Is There A Bitcoin Exchange That Pays Most of Fees for You?

Yatsan

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No such thing I guess 'coz if there is, that exchanger is giving their service for free. Investors or users are the ones to shoulder transaction fees simply because they are jist using an exchanger platform. Transaction fees on my end is not a problem although in some instances the fees are too high. With regards to exchanges, Binance has one of the largest fees but I do still use it 'coz I'm confident with my funds on their platform. If you are hurting for an ezchanger fee then go with decentralized ones which would lower TX Fees.

Quote from: hd49728 on June 08, 2023, 11:11:32 AM

Quote from: Rruchi man on June 08, 2023, 09:34:06 AM

If you see an exchange that claim to pay your transaction fees for you, you should avoid it. It will most probably be a scam exchange.

They can be either a scam exchange and try to gain more users before they run away with money by a scam exit.

Better, they don't run away with money but they will collapse by rotten management like FTX exchange. In 2020 or till 2021, FTX exchange waived out transaction fee on Ethereum blockchain for FTX users. Transaction fee on Ethereum blockchain was very expensive, $50 to $200 for one transaction in fomo times of DeFi 2.0, GameFi, Metaverse.

You can easily imagine how much money FTX wasted for their users.

It would be indeed suspiscious. The possible reason why they would do such thing is to gather as many users as possible and eventually collect their funds and leave with it in a sudden.

panganib999

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I don't think that's possible. Each transaction in the bitcoin network is made to have a designated and dedicated process for it. And I guess it would remain like this until the end of time, because that's what works and people pretty much have little complains about the state of the transaction handling in the network. Aside from this, from a business perspective bundling transactions to save on fees would not be sustainable as that is where you make the money as a payment processing/money transfer system, although bitcoin is more than that it has to be said.

TL;DR, you can't bundle transaction fees in the bitcoin network, nor will it be possible in the near or distant future. There's a paradigm in the system that must be kept, and that is the harmony of the transaction processing, if that were to be disrupted, bitcoin will not be in a great state.

CryptoHeadlineNews

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Quote from: memzbuck on June 05, 2023, 03:13:33 PM

I am willing to wait even 2 days before I receive Bitcoin. Due to high on-chain fees, I cannot manage fees. Many places online do not recognize the Bitcoin lightning network as of this time of posting. FaucetPay does not support lightning network. Also no high minimum withdrawal. FreeBitcoIn, Binance and CEX are good but they do not support the lightning network.

And that's the reason why it's good to use and save our Bitcoin asset in a non-custodian wallet such as "electrum, ledger & Trezor" which enables you to select how much fess you are willing to pay for each transactions, not minding the duration, how long it could take to get confirmed. Because not only do it great you the ability to select your fees, but it is safe and secured compared to keeping your funds on a centralized exchange such as Binance and the others.

irhact

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Quote from: flyingcarpet on June 06, 2023, 03:49:23 AM

Quote from: memzbuck on June 05, 2023, 03:13:33 PM

Title says it all. Is there a bitcoin exchange that pays most of fees for you? For example, I want to send Bitcoin to my Electrum wallet but others want to withdraw too. So like my transaction is bundled with many other people's transactions.

The main purpose of exchanges is to generate profits from users. There are alternatives to choose from, but the cost of transportation is limited. Electrum for example. Shipping fees can also vary. We are all aware of the increased fees recently. We had to wait for the transfer, so I don't think what you want is very possible. You just have to wait for the right time. Unless you're in a hurry.

You can also use other coins if you're in a hurry when there's congestion on Bitcoin network but you want the transaction faster and don't wan to pay high fees because you don't have the money for that then you can withdraw with stablecoin and spend those instead of your Bitcoin. Asking exchange to pay for your fees or others to do that for you won't be possible because exchange are business and they have other expenses to take care of.

The only thing I know an exchange can do for you is to remove their trading fees that they charge for each trade done on the exchange, they can remove the trading fees because they're the ones receiving the trading fees but for withdrawal fees, it's the miners been paid.

tygeade

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Quote from: Oneandpure on June 08, 2023, 08:20:37 AM

I think lightning network sending assets support for the same exchange only and not available for sending to other exchange or sending to electrum wallet, I don't think have option lower fees sending from exchange market wallet to electrum wallet. All exchange have minimum withdrawing fund and fees each time sending Bitcoin, for internal transaction without fees like sending trough lightning network or in Binance has option with sending trough BinancePay.

