Free Withdrawals Exchanges | Bitcointalksearch.org

Darker45

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Quote from: noorman0 on September 04, 2023, 03:18:32 AM

If an exchange implements such cheap fees, can I think that it will end up like FTX?

Nope. Of course, not. Any centralized exchange can end up like FTX. That's a given. But it's not because they offer cheap fees, even free withdrawal fees. Offering cheap or free withdrawal fee isn't at all an indication that it is poorly run like SBF did with FTX. Such offering is purely to attract users and to compete against other exchanges. But, again, any exchange can fuck up anytime!

Quote

I haven't found anything else so far and you should still be careful with these kinds of offers in the future, you will have a lot of research to do especially what businesses the founder of the company is doing backstage.

Well, I don't think these kinds of offers are necessarily red flags. They're not suggestive of how the platform is being ran. I guess the best way is to suspect all centralized exchanges.

Whatever the founder is doing backstage could be beyond our reach. Cheap or free fees can't give us any idea. FTX users probably didn't know that SBF was buying expensive yacht and sprawling mansions and squandered money on gambling before the exchange collapsed. QuadrigaCX users probably didn't know that Cotten was travelling lavishly around the world, lost millions in trades, and bought luxurious vehicles before the exchange went bankrupt. So, I don't know if we can research these facts.

jrrsparkles

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Free/cheap withdrawals are nothing but a strategy to attract more users, once they reach certain heights they will add the fees because nothing comes free unless they have a reap on it. But the good thing is now many exchanges support deposit and withdrawal of bitcoins via lightning which means cheaper a lot cheaper to be honest.

You can find exchanges that supports LN : https://lightningnetworkstores.com/?tags=exchange

Keep in mind some exchanges only support LN deposits only so before depositing BTC there is DYOR to know everything you need to,

sunsilk

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While it's such a good incentive when an exchange allows free withdrawal and just as what FTX did. Because I have seen exchanges, the unpopular ones of having crazy BTC withdrawal fees but with altcoins, they're not that expensive at all.

However, I agree with rikafp about it that it could have been a tactic of theirs and just getting the rapport with its users before it has finally activated its plan to get doomed.

Well, it's really missing when you get used to it but what's good today is that we already have an idea on how an exchange plays to be a sheep before it transforms into a wolf.

GreatArkansas

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Quote from: noormcs5 on September 03, 2023, 10:25:04 AM

(....)
After that FTX Scam, I really missed that feature as I do not know any other exchange that will allow free withdrawals. If anyone knows the exchange where the withdrawal is free or is lowest, please share.

I miss this good old days, lol. I believe all of the fees are being shouldered by these kinds of exchanges, especially FTX exchange where their revenue is high, these transaction fees on withdrawals are only cents for them, it does not matter. They were unique exchanges before because of withdrawal fees were almost free and fast.

noorman0

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[Nope]No hype delivers more than hope

Quote from: ltcrstrbrt on September 04, 2023, 02:35:15 PM

Quote from: noorman0 on September 04, 2023, 03:18:32 AM

If an exchange implements such cheap fees, can I think that it will end up like FTX?

Not with the low/cheap fees was the problem when we talking about FTX.. ( when you use fractional reserve spending customers' money...).

Low fees are a fundamental policy as most studies reveal that the main income of exchange businesses is from service fees.

When talking about FTX in its heyday, it is obvious that they spent a lot of operational costs while they offered unreasonable fees. If FTX never collapses, then we don't know of SBF's side businesses with customer money which can lead us to the conclusion that there are other incomes that are bigger than charging fees to customers.

bitmover

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Quote from: noormcs5 on September 03, 2023, 10:25:04 AM

The best thing about FTX (one of the reasons that i was using that exchange) was that it allowed free withdrawal of Bitcoins and all other cryptocurrencies. This was really helpful as sometimes you have to send small amounts of bitcoins and you do not need to pay any fees if you use the FTX exchange.

After that FTX Scam, I really missed that feature as I do not know any other exchange that will allow free withdrawals. If anyone knows the exchange where the withdrawal is free or is lowest, please share.

Btc withdrawals are always expensive.

My suggestion is that you convertt your btc to xrp or ltc when transferring money between exchanges. Xrp /ltc withdrawals are nearly free in most exchanges.

If you need to withdrawal btc, you always have to pay a small amount

ltcrstrbrt

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Quote from: noorman0 on September 04, 2023, 03:18:32 AM

If an exchange implements such cheap fees, can I think that it will end up like FTX?

