Topic: How Do You Avoid High Fees When Exchanging Currency? (Read 479 times)

If the fee is high i think they have problems in transaction or the price of digital currencies like btc and some altcoins are really high so to avoid that don't make transaction in that time and i think after a few weeks it will back to normal.We can also think that fee here is good even it's low or it's high for the safe of our money and for fast transaction here in crypto.

Frankly, I don´t think you have conducted an appropriate research. The fees and how to avoid them is problably Crypto 101. How did you come to the conclusion that you should send bitcoins around in small quantities?

To avoid the cost of bitcoin exchange you have to exchange in local exchanges because although the exchange fee is high but bitcoin price there is quite high from the market price outside, it can be up to 5% as in bitcoin exchange site indonesia. bitcoin co.id, bitcoin prices are quite expensive compared to the outside market so that it can reduce the exchange rate.

This is bad advice for two reasons. First, you don't control the private keys on Localbitcoins. If they get hacked or the site goes down, your funds may be lost or you may not be able to access them. Secondly, I've seen many complaints about Localbitcoins sending out low-fee transactions that take a very long time to confirm on the blockchain. Personally, I've never been impressed with their service.

Crypto-Bridge (in beta with open markets) is a decentralized solution with orders executed on another blockchain (graphene), which is very fast/low fees. Interesting premise, but the markets aren't very liquid yet.

Guys i will give you a tip: Just deposit all your funds on localbitcoins, they will charge you 0.001 for doing so.
But you are never going to need to pay fees, everytime that you want to send money, it will always cost you one dollar o so to send money, doesnt matter how many transactions you make.

Today I decided to cashout my other bitcoin but in the coinbase the transaction fee is very high and I dont think why the fee now is very high it's all aboit is $15 fee and thats not good to the people can earn only enough bitcoin. So idecided to not cashoit my other bitcoin so I will save it try to transact one to save miner fee. I have it will lower like before.

Have you tried to use Poloniex ? Low fees, 0 inconvenience.
I've traded in between altocins and bitcoins the whole year without problems.

what you're paying for with jaxx (shapeshift onboarding) or changelly is wallet-to-wallet trading. this way, you don't need to keep your funds on deposit at an exchange, which carries third party risk. it's basically the equivalent of depositing X to wex.nz, swapping for currency Y, and withdrawing it to your own wallet.

if you're comfortable leaving funds on the exchange, then use centralized exchanges. but the less time you do so, the better. these exchanges are prone to hacks, exit scams and seizures.

It is likely that the rise in price of Ethereum and Ripple are at least a bit related to that ridiculous fee. Miners are greeding thenselves to death.

All exchanges now are in a way, getting higher fees, even those that you've mentioned. One way would be to convert your btc to an alt that has lower fees, do the transaction, and then convert it again to btc.

Yea I realised the mistake I made so far, lost about half my investment due to fees and most of the profit I made. Bitcoin is a definite no-no for small investers. What has it become? It's yet another tool to make the rich richer and make small buyers like me poorer. And those damn miners are getting heftier paychecks (not small miners) every day. Just watch youtube and you'll know what I mean.

To avoid high fee when transfer, you should use exchange like Wex.nz , Bittrex, Binance. Dont use Jaxx or changlly because they have high fee.

change to ltc or monero. get coins out and change back. problem are %trading fees. u ll loose coins...

Yes that's right, it's been given the answer above. Bitcoin is the only best cryptocurrency and has the most cuts. Unlike the other cryptocurrency. You should know that the price of Bitcoin has reached thousands or even tens of thousands of dollars, while the price of other cryptocurrencies still reach the point of hundreds of dollars. That's the difference in fees you can see. Actually you can still reduce the cuts that occur, but it seems you need a lot of patience and money. If the transaction with a large amount, then the fee you get will be minimized. Fee will remain great, but it will be nothing with the big profit you get.

I have tried several times do that looking for exchange at the cheapest cost and of course, the exchange must have the same coin because sometimes I find some incomplete items and I tend to do experiment not just choose one Altcoin. another point is the coin in a stable radar in price. well, this all to reduce the cost of withdrawal Bitcoin increasingly insane, but if your situation is not so pressed

A few days ago I made a transaction via Xapo that shocked me, because I had to pay a fee of $25 to be able to get a minimum amount of bitcoin. But now returning to the same wallet, just a couple of weeks after my previous transaction, I find the surprise that to carry out the same operation, the rate has increased to $51. So this has no remedy and the rates will continue in a continuous and exponential rise?

