High ETH withdraw Fees, how to Solve

SirLancelot

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Quote from: BlackBaron on April 12, 2022, 04:33:50 AM

Quote from: airdata on November 17, 2021, 11:42:19 PM

I use Binance, Kucoin etc crypto exchange for Trading, Binance use very often and I use Kucoin very rarely. But my main problem is high eth withdraw fees from Exchange to Personal wallet (MyEtherwallet). Have any crypto exchange with low withdraw fees?

Withdrawal fees vary greatly depending on the deduction from the exchange, but it doesn't matter if you withdraw more fees from the top exchange, the transaction will be processed immediately compared to the exchange, low withdrawal fees will hinder withdrawals if gas fees go up dramatically.

The difficult thing is that we are talking about dynamic changes in the transaction fees, which means that there are points where it is 1 bucks, there are moments when it is 10 bucks, if the exchange ends up giving you like 5 bucks, then we are talking about something that is a bit of a problem for both parties.

If it is more than five bucks then exchange would be having trouble and paying it from their pockets while it is cheaper for the customers, if it is less than five bucks than exchanges would be making a profit and the customers would be losing money because of it. This is why I believe that the withdrawal fees should be dynamic and not a fixed amount.

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Ether Gas Free is more now. I'm hoping that Gas Free will be a little lower in the future because when I first came to Cryptocurrency, I saw that Ethereum's Gas Free was a lot less, but lately I can see that it's a lot. I don't Know ..

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Quote from: airdata on November 17, 2021, 11:42:19 PM

I use Binance, Kucoin etc crypto exchange for Trading, Binance use very often and I use Kucoin very rarely. But my main problem is high eth withdraw fees from Exchange to Personal wallet (MyEtherwallet). Have any crypto exchange with low withdraw fees?

Withdrawal fees vary greatly depending on the deduction from the exchange, but it doesn't matter if you withdraw more fees from the top exchange, the transaction will be processed immediately compared to the exchange, low withdrawal fees will hinder withdrawals if gas fees go up dramatically.

SlimShadyMmp

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They are not at fault when it comes to the fees I think the network congestions is likely the cause My suggestion is find another alternative like tron or bsc chains if you really want to save up some bucks That will really help you out alot But apart from that I dont think there is any solution to your problem

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Quote from: airdata on November 17, 2021, 11:42:19 PM

I use Binance, Kucoin etc crypto exchange for Trading, Binance use very often and I use Kucoin very rarely. But my main problem is high eth withdraw fees from Exchange to Personal wallet (MyEtherwallet). Have any crypto exchange with low withdraw fees?

So far, almost all exchanges charge high fees for ETH with also higher minimal withdrawal amount.
This is often killing a small player like me when I am going to add ETH as only gas fees in my personal wallet.
Before the gas fee was not rising up, still low enough, we can find some P2P exchanges that offer their service of transferring ETH as gas fee with very low fee. But right now? None is found, most end up with the high Ethereum fee.
What I know is that it is lower than others maybe at the FTX exchange. It is more affordable than others so far that I am using.

asyakashi

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Currently exchanges with cheap ethereum fees are on the FTX market. you can register an account there and buy ethereum to get cheap fees, you can buy easily without KYC. however, it can only help there, if you transact with the MEW wallet then the gas will be the same high.

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Quote from: pauloaragaomelo on February 05, 2022, 09:09:07 AM

Quote from: yohananaomi on February 05, 2022, 08:50:08 AM

maybe that's the way you can do it as long as there are still high cost constraints from ethereum, because sometimes the fees charged can exceed what you have and this is very painful. but since this is something that must be done, of course looking for other alternatives is a must that needs to be done and many alternatives can be used to avoid this, even though swapping is still incurring high costs but avoiding WD is also important. is a necessary and legitimate thing.

Providing a solution using another alternative chain network is not the expected solution OP, this thread aims to find a solution for low withdrawals from the ETH network on top exchanges, currently I am only using binance exchange for trading and withdrawal activities, estimated withdrawals for ETH should be paid under $20.

