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

Real trade to minimize Yobit's BTC withdrawal fee.

1. BTC to LTC trade in Yobit
      -- Starting Yobit Balance BTC0.00834885
      -- I bought 1.22594414 LTC at the price of BTC0.00681014

2. LTC withdrawal to Coinomi
      -- Less 0.002 LTC withdrawal fee
      -- Final amount arrived in Coinomi is 1.22394414 LTC

3. Coinomi to CoinPlaza
      -- Sent 1.2219 LTC to CoinPlaza
      -- Less 0.00000243 transaction fee
      -- Balance 0.00204171 LTC in Coinomi Wallet

4. Coinplaza to my BTC Wallet
      -- Exchanged 1.2219 LTC for 0.008232 BTC at the rate 0.006805 LTC/BTC​
      -- Coinplaza Service fee: 0.000083 BTC
      -- Final amount arrived in my BTC wallet 0.008232 BTC

So if I had withdrawn BTC from Yobit then I'd have received BTC0.00834885 - BTC0.0012 fee = BTC0.00714885

But with the above trade & routes, I have received BTC0.008232 and saved BTC0.00108315 from loss. Moreover, I still have some LTC balance in Coinomi

XRP withdrawal from yobit is now available after many days that it is off.
XRP is one of the cheapest withdrawal fees that I know and it is the best choice on my online wallet.
Fast transactions plus low withdrawal and transaction fees are the ones which makes it best for exchange withdrawal.

but another fact is Yobit wallet for XRP right now is temporary OFF and we don't know until when will they enable the withdrawal for XRP

Which wallet is it? No fees charged when you exchange your alts to Bitcoin? That seems too good to be true.

In terms of transactions, to reduce fees, I currently use waves. it has a very cheap fee compared to other coins that I know of. Even on yobit, you can make transactions with a fee of 0.002 waves, or currently equivalent to $ 0.00167

You'll lose out on a lot more than a couple of bucks when the exchange locks your account, demands KYC, exit scams, gets hacked, or any of the multitude of reasons that people lose their coins from exchanges. It always boggles my mind that people still store their coins on exchanges, after the countless numbers of users who have lost access to their coins because of one of the above reasons.

If you really dont want to pay a few bucks to withdraw, then just trade peer to peer on the forum or on BISQ.

It really depends though, for example, when cashing out BTC is probably the safest bet for most people, especially if you trade p2p like I do. Selling for ETH on localeth means I get much higher spreads compared to BTC so that fee that I save from swapping to eth is probably used on exchanging the coin, it's a tight predicament.

I don't usually sell crypto-currencies, and nowadays I just hold all the earnings in BTC on the site, not worth the hassle and I'll lose out on a couple of bucks when I withdraw it

I withdraw to my TRX wallet. Cheap as fuck. And since my wallet is multi wallet with built-in exchange, I simply switch it to BTC, typically I keep 50% of my earnings in btc and the rest in a stablecoin.
Hope this strategy helps.

Getting 30 Ether confirmation is secure enough, but still pretty much faster than getting even 3 Bitcoin confirmations.

And while exchanges are charging crazy fees like 50 000 or 120 000 satoshi for withdrawal, 90+% of then are using transaction optimizing bot and the real withdrawal is with a lot smaller fees than that, like just a few satoshis/byte. This is the real reason to hate them. In most cases, especially for small traders, they are making more money from withdrawal fees than trading fees.

I don't consider this as a loss when compared to the BTC fee BTC0.0012 Yobit offers.

If we have withdrawn BTC0.005 then we'd get BTC0.0038 less fees, but following your example, we may get BTC0.00492400 which is already a profit by BTC0.001124

There's no hidden fact that I was actually focusing on withdrawing my signature earnings from Yobit exchange, which has a fixed 0.0012 BTC fee.


I too did some calculations and to my surprise, through one route I ended up with not a loss, but a profit!
Here I am calculating for withdrawing ~0.005 BTC.

Fixed Withdraw Fee on Yobit:
LTC     0.00001356 BTC
XRP    0.00001663 BTC
DASH  0.00001702 BTC
ETH    0.00010845 BTC
DOGE 0.00015000 BTC
XLM    Not supported by Yobit.

>LTC:
BTC(0.00501000)->LTC(Yobit Trading fee:0.2%) get: 0.73583300 LTC
LTC withdraw fee: -0.002 LTC
0.733833 LTC->BTC get: 0.00492400 BTC [coinplaza]
                               0.00496483 BTC [changelly] (Loss: 0.00004517 BTC = 0.009%)

>XRP:
BTC(0.00501000)->XRP(Yobit Trading Fee: 0.2%) Get => 152.62515262 XRP
XRP withdraw fee: -0.5 XRP
152.12515262 XRP->BTC get: 0.00504917 BTC [via changelly] (Profit: 0.00003917 BTC = 0.00782%)

Coinplaza doesn't deal with XRP.

* Only one problem is that new XRP wallet requires to have a non-refundable deposit of 20 XRP (0.0006694 BTC) according to their protocol.

