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Topic: excuse me what the fuck? (Read 128 times)

pugman

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Quote from: logfiles on February 19, 2021, 06:36:55 PM

I don't know how many times I have sang about HitBTC's obscene withdrawal fees. I used them before but after realizing that their withdrawal fees are way out of the league (alongside yobit) compared to other exchanges, I withdrew all my money and never used them again. Just like I was, you are very lucky that they have never asked you to carry out KYC verification. When they do, be very sure that 98%, you won't able to recover your money.
The KYC procedure is designed to ensure that you just give up on recovering your assets. Just check out their ANN thread and see how many complaints are in there.

Edit:

They only way I withdrew cheaply was through EOS. They still charge 0.01 EOS(~0.05 USD) for withdrawal. Convert all your assets to EOS then withdraw. You can convert them back afterwards to your prefered coin in another exchange/swap service

That is exactly what I was thinking right now, thanks for this regardless!

Quote from: RickDeckard on February 19, 2021, 06:25:04 PM

Quote

I have a question though, I tried to read about it but didn't really get much info. So is the fees charged affected by whether or not you have submitted KYC or whitelisted the addresses in HitBTC?

I haven't found information regarding such exceptions. All the information that I do find goes in line with the previous information shared in my quote. I also share the same warnings that The Pharmacist shared : Their Reddit Sub is filled with complaints, accusations and support tickets that go untanned (so far). If you have considerable funds in there perhaps it would be wise to get them out while you can (and sadly pay the high price ...)

Yeah don't worry I am getting those funds out as soon as possible! Thanks for everyone's help!

I will keep this thread open for a bit in case anyone else wants to add in some valuable point.

logfiles

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I don't know how many times I have sang about HitBTC's obscene withdrawal fees. I used them before but after realizing that their withdrawal fees are way out of the league (alongside yobit) compared to other exchanges, I withdrew all my money and never used them again. Just like I was, you are very lucky that they have never asked you to carry out KYC verification. When they do, be very sure that 98%, you won't able to recover your money.
The KYC procedure is designed to ensure that you just give up on recovering your assets. Just check out their ANN thread and see how many complaints are in there.

Edit:

They only way I withdrew cheaply was through EOS. They still charge 0.01 EOS(~0.05 USD) for withdrawal. Convert all your assets to EOS then withdraw. You can convert them back afterwards to your prefered coin in another exchange/swap service

Little Mouse

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Token transfer on ethereum chain has been very expensive now, a tx on a DEX like uniswap requires 15-20 usd fees in average. This can be a reason for proportionally charging high fees but the amount is damn high. It doesn’t make any sense to charge this huge amount.

RickDeckard

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Quote

I have a question though, I tried to read about it but didn't really get much info. So is the fees charged affected by whether or not you have submitted KYC or whitelisted the addresses in HitBTC?

I haven't found information regarding such exceptions. All the information that I do find goes in line with the previous information shared in my quote. I also share the same warnings that The Pharmacist shared : Their Reddit Sub is filled with complaints, accusations and support tickets that go untanned (so far). If you have considerable funds in there perhaps it would be wise to get them out while you can (and sadly pay the high price ...)

pugman

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dogs are cute.

Quote from: RickDeckard on February 19, 2021, 04:38:10 PM

~~

Dude, I don't think the fees were THIS expensive couple years ago, like I am pretty damn sure. It wasn't this bad. Like it used to be 10$-20$ at MOST. Now its just disgustingly gross.

I have a question though, I tried to read about it but didn't really get much info. So is the fees charged affected by whether or not you have submitted KYC or whitelisted the addresses in HitBTC?

Quote from: The Sceptical Chymist on February 19, 2021, 04:50:11 PM

Jesus, that sounds like something Yobit would do. 0.0009BTC might have been reasonable a few months ago, but right now it's quite a bit of change as you pointed out.

Not sure about CVC, though, and why that withdrawal fee is so high. One thing I'm pretty sure of is that HitBTC has been shown to be a scam exchange. I just posted once or twice about them not so long ago as being one of the scam exchanges that Curecoin is listed on. You might not have used them in a while and might not be aware of how bad their reputation has gotten--and I seriously doubt they're going to lower that CVC withdrawal fee, which is outright ridiculous.

You are right, I haven't used them in a long time. But this is shitty business from hitBtc. To think they were one of the top 10 exchanges couple years ago to now. fucking clowns. 🤡

The Sceptical Chymist

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Jesus, that sounds like something Yobit would do. 0.0009BTC might have been reasonable a few months ago, but right now it's quite a bit of change as you pointed out.

Not sure about CVC, though, and why that withdrawal fee is so high. One thing I'm pretty sure of is that HitBTC has been shown to be a scam exchange. I just posted once or twice about them not so long ago as being one of the scam exchanges that Curecoin is listed on. You might not have used them in a while and might not be aware of how bad their reputation has gotten--and I seriously doubt they're going to lower that CVC withdrawal fee, which is outright ridiculous.

RickDeckard

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It seems you're not the only one thinking about that issue. Sadly it seems that this has been going for a while now :

According to a (supposed) representative of them, this is the main reason for the high fees[1]:

Quote

Our commissions are flat and do not depend on the number of funds withdrawn, that's why our financial team adjusts them in accordance with the market situation.

We've appreciated your feedback on the matter and will surely convey this to the rest of our team.

Most traders have absolutely no trouble passing the KYC once they are able to provide us with the requested data and they are always more than welcome to contact us anywhere if they have any additional questions.

Perhaps waiting for a better period of time in order to withdraw? Sadly it doesn't seem like the exchange will adjust the fees mainly due to the fact that despite all this "hate" towards the fees they've kept them high throughout the years ...

EDIT: Your thread title just made me remember this incredible short video - https://www.youtube.com/watch?v=XaKgRe6GuUQ

Thank you for the (re) laugh !

[1] https://www.reddit.com/r/SubstratumNetwork/comments/b2yi4s/dont_use_hitbtc_insane_withdrawal_fees_and/

pugman

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I just opened my hitbtc account to check for my funds I had kept ages ago, only to find out their fees is fucking HORRIBLE???

They are asking me 80$ for withdrawal fees for CVC and 50 USD for btc? Hello what? Its even more worse for some other alts.

Is there a genuine reason behind such a huge fees difference?

Temp solution to anyone who's going through this pain:

Quote from: logfiles on February 19, 2021, 06:36:55 PM

Edit:

They only way I withdrew cheaply was through EOS. They still charge 0.01 EOS(~0.05 USD) for withdrawal. Convert all your assets to EOS then withdraw. You can convert them back afterwards to your prefered coin in another exchange/swap service

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