everything. That is why I believe you should send your money into binance, turn it into bnb and start using binance smart chain, you will like it a lot. Of course you can still keep using other places as well, or use centralized regular exchanges and pay trading fee which is not a lot, but I do not think that it would be the ideal solution.

mersal

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Quote from: GreatArkansas on February 27, 2021, 01:08:00 AM

Quote from: mersal on February 26, 2021, 09:56:15 PM

Most of the centralized exchange platforms have fixed fee structure for withdrawal which is not possible in decentralized exchanges so the withdrawal fee depends on the blockchain network of the coin which maybe higher or lower respectively. At the moment DEXs are having expensive fee like $50 simply due to ethereum network which is just the opposite 6 months back. So if you are going to use decentralized exchange or wallet then you should know how to analyze the mempool before making transaction.

There are already a lot of ecosystems that got wrapped bitcoin, or they are pegged in Bitcoin. Just like wrapped Bitcoin on Ethereum, wrapped Bitcoin on Solana network, or the wrapped Bitcoin on Binance Smart Chain which is Bitcoin BEP2 BTCB (BTCB).
I think you are talking the transaction fee under Ethereum network which is clearly expensive now even you transact with a small amount only, but there is already lot alternative, just like on the Solana which I mentioned above.

Wrapped bitcoin on other network cannot be the permanent solution to the increase in fee at the time of bull run, even user need to pay the actual network fee to convert their bitcoin to other network tokens which are promised to have a value of actual bitcoin.

boyptc

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Quote from: Rengga Jati on February 26, 2021, 06:40:44 PM

Quote from: boyptc on February 26, 2021, 01:47:33 PM

Electrum is one of the best that you're free to set fees for bitcoin.

yeah, electrum does,
but if we set the fee under the lowest rate at that time, it may be stuck, you may need some days delays because of that very low fee for transactions.

Yeah, that's the concern these days.

But if you're not in a hurry just set it higher than 10sat/b and I think that will make the transaction pushthrough but don't know how many hours will it take.

AliMan

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Quote from: cryptosleeper on February 22, 2021, 05:58:43 AM

Hi guys,

i'm not sure if this is the correct forum for this but it seems like.

What are the best wallets or decentralized exchanges with the lowest fees out there?
I've been testing a few some got crazy fees some decent but i haven't really found one that has low fees.

I can't really give the assurance on low fees right now, because most expensive coins that's popular got the highest fee recently. What I can share with is the best wallet that I can recommend, but it needs precautions to do so before deciding whether you use it or not.

Trustwallet and metamask is I believed can be your storage of funds, and before that happens secure paper wallet backup. If you failed to do that, you can't recover your assets by the time you failed and there's a possible problem that's going to exist. Low fees on transaction depens on what type of coin do you have if it's erc20, still it got very high nowadays.

AakZaki

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indeed it is very crazy and very disproportionate because the gas costs to be paid for decentralized exchanges such as uniswap, sushiswap and other exchanges are very expensive. $ 100 for each transaction is ridiculous and I would have walked away from it if I didn't really need it. In contrast to the Binance Smart Chain Platform which has very cheap gas fees nowadays and is more like doing. For a centralized exchange the fee is indeed cheaper and still reasonable and it can be an option for your crypto exchange or transaction. Binance is my favorite place.

youdacapt

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Quote from: cryptosleeper on February 22, 2021, 05:58:43 AM

Hi guys,

i'm not sure if this is the correct forum for this but it seems like.

What are the best wallets or decentralized exchanges with the lowest fees out there?
I've been testing a few some got crazy fees some decent but i haven't really found one that has low fees.

Well, if the decentralized exchange relates to the etherum blockchain; then there are no cheap fees or cheap decentralized exchange anywhere. But if it is on the binance smart chain; i can confirm to you that the pancakeswap and julswap are the cheapest dexes out there.

For wallets; tokenpocket is by far the cheapest crypto currency wallet out there; but remember that charges or fees depends on each token smart contract complications.

tbct_mt2

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When you are in crypto, you must choose the most trusted exchanges that usually biggest ones. Small exchanges can waive you fees but their purposes are to attract users. It is fine if they don't plan to scam you but if they are scammers, when they collect enough funds from customers they will exit with announcement on a hack, unable to do compensation, shut down their exchanges.

You will lose your money.
Newbies - Read before using exchanges or investing

Binance: spot, leverage, future tradings. https://www.binance.com/en
Uniswap if you are fan of token tradings. https://uniswap.org/
P2P: https://bisq.network/ or https://hodlhodl.com/

GreatArkansas

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Quote from: mersal on February 26, 2021, 09:56:15 PM

Most of the centralized exchange platforms have fixed fee structure for withdrawal which is not possible in decentralized exchanges so the withdrawal fee depends on the blockchain network of the coin which maybe higher or lower respectively. At the moment DEXs are having expensive fee like $50 simply due to ethereum network which is just the opposite 6 months back. So if you are going to use decentralized exchange or wallet then you should know how to analyze the mempool before making transaction.

There are already a lot of ecosystems that got wrapped bitcoin, or they are pegged in Bitcoin. Just like wrapped Bitcoin on Ethereum, wrapped Bitcoin on Solana network, or the wrapped Bitcoin on Binance Smart Chain which is Bitcoin BEP2 BTCB (BTCB).
I think you are talking the transaction fee under Ethereum network which is clearly expensive now even you transact with a small amount only, but there is already lot alternative, just like on the Solana which I mentioned above.

DoublerHunter

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Quote from: mersal on February 26, 2021, 09:56:15 PM

Most of the centralized exchange platforms have fixed fee structure for withdrawal which is not possible in decentralized exchanges so the withdrawal fee depends on the blockchain network of the coin which maybe higher or lower respectively. At the moment DEXs are having expensive fee like $50 simply due to ethereum network which is just the opposite 6 months back. So if you are going to use decentralized exchange or wallet then you should know how to analyze the mempool before making transaction.

