fees are very high | Bitcointalksearch.org

jossiel

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Quote from: royalfestus on June 07, 2024, 04:16:42 PM

Does Poloniex still maintain a high volume of trade and active users?

Base from this data: https://coinmarketcap.com/exchanges/poloniex/

They are having a $642M of 24-hour volume. I don't know if that's the average but I think this data is from their most recent 24 hours tracking.

And base from coingecko: https://www.coingecko.com/en/exchanges/poloniex

It's not that far with the data that coinmarketcap is telling as with them, it's $654M.

Quote from: royalfestus on June 07, 2024, 04:16:42 PM

Is the exchange still adding new tokens? I haven't seen any projects mention listing on Poloniex for over three years now.

They do.

Check their listing page: https://support.poloniex.com/hc/en-us/sections/360006455214-New-Coin-Listings

royalfestus

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Quote from: stompix on May 31, 2024, 08:17:25 AM

Yeah, the fees in Poloniex are so fixed that they match the price of Bitcoin when they got hacked!
But, 1btc=1btc so, no point arguing over that, right?

Does Poloniex still maintain a high volume of trade and active users? Is the exchange still adding new tokens? I haven't seen any projects mention listing on Poloniex for over three years now.

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Quote from: EarnOnVictor on June 04, 2024, 09:25:10 AM

Quote from: Laura2003 on May 31, 2024, 07:52:10 AM

i have some crypto on poloniex, i was looking to send some crypto i saw fees like:
btc:240$
usdc: 12$
dogecoin: 3.23$
shib: 6.26$

i am looking to send 5$ through crypto, is this normal these days?

What!!! This is insane and it better mean a different thing. Are you sure you checked this value very well and what they are meant for? Maybe you have mistaken them for the minimum amount that can be sent through certain means. However, if this is true, then you should know that it is extortion, and perhaps they do not want you to withdraw your money ever again.

I have never used the exchange and this thing we see simply like this may even play through with some customers who didn't know the fees chargeable but just made the transaction as fast as possible and were charged $240 for BTC transactions when the mempool is not congested.

This is inane and I hope it is not true. Why not trash it with the support to know if it is true or some sort of error, as I do not know how an exchange will compete with the prevailing market by discouraging customers and intending ones this way.

Withdrawal fee and transaction fee are different and every exchange has their own way of calculating withdrawal fee which will be way higher than the TX fee that we could pay using actual wallet instead of exchanges. And this is another reason why someone shouldn't use exchange as their wallet.

Besides there are some better exchange out there with cheap fee structure definitely a lot less than $200.

dkbit98

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Quote from: Saint-loup on June 06, 2024, 03:58:59 PM

When you make a withdrawal through an exchange you don't need to worry about that, and usually wallets compute gas themselves in addition, anyway it could never reach $240. I use this blockchain to withdraw USDT from exchanges and casinos usually (when Polygon is not available) and fees have always been lower than Ethereum blockchain for me. Here he wouldn't even need to use a wallet since he can make his withdrawal directly to his Huobi deposit address if he wants.

Read correctly what I wrote please.
I said that you will have to think about moving those tokens later, so if you don't have tron, ethereum and similar shitcoins, you are stuck with all stable tokens in non-custodial wallet.
In case with tron blockchain you can even be stuck with usdt even if you have tron, but you don't have energy bandwidth and crap like that.

Saint-loup

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Quote from: dkbit98 on June 03, 2024, 04:25:46 PM

Quote from: Saint-loup on June 01, 2024, 03:59:23 PM

Actually you can withdraw your BTCs through the TRON network there, the withdrawal fees will be even lower than a random on-chain BTC transaction fee.

This is not a real Bitcoin and I would never suggest anyone to withdraw bitcoin as token on alternative blockchain, especially not on something like tron chain!
People can easily get trapped in their stupid fee system with energy power bandwidth stacking crap, and they would have to pay more fees than on bitcoin main-chain.

When you make a withdrawal through an exchange you don't need to worry about that, and usually wallets compute gas themselves in addition, anyway it could never reach $240. I use this blockchain to withdraw USDT from exchanges and casinos usually (when Polygon is not available) and fees have always been lower than Ethereum blockchain for me. Here he wouldn't even need to use a wallet since he can make his withdrawal directly to his Huobi deposit address if he wants.

EarnOnVictor

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Quote from: Laura2003 on May 31, 2024, 07:52:10 AM

i have some crypto on poloniex, i was looking to send some crypto i saw fees like:
btc:240$
usdc: 12$
dogecoin: 3.23$
shib: 6.26$

i am looking to send 5$ through crypto, is this normal these days?