>Dash:
BTC(0.00501000)->Dash(Yobit Trading fee:0.2%) get: 0.58291567 Dash
Dahs withdraw fee: -0.002 Dash
0.58091567 Dash->BTC get: 0.00492800 BTC [coinplaza]
                                           0.00493528 BTC [changelly] (Loss: 0.00007472 BTC = 0.0149%)

Saving a few bucks when withdrawing from exchanges of course comes into play when planning to withdraw small amounts but when dealing with large amounts, the withdraw fee actually looks small and negligible.
I usually withdraw altcoins to save the withdrawal expenses.

Last year, my most favourite was NEO. Withdraw and transaction fee in all Exchanges was completely free but even now, it's still very cheap to withdraw it.
Lately i also switch to EOS, BNB, and DOGE for withdrawals... Not only are the fees very low but also the transaction block confirmations are so quick
When I am not so much in a hurry is when i use the likes of LTC.

Here are a couple of quick calculations for Binance:

0.0005 BTC withdrawal fee ($4.22 at current prices)
0.1% trading fee
Cheapest withdrawal fee of a top 20 coin - XLM - 0.01 XLM withdrawal fee ($0.0006 or 0.06 cents at current prices)

A straight withdrawal of 0.002 BTC would give you at 0.0015 in your wallet.
Trading 0.002 BTC to XLM, paying a 0.1% fee, and then a 0.01 XLM withdrawal fee, would give you (at current prices of 731 sat per XLM) 273.3142134 XLM.
If you were then to use CoinPlaza (for example) to swap from this XLM to BTC, you would be left with 0.001998 BTC.

Doing the same calculation for the next cheapest withdrawal - XMR - 0.0001 XMR withdrawal fee ($0.005 or 0.5 cents at current prices).
0.002 BTC on the exchange would become 0.31268178 XMR in your wallet.
Using CoinPlaza to swap would give you 0.001975 BTC.

So for small volumes, it seems much better to withdrawal in a coin that isn't BTC. Obviously once you start getting towards larger volumes, the 0.1% trading fee becomes that much larger and quickly dwarfs the amount you would pay on the static withdrawal fee. Given that the XLM withdrawal fee is so small in terms of fiat, the difference between the BTC withdrawal fee and the XLM withdrawal fee essentially becomes the BTC withdrawal fee. So once the 0.1% trading fee becomes larger than the BTC withdrawal fee, then it makes more sense to just withdraw in BTC. This would be reached when trading 0.5 BTC or more.

This obviously doesn't take in to account the fact that the price may fluctuate in the time it takes you to do all this, the extra risk you are exposing yourself to by using another third party service, and the extra transaction fee to send your coins from your wallet to the third party exchange service. And again, it goes without saying that when an exchange is charging you 50,000 sats for a transaction which costs them ~300-400 sats to perform, they are ripping you off.

Their BTC withdrawal is too high thats why those who have earned some little amounts of satoshis would
 really switch up into other alts for you to lessen up the fees.Ex. XRP and ETH which its much lesser and
you would save a ton and since yobit do have problems with xrp withdrawal then ETH would be the best choice atm.
I dont know why other suggest about instant exchangers when lessening up the fees knowing that they have much higher
fees than on a typical exchange.

Actually that's a good idea I'm doing just that I made peer to peer to one of my friend after I trade it to eth or xrp and I will look for any of my friends who wants to trade their Bitcoin to XRP or Eth there are exchanges that charges almost $12 in their Bitcoin transactions so it's really worth it if you are going to withdraw a small amount.

currently the XRP withdrawals on yobit is temporary off and we don't know how long will the withdrawal for XRP normal again

You should just do the math on a few sample amounts, then pick the best one.

I feel like a broken record since I just recommended an exchange for small amounts in another topic, so I won't post it here again.

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I'd be very interested to see a few samples, starting from for example 0.002 BTC, taking different routes, and showing the total cost (losses) per step until the final amount that arrives in your wallet.

Some alts are only faster to get a few confirmations because their confirmations involve far less work, and are therefore far less secure, than bitcoin confirmations. If you want the same level of "finalness" that you get with a handful of bitcoin confirmations, with most alts you have to wait days and get hundreds of confirmations. Also, when exchanges are charging 50,000 sats for a withdrawal, there is absolutely no reason that it shouldn't be confirmed within the next block. If it's not, then they are profiting from your withdrawal fee.

So you are either left holding ETH, which is far inferior to bitcoin and will almost certainly mean you lose out longer term, or you have to pay ETH withdrawal fee, ETH transaction fee, second exchange's trading fee, potentially worse exchange rates, and then the second exchange's withdrawal fee. You sure that all works out cheaper than just paying the bitcoin withdrawal fee in the first place?

What I do is I withdraw as eth and either keep it as it is or I will send it to another exchange and buy bitcoin then withdraw. Some exchanges want 0.001btc withdraw that is crazy.
Tradeogre only charge 0.0001btc but I am yet to use them. I am very careful when using exchanges.

I'm assuming your talking about payments for the yobit signature campaign?

Well personally when I complete my withdraws I convert it to Litecoin, where the fees are basically none existent and the withdraw that to another exchange where I keep a small amount of funds there. Then you can convert it back to BTC and withdraw with a lower fee.

It's crazy how much withdrawal fees yobit has!

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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 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?