How do you avoid high withdrawal fees from exchanges? - page 2.

gabbie2010

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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 am very comfortable with ethereum as a means of withdrawal while avoiding the high fees charged by some exchanges particular when withdrawing my earnings from yobit I trade my bitcoin to ethereum to avoid the high withdrawal charges so far so good I didn't have issue with that as most of the transactions was swift.

perla

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I actualy agree with man above , because use altcoins means is if we want to transwer in between exchanges. But to our wallet, maybe sometime they don't support coin that can help us to get cheaper withdrawal fee. That maybe happen for some people and they don't have other choice beside to use BTC to withdraw.

Karmakid

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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.

SoeNan89

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Avoid high withdrawal fees from Exchange I always choose other coins that give low fees, like Dogecoin. So when I want to withdraw my assets, I make it first to Dogecoin. I think that can be one way to avoid high fees. If the Exchange is not listing Doge then I choose LTC.

AmoreJaz

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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.

you already answered your question. normally, i convert my BTC to doge and then transfer it to exchange that has lower withdrawal fee. though the savings is not that much but sometimes if you have all the time to do that, you may want to save some few bucks. but you need to be careful with exchanges that have low withdrawal fees, check if the tx duration is fine for you. because the lower the tx fee, the longer it may come to your acct.

justdimin

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There is usually no way of avoiding it, I mean you can use altcoins but in the end you will need to turn that into fiat and from altcoin to fiat is not really that possible anymore.

I really want to use ethereum for example but the place I work with have some sort of horrible policy where if the money comes from a erc20 wallet like mew or metamask then they don't put it on your tab and it took me weeks last time that happened which is why I can't use ethereum, I am looking into litecoin for example or nowadays wave but I can't really turn them into fiat that easily since volume is very very low in the exchange I use. Basically, market kinda forces you to use bitcoin after a while, it is still the most expensive way to do it but also easiest there is as well.

luckyflop

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I am not too concerned about the withdrawal fee, because I find it quite cheap and we do not need to convert to other altcoins to reduce the withdrawal fee. But if you withdraw a small amount of money, it is best to move bitcoin to XRP to be able to reduce a significant withdrawal fee. XRP withdrawal fee is very cheap and transaction speed is also very fast, you will not lose too much waiting time

maydna

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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 don't think that we need to pay those amounts to withdraw the bitcoin because the fee will be lower than 0.001 btc. I think in binance, bittrex, poloniex we don't have to pay that such amount, but in yobit, I see that the fee is more than 0.001 btc. But sometimes, I convert my profit in bitcoin to another coin, which allows me to send that amount with a lower fee. The coin is trx, waves, and ripple, and when I want to use that coin, I will check the price of that coin, whether at a low price or not, so I can get more amount of that coin if I send my profit with that coin.

mk4

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Quote from: Aveatrex on December 28, 2019, 02:59:12 PM

Quote from: hello_good_sir on December 28, 2019, 12:26:04 AM

If you're looking for yobit in particular, I think LTC is the cheapest that you can do.

Exchange your BTC into LTC, then convert it back to BTC on a site like Changelly or Changenow(despite the fact that they're somewhat shady in their own right) which charges less withdrawal fee. That way you're able to circumvent the 0.0016 BTC withdrawal fee.

You could also potentially use XRP as a means, but that market has lower liquidity afaik.

So far,the best method quoted is yours,it's smart to convert to LTC and then use a service like Changelly.

Take note though. When you're using exchanges, especially those sort of "instant" exchanges like Changelly, you're paying more fees simply by using their service. You might want to take that into account especially if you're exchanging a good amount.

killerfrost

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I rarely withdraw money from exchange because I spend all my free assets to invest in this market. But there are some emergencies, I will choose a way to withdraw money with a very low withdrawal fee, I convert BTC to Dogecoin or ETH and then withdraw from exchange. Usually I only take about 1 $ withdrawal fee and I think that is the best way for you to use

Janation

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I think I did this in the past but not now.

I usually exchange my Bitcoins into altcoins so I can avoid paying huge transaction fees in exchanges. I used Ripple in that time, now I don't usually do that because of the fact that the price of altcoins now is so low. It is sustainable but it still depends on what are you wanting to do with that altcoin.

alan2here

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Quote from: TitanGEL on December 28, 2019, 07:24:03 PM

Quote from: CarnagexD on December 28, 2019, 03:41:29 PM

Quote from: StephenieDuong on December 28, 2019, 12:30:28 PM

I always exchange bitcoin to altcoin like ETH, XRP or USDT to lower the withdrawal fee, usually 1-2$ each withdraw time. But i only do this when withdrawal fee is above 10$ because when i exchange to altcoin, i have to pay for exchange fee.

My technique too when I am going to withdraw I will convert it first to XRP or ETH before sending it to my wallet. Another is, I don't really withdraw that much, as much as possible I want a one time withdraw from all my holdings not only with bitcoin but also on other altcoins I hold. Transaction fees with bitcoin is very high right now, So I guess it will be good if you will not use that as escape in the market especially when you earned a lot.

Withdrawal fees are sucks, most of withdrawal fees are really expensive and it is hard to avoid it. I choose an exchange that have lower withdrawal fees for me to save more money. There are a lot of strategy that we can use in order to avoid high withdrawal fees, changing the pair also can help to do it. If you will convert your bitcoins in other altcoins like ETH or LTC then if you withdraw it; the fees will be lower

I agree with you. I usually use LTC or BCH to withdraw money because these are coins that usually have very low fees and are suitable for new investors to join. In fact, when participating in this market, the withdrawal is not a problem that I worry because there are many good options for investors. In addition, you can also transfer money freely in the exchange without any fee.

