This is one of the unintended side effects of the blockchain phenomenon; that actually nullifies the original intentions of the creator. It is centralization and even worse the impossibility of an average user without significant wealth to climb onto the bandwagon. If you are exchanging small sums like me; you are liable to pay 30% of your investment to get your coins or tokens to a safer place! Incredible!
Yes it is big business and there are comparatively few businesses where you can make so much money in such a short time. I can well imagine; that their days are numbered; because this is going to motivate developers; interested in decentralization and more universal participation of the peoples of the world to seek alternative ways.
I am astounded that although it is such a big business; we still do not have some kind of a watch dog; an online platform dealing with these exchanges; publishing daily results from their exchange rates. There just does not seem to be any body monitoring them; hardly much user interest either; all are running at breakneck speed to accumulate and trade at any cost; assuming it will all pay back. But that was never the intention of the creators. The main driving force was P2P transactions and and a more decentralized redistribution of wealth; through opening up historically closed gates for the majority of human beings into the secluded financial fortress!
But this all makes one feel that Visa and Pay Pal are after all less greedy than some of these exchanges!
No matter what the reasons, be it the greed of the miners or the heavy costs incurred by the miner (generally exclusive to POW technologies as that of Bitcoin), the manipulation through a new breed of speculators; or the uncontrolled rates imposed by the rather few exchanges; it is not much of competition that these exchanges are confronted with; when you realize that the DLT phenomenon is not restricted to one continent or a nation _ there is apparently not a single exchange in whole Africa!; this is just unashamed and needs to be addressed; just as BCH has addressed some of problems inherent in the good old Bitcoin. Some of these transaction fees may even exceed sometimes the wages of a worker in poor countries! This sure is not the great promise of this otherwise great liberating technology; that has the implicit mission to welcome all the whales and normal fishes into its folds.
Topic: exchanges withdrawal fees are getting insanely high! (Read 232 times)
cryptopia was asking 29 MAID to withdraw 200 - they are over a buck each. thats more than $30!!!
Can someone give list of withdraw fees from highest to lowest with the exchanges?
perhaps centralised exchanges are aware that their days are numbered & ripping off as much as they can while its possible. i also believe that this altcoin boom might not last much longer as BTC is getting rapidly undervalued. will see..
The high transaction charges are not new,had to stop trading alt coins in some exchanges simply because of their high transaction charges one year back and they are still continuing as no one is objecting to it and they are still having plenty of customers ,either everyone has to object and stop trading altogether until they change those tactics by ripping off in the name of transaction charges when the real transaction charges are small .
yes this high.. but only for increasing btc and eth value,,, so you have to pay this if u wanna trade
Since the beginning of January, 2018, fee withdrawal increasingly expensive. I think it happens because the price of the coin (especially bitcoin) who continue to experience increased.
when the value of bitcoin and even other alt coins are going up, then the fee would follows. as far as I know, binance offer cheaper fee if you have BNB. bigger capital means bigger fee. exchange usually have always fixed fee and fee in percentage for every transaction
What about Liqui, for withdraw bitcoin alone is charged a fee of 0.002btc can you compare more expensive where binance or liqui
yes this is expencive , i think is is too much fee. If you are a regulare traders then this is really bad for you, i think you should hold and after long time you can withdraw your money then you can take it easily.
been running through binance & cryptopia picking up few undervalued altcoins.. but when trying to withdraw into wallet i get $10-20 fees on most coins/tokens. in cryptopia im charged 12PBL to withdraw 50PBL - $1.8 each. in binance they want 10ZRX to withdraw 50ZRX - $1.1 each. & these are just some examples across most coins/tokens! dont like to rant much but its absolutely insane! i get it with BTC its costly, but ETH based tokens are about $1 transaction, never mind non-ETH assets.
these are disadvantages that traders are suffering. exchanges are where they created for us to purchase and we can only wise in choosing. I put safety first and largest exchanges choose to accept higher costs. The only way is to believe the exchanges and HODL coin/token. restricting withdrawal coins / tokens from the exchange. I've exchanged bitcoin-> doge and withdraw doge and sell it. costs are reduced quite significantly as btc transaction fee on crytopia is 0.0022
That's one of the problem these days, fees cost too much. However, what's worst is that sometimes after deducting such high fees there will still be a problem with the withdrawal and you got no response from support. 
