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Topic: High ETH withdraw Fees, how to Solve - page 7. (Read 715 times)

full member
Activity: 658
Merit: 102
November 18, 2021, 05:02:36 AM
#10
Probably the chipset option is to exchange to a coin with low withdraw fee like Litecoin and then transfer it to Crypto.com exchange, which has now one of the lowest withdraw fees and swap to ETH then send it to your wallet.
I know its one more step but that way you will save 10 $ or more.
legendary
Activity: 1512
Merit: 4795
November 18, 2021, 04:35:17 AM
#9
Binance can't do anything about it, it you use the network ERC20 using MEW to transfer ETH still the fees would be high.
Did you mean binance does not charge excessively? I do not think so. If you can be able to make use of mempool observer, there are times the mempool will be less congested, the fee will be cheaper at the time, also the on-chain fee is often cheaper than exchange fee. Let me use bitcoin as an example, Binance is charging 0.0005 BTC, at a price of $60000, that is around $30 as fee when I still pay less than $2 as fee few days ago, it depends on the mempool.

We currently don't have solutions for that but there are some alternatives in doing transactions such as using Binance Smart Chain (BSC) to make alternative transactions.
If you are making use of BSC, you are not having the real coin. I will prefer to hold the real coin than making use of any other chain. But the fee is indeed low.
legendary
Activity: 2660
Merit: 1009
November 18, 2021, 03:59:08 AM
#8
We currently don't have solutions for that but there are some alternatives in doing transactions such as using Binance Smart Chain (BSC) to make alternative transactions. Honestly, I haven't used Ethereum wallet for a while because of the high transaction fee especially if you're having a micro transaction, sometimes the fee is much expensive than the actual transaction.
hero member
Activity: 2100
Merit: 618
November 18, 2021, 03:22:19 AM
#7
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?               
Haha Binance were earlier charging a fixed fee for all the withdrawals but with recent congestion on the Ethereum network exchanges don't take this risk, instead they have made the fees option to variable which means the fees would depend upon the network fees and some small portion of fees for Binance so the fees you see on the exchange while withdrawal is Actually the fees of Ethereum network, Binance can't do anything about it, it you use the network ERC20 using MEW to transfer ETH still the fees would be high.
legendary
Activity: 2072
Merit: 1315
November 18, 2021, 03:17:31 AM
#6
Volatility will be an excuse for the exchanges but not the real reason. The fee hasn't been that high while making use of noncustododial wallet in a way all fee will go to miners that include the transaction into a block.
So does it mean they are letting to gain more from users? Not saying it but could be also the way, if you said that programmer can easily done this so easily. Cause if it's true then that is too high profit from them especially when the users are no choice but to do some withdrawal with the same equivalent of coin on their record.
legendary
Activity: 1512
Merit: 4795
November 18, 2021, 02:05:39 AM
#5
But let's remember that it will quite hard to implement a change for this from time to time since the market is also volatile. Not sure which one has the smallest fee when withdrawal, as far as I know binance already got a small fee compared to others.
This will be easy for programmers to do, to have an exchange fee in relation to the normal fee that will be paid to miners, but exchanges would not like such because they are gaining more due to volatility as bitcoin and other cryptocurrencies are reaching all-time-high.

Not sure which one has the smallest fee when withdrawal, as far as I know binance already got a small fee compared to others.
From the above link, Binance is not the the exchange with lowest fee but it is still better to many of those exchanges as some exchanges charge over $50 and $100 with ethereum at $4300

I don't think that there is a solution to the high Ethereum fees now that ethereum is volatile and that is one factor leading to high fee. I think what you can do is to look for exchanges charging lower than the other and I believe the higher volume an exchange creates or has that can determine the high fees.
Volatility will be an excuse for the exchanges but not the real reason. The fee hasn't been that high while making use of noncustododial wallet in a way all fee will go to miners that include the transaction into a block. But exchanges having fixed price in the coin and not in fiat that fluctuates is the issue, or having fixed price in the coin while making it fluctuates with the mempool in a way they will still have their own percentage gain.
sr. member
Activity: 2310
Merit: 332
November 18, 2021, 01:54:16 AM
#4
I don't think that there is a solution to the high Ethereum fees now that ethereum is volatile and that is one factor leading to high fee. I think what you can do is to look for exchanges charging lower than the other and I believe the higher volume an exchange creates or has that can determine the high fees.
legendary
Activity: 2072
Merit: 1315
November 18, 2021, 01:42:05 AM
#3
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?               
They have fix fee, so it actually got become expensive when those fee of coins increase in price. I don't know they depend on the same fees as before which should be change since the token also change price. But let's remember that it will quite hard to implement a change for this from time to time since the market is also volatile. Not sure which one has the smallest fee when withdrawal, as far as I know binance already got a small fee compared to others.
legendary
Activity: 1512
Merit: 4795
November 18, 2021, 01:31:41 AM
#2
Exchanges will always charge high fee, exchanges do charge fees that can get the transaction confirmed in time and in addition charge extra fee which is very high. You can click on the link below and glance through the ethereum fee on various exchange listed, but most ethereum exchange fee are very high.

Ethereum Withdrawal Fees on  Cryptocurrency Exchanges
hero member
Activity: 1148
Merit: 501
November 18, 2021, 12:42:19 AM
#1
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?               
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