The OP did not expect that but that's okay because he himself is not also expecting a specific reply or solution but any help thrown here is still an effort so the op would still appreciate it.

In my opinion, the solution that the guy posted is valid and this is one of the solution use by most by eth users due to the high fees of eth and this is also the reason why an exchange implement those features because they know that it can save their costumers and wont be intimidated to use eth. Under 20 usd fee looks small for you but not to all. Why pay it when there are solutions or other alternatives that we can do to drastically decrease that fee?

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Quote from: airdata on November 17, 2021, 11:42:19 PM

I use Binance, Kucoin etc crypto exchange for Trading, Binance use very often and I use Kucoin very rarely. But my main problem is high eth withdraw fees from Exchange to Personal wallet (MyEtherwallet). Have any crypto exchange with low withdraw fees?

FTX is the exchange with the lowest fees for sending eth , compared to other exchanges

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Quote from: airdata on November 17, 2021, 11:42:19 PM

I use Binance, Kucoin etc crypto exchange for Trading, Binance use very often and I use Kucoin very rarely. But my main problem is high eth withdraw fees from Exchange to Personal wallet (MyEtherwallet). Have any crypto exchange with low withdraw fees?

I haven't tried it but withdrawing it on a coin that has zero fees on polygon or BSC network, exchanging it to Ethereum token, and bridging it Ethereum network maybe an option. Why exactly do you want to put the coins in myetherwallet on first place? There could be alternative way to buy the coin you want or the ICO you want to participate. Make transactions as few and as large as possible so that you'd not be paying on ethereum network multiple of times.

pauloaragaomelo

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Quote from: yohananaomi on February 05, 2022, 08:50:08 AM

maybe that's the way you can do it as long as there are still high cost constraints from ethereum, because sometimes the fees charged can exceed what you have and this is very painful. but since this is something that must be done, of course looking for other alternatives is a must that needs to be done and many alternatives can be used to avoid this, even though swapping is still incurring high costs but avoiding WD is also important. is a necessary and legitimate thing.

Providing a solution using another alternative chain network is not the expected solution OP, this thread aims to find a solution for low withdrawals from the ETH network on top exchanges, currently I am only using binance exchange for trading and withdrawal activities, estimated withdrawals for ETH should be paid under $20.

susuberuang

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Quote from: riskarcher on February 03, 2022, 12:18:40 PM

Use another network when Withdrawing ETH, now some Exchanges already provide withdrawals with other networks such as BEP20 or Matic to the recipient's wallet because that's the only way to withdraw ETH or by converting to another coin to reduce the gas fee by withdrawing another coin on the BSC network

I don't think it's necessary to exchange it to another coin because there are many networks that are already running on ETH coins so everyone just needs to see what network can provide cheaper fees when making ETH transactions, and I think the BSC network is still very friendly for transactions

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Quote from: riskarcher on February 03, 2022, 12:18:40 PM

Use another network when Withdrawing ETH, now some Exchanges already provide withdrawals with other networks such as BEP20 or Matic to the recipient's wallet because that's the only way to withdraw ETH or by converting to another coin to reduce the gas fee by withdrawing another coin on the BSC network

maybe that's the way you can do it as long as there are still high cost constraints from ethereum, because sometimes the fees charged can exceed what you have and this is very painful. but since this is something that must be done, of course looking for other alternatives is a must that needs to be done and many alternatives can be used to avoid this, even though swapping is still incurring high costs but avoiding WD is also important. is a necessary and legitimate thing.

KaliLinux

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Quote from: airdata on November 17, 2021, 11:42:19 PM

I use Binance, Kucoin etc crypto exchange for Trading, Binance use very often and I use Kucoin very rarely. But my main problem is high eth withdraw fees from Exchange to Personal wallet (MyEtherwallet). Have any crypto exchange with low withdraw fees?