What!!! This is insane and it better mean a different thing. Are you sure you checked this value very well and what they are meant for? Maybe you have mistaken them for the minimum amount that can be sent through certain means. However, if this is true, then you should know that it is extortion, and perhaps they do not want you to withdraw your money ever again.

I have never used the exchange and this thing we see simply like this may even play through with some customers who didn't know the fees chargeable but just made the transaction as fast as possible and were charged $240 for BTC transactions when the mempool is not congested.

This is inane and I hope it is not true. Why not trash it with the support to know if it is true or some sort of error, as I do not know how an exchange will compete with the prevailing market by discouraging customers and intending ones this way.

dkbit98

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Quote from: Saint-loup on June 01, 2024, 03:59:23 PM

Actually you can withdraw your BTCs through the TRON network there, the withdrawal fees will be even lower than a random on-chain BTC transaction fee.

This is not a real Bitcoin and I would never suggest anyone to withdraw bitcoin as token on alternative blockchain, especially not on something like tron chain!
People can easily get trapped in their stupid fee system with energy power bandwidth stacking crap, and they would have to pay more fees than on bitcoin main-chain.

CryptSafe

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Quote from: Laura2003 on May 31, 2024, 08:26:08 AM

i only wanted to make a payment with crypto of 5$, but i was dissapointed when i saw the fees
Can you recomand me something where kyc is not required, i don't want to post my evrywhere online, i saw these exchanges can get hacked .
Or is better in a cold wallet ?
i am not gonna spend money for hardware wallet, i have around 1k$ worth , so dosen't worth buy hardware wallet.
How much is normal to pay fees?

Such a fee is exorbitant compared to what is at hand. I was wondering if the exchange is looking for means to compensate for their lapses through fees or what. I understand that sometimes network fees could be that high but not now currently. Such fee is too outrageous.

I see you want a KYC free exchange which you can see that on my signature space. You can try it out and see for yourself how perfectly well it works.

tabas

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You have to convert it to an altcoin for the cheaper fee, so selling/converting your BTC for an altcoin like LTC so you can skip that withdrawal fee of BTC on that exchange. And then, from there use an exchanger again like exch.cx so you can withdraw that LTC there and convert it back to BTC to your own wallet that you'll make through Electrum. If you want to keep that at least for now after paying that $5 which will cost you about 16 sats/vB for transferring that from Electrum to your receiver.

Saint-loup

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Actually you can withdraw your BTCs through the TRON network there, the withdrawal fees will be even lower than a random on-chain BTC transaction fee. It would cost you 0.00004 BTC IIRC. I don't know many exchanges accepting BTC on Tron(TRC20) but as far as I know Huobi(HTX) is one of them. There (real) BTC withdrawal fees are way lower than Poloniex and you don't need any KYC to register there as Poloniex. So it can be a rather simple solution for people who don't want to convert their BTC into another cryptocurrency in order to be able to withdraw them.

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Quote from: Laura2003 on May 31, 2024, 08:26:08 AM

i only wanted to make a payment with crypto of 5$, but i was dissapointed when i saw the fees
Can you recomand me something where kyc is not required, i don't want to post my evrywhere online, i saw these exchanges can get hacked .

You can use https://exch.cx to convert between bitcoin and some altcoins. without any kyc and very good and fast. I recommend.

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Quote from: Laura2003 on May 31, 2024, 07:52:10 AM

i have some crypto on poloniex, i was looking to send some crypto i saw fees like:
btc:240$
usdc: 12$
dogecoin: 3.23$
shib: 6.26$

i am looking to send 5$ through crypto, is this normal these days?

you need a wallet like a trezor.

sending coins cheap is not easy on a lot of exchanges.

I know you think a hardware wallet is not worth owning because you only have $1000 worth of coins.

PX-Z

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Quote from: Oshosondy on May 31, 2024, 08:06:40 AM

Quote from: OmegaStarScream on May 31, 2024, 07:53:55 AM

240$ fees to withdraw bitcoin? You may want to switch to another exchange.

I used an email and password to register just now to confirm this. This is what I found out:

The hell is that amount lol. Is this new withdrawal fee from them or it's really the withdrawal fees since then? Other CEX might require higher fees especially if network is congested but it's not the case here.

Better to use XRP or USDT (TRC20) for cheaper fees, but since it's an exchange that asks shitty fees, idk how much is the fees for this coins too.

Zaguru12

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Quote from: Laura2003 on May 31, 2024, 08:26:08 AM

i only wanted to make a payment with crypto of 5$, but i was dissapointed when i saw the fees
Can you recomand me something where kyc is not required, i don't want to post my evrywhere online, i saw these exchanges can get hacked .
Or is better in a cold wallet ?
i am not gonna spend money for hardware wallet, i have around 1k$ worth , so dosen't worth buy hardware wallet.
How much is normal to pay fees?