By the way, it is not clear to me why there is such a large differential between the different exchanges. Today I made other transactions in different wallets and exchanges and the fees to tansfer bitcoin were $15, $17 and $2. Could it be that only Xapo has these excessive costs?

i don't take into consideration the trading fees cause i'm not used to trade a lot
but if it's your case you should try exchanges like binance(BNB) or kukoin where you can use their own platform coins to cut the fee costs

i am agree with it that altcoin are lower fees than altcoin , for me the way on how you are able to avoid is where you are able to take that on how you exchange each of it make sure and maybe that you know what you are doing for with it.

Instead of swapping the BTC through some scam machine why don't you use the popular exchanges to buy whichever Altcoin and how much ever you like. The fees are obviously too less on the exchanges. Bittrex has just 0.25% as the trading fee to buy any altcoins.
If you want to transfer the coins to some other exchange you can do that as well by using altcoins which are much faster and cheaper.
Bitcoin should now be bought just to be HODL and not make transactions as the fees will eat up your profits.

Yeah most of us have no choice but buy bitcoin before being able to trade for other alts but you can check on stellarterm you can buy Lumen coins (XLM/STR) there using USD, CNY, and other supported fiat by anchors then trade your xlm in exchange like polo and bittrex

One way is to find exchange that has a low fee. And the other alternative is swap coin that wants to be withdraw into altcoin. Altcoin is probably one of the best ways to avoid high fees. Most altcoin has a low fee than Bitcoin.

There,s no way to escape bitcoin fee's since btc dominates the world of cryptocurrency, If you have btc better hold for long long time to gain much profit, I am confident enough to state that btc will pumps up and exceed to its record weekly,monthly and so on.

Yea I guess I'll choose either, I mean I'm not familiar with some of the coins but I'll take a look. Litecoin was my first choice since it's stable, but the price is going up atm. I would really recommend small bitcoin buyers to stay off bitcoin unless you're willing to hold on to it until you sell it. The fees are crazy, just paid around 20$ to move 100$ to an exchange, did another one before that as well with the same fee. No one told me it was going to be this way....

Either that or use DOGE coin because that can also make the fees less. If I am not mistake LTC is now worth $300 and if continues to rise fees will be higher than DOGE coin. DOGE coin takes 10 coins and it isn't even at a cent meaning your fees will be 5 cents roughly to send it out.

I guess they  just optimise for profit. At the end of the day, if bitcoin transfers and withdrawals are too expensive people may start asking for different trade pairs or just using other coins like monero or litecoin for transfers and then converting back to BTC

That can be mitigated by checking the withdrawal rate of each coin. Sometimes it's freakishly high for no reason. Other times it's very close to the network rate. It seems to completely depend from coin to coin and there's no consistent reasoning.

One of best ways now is to convert BTC to LTC and send it to any exchange with little commission (for LTC). Then just swap LTC to BTC 

When the value of the bitcoin increases very high in that week the investors should interested in withdraw their money from their wallet so at that time the exchanging fees will be little higher when comparing to normal time. If you can wait for few days to exchange your money the fees will be normal. It is the best to way reduce the exchange fees.

That is because they are applying the miner fees, but the fees from changelly are less than 0.25% if i am not wrong (nothing)

I have already said it, there is no way to avoid fees.


If you do not want to spend a lot of money in exchanges, just put your money on an exchange, it is not a safe practice, but you are not going to pay money for fees, well, just the fees from the platform.

Maybe you are just going to risk your safety for a few bucks, but if you are looking for that.. just do it.

Your way out at this time is to try other currencies because bitcoin is way high for beginners at the moment due to the high fees that is being witnessed and its just better that you start small and gradually when things get better, you then move to bitcoin. There is no way to avoid the high fees if you still dealing with bitcoin because most of the exchange sites would not want you to wait for confirmation and shout scam that is why they go for the high transaction fees compared to wallets which you have the liberty to choose how long you want to wait.

When I use an exchanger in a wallet like coinomi (Shapeshift/Coinomi), I exchange now only currencies with cheap fees, else I use my accounts on exchanging services like cryptopia or Poloniex. But also exchanging services can cause high withdraw fees like cryptopia with BTC. So when I plan to buy Bitcoin, I use Poloniex, else cryptopia.

The only coins that have a congestion problem are Bitcoin and Ethereum. Everything else has an empty blockchain so fees will never be above the standard rate which should always be low.

If you're using it to transfer between exchanges and sell again to buy other stuff then obviously it needs to be a coin with a lot of volume that's easy to sell without losing anything. Litecoin is probably the most common option.