Right now, sending trough electrum wallet have to pay higher fees transaction based block confirmation, almost the same with exchange wallet will push up with sending transaction fees depend on how long confirmation take time.

I think LN is the way to go, whatever is left to make that work is the only important thing at the moment and I believe that it is going to be very difficult to handle that and it will take a while before people could get involved with LN and certainly it will take time for exchanges to get involved with it as well but when that happens we are going to be a lot better.

There is no scenario where bitcoin could continue with this fee structure, and some altcoins like ETH goes the similar way and quite expensive. We should be expecting those to drop eventually, I do not know when that improvement will happen but we need to see it happen very quickly so that we could start paying less. It hurts crypto a lot when the fee's are this high.

hd49728

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Quote from: Rruchi man on June 08, 2023, 09:34:06 AM

If you see an exchange that claim to pay your transaction fees for you, you should avoid it. It will most probably be a scam exchange.

They can be either a scam exchange and try to gain more users before they run away with money by a scam exit.

Better, they don't run away with money but they will collapse by rotten management like FTX exchange. In 2020 or till 2021, FTX exchange waived out transaction fee on Ethereum blockchain for FTX users. Transaction fee on Ethereum blockchain was very expensive, $50 to $200 for one transaction in fomo times of DeFi 2.0, GameFi, Metaverse.

You can easily imagine how much money FTX wasted for their users.

Rruchi man

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Quote from: memzbuck on June 05, 2023, 03:13:33 PM

Title says it all. Is there a bitcoin exchange that pays most of fees for you? For example, I want to send Bitcoin to my Electrum wallet but others want to withdraw too.

If you see an exchange that claim to pay your transaction fees for you, you should avoid it. It will most probably be a scam exchange.

If you make regular transactions with bitcoins, you should become used to these transactions fees instead of trying to avoid them even though they are high sometimes.

Seeking for exchanges without transaction fees will lead you the wrong way.

rat03gopoh

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Quote from: LogitechMouse on June 08, 2023, 08:14:48 AM

Why would they do that? That's ridiculous if the exchange itself will shoulder some of the fees.

And a zero fee offer would be suspicious in the first place (sounds like a scam), it's against the mainstream of crypto exchanges where high withdrawal fees are a business they won't ignore.

Oneandpure

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I think lightning network sending assets support for the same exchange only and not available for sending to other exchange or sending to electrum wallet, I don't think have option lower fees sending from exchange market wallet to electrum wallet. All exchange have minimum withdrawing fund and fees each time sending Bitcoin, for internal transaction without fees like sending trough lightning network or in Binance has option with sending trough BinancePay.

Right now, sending trough electrum wallet have to pay higher fees transaction based block confirmation, almost the same with exchange wallet will push up with sending transaction fees depend on how long confirmation take time.

LogitechMouse

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Why would they do that? That's ridiculous if the exchange itself will shoulder some of the fees.

The main reason why exchanges are being created aside from more access towards different coins is they want to gain money. Just imagine, you're the business owner, and you will think about paying transaction fees that happens inside your exchange on a daily basis.

Base on this website, the total number of transaction yesterday is 433,781, and the average transaction fee as of this moment is around $0.50. Let's just put Binance as an example as well. I don't know how many transactions are happening on Binance, but shouldering some of the fees will affect their total revenue on a monthly basis. You can reduce the transaction fees, and there are some websites where you can see the Bitcoin transaction fees on different exchange, but I don't think there's any exchange where they will pay the fees for the user.

hugeblack

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You can allocate withdrawal fees in DEXs, given that you own your coins and all deals are done on the blockchain with depositing money to mutli-sig escrow address, but this feature is not available in centralized platforms as their work is based on profit. And part of these profits is the withdrawal fee, which is usually higher than the normal rate, given that they make Batch transactions while they ask you for high withdrawal fees and use the rest as profits.

Also, there is no rich person who pays you your money or reduces your transaction fees.
If you want to reduce the fees, you must:

- Look for a centralized platform with low withdrawal fees.
- Use bc1 addresses.
- Combine all your outputs into one input when fees are low.

