How to save few bucks while withdrawing from exchanges - page 2.

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legendary

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In binance you can save some few bucks if you use their bnb there then i think better to withdraw one big time like not very cheap only

BNB is a falling knife that people shouldn't touch. Everyone who used BNB to trade with in order to get a fee advantage on Binance has been burned hard now the price has taken a dive from $50 to $15. The amount people thought to save have cost them hundreds or even thousands of dollars.

I wish exchanges adjusted their fees based on how congested the network is, which Coinbase is doing well. Before my account became unusable due to their KYC requirement, I managed to withdraw Bitcoin with fees as low as 1000 satoshis. In times where satoshis more than ever matter, exchanges should consider this fee schedule.

rdbase

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Quote from: bitmover on October 12, 2019, 06:24:04 AM

I think the best thing for low volume currency exchange is to use a coin swap service, such as Changelly, Easyrabbit, Coinswap, instaswap, etc (there are many out there).
Those services are KYC free (most of them) and there is no withdrawal fee.

This way you can withdrawal ETH or XRP (usually i have better rates using XRP) from exchanges and then use Changelly, for example, to exchange it back to BTC. sometimes it is better to do this than to withdrawal btc from exchanges.

I noticed this when doing an exchange from doge into ethereum the other day when I was looking for a better exchange rate when looking to do this on the forum but actually changelly had a better rate to do it through them.
It never use to be like this a few months ago since when I checked with doing it through them they would take over 15% more than 1:1 ratio if I were to do the trade with an individual here.
But it seems they reduced their rates to 0.25% just recently so the exchange rate is now reasonable and even better than using an exchange with their transaction fees of over 0.01eth or $2-$3 after the taker fees just so to be able to remove your funds once exchanged from their site. Angry

BigBoy89

legendary

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You should check XRP and LTC. Usually, they have one of the lowest fees on all exchanges.

But you should make your calculations very carefully.
If you want to convert BTC to alt, withdraw alt and then convert again to BTC, you need to calculate:
- 2x Maker/Taker trading fee
- Withdrawal fee
- The dIfference in exchange rates while your coins arrive at your new wallet/exchange.

Another plus of withdrawing in Alts is speed. You may need hours to get 3/6 confirmations on BTC withdraw while on most alts this is in a matter of minutes.

The withdrawal fee is fixed and could be better for bigger amounts.

akamit

hero member

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Quote from: andycarrol on October 12, 2019, 01:32:22 PM

but i prefer for you to try xrp/ltc withdrawal from yobit because the fees is much lower than the eth withdrawal.
if you use LTC to withdraw your balance from yobit it just around 0.112$ it's much lower than eth

Thanks for the information.

I haven't checked those yet, but if I do use XRP or LTC or ETH then I also have to find a competitive way to sell ETH or LTC or XRP back to BTC.

andycarrol

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Quote from: akamit on October 12, 2019, 06:26:44 AM

Converting to ETH and then withdraw will save some money I guess than BTC.

Let's say Yobit's BTC withdrawal fee is BTC0.0012 and ETH withdrawal fee is 0.005eth

ETH 0.005 = BTC 0.0001 @coingecko
you can see how much it can save your money.

I've earned some satoshis (not much) from the sig campaign and I think I'll be converting them to ETH before withdrawing.

but i prefer for you to try xrp/ltc withdrawal from yobit because the fees is much lower than the eth withdrawal.
if you use LTC to withdraw your balance from yobit it just around 0.112$ it's much lower than eth

o_e_l_e_o

legendary

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If your exchange is over-charging you for withdrawals, then I suggest you find a new exchange. If everyone did this, these centralized exchanges would soon sort out their pricing structure. Charging in the region of 100,000 satoshi (0.001 BTC) for a transaction which costs them less than 1% of that to make is pure profiteering.

If you are withdrawing in a different coin and changing back, then you also have to factor in two more trading fees. Although services like Changelly don't charge a trading fee per se, they often offer rates at much worse than the market rate and pocket the difference, much like a Bureau de Change in an airport. At current prices, trading bitcoin to ethereum at a 0.2% trading fees, withdrawing with a 0.01 ETH withdrawal fee, and converting back with Changelly would leave you with 0.098 BTC, which is less than you would have if you had just paid the 0.001 BTC withdrawal fee.

