How do you avoid high withdrawal fees from exchanges?

CodyAlfaridzi

hero member

Activity: 1708

Merit: 541

Quote from: Aveatrex on December 28, 2019, 12:09:37 AM

I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

I use that trick. Use altcoins with low withdrawal fee like Stellar (XLM), Ethereum, DOGE or something, send it to instant exchanger (I mostly use Changelly), done. I could say it's sustainable because the overall fee (exchange fee in Changelly, difference in exchange rate, etc) still smaller than direct BTC withdrawal from the exchange, usually 0.0005 or 0.001, which is outrageous. Bitcoin network fees don't go that high anymore.

btccashacc

legendary

Activity: 1120

Merit: 1000

If you want to send your bitcoin from one exchange to another exchange then use Dogecoin it's extremely cheap and available in many exchanges. But if you want to send them to your main wallet I'm afraid that you can avoid the fee, maybe wallet that supports many coins such a blockchain can help, they support coins such ethereum and XLM and have swap feature so you can use them in order to get a cheaper fee, however, you may charges when swapping those coins into bitcoin since it must include a network fee. In the end, you have to make research and think of some aspects like how often do you withdraw, etc.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: Aveatrex on December 28, 2019, 12:09:37 AM

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

I know the feels when your trying to save up more and trying to get rid of big fees as much as you can to have that bigger profit specially on smaller trading scales.
When it comes to this particular situation,I do only consider on using ETH or TRX when it comes on avoiding high exchange fees.The last one i do saw which do
had that high exchange fee is on Hitbtc.I dont know if they already change it up.

samuraijin

sr. member

Activity: 1848

Merit: 261

20BET - Premium Casino & Sportsbook

Quote from: JC btc on December 29, 2019, 10:40:51 AM

Quote from: samuraijin on December 29, 2019, 10:26:41 AM

not only on bitcoin but also ethereum around 0.01 ETH or more, I often convert the BTC and ETH to DOGE or XLM because both have cheaper withdrawal fees from the exchange or can also use LTC, I worry in the future when prices go up in all markets will blackmail us with high withdrawal fees, should if the price of bitcoin and ETH rises higher, the withdrawal fee is better reduced

That's a good strategy, me too, I am withdrawing my fund most of the time in XRP as it has less fee and very fast to transact, compare if you will withdraw Bitcoin direct from exchange to your wallet, it has really a high difference. I haven't tried LTC yet, most of the time I am using XRP and ETH. Anyway, let's avoid as much as possible for our own good.

XRP does have a low withdrawal fee and fast transaction, but I usually use XLM because I exchange it to regular exchanges that are automatically converted to bank accounts, so they only support BTC, ETH, DOGE, XLM and LTC, but maybe I will try even cheaper ones if available

Quote from: 1Referee on December 29, 2019, 12:43:07 PM

Quote from: samuraijin on December 29, 2019, 10:26:41 AM

I worry in the future when prices go up in all markets will blackmail us with high withdrawal fees, should if the price of bitcoin and ETH rises higher, the withdrawal fee is better reduced

You mean exchanges to blackmail people? I haven't heard of that one before.

Binance for example works with a fixed withdrawal fee of 0.0005BTC regardless of how high the price is or how heavily the network congested is. I like that. It may suck a little bit today because the network fees are very low, but whenever we see the an explosion in use similar to what happened in 2017, I'm sure that you will thank Binance for not increasing its fees.

Coinbase on the other hand works with a dynamic fee that changes based on how congested the network is. Currently you enjoy very low withdrawal fees, but whenever the network gets heavily congested again, you will pay whatever the actual miner fee is to get your transaction included in the next block. Coinbase's withdrawal fees in 2017 were +0.002BTC for quite a while. People didn't like that.