Not with the low/cheap fees was the problem when we talking about FTX.. ( when you use fractional reserve spending customers' money...).

ajiz138

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Quote from: noormcs5 on September 03, 2023, 10:25:04 AM

The best thing about FTX (one of the reasons that i was using that exchange) was that it allowed free withdrawal of Bitcoins and all other cryptocurrencies. This was really helpful as sometimes you have to send small amounts of bitcoins and you do not need to pay any fees if you use the FTX exchange.

I felt the benefits of that feature from FTX when making free BTC and ETH withdrawals which at that time gwei was rising so the solution was from FTX.
We are too caught up with these offers to realize that it is a trap where they will come out as scammers. Shit

Quote from: noormcs5 on September 03, 2023, 10:25:04 AM

After that FTX Scam, I really missed that feature as I do not know any other exchange that will allow free withdrawals. If anyone knows the exchange where the withdrawal is free or is lowest, please share.

I won't fall for it again even if there are exchanges that offer the same thing as FTX, it doesn't make sense when it's their profit from users.

I will be more thorough.

dkbit98

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Quote from: noormcs5 on September 03, 2023, 10:25:04 AM

After that FTX Scam, I really missed that feature as I do not know any other exchange that will allow free withdrawals. If anyone knows the exchange where the withdrawal is free or is lowest, please share.

eXch exchange doesn't charge any extra hidden withdrawal fees except transaction fees ^{(you can find links in my signature)}, and you don't have to register for account or pass kyc verification.
Other decentralized exchanges like Bisq also don't have any withdrawal fees, and you can trade Bitcoin with fiat currencies.

For big centralized exchanges it doesn't make any sense to have no withdrawal fees like ftx scam, unless you are using Lightning Network withdrawals.

There is one website I used before to find lowets withdrawal fees for Bitcoin, but I am not sure how accurate it is right now:
https://www.cryptofeesaver.com/exchanges/fees/coins/bitcoin

traderethereum

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That will create worry because we don't know how long they will maintain their services.
Everyone knows that when we want to make a transaction, costs will be incurred.
Either the fee must be deducted directly from the amount of money or it will be charged again before the transaction is processed.
But I would rather pay the fee than be free, especially since we learned a lesson from the FTX Scam.

noorman0

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[Nope]No hype delivers more than hope

If an exchange implements such cheap fees, can I think that it will end up like FTX?

I haven't found anything else so far and you should still be careful with these kinds of offers in the future, you will have a lot of research to do especially what businesses the founder of the company is doing backstage.

Rikafip

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Quote from: virasog on September 03, 2023, 08:55:40 PM

So you mean that this FTX Scam was planned years before when Sam Bankman Fried, the founder of FTX launched the exchange with free withdrawals?

Nope, that's not what I meant as I have no idea whether Sam premediated all this, or things get out of hand due their incompetence. All I am saying is that people should be very careful when new exchange shows up that offers something that no other exchange does.

Quote from: virasog on September 03, 2023, 08:55:40 PM

Yeah, but now we have become intelligent with experience and can use the free product intelligently.

I don't think that people generally learned anything from FTX fiasco as this is not the first time something like this happened (read Mt.Gox) and soon all this will be forgotten (if it wasn't already). For example, I know some people (that are crypto veterans btw) that lost money in both Celsius and FTX and they still have considerable amount of money on Binance.

virasog

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Quote from: Rikafip on September 03, 2023, 10:44:48 AM

Yep, that was their tactic to get as much users as possible and we all know how that ended up so I am not sure I would use any new exchange in the future that has completely free withdrawals. You know what they say, "If something is free, you're the product".

So you mean that this FTX Scam was planned years before when Sam Bankman Fried, the founder of FTX launched the exchange with free withdrawals?
I just can't imagine how people think and plan to scam people while if they spend the same energies in a positive way, people like SAM could make exchanges / products even better than Binance. But unfortunately, they opt the wrong way.

Quote from: Rikafip on September 03, 2023, 10:44:48 AM

so I am not sure I would use any new exchange in the future that has completely free withdrawals. You know what they say, "If something is free, you're the product".

Yeah, but now we have become intelligent with experience and can use the free product intelligently. Don't keep the funds on the free withdrawal exchanges but only move a certain amount of funds if you want to pay to a few different people and avoid the fee. There can be many use cases for the free withdrawal exchange.