Converting in a different coin costs time and effort as well, a bit hassle, but despite that, some traders do it to pay lesser fee.
Converting in a different coin costs time and effort as well, a bit hassle, but despite that, some traders do it to pay lesser fee. been running through binance & cryptopia picking up few undervalued altcoins.. but when trying to withdraw into wallet i get $10-20 fees on most coins/tokens. in cryptopia im charged 12PBL to withdraw 50PBL - $1.8 each. in binance they want 10ZRX to withdraw 50ZRX - $1.1 each. & these are just some examples across most coins/tokens! dont like to rant much but its absolutely insane! i get it with BTC its costly, but ETH based tokens are about $1 transaction, never mind non-ETH assets.
This is the time when people will buy more and more altcoins as they know how people are profiting with those. So why would the exchange site lose this opportunity. They will take as much fees as possible and they know that people will surely pay them . This is where business comes into play.
Well I think it's better to pay higher fees and still get the withdraw on time, than to pay no fees, or small ones, and have to wait 12h plus in order to get your coins out. I heard some users are getting their transactions rejected by the network because they are taking to long due to the low fees. Poloniex is still being able to keep low fees and fast transactions though. I don't know how they are doing it, but right now they deserve my "respect" for that.
The exchange that has the worst trading withdrawal fees at the current time is HITBTC. Every time we try to withdraw from there, especially erc20 tokens they charge anything between 50-150 dollars a withdrawal, so unless you have a large amount it is better to convert to something like doge coin then buy the coins you want on other exchanges to extract and place in your wallets. We used to trade PPT token there but now every time you need to pay three PPT which is 120 usd at today's price, we stopped trading it there.
that is absolutely mad. totally unsustainable.
The exchange that has the worst trading withdrawal fees at the current time is HITBTC. Every time we try to withdraw from there, especially erc20 tokens they charge anything between 50-150 dollars a withdrawal, so unless you have a large amount it is better to convert to something like doge coin then buy the coins you want on other exchanges to extract and place in your wallets. We used to trade PPT token there but now every time you need to pay three PPT which is 120 usd at today's price, we stopped trading it there.
haha as the username "all in man" suggests the newcomers have not been shafted yet during this cycle. its a sign of a healthy downturn to come.. too many naive people about in this space.
well...why do u need often withdrawals?? If u are trader no, if u are holder also no. So it should not be a problem for u if u are withdrawing several times in a week
People like to be active with their occasional buys and sells, where they also like to have some sort of comfort and security knowing that if they withdraw their coins, the exchange in question can't do any harm to them anymore.If you think that leaving coins unnecessarily long in your exchange account is the best thing to do, you probably aren't able to calculate the risk of having an exchange get hacked and whatnot.
I always withdrew my crypto coins from exchanges once I was done trading, but I left my fiat always there. Turns out, the fiat I had there was lost once BTC-E was taken down by the US authorities, which is a wise lesson.
well...why do u need often withdrawals?? If u are trader no, if u are holder also no. So it should not be a problem for u if u are withdrawing several times in a week
kucoin fees are cheap at the moment but its probably because they are newish.. seems like once they get big greed kicks in. 0X (ZRX) are working towards creating decentralised platform to exchange ETH tokens within blockchain avoiding exchanges. perhaps centralised exchanges are aware that their days are numbered & ripping off as much as they can while its possible. i also believe that this altcoin boom might not last much longer as BTC is getting rapidly undervalued. will see..
But I don't see why they should nor have to do this. There are more people entering crypto all the time which means tons of demand everyday and it is only increasing. Why now the need to increase prices if anything you should keep them the same and make more money. Increasing the pricing is only going to demand that much of a better service which as we have seen has gone in the opposite direction. Completely messed up business move!
Exchanges have been going to increase the transaction fee. They want to earn more but this changes is disappointed for us because it is expensive. Some exchanges will be follow to increase in the future. I hope it will go back to previous fee.
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