exchange fees that no one talks about - page 4.

BitcoinHodler

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Quote from: shinratensei_ on January 24, 2019, 10:49:16 AM

Quote from: bitcoinsc on January 24, 2019, 04:06:07 AM

how is it that every one is complaining about bitcoin high fees etc. but they arent talking about the ridiculous exchange withdrawal fees? these fees cost 10$ usd. that is sky high fees. this is tradesatoshi site. other site were charging alot too. u want to send and receive but these exchanges are making more money that the miners. where are you guys going to send and withdrawing your coins? these exchanges charging a dime for the withdrawal fees is not going to drive up adoption. i rather transact with a visa card. imagine buying some kfc and ur sending bitcoins through but get charge 10$ extra because exchange fees. thats bs.

I will prefer to use major exchange site which has already charged a few bucks. Remember hitbtc can be considered as an exchange site which has been putting non sense transaction fees. Someone stated that he got up to $50 to pay the fees only. i can get a few bigmac for that

there are actually a lot of exchanges that have high withdrawal fees. specially when it comes to altcoins. for example last time i checked Yobit (a shitty exchange that shouldn't have such high fees) were charging 0.01 BCH per withdrawal which is ridiculously high since they pay about 0.00001000 BCH fee themselves.

Quote from: SRKNGL on January 24, 2019, 10:54:24 AM

You can choose coins with lower fees. One of them is the NEO and the other is the XRP. Both commission rates are lower and faster than other coins.

you may wanna read the topic before answering next time...

SRKNGL

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You can choose coins with lower fees. One of them is the NEO and the other is the XRP. Both commission rates are lower and faster than other coins.

shinratensei_

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Quote from: bitcoinsc on January 24, 2019, 04:06:07 AM

how is it that every one is complaining about bitcoin high fees etc. but they arent talking about the ridiculous exchange withdrawal fees? these fees cost 10$ usd. that is sky high fees. this is tradesatoshi site. other site were charging alot too. u want to send and receive but these exchanges are making more money that the miners. where are you guys going to send and withdrawing your coins? these exchanges charging a dime for the withdrawal fees is not going to drive up adoption. i rather transact with a visa card. imagine buying some kfc and ur sending bitcoins through but get charge 10$ extra because exchange fees. thats bs.

I will prefer to use major exchange site which has already charged a few bucks. Remember hitbtc can be considered as an exchange site which has been putting non sense transaction fees. Someone stated that he got up to $50 to pay the fees only. i can get a few bigmac for that

CryptoAlphaStar

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The withdrawal fees are somewhat tied to the mining fees, but yeah, heavily overpriced over it. This is one of the steadiest rent-seeking and profit sources for the exchanges. They are acting not much different than banks, so far.

eternalgloom

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This is the reason why I try to do most of my trading on decentralized exchanges, they typically have either low or no withdrawal fees.
I understand that this might not be a good solution for day traders, since the volume on most DEX's is extremely low compared to that of centralized exchanges.

Most exchanges had increased their withdraw fees back when the mempool was completely full, before Segwit use was widespread, in order to cover the increased fees on the Bitcoin network. They simply didn't change their fees back when that problem was mostly gone.

Red-Apple

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unfortunately when it comes to exchanges because the competition is not fierce, the top exchanges can charge whatever they like and the rest follow them for the most part. for example when there is only 2 or 3 exchanges that are decent enough to half trust, they get greedy. but if we had something like two dozen exchanges that competed with each other over customers then they had to offer competitive fees to be able to survive.

sham100899

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Quote from: bitcoinsc on January 24, 2019, 04:06:07 AM

how is it that every one is complaining about bitcoin high fees etc. but they arent talking about the ridiculous exchange withdrawal fees? these fees cost 10$ usd. that is sky high fees. this is tradesatoshi site. other site were charging alot too. u want to send and receive but these exchanges are making more money that the miners. where are you guys going to send and withdrawing your coins? these exchanges charging a dime for the withdrawal fees is not going to drive up adoption. i rather transact with a visa card. imagine buying some kfc and ur sending bitcoins through but get charge 10$ extra because exchange fees. thats bs.

somehow im gonna agree with this post, very true. A lot exchanges out there in the loose charging a massive fees for every transactions that you are about to make, it really sucks for some crypto people who were just starting their way to the crypto world, it might make them quit crypto and never to return again. Sad reality though.

mirawantirinjana

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it has become a provision for each exchanger, a large provision of fees for withdrawing on an exchanger, there are even some exchangers that impose fees for each trade that we do. for example, IDAX Exchanger.
and as users we can't do anything right?