Of course, it may be a very cheap fee but if thousands of investors withdraw money, it will generate huge profits for that exchange.

Dr.Osh

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I do that. exchanging bitcoin to altcoin to avoid a large fee is one strategy that is still quite worth it today. seeing the fee from bitcoin which is quite large, makes me always looking for ways to do that. yeah, for me 0.001 BTC is already big enough, so I looked for other alternatives. however, I feel that most people do this, some of the altcoins that I refer to for transactions are LTC, Waves, ETH, and LTC.

TitanGEL

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Quote from: CarnagexD on December 28, 2019, 03:41:29 PM

Quote from: StephenieDuong on December 28, 2019, 12:30:28 PM

I always exchange bitcoin to altcoin like ETH, XRP or USDT to lower the withdrawal fee, usually 1-2$ each withdraw time. But i only do this when withdrawal fee is above 10$ because when i exchange to altcoin, i have to pay for exchange fee.

My technique too when I am going to withdraw I will convert it first to XRP or ETH before sending it to my wallet. Another is, I don't really withdraw that much, as much as possible I want a one time withdraw from all my holdings not only with bitcoin but also on other altcoins I hold. Transaction fees with bitcoin is very high right now, So I guess it will be good if you will not use that as escape in the market especially when you earned a lot.

Withdrawal fees are sucks, most of withdrawal fees are really expensive and it is hard to avoid it. I choose an exchange that have lower withdrawal fees for me to save more money. There are a lot of strategy that we can use in order to avoid high withdrawal fees, changing the pair also can help to do it. If you will convert your bitcoins in other altcoins like ETH or LTC then if you withdraw it; the fees will be lower

CarnagexD

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Quote from: StephenieDuong on December 28, 2019, 12:30:28 PM

I always exchange bitcoin to altcoin like ETH, XRP or USDT to lower the withdrawal fee, usually 1-2$ each withdraw time. But i only do this when withdrawal fee is above 10$ because when i exchange to altcoin, i have to pay for exchange fee.

My technique too when I am going to withdraw I will convert it first to XRP or ETH before sending it to my wallet. Another is, I don't really withdraw that much, as much as possible I want a one time withdraw from all my holdings not only with bitcoin but also on other altcoins I hold. Transaction fees with bitcoin is very high right now, So I guess it will be good if you will not use that as escape in the market especially when you earned a lot.

Aveatrex

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Quote from: mk4 on December 28, 2019, 12:27:16 AM

If you're fine with submitting AML/KYC information, you might want to try out Bitfinex, as they've already integrated Lightning. Hence now you can deposit and withdraw your bitcoin fast and cheap: https://www.bitfinex.com/posts/440

Yeah,no I'm not keen on doing AML/KYC especially in the big exchanges unfortunately(or fortunately?),I'm not keen on keeping altcoins either.

Quote from: hello_good_sir on December 28, 2019, 12:26:04 AM

If you're looking for yobit in particular, I think LTC is the cheapest that you can do.

Exchange your BTC into LTC, then convert it back to BTC on a site like Changelly or Changenow(despite the fact that they're somewhat shady in their own right) which charges less withdrawal fee. That way you're able to circumvent the 0.0016 BTC withdrawal fee.

You could also potentially use XRP as a means, but that market has lower liquidity afaik.

So far,the best method quoted is yours,it's smart to convert to LTC and then use a service like Changelly.

Quote from: Strongkored on December 28, 2019, 12:25:05 AM

My question is whether there is still an exchange that imposes a fee of that size?, as far as I know the current WD fee is in the range of 0.0005BTC.

If you find exchange with that high fee better to avoid to trader there.

Well,considering you're wearing Yobit's signature,you should know that the WD fee in yobit is 0.0016BTC

panganib999

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You don't avoid them at this point. You try to move around it through conversion of Fiat to altcoin to BTC or vice versa. Some pairings have cheap fees which makes transacting them really worth the time, XRP being one of the most well known pairing to avoid withdrawal fees. Though at some point, you'd actually just forget the fees and transact as it is at times. I don't know if ETH could be called a good pairing, but XRP along with LTC should be a good choice if ever. Also, try and check exchanges that have lower fees than others, they may exist somewhere and if so, go choose them instead.

TGD

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Quote from: reallester on December 28, 2019, 11:16:29 AM

Virtually all exchanges charge 0.01 xlm for withdrawal fee which is not even upto 50cents. To avoid outrageous withdrawal fees on any exchange, convert your $ to XLM for instance, then send the XLM then convert it back to btc if conversion sites like changelly.

I also use XLM and XRP and also LTC sometimes, it's better to look on which alt have lower transaction fees and just convert it in an app you'll be using or sell in the alt that you really wanted after using that exchange it came from. It all matters in how we will minimize the fees. Compute which is much lesser even it may take some time and inconvenience.

Oceat

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Quote from: StephenieDuong on December 28, 2019, 12:30:28 PM

I always exchange bitcoin to altcoin like ETH, XRP or USDT to lower the withdrawal fee, usually 1-2$ each withdraw time. But i only do this when withdrawal fee is above 10$ because when i exchange to altcoin, i have to pay for exchange fee.

That's what I was doing in the past when Bitcoin was too much hyped due to bull market the transaction fees are tremendously high. That's why I switched or sell my Bitcoin to a stable altcoins and convert it to Bitcoin then send to my BTC address. I don't know why the transaction fees are getting higher these days to most exchanges.

StephenieDuong

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I always exchange bitcoin to altcoin like ETH, XRP or USDT to lower the withdrawal fee, usually 1-2$ each withdraw time. But i only do this when withdrawal fee is above 10$ because when i exchange to altcoin, i have to pay for exchange fee.

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