That is a problem with the Ethereum Network and not specifically with the Exchanges. I do believe you should have been familiar with the transaction fees that have been the pain in trading/transferring over the ETH network with all these high gas fees and all. So it doesn't matter which exchange you are on but as long as you are doing that transaction over the ETH network, the fees will still be high.

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Quote from: kojektea on February 02, 2022, 08:38:06 AM

Use the FTX market to get cheap gas costs from exchanges. At least ftx 3x cheaper than the market in general. but I prefer to use a different network so that it doesn't matter with the ever-rising cost of gas from the Ethereum.

I have been seeing that in many topics they talk about FTX, since you name it how it works? If, for example, I have tokens under the ERC-20 chain and I want to transfer it to an exchange, how does FTX work?
or how does the fee issue work? if nothing more than extracting it from metamask already has to be paid, then when passing it to FTX how would it be done?

I have seen that there are some people who create telegram channels where they buy ETH or any crypto in ERC-20 and exchange it, it may take Fiat, but the transactions are all done in the ERC-20 network.

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Quote from: airdata on November 17, 2021, 11:42:19 PM

I use Binance, Kucoin etc crypto exchange for Trading, Binance use very often and I use Kucoin very rarely. But my main problem is high eth withdraw fees from Exchange to Personal wallet (MyEtherwallet). Have any crypto exchange with low withdraw fees?

If you want to withdraw your Money for sell or investment then you can easily sell your eth for another coins or stable coin like USDT or anything like this via another blockchain like BSC, Polygon. or if you want to withdraw ETH to your personal wallet like MEW or Trust wallet for transfer a erc20 based token then you can withdraw ETH from FTX exchanger. FTX exchange charge withdraw fee like a personal wallet real time transcation .

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Quote from: riskarcher on February 03, 2022, 12:18:40 PM

Use another network when Withdrawing ETH, now some Exchanges already provide withdrawals with other networks such as BEP20 or Matic to the recipient's wallet because that's the only way to withdraw ETH or by converting to another coin to reduce the gas fee by withdrawing another coin on the BSC network

This is the best option if it's possible! Many exchanges and casinos have it now, but not all of them! Also, not all wallets have that option! High fees on the Ethereum network made me quit using it, and didn't use Ethereum for anything for almost a year, and I don't plan to! Simply other chains have the same things, transaction fees are lower and faster in my experience!

riskarcher

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Use another network when Withdrawing ETH, now some Exchanges already provide withdrawals with other networks such as BEP20 or Matic to the recipient's wallet because that's the only way to withdraw ETH or by converting to another coin to reduce the gas fee by withdrawing another coin on the BSC network

onecall123

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Quote from: kojektea on February 02, 2022, 08:38:06 AM

Use the FTX market to get cheap gas costs from exchanges. At least ftx 3x cheaper than the market in general. but I prefer to use a different network so that it doesn't matter with the ever-rising cost of gas from the Ethereum.

However, what about dealing with ERC20 tokens on the ETH network? Ethereum gas fees have never stopped being disappointing to me. Although I intend to hold on to ETH, I will do almost all of my investments outside of it's ecosystem because of the outrageous gas fees! That is totally unreasonable and unsustainable. A friend of mine tried to send an NFT to another wallet, but the cost was more than $50 USD.

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Use the FTX market to get cheap gas costs from exchanges. At least ftx 3x cheaper than the market in general. but I prefer to use a different network so that it doesn't matter with the ever-rising cost of gas from the Ethereum.

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Hopes for ETH 2.0 to fail, ETH gas costs will continue to be expensive and this is what makes a lot of devs. switching to other faster and cheaper networks such as Solana, MATIC, BSC and so on, we only hope that there will be a good solution to reduce ETH gas.

talk about ETH 2.0 until now I don't know when ETH 2.0 really release. but apart from the problem of the very high cost of the ETH network currently the average new project on the ETH network has a fairly high price. although currently the cost of the ETH network is very high but I still choose new projects on the ETH network because most new projects on the ETH network are very good for long term investments. I don't care about network fees which are quite high as I can get much bigger returns.

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