Exchanges are starting to reduce their bitcoin withdrawal fees at last - page 2.

TheQuin

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Quote from: BelieveInBTC on March 02, 2018, 07:12:14 AM

Do you happen to know which exchanges have the lowest withdrawal fee? I think I'm going to switch to another one.

It really changes all the time so you need to have a look around and do a comparison from time to time. Some are using dynamic fees that change from day to day.

Quote from: LtMotioN on March 02, 2018, 07:14:24 AM

Quote from: BelieveInBTC on March 02, 2018, 07:12:14 AM

From the ones I have tried Binance is the cheapest on withdrawls. Others like bitfinex are whale only clubs where you need to deposit 10k USD at least.
To me despite their issues recently Binance remains on top by far.

The 10k limit is for new accounts, they have many customers that are not whales but have had an account for some time. Now the that 'gold rush' of the end of last year is over they may well remove that restriction again.

Quote from: alyssa85 on March 02, 2018, 07:18:43 AM

Bitfinex have also responded and lowered their fees:

https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

Quote

Since SegWit adoption we have managed to decrease our BTC withdrawal fees by 25%, to 0.0006 BTC.

It's higher than the rest, but still, it's progress.

It's not actually as it's dynamic. I'm logged in right now and it is 0.0004BTC. That announcement means they changed the formula to be 25% lower when they started using Segwit.

Ctn

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It all depends on the bitcoin value in the market. And my belief is that this is post effect of market drop since the December month. We experienced huge cash out load in these three months and miner fees were as high as 30 dollars and thus making it difficult for the exchangers to carry out the operation. After the great fall of bitcoin rates whole thing is upside down. The cash out load is really low and there are not many transaction that are going on. Thus making it very cheap for the miners as well as exchangers. Good thing for us anyways.

alyssa85

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Bitfinex have also responded and lowered their fees:

https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

Quote

Since SegWit adoption we have managed to decrease our BTC withdrawal fees by 25%, to 0.0006 BTC.

It's higher than the rest, but still, it's progress.

bololord

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Quote from: alyssa85 on March 02, 2018, 06:55:19 AM

Here is Kraken:

https://twitter.com/krakenfx/status/969341056008454144

Quote

Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001.

And here is Binance:

https://twitter.com/binance_2017/status/969271254959222784

Quote

#Binance is happy to announce a 50% reduction in $BTC withdrawal fees. Effective immediately, BTC withdrawal fees are only 0.0005 BTC!

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

This is a great news, reducing of the fees are quite negotiable to all users who exchange bitcoin. This fees are pretty low than last year, even last month, at last atleast it drops because fees are taking much part from the money intended to withdraw, but do the transactions will still be the same in fluidity ? does it will be going to be slower as fees are dropping ?

LtMotioN

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Quote from: BelieveInBTC on March 02, 2018, 07:12:14 AM

Quote from: TheQuin on March 02, 2018, 07:08:05 AM

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex.

You are right, running a large exchange isn't cheap but they earn a lot of money on commission. So what's the problem then? There are still many exchanges which force you to pay 0.001 BTC for withdrawal and even a deposit fee (HitBTC). They always introduce new fees quickly but they can't remove them as fast as they have implemented them. Do you happen to know which exchanges have the lowest withdrawal fee? I think I'm going to switch to another one.

From the ones I have tried Binance is the cheapest on withdrawls. Others like bitfinex are whale only clubs where you need to deposit 10k USD at least.
To me despite their issues recently Binance remains on top by far.

BelieveInBTC

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Quote from: TheQuin on March 02, 2018, 07:08:05 AM

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex.

You are right, running a large exchange isn't cheap but they earn a lot of money on commission. So what's the problem then? There are still many exchanges which force you to pay 0.001 BTC for withdrawal and even a deposit fee (HitBTC). They always introduce new fees quickly but they can't remove them as fast as they have implemented them. Do you happen to know which exchanges have the lowest withdrawal fee? I think I'm going to switch to another one.

teddy5145

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Quote from: ganlianshifu1 on March 02, 2018, 07:01:30 AM

Thanks to Segwit, the bitcoin transaction fee has finally dropped!

The lightning network has passed the field test, so we certainly hope to launch out of the chain extension solution earlier than originally anticipated, thus bringing a lower fee prospect for all.

Lightning Network are still at its infancy, there is still a lot of testing and changes to be made, but it could be the solution for Bitcoin's scalability problem

On other note, Bitfinex also lowers its Withdrawal fees by 25%
All thanks to Batching, Segwit, and Mempool being empty
https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

What a time to be alive, eh Roll Eyes

TheQuin

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Quote from: alyssa85 on March 02, 2018, 06:55:19 AM

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex (currently 0.0004BTC).

ganlianshifu1

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Thanks to Segwit, the bitcoin transaction fee has finally dropped!

The lightning network has passed the field test, so we certainly hope to launch out of the chain extension solution earlier than originally anticipated, thus bringing a lower fee prospect for all.

alyssa85

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Here is Kraken:

https://twitter.com/krakenfx/status/969341056008454144

Quote

Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001.

And here is Binance:

https://twitter.com/binance_2017/status/969271254959222784

Quote

#Binance is happy to announce a 50% reduction in $BTC withdrawal fees. Effective immediately, BTC withdrawal fees are only 0.0005 BTC!

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

Topic: Exchanges are starting to reduce their bitcoin withdrawal fees at last - page 2. (Read 246 times)