Saint1990

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Indeed exchange charges fee for providing services, but there are several centralized exchanges which charges ridiculously higher fee & have higher withdrawal limits. I have not used tradesatoshi but most of the exchanges have variable exchange fees & I find Huobi, Binance, Gate.io reliable for me.

therhslv

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There is plenty of exchanges where fees are really low . I know few top exchanges where withdrawal fee is near 10$ , but i don't use them . I better choose trusted and cheapest one . Or you can use DEX exchanges , easy as that

Guryon_master

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This place is actually not the proper place to present a complaint if yo u want to find a credible response but if you just asking the opinions of other I think it is because of being a centralized exchanges. I also suggest that if you are not happy for the fee It would be better to go on altcoins.

bitcoinst

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Some exchanges have really big fees. In order to reduce it, I use the LTC coin for transfers between exchanges or for withdrawal of payments. That is, I transfer the funds I need to LTC and send them where I need, the fee is minimal.

xenomorphe1

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I agree that some exchanges have outrageous fees. The worst i think is Hitbtc. And with their limit of decimal in trading of BTC to 0.01 BTC or KMD. They are really the worst exchange.
The only good thing there is there trading tools which is not bad and the volume of exchange.
But i suppose that as the withdrawal exchange is very high, people don't want to lose too much money by withdrawing it from their exchange. Or they lose too much money if they try to withdraw their funds.
That's why people are still trading there...

swetas0707

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I agree, the transaction fees are high on exchanges. I would like to say that the transaction fees on exchanges depends on various factors.

One reason is the size of the blockchain. During congestions (when too many transaction in process), miners are preferred transaction that pay higher amount in fees. As we know that a limited no of transaction are processed in a particular time span.
To make sure the transaction went through, exchanges are generally high fees set up.
In addition to that exchanges are also charges their running expanses as well.

How ever things will improve as the exchanges increases.

shirackjs

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There were many complaints about exchange fees too, I read many people are not happy with HitBTC. The fees there are crazy for some coins, I avoid trading in HitBTC if I can. So, it is better to check on withdrawal fees before trading in a new exchange.

5thFear

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Thats very good point that you made. The exchange fees are really very high but there are a few good exchanges which offer low fees withdrawal but the problem with them is that they don't have high liquidity.

Saisher

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The exchange is now a big business in the cryptocurrency if you notice we have at least ten ICO that are exchanges related, and we will have more because it is the most profitable and a real multi-million dollar business, since we many exchange we should only pick exchange that has the best offer.

Ambers

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To say that I very often came across the fact that the cost of withdrawal is very high, but in my practice there were two such cases - one listened to the HitBTC exchange, and the second to the BiteBTC exchange. Both of these exchanges have quite high fees for withdrawal. I was unpleasantly surprised by these circumstances.

Lassie

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I agree that exchanges didn't lower their transaction fee cost from the time when they adjusted it because of transaction fee battle was on and most people are paying high amount of money for each transaction just to get confirmation from the miners and now that required fees are way too low they didn't adjusted it back the way it is before

BADBITCH

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Quote from: bitcoinsc on January 24, 2019, 04:06:07 AM

how is it that every one is complaining about bitcoin high fees etc. but they arent talking about the ridiculous exchange withdrawal fees? these fees cost 10$ usd. that is sky high fees. this is tradesatoshi site. other site were charging alot too. u want to send and receive but these exchanges are making more money that the miners. where are you guys going to send and withdrawing your coins? these exchanges charging a dime for the withdrawal fees is not going to drive up adoption. i rather transact with a visa card. imagine buying some kfc and ur sending bitcoins through but get charge 10$ extra because exchange fees. thats bs.

i believe you are right but there is close to nothing that can be done about that.
Thats why we have centralized and decentralized exchange platforms,

if you day trade a lot, and would love to use a centralized exchange, you had better trade at convenient lower cost exchange or probably make a complain to the exchange support.

Topic: exchange fees that no one talks about - page 4. (Read 587 times)