I mean stop that, don't blackmail traders when prices go up at least the withdrawal fee has to go down and be reduced, there are some exchanges that still use high fees in 2017, when bitcoin prices go up and others go up so I choose altcoin which has lower fees for withdrawals If I'm not mistaken, Bittrex also asked for a high fee for withdrawing bitcoin at that time, so I used to choose DOGE to withdraw or XLM.

rijaljun

sr. member

Activity: 1274

Merit: 267

Quote from: ?? on ??

I suggest to invest big so the fees can back if you earn then for more low fees i think try to buy crypto in wallets then not in trading site

You can also risk little by little but do it for long term like buy again in again until that will turn big then actually you need to understand that you really need big funds for your investment here

Big money big risk, that won't help and creates new problems instead and the second paragraph, that is doable with the little amount of capital cause why would people start with a big capital when they eventually use just little by little.

Neurolicious

full member

Activity: 309

Merit: 100

Exchanges have different types of fees. Some have flat fees some have fees directly tied to the blockchains attributes.
I've noticed the cheapest is usually ETH, DOGE or TRX. So I turn whatever coins I have into one of them.

samcrypto

sr. member

Activity: 2044

Merit: 314

Vave.com - Crypto Casino

Quote from: Aveatrex on December 28, 2019, 12:09:37 AM

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

Withdraw once a month and not on every trade so you can at least lessen the cost. The fees are high and this is why you have to overcome the fees through your profit in trading and make sure that the fees are worth it because you gain already. Your plan is too hassle and requires a lot of wallet that might take a big cost if you made it so many time, if you are a small trader everyday then keep your capital on the exchange and withdraw big later on.

moviebuff777

sr. member

Activity: 378

Merit: 250

CryptoTalk.Org - Get Paid for every Post!

Withdrawal fees are one of the ways trading is not always a good investment. You lose money in trading fees, and in fees transferring to and from an exchange.

Findingnemo

hero member

Activity: 2366

Merit: 793

Bitcoin = Financial freedom

Quote from: Aveatrex on December 28, 2019, 12:09:37 AM

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

Not all the exchanges got that high withdrawal fixed fee,so if you found that you are an exchange with high fee then you need to change the platform soon.

Using anonymous exchange is not really a solution to avoid the fee because of the prices are comparatively low with exchanges so you will lose small profits which could be same paying high withdrawal feel.

Use binance exchange which got low fee.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: samuraijin on December 29, 2019, 10:26:41 AM

I worry in the future when prices go up in all markets will blackmail us with high withdrawal fees, should if the price of bitcoin and ETH rises higher, the withdrawal fee is better reduced

You mean exchanges to blackmail people? I haven't heard of that one before.

Binance for example works with a fixed withdrawal fee of 0.0005BTC regardless of how high the price is or how heavily the network congested is. I like that. It may suck a little bit today because the network fees are very low, but whenever we see the an explosion in use similar to what happened in 2017, I'm sure that you will thank Binance for not increasing its fees.

Coinbase on the other hand works with a dynamic fee that changes based on how congested the network is. Currently you enjoy very low withdrawal fees, but whenever the network gets heavily congested again, you will pay whatever the actual miner fee is to get your transaction included in the next block. Coinbase's withdrawal fees in 2017 were +0.002BTC for quite a while. People didn't like that.

electronicash

legendary

Activity: 3234

Merit: 1055

there is no way you can avoid the high withdrawal fee if you intend to keep your BTC into a cold storage but if you eventually will cash out try the XRP or TRX. you can finally see the use of TRX or XRP when it comes to that since they are the most liquid so far. binance will only ask 0.0005 BTC, if they will allow us to withdraw and take bnb as fee, it would earn them more traders.

BChydro

hero member

Activity: 1426

Merit: 506

Quote from: Aveatrex on December 28, 2019, 12:09:37 AM

I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

That is the only solution you have to avoid the high bitcoin withdrawal fees, most of the exchanges are having high withdrawal charges and there is nothing we can do about it other than looking for other alt coins which have a low withdrawal charge and most of the exchanges have some or the other coins that have small withdrawal fees, i am talking about big exchanges, not sure about small exchanges.

rijaljun

sr. member

Activity: 1274

Merit: 267

Quote from: Aveatrex on December 28, 2019, 12:09:37 AM

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

I do trade bitcoin to altcoin with low fees to send them with minimum fees then trade back to Bitcoin in the targetted exchange. Why would I need auto-swap for that? Also auto-swap sometimes give lower rates than in exchanges so you would get even less Bitcoin at the end.