AbuBhakar

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Quote from: Ultegra134 on September 03, 2023, 11:15:25 AM

Fees are probably the main source of income for an exchange; it'd be a red flag if an exchange had significantly low or zero fees. Binance, for instance, has pretty low fees, especially compared to other exchanges I've used, such as Bitstamp and Coinbase, but also offers a great deal of investment products; it's not an ordinary exchange.

Trading fee is the main source of income lf exchange while withdrawal fee contributes a little profit since user only offers this feature not frequently because most the exchange userleave coins on exchange as common beginners mistake.

FTX offers that free withdrawal since they benefit on many new users that use that exchange that purchase their tokens $FTT to reduce transaction fee. $FTT tokens pump hard due to the hype on the exchange which SBF use to steal money by liquidating $FTT assets. You’re right that anyone offering free in crypto surely have something behind.

Rikafip

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Quote from: Ultegra134 on September 03, 2023, 11:15:25 AM

Hmm, possibly one of the reasons it went downhill.

Nah, no withdrawal fees was just the way to get as many users as possible, which worked pretty good for them, along with no KYC up to certain amount. The reason why FTX down was the fact that Sam & Co used exchange as their own personal piggybank, financing all kinds of crap.

Quote from: stompix on September 03, 2023, 11:26:10 AM

They did almost everything to get more and more users fast, common tactic, some list shitcoins to target specific groups, some make trading fees as low as possible some question how they even run business, and get them to zero for VIP like mexc has been doing for almost half a year now and so on. Not that fees can't be lower than what some were charging like Binance was doing, but too many freebies should be a warning sign.

And they did such a good job that they were called new Binance, since they also appeared seemingly out of nowhere and in relatively short period of time were one of the biggest exchanges around.

stompix

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Quote from: Rikafip on September 03, 2023, 10:44:48 AM

Yep, that was their tactic to get as much users as possible and we all know how that ended up so I am not sure I would use any new exchange in the future that has completely free withdrawals. .

They did almost everything to get more and more users fast, common tactic, some list shitcoins to target specific groups, some make trading fees as low as possible some question how they even run a business, and then get them to zero for VIP like mexc has been doing for almost half a year now and so on. Not that fees can't be lower than what some were charging like Binance was doing, but too many freebies should be a warning sign.

One thing to add is that one might also check the fees in trading before, one exchange might lure you with cheap withdrawals but you pay twice as much when exchanging coins so you end up worse.

Quote from: Rikafip on September 03, 2023, 10:44:48 AM

Probably the best place to check withdrawal fee for every cryptocurrency/exchange is https://withdrawalfees.com/ (at least that's the site I use).

Nice one, didn't even know such a thing existed!
I'm surprised Kucoin and Crtypto.com rank so badly amongst others!

Ultegra134

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Hmm, possibly one of the reasons it went downhill. All exchanges charge withdrawal fees, and yes, in some cases, withdrawing Bitcoin may be costly, but there are ways to minimize the fees by converting to another currency, such as LTC, but yes, they may be extravagant, especially if the network is congested. Fees are probably the main source of income for an exchange; it'd be a red flag if an exchange had significantly low or zero fees. Binance, for instance, has pretty low fees, especially compared to other exchanges I've used, such as Bitstamp and Coinbase, but also offers a great deal of investment products; it's not an ordinary exchange.

crwth

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I don't think I have tried the withdrawals that are free there in FTX. Or maybe because they don't want you to withdraw? Shocked

Anyway, I think it would be impossible for a business to give something for free. Even the DEXs need it because it is required by the network. It's part of the fees so it should be paid by the transactor.

Are you doing something like depositing and then withdrawing small amounts?

Oshosondy

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Gamble responsibly

You are looking for an exchange with free withdrawal? If you see something like that, won't you be afraid to use the exchange? If I am you, I will be very afraid.

Be careful not to fall into the hands of scammers.

You can use OKX if you need low fee exchange. Among the exchanges that I am using, it has the lowest withdrawal fee.

OmegaStarScream

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I usually suggest withdrawalfees.com as well but I have noticed lately that it's not really updating its data much. You can check this one as an alternative[1] (Select a coin then go to "fees").

Does it have to be for all the coins though? If it's just for bitcoin then maybe OKX or Binance using the lightning network?

[1] https://coinmarketfees.com/

Topic: Free Withdrawals Exchanges (Read 179 times)