^ Definitely right and I agree with you. Always prefer the network once you have a plan of having transactions, Mempool for BTC and Ethplorer for ETH network. All exchanges and wallet platforms always vary on the preferred fees on the network, so even them there is nothing they can do if the crypto market price was in a bull trend which is expected that the fee will also increase. Nevertheless, regarding the wallet that you can modify the fee always choose the wallet that supports Segwit for BTC, I hate custodial wallets which you can modify fees and have a fixed fee.

mersal

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Most of the centralized exchange platforms have fixed fee structure for withdrawal which is not possible in decentralized exchanges so the withdrawal fee depends on the blockchain network of the coin which maybe higher or lower respectively. At the moment DEXs are having expensive fee like $50 simply due to ethereum network which is just the opposite 6 months back. So if you are going to use decentralized exchange or wallet then you should know how to analyze the mempool before making transaction.

Rengga Jati

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Quote from: cryptosleeper on February 22, 2021, 05:58:43 AM

-snip-

Bitcoin price is still in the bullish era, the fee will seem very high moreover if it is converted to USD.
Let's see the example,
in exchange A, the fee in the past is about as example 0.0005BTC, in the past when the price of BTC was still $10.000, it only costs $5.
But, let's compare for current rate, when the transfer fee is still the same, 0.0005BTC, so the price will be around $46.300, it will cost around $23.
Moreover because of the high transaction traffics, sometimes they also increase the fees.
It is also the same with the very damn high fee on the Ethereum platform where the fee is increasing so high, very high.

Quote from: boyptc on February 26, 2021, 01:47:33 PM

Electrum is one of the best that you're free to set fees for bitcoin.

yeah, electrum does,
but if we set the fee under the lowest rate at that time, it may be stuck, you may need some days delays because of that very low fee for transactions.

Ryker1

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Quote from: cryptosleeper on February 22, 2021, 05:58:43 AM

^[snip]
What are the best wallets or decentralized exchanges with the lowest fees out there?
I've been testing a few some got crazy fees some decent but i haven't really found one that has low fees.

Well, for now, all exchanges and wallets vary on the fee required by the network. We know that we had a huge fee in bitcoin and perhaps they increase it based on the required amount by the network fee. I suggest you for the exchange that has the lowest fee is binance exchange and the wallet that you can set the lowest fee is electrum. These are very good platforms if your concern is all about the fee, but remember, if you do not pay the required amount that asks by the network, it will affect the transaction speed which takes more days before it will be confirmed.

JeromeTash

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Coming from someone who loves Bitcoin p2p decentralized exchanges. I have used them in the past until recently when the Bitcoin fee rate spiked. They were suitable to use when the Bitcoin fee rate would drop to 1 sat per byte but not anymore. When I check localcryptos for example, the Tx fee is insane on top of escrow fees and trader rates which are usually around over 4% below or above the market price.

Same applies to ETH and decentalized exchanges like Uniswap, sushiswap. You will waste a lot of funds in fees due to contract calls. Traders sometimes spend over $100 in fees per trade successfully executed

I suggest you use centralized exchanges for now if fees are an issue

boyptc

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Electrum is one of the best that you're free to set fees for bitcoin.

Quote from: ?? on ??

After the increase in bitcoin price, most of trusted wallet fee is same. Almost near by one, but the transaction fee of localbitcoin is very low from my knowledge.Only thing is you need to verify your kyc their. The transaction fee to send btc is ten times less than Binance. You can cross verify this on your own.Only you need to pay a incoming transaction fee a little amount.

But that's not ideal using them as a wallet.

Quote from: Webetcoins on February 26, 2021, 01:38:30 PM

Transacting right now on decentralized exchanges which are built on ERC-20 is not worth it because of the high fees on the Ethereum network.

OP should make it clear if this is only for bitcoin but it's a true thing that transacting ERC20 tokens requires a higher gas fee these times.

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Quote from: cryptosleeper on February 22, 2021, 05:58:43 AM

What are the best wallets or decentralized exchanges with the lowest fees out there?

I am not sure of decentralized exchanges but as far as wallets are concerned there are numerous of wallets but none of them is going to pay the fees for you and it is usually decided by user how much fees they want to pay based on the priority of the transaction and need for quick confirmations.

There are some online wallets like blockchain.com wallet which estimates fees for you and tells you recommended options but there is an option to customize fees as well there.

As far as centralized exchanges are concerned, I think its way better to convert BTC into altcoins and withdraw them like Tron is a good example since the withdrawals fees is negligible on most exchanges and if you are manually doing transactions, they are 0 fees transactions basically on TRC-20.

Transacting right now on decentralized exchanges which are built on ERC-20 is not worth it because of the high fees on the Ethereum network.

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Are you talking about transaction fees?

If you are talking about transaction fees almost all exchanges are affected not only exchange but also custodial or non-custodial wallets due to network congestion.

If you want to transfer Bitcoin to other exchanges you can try to exchange them to XRP or other cryptos just to reduce the transaction fee when withdrawing balance from exchanges.

Or you can use Electrum wallet where you can manually set the transaction but I'm afraid if your transaction might be stuck on the network. Take note it's only for bitcoin.

cryptosleeper

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Hi guys,

i'm not sure if this is the correct forum for this but it seems like.

What are the best wallets or decentralized exchanges with the lowest fees out there?
I've been testing a few some got crazy fees some decent but i haven't really found one that has low fees.

Topic: Cheapest Crypto/Bitcoin Decentralized Exchanage or Wallet? (Read 167 times)