Chrystora123

full member

Activity: 1414

Merit: 228

Omicron is another FUD

until now if I want to transfer my Bitcoin to another wallet (from one exchange to another exchange) then I will convert it to Stellar or XEM. convert to Stellar is the one I recommend the most because usually, the cost is very very cheap.

JC btc

sr. member

Activity: 770

Merit: 253

Quote from: samuraijin on December 29, 2019, 10:26:41 AM

not only on bitcoin but also ethereum around 0.01 ETH or more, I often convert the BTC and ETH to DOGE or XLM because both have cheaper withdrawal fees from the exchange or can also use LTC, I worry in the future when prices go up in all markets will blackmail us with high withdrawal fees, should if the price of bitcoin and ETH rises higher, the withdrawal fee is better reduced

That's a good strategy, me too, I am withdrawing my fund most of the time in XRP as it has less fee and very fast to transact, compare if you will withdraw Bitcoin direct from exchange to your wallet, it has really a high difference. I haven't tried LTC yet, most of the time I am using XRP and ETH. Anyway, let's avoid as much as possible for our own good.

samuraijin

sr. member

Activity: 1848

Merit: 261

20BET - Premium Casino & Sportsbook

not only on bitcoin but also ethereum around 0.01 ETH or more, I often convert the BTC and ETH to DOGE or XLM because both have cheaper withdrawal fees from the exchange or can also use LTC, I worry in the future when prices go up in all markets will blackmail us with high withdrawal fees, should if the price of bitcoin and ETH rises higher, the withdrawal fee is better reduced

Ipwich

hero member

Activity: 1050

Merit: 529

Student Coin

Withdrawal is not a big issue if you are moving a huge amount but you're just moving a small amount, it certainly of big concern. To save some, I used to convert my BTC to XRP or ETH and you can see that it only cost for just $1...it really saves a lot. And besides, I'd never have issues regarding transaction delays cause if you just input the right addy, it surely arrived.

sovie

sr. member

Activity: 1274

Merit: 265

Quote from: Karmakid on December 29, 2019, 02:24:00 AM

I simply use XRP. It is funny because a lot of people hate XRP because they say that it is a centralized cryptocurrency and there is no reason for XRP to belong to the cryptocurrency market. To be honest, it is a reliable cryptocurrency and it is insanely fast, In just a few moment, the transaction get confirmation and my transaction is complete. It is much faster compare to the time of transaction with bitcoin.

I too convert mostly to xrp or to altcoins like doge to avoid higher withdrawal fee. Withdrawing Bitcoin is very expensive.
XRP is surely not a cryptocurrency but being centralized one it has a high lower transaction fee and higher speed. Something that decentralized bitcoin lacks.

Darooghe

sr. member

Activity: 1120

Merit: 255

In my opinion bitcoinity.org has a great set of tables, all of which are exportable as csv or xls. Go to their section labeled data and you'll find tons of charts for various exchanges and currencies, as well as options for time scope and interval detail. aslo you could try coinmarketcap.com. just select the currency, go to historical data tab, set date range, copy table data, paste in excel.

nicolas1979

sr. member

Activity: 826

Merit: 252

Switch into altcoin with low fees for withdraw process is the answer. Alternative method is use faucet to reduce fees, connect your exchanges wallet to receive faucet from micro wallet that follow faucet program. Last step is try to increase your profit to reduce fees, so far only that method I know. LTC and XRP become the most popular coin for withdraw, fees is small and the network not crowded like bitcoin or ethereum.

Topic: How do you avoid high withdrawal fees from exchanges? (Read 608 times)