Lots of newbies are joining crypto sphere these days..Most of them joining trough fiat deposit-able exchanges like coinbase,cex, bitfinex etc...so they are just creating exchange account and buy Cryptos, most of them not familiar with transferring fees and they transferring small funds (below $1000) from
exchange to exchange/wallet and wasting some portions as transaction fees.hope this post help to understand/compare several blockchain's own transferring cost and top 08 exchanges transferring cost.so you can do your own research and find best coin/token to transfer funds with minimal fees..data taken at 12/sep/2018
As we all know most of blockchain have transferring cost according to blokchain type. and according to that exchanges are also cost transferring fees but they are quite different than actual cost. most of exchanges fees are 10+ higher than actual fee.so understanding about transferring fee is important
Not sure this post is helpful for everyone but may be some people those how really concerning about cost reduction.and this is how I always do myself for transfer smaller amounts..
cheaper way to transfer funds is own
wallet to other wallet/exchange than exchange to another wallet.So keep your fund in wallet then you can adjust transferring cost/blockchain cost per transaction according to your requirement(priority of the transaction, can be pay higher fee for fast/important transaction and lower fee for slow transactions)
Bitcoin Transaction fee per transactionMost usable and transferring coin is bitcoin. Transferring cost is higher comparing other block chains From bitcoin wallet (blockchain)can be transfer BTC from own BTC wallet to another wallet by minimum 0.00000191 BTC
minimum cost per transaction (transaction speed is slow but can be use for un-urgent transactions) this will vary with blockchain conditions
maximum cost per transaction (transaction speed is high can be use for an urgent transactions)
From Exchanges (Top 08 exchanges..ref - coinmarketcap) But Most of exchanges cost higher fee for BTC transferring fee as withdrawal fee s are more than 0.0001BTC But maximum blockchain transaction fee is 0.00004755 BTC as above picture. and Can be send that transaction with minimum fee at 0.00000191 BTC per transactions..
Can be transfer Funds among the exchanges using BTC.but it will cost near $6.3 per Transaction assuming BTC price ($6300) today. it will be more higher when BTC price rise Ethereum Transaction fee per transactionMost widely transferring coin is Ethereum. Transferring cost is medium comparing other block chains From Ethereum wallet (Metamask)minimum ETH transaction fee= 0.000021 ETH, used gas limit=21000 and gass price =1 Gwei
From Exchanges (Top 08 exchanges..ref - coinmarketcap) But Most of exchanges cost higher fee for ETH transferring fee as withdrawal fee... Can be send that transaction with minimum fee at 0.000021 ETH per transactions..
Can be transfer Funds among the exchanges using ETH.but it will cost near $1.8 per Transaction assuming ETH price ($180) today. it will be more higher when ETH price rise NEO Transaction fee per transactionUpcoming competitive block-chain for Etherium. Transferring cost is ''0 NEO''..most reasonable Coin to transfer funds among the exchanges.
can be eliminate transferring cost From NEOwallet (neotracker wallet)Transferring cost is ''0 NEO''
From Exchanges (Top 08 exchanges..ref - coinmarketcap) Most exchanges provide Fee free transferring facility for NEO due to block-chain transaction fee is ''0 NEO'' but some exchanges still cost little fee for NEO too..(Bittrex)
Can be transfer Funds among the exchanges using NEO .but it will cost nothing ($0 per Transaction) assuming NEO price ($18) today. it will be $0 even NEO price rise So Please check these Transferring fees every-time when you transfer funds among the exchanges.Better to choose 0 Transferring fee coin Like NEO other than choosing BTC or ETH for your funds transferring coin.If you want to transfer BTC/ETH keep it mind to use Personal BTC/ETH wallet.can be eliminate/reduce transaction fee by this way.. but every time you can't choose NEO you can use XLM/XRP or another coin for this.Hope this will help to understand there is a way to eliminat/reduce these kind of cost by choosing best coin at the moment..
It is working this way..
If you want to transfer $100 binance to OKEX it will cost 0.001BTC($6.3) and 0.01ETH($2) but can be converted to NEO and transfer NEO with 0 fees and covert it back to EHT/BTC. But there will be 0.2% treading fees and trading volume will be $200. So it will cost $0.4 for trading.but still cheaper.but Keep it mind Transferring fee is only
one factor for choosing a coin to transfer your funds..these are other factors you need to consider.will be explain about these factors in next post
- Transferring fee
- Trading volume of the coin
- Bid and ask orders in the exchange
- Price difference between those exchanges
- Size of your funds
- volatility of the coin at the moment
I will keep updating this post with new exchange fees and new blockchain fees..
Choose a better coin for transfer funds and save your funds.. Ref- Coinmarketcap, fee page in each exchange ,blockchain,metamask,neotracker wallets