If you don't want to pay these fees (which are really just hidden profits for the exchange) at all, then start using decentralized exchanges such as BISQ and trading peer to peer.

el kaka22

legendary

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I understand your demand with respect to your current signature campaign. Some years back when yobit was having their campaign here, I remember that they themselves recommended to go withdrawing your daily signature campaign earning in dogecoins as in those times dogecoin was trading around 20 satoshi and the fee for withdrawing dogecoin in yobit exchange was 1 or 2 dogecoins (I could not recall exactly but the network fee for doge transaction is 1 doge since 2014). So, you need to pay hardly 40 to 80 satoshi for withdrawing but trading your BTC for dogecoins costs based on your BTC amounts.

If you write some 10 posts per day and earn some 0.0016 BTC per day then you might need to pay 320 satoshi as trading fee and I am not sure how much they are asking for dogecoin withdraw. Save your coins in terms of dogecoins and then go for trading them again for BTC (like monthly once) and this way you may save some big fees rather than doing daily or weekly BTC withdraw.

OmegaStarScream

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I would go trade with individuals directly (on the forums for example) and avoid any third-party fees. It shouldn't be a problem to find people to trade with as long as the coin has a strong userbase and it's not just another shitcoin.

Anonylz

hero member

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Eth withdrawal is my saving grace anytime am trying to make a btc withdraw and i see the transaction fee is a bit higher, eth is cheaper and faster, I don't bother using any other alts for withdrawal, and I really don't think there is any way to make btc withdrawal fee any less from what the exchange is charging when you want to withdraw btc, best option is use eth.

ReiMomo

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I think when you are withdrawing your reward from the signature that you are wearing you will convert first to Ethereum from Bitcoin instead. Well, we are in the same strategy. To cut a higher fees from Bitcoin I convert first to Ethereum or XRP to my wallet. In that case, I can save from a huge fee from bitcoin. Sometimes we need these options to cover fees because fees from bitcoin are quite high and that is the fact that we must accept from bitcoin side. Hopefully, exchanges are realized those problems, to attract more traders prefer using bitcoin than Eth/altcoins.

joniboini

legendary

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Quote from: apoorvlathey on October 12, 2019, 06:18:54 AM

Also, is it better if I withdraw to ETH or any other coin with low fee and find some trader on the forum to exchange it for Bitcoins, eliminating the exchange's fee?

It depends on the exchange too. Some exchange applies a flat $1 or more withdrawal fee, so regardless of which coins/tokens that you want to withdraw, you'll pay the same amount. But, if they use a flexible rate, then using tokens such as XRP or XLM could save you a lot of money.

Your next problem would be finding another exchange that has a good rate of your preferred altcoins. It would be a disaster if you withdraw with XLM on Y exchange and send it to X exchange when their XLM rate is 5% lower. You could lose more compared to if you withdraw with BTC.

akamit

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Converting to ETH and then withdraw will save some money I guess than BTC.

Let's say Yobit's BTC withdrawal fee is BTC0.0012 and ETH withdrawal fee is 0.005eth

ETH 0.005 = BTC 0.0001 @coingecko
you can see how much it can save your money.

I've earned some satoshis (not much) from the sig campaign and I think I'll be converting them to ETH before withdrawing.

bitmover

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I think the best thing for low volume currency exchange is to use a coin swap service, such as Changelly, Easyrabbit, Coinswap, instaswap, etc (there are many out there).
Those services are KYC free (most of them) and there is no withdrawal fee.

This way you can withdrawal ETH or XRP (usually i have better rates using XRP) from exchanges and then use Changelly, for example, to exchange it back to BTC. sometimes it is better to do this than to withdrawal btc from exchanges.

apoorvlathey

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I see that most of the exchanges have quite a high fees for withdrawing bitcoins into our wallets. Though if one withdraws Ethereum, then the fees are just 1/10th as compared to bitcoin's.
I would like to know the best strategy to acquire bitcoins from exchanges without paying hefty fees.

What's the exchange with least bitcoin withdrawal fee?
Also, is it better if I withdraw to ETH or any other coin with low fee and find some trader on the forum to exchange it for Bitcoins, eliminating the exchange's fee?

Topic: How to save few bucks while withdrawing from exchanges - page 2. (Read 368 times)