The platform you are going to make payment to will definitely determine the choose of network to use for the payment so check the platform or store and see the networks they accept and then you can make payments in any network that actually is lower. Fro moving from exchange to exchange I would say the likes of Solana, Arbitrium, polygon and Tron can be use, recently self the TON network is even free for network fees you can make use of that also.

If you’re not gonna spend for hardware there are definitely some self custodial wallets that you can use. As for the normal fees there is no exact amount to be paid it depends on the time you want to use the network and how congested there, so make sure to check the fees first before going Ahead to make payment

Quote from: dzungmobile on May 31, 2024, 08:54:11 AM

Use Electrum wallet with either a single signature wallet or multisig wallet. Use strong password for your wallet (single signature wallet or co-signer wallets).

I prefer to use single signature wallet with strong password than multisig wallet because it will cost me me fee.

Aside the extra fees for multi sig wallet I don’t recommend the use of it if the both co-signer seeds are using one device. Using a single device defeats the purpose of multi sig so if that’s the situation then it is just much better to add passphrase or password to the wallet

Dunamisx

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Quote from: Laura2003 on May 31, 2024, 07:52:10 AM

i have some crypto on poloniex, i was looking to send some crypto i saw fees like:
btc:240$
usdc: 12$
dogecoin: 3.23$
shib: 6.26$

i am looking to send 5$ through crypto, is this normal these days?

If the network is that congested and you have seen that from the mempool, i will advise that you suspend making your transaction for now till everything come down, which means you will have to keep an eye on the mempool to know about this, also, if we are considering the amount of money involved, most exchanges supports for $10 and above as minimum withdrawal rate.

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No point trying to get the $5 out of their exchange. It's an indirect scam to force users to forget small amounts which are not practical to withdraw.
To get your $5 you'll need to switch to a different network which will still take ~65% of the entire stash. You'll be left with $1.77 (including any internal charge they'll take on swapping). Moving to the other exchange you'll still pay a fee to withdraw after converting back to BTC.

Just go for a more reputable exchange with less fees and no KYC.

Quote from: Laura2003 on May 31, 2024, 08:26:08 AM

Or is better in a cold wallet ?
i am not gonna spend money for hardware wallet, i have around 1k$ worth , so dosen't worth buy hardware wallet.

Cold wallet is the most secure option, but you are pretty good with a non custodian exchange that's open source. You just harebto apply strick security protocols.

Quote from: Laura2003 on May 31, 2024, 08:26:08 AM

How much is normal to pay fees?

From an exchange or network fees?

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Quote from: Laura2003 on May 31, 2024, 07:52:10 AM

i have some crypto on poloniex, i was looking to send some crypto i saw fees like:
btc:240$
usdc: 12$
dogecoin: 3.23$
shib: 6.26$

i am looking to send 5$ through crypto, is this normal these days?

$240 is too high for a withdrawal. If I can't make a decision to keep it attractive to using the Bitcoin network except the option that I will use is to convert everything to Dogecoin if the withdrawal fee is $3.23.

Poloniex Exchange that I have never used. Even though I have never used it, if the conditions are like that, just do as we have suggested and leave the exchange as examplens said forever.

Cryptoababe

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You can try use different blockchain to withdraw from the exchange. Fees depends on the kind of blockchain network you choosed. Although, these fees are to high and cant be compared to the exchange I use. If you are able to withdraw your 5 usd, you can try another CEX.

dkbit98

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Quote from: Laura2003 on May 31, 2024, 07:52:10 AM

i have some crypto on poloniex

You don't have any crypto, Poloniex exchange have it Tongue

I am not sure what fees they are charging but it's surely not 240$ for bitcoin.

Quote from: Laura2003 on May 31, 2024, 07:52:10 AM

i am looking to send 5$ through crypto, is this normal these days?

It is more than normal if you are using non-custodial wallets, and when you don't have to depend on centralized exchanges to allow or not allow withdrawal.

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Quote from: hosseinimr93 on May 31, 2024, 08:47:03 AM

Even if you don't want to use a hardware wallet for any reason, you don't have to keep your fund on an exchange.
You can use non-custodial wallets and have full control over your fund.

It's recommended to use a trustworthy open-source non-custodial wallet.
If you are on desktop, I recommend you to use electrum or Sparrow and if you are an mobile, I recommend you to use electrum or bluewallet.

Use Electrum wallet with either a single signature wallet or multisig wallet. Use strong password for your wallet (single signature wallet or co-signer wallets).

I prefer to use single signature wallet with strong password than multisig wallet because it will cost me me fee.

I don't recommend OP to use 2FA wallet in Electrum because extra fee will be paid to Trusted coin.

Topic: fees are very high (Read 248 times)