Quite a few still do have a fixed fee, but it's the services like exchanges sending out to you that will hurt more. They don't give you a fee option and certain ones are insane. An exchange I use for XEM charges what is now $16 to send it out when the real fee is a cent or two.

I'm not sure which services have a fixed fee. For beginners, I know that blockchain.info is a pretty common wallet, but I know that you can adjust fee on that service. Electrum and other wallets that more experienced people use almost always have an adjustable fee amount.

Regardless of that, I think it's not worth it to put a small fee in with your transaction. Most services need at least 1 confirmation, so you want to hit that ASAP. If you don't, your transaction could be reversed. For now, try to wait it out a little. It's possible that fees go down soon, but if you really need to get a transaction through, maybe you could try to move more $ in a single transaction.

Appreciate the info. Which coin would you suggest has the best mining rate in case I swap to another in the future?

Regardless of what happens you'll have to pay a fee to move your BTC to an exchange. They've exploded in the last few weeks. Normally it's far lower.

These are your options for Golem markets - https://coinmarketcap.com/currencies/golem-network-tokens/#markets

Bittrex or Poloniex are the biggest easily accessible exchanges it's on.

I don't know how Jaxx works but if it doesn't have an adjustible fee and all you have is Bitcoin in there you can reintroduce the same seed in a wallet that does like Mycelium. If you have other coins in Jaxx then you won't be able to access them with Mycelium.

Don't go with its fee recommendations, refer to this - https://bitcoinfees.earn.com

I can't avoid them because there is no way to control them. Exchange platforms set those fees up and they control it only.

It's a variety of coins, mainly Golem right now, also I live in sweden, there's hardly any coin trade here atm. Most of people are busy mining the damn thing. I'm too poor to build something. So you're saying that a local trade would be the best option? There's no way of avoiding the mining fee even if I did that. Why would I pay a mining fee for something that already exists? It doesn't make sense to me. Would it be better to go on coinbase to exchange it with other people instead? I get there's an exchange fee, but the mining fee confuses me. The exchange fee is very low, but the mining fee is so damn crazy. Imagine trading in 100k$ and paying 40k$ fee, that's how I feel right now.

What's my best option right now? My coins are in Jaxx and it's in bitcoins. I want to trade some of these into Golem, and maybe other currencies in the future.

I usually never recommend people to start making use of online wallet services, but if you really care about fees, then I would have whatever you earn be sent to your wallet at Coinbase for example.

You can wait and let your earnings (whatever they may be) pile up, and then withdraw them to whatever offline wallet. It will then only charge you the network fee based on a transaction being ~226 bytes of weight.

If you let transactions pile up in your own wallet, and you want to send everything at once, the byte size will likely exceed 1000 bytes, which basically means that you need to pay a fee that's around 5 times higher.

In these cases an online wallet can offer you that advantage. It will save you a decent bit of money.

Bitcoin's chain has limited capacity and it's being hammered by the current hype. Lower fees are possible if you control the right wallet but many services have a fixed fee that you have no control over. They'll always go for fee overkill to avoid customer complaints.

What other coins interest you and what country do you live in? That'll influence your options. Changelly is slightly last resortish.

So I should convert my Bitcoins into another coin, let's say Litecoin, then exchange that for alternative coins? Wouldn't that just make me loose even more? How come I can't buy alternative coins for USD on exchanges? I can only buy Bitcoins.

Bitcoin transactions are quite expensive nowadays. It is better if you convert to another less expensive coin and then trade it for Bitcoin on another exchange.

So I'm totally new to this, I researched on some currencies and thought to myself that I should invest while they're at such a low price. I buy like 200$ worth of bitcoins. I pay 20$ worth of fees for the exchange (changelly). Then I download a wallet so I can exchange for other currencies, using Jaxx a.t.m. So when I swapped like 45$ worth of bitcoins to another currency, I had to pay 19$ worth of mining fees. I don't mind the swapping fee but the mining fee is ridiculous. Why am I paying almost the double just to buy a freaking currency? I feel very much scammazed. There are like 3-4 other currencies I want to buy as well, but at this rate I'm going to loose whatever I invested to begin with. What the heck is going on?

How do you guys avoid this? The mining fee rate was on low by the way. Just checked with other swaps, it's all the same. Whatever I swap there's a 0.00095 BTC mining fee, now that's huge for me considering what I swapped was only worth 0.00200 BTC. All the profit I'm making is going to some damn fees that according to most people are going back to the system. I mean don't the big companies own most of this system anyways? Also I can't buy other currencies other than bitcoin with Changelly, why?

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