Exchange Transfer Services | Bitcointalksearch.org

bitmover

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Quote from: Little Mouse on December 19, 2020, 06:49:25 AM

Is there any services which provide internal fund transfer? For example, imagine, I want to send 0.002 BTC to Binance from Kucoin. The fee is 0.0005 BTC which doesn’t make any sense to pay for 0.002 BTC.

You can convert your bitcoin to xrp and withdrawal it for 0.25xrp fee. The transaction is nearly instantaneous. When it arrives in bitcoin, just convert again to btc.

You can also convert your balance to another coin, such as usdt or busd which have a low fee as well (about 0.25 usd)

This is what I do when withdrawing from binance

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Quote from: Little Mouse on December 23, 2020, 11:15:27 PM

Kucoin allows. When you send fund to kucoin user address from Kucoin exchange, they will detect it as internal transaction automatically and won't charge any more fees.

Binance does this as well. At least for the recent BNB withdrawal I made to another Binance exchange owner. Apparently, they can detect that the address generated is part of Binance exchange addresses, and they won't charge you any withdrawal fee.

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Quote from: o_e_l_e_o on December 20, 2020, 05:21:39 AM

I'm not aware of any other major exchange which has this functionality.

Kucoin allows. When you send fund to kucoin user address from Kucoin exchange, they will detect it as internal transaction automatically and won't charge any more fees.

Quote from: Bitcoin_Arena on December 22, 2020, 02:34:20 PM

To dodge the high withdrawal fees of Bitcoin and ETH, I first convert BTC to alt coins with cheaper withdrawal fees like EOS, LTC, XRP then withdraw them into another exchange like Kucoin where I can then exchange them back into Bitcoin.

If you are sending from kucoin, usdt is the best. It doesn’t charge a withdraw fee. This is one solution I got but not all the exchanges allow TRC20 usdt, Binance for one.

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Quote from: Little Mouse on December 19, 2020, 06:49:25 AM

Is there any services which provide internal fund transfer? For example, imagine, I want to send 0.002 BTC to Binance from Kucoin. The fee is 0.0005 BTC which doesn’t make any sense to pay for 0.002 BTC. But if there is someone with an account in both exchanges can transfer to my Binance account from his Binance account, and receive slightly higher amount from my Kucoin account to his Kucoin account, the fee would be saved. I know this will be good for only a small group of people who actually are very small traders.
Is there any such services?

Coinbase, Xapo and Coinjar come to mind for same-platform fee free transfers, with Coinjar being an Australian firm so I'm not sure whether that would benefit you at all.

Pretty much, if a company offers a hosted wallet service whereby you do not control your own private keys, then it is very likely that they will offer off-chain transfers that incur no fees if done to another client.

But you'd have to balance the costs with the benefits. You forgo a degree of control over your own coins by doing this as you do not have control over your private key, and wallet-exchanges generally present less favourable exchange rates compared to actual exchanges themselves.

I'm not aware of any cross-platform services like this though (e.g. going from Polo to Bittrex without fees, or Kucoin to Binance). You could possibly negotiate on P2P channels if the exchange that you deal with have an off-chain transfer option, but that comes with an even higher counterparty risk.

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Quote from: Bitcoin_Arena on December 22, 2020, 02:34:20 PM

To dodge the high withdrawal fees of Bitcoin and ETH, I first convert BTC to alt coins with cheaper withdrawal fees like EOS, LTC, XRP then withdraw them into another exchange like Kucoin where I can then exchange them back into Bitcoin. The total transaction fee plus trading fee you will use will be way much lower than the Bitcoin withdrawal fee.

Currently this is only suitable situation for OP because no other way from where he can do this all easily he try to have LTC and then exchange from Binance to Kucoin without any trouble as litcoin fees is very cheap instead of Bitcoin and Ethereum.

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To dodge the high withdrawal fees of Bitcoin and ETH, I first convert BTC to alt coins with cheaper withdrawal fees like EOS, LTC, XRP then withdraw them into another exchange like Kucoin where I can then exchange them back into Bitcoin. The total transaction fee plus trading fee you will use will be way much lower than the Bitcoin withdrawal fee.

Maus0728

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Have you gone past your transfer issues?

As far as I know, there is currently no services that offers a transfer between 2 exchanges unless otherwise you ask for a favor to your cryptocurrency peers or friends who also has a binance and kucoin account or maybe just post your request to Currency Exchange board. If in any case those two options didn't work, you can just find an altcoin who has a lower fees and faster confirmation times.

However, it would be a tedious calculation to make sure that you are not paying more than the usual withdrawal fees + transaction fees since converting your BTC to another coin also requires exchange fees.

o_e_l_e_o

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Binance allow this as stated above.
Coinbase also allow this, calling them "Instant Sends" or "Off-chain sending": https://help.coinbase.com/en/coinbase/trading-and-funding/sending-or-receiving-cryptocurrency/instant-sends
I'm not aware of any other major exchange which has this functionality. Hopefully as more exchanges start to adopt Lightning, transferring between exchanges will become significantly cheaper.

There is a page on the Bitcoin Wiki regarding this, but unfortunately it hasn't been updated in 4 years: https://en.bitcoin.it/wiki/A2A_Transfer_Methods

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Internal transfers within the exchange are not real transactions. Like internal transactions between clients of the same bank .
I think that such a service won't exist because its provider has to open accounts in many exchanges and fill them with big money to be able to fill balances of his clients .
No way to transfer money between exchanges, just withdraw from one to deposit for another. Better not to withdraw directly from an exchange to your deposit address from another exchange .

joniboini

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I don't recall any dedicated services for something like that. You probably can make a P2P deal though, such as posting your request on the Services board.

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Fortunately for you Binance actually supports internal fund transfers. Zero fees, too.

https://www.binance.com/en/support/articles/360037037312-How-to-Make-Internal-Transfer-within-Binance

As for fast and cheap transfers between exchanges, I’m pretty sure it doesn’t exist yet. Though this is what Blockstream Liquid is trying to solve: https://blockstream.com/liquid/

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Is there any services which provide internal fund transfer? For example, imagine, I want to send 0.002 BTC to Binance from Kucoin. The fee is 0.0005 BTC which doesn’t make any sense to pay for 0.002 BTC. But if there is someone with an account in both exchanges can transfer to my Binance account from his Binance account, and receive slightly higher amount from my Kucoin account to his Kucoin account, the fee would be saved. I know this will be good for only a small group of people who actually are very small traders.
Is there any such services?

Topic: Exchange Transfer Services (Read 206 times)