BVeyron

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Quote from: memzbuck on June 05, 2023, 03:13:33 PM

Title says it all. Is there a bitcoin exchange that pays most of fees for you? For example, I want to send Bitcoin to my Electrum wallet but others want to withdraw too. So like my transaction is bundled with many other people's transactions. Basically, people willing to pay higher fees help to substantiate the poor man's low fee in terms of how quickly one wants receive Bitcoin. I am willing to wait even 2 days before I receive Bitcoin. Due to high on-chain fees, I cannot manage fees. Many places online do not recognize the Bitcoin lightning network as of this time of posting. FaucetPay does not support lightning network. Also no high minimum withdrawal. FreeBitcoIn, Binance and CEX are good but they do not support the lightning network.

Muun credits you instantly but wants you to always pay fee more than incoming balance. High fees must be fixed soon.

All the BTC exchange hubs have a fee, they need to get more money than they pay for a transaction. So it's impossible for an exchange fee to be less than transaction fee... However, the prices vary from one exchanger to another...

bayudndy

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Exchanges offer a fee-sharing or discount mechanism as a competitive advantage or as an incentive, such as keeping their native tokens. However, fully covering transaction fees for users is not a standard practice in the industry. In addition, centralized exchanges often set their own withdrawal fees, which can vary depending on factors such as the cryptocurrency being withdrawn, network congestion, and the exchange's business model. These fees are often structured to generate revenue for the exchange and cover operational costs rather than fully reflect transaction costs incurred. So it's hard to do this because it affects their revenue stream.

KiaKia

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Unfortunately, you can't get what you want, fees are the reasons that those exchanges are still in business, the highest they can do is free withdrawal for a short period of time, like when they doing promotions primarily if the exchange is a new exchange. The sooner you realize this the better it's going to be, you will be able ti prepare.

Once we enter the next bull market, to withdraw from any crypto exchanges will be more higher because of Ethereum and high value of the coin, Ethereum Gas fee and that of Bitcoin always increases in every bull market.

buwaytress

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You'll lose money and time in the long run. In period of high network congestion, it's hard to see how you'll pay less with an exchange fee than paying from your own Electrum (that's the wallet you said you use). Right now, a 2 input send for next block confirmation is barely 15k sats... you said you don't mind waiting 2 days? That comes down to 5k sats.

There's no exchange I know of charging less than that. When Bitcoin returns to normal, which it does eventually, you won't be paying even 1k sats.

noorman0

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Withdrawal fees are the most expensive they charge, first reason is they have to pay for network fees (then at least they should have multiple returns) and second is they actually don't like you withdrawing your bitcoins (high withdrawal fees are a precaution).
So let me just say that almost any centralized exchange would even be allergic to this request.

Vickysagar

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I don't think that there exists an exchange that does that. Why would they pay fees for you? It's kinda bad for the business.

avikz

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Quote from: memzbuck on June 05, 2023, 03:13:33 PM

Title says it all. Is there a bitcoin exchange that pays most of fees for you? For example, I want to send Bitcoin to my Electrum wallet but others want to withdraw too. So like my transaction is bundled with many other people's transactions. Basically, people willing to pay higher fees help to substantiate the poor man's low fee in terms of how quickly one wants receive Bitcoin. I am willing to wait even 2 days before I receive Bitcoin. Due to high on-chain fees, I cannot manage fees. Many places online do not recognize the Bitcoin lightning network as of this time of posting. FaucetPay does not support lightning network. Also no high minimum withdrawal. FreeBitcoIn, Binance and CEX are good but they do not support the lightning network.

Muun credits you instantly but wants you to always pay fee more than incoming balance. High fees must be fixed soon.

Lol! No! No such exchanges are available to do charity. They won't club the transactions together either. Lightening network works on a similar concept so you may want to find some exchanges that supports lightening network. This way you can keep your transaction fees at an optimum low level. What you are asking, is not available.

Helena Yu

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Quote from: traderethereum on June 06, 2023, 06:10:26 AM

No Bitcoin exchange pays the fee for us as the fee will be deducted from our total withdrawal.
And if that's the case, your withdrawal amount will decrease but it's okay if you withdraw a large amount of money.
As far as I know, the exchange doesn't take up to 2 days to receive your Bitcoin because that's what I experienced.
For the fees, we can't resist high transaction fees because the exchange has to adjust the transaction fees according to the conditions that occur on the network.
To deal with high fees, you need to be patient and wait until the transaction costs can go down but if you are not willing to wait, you have to pay high fees.

The exchange only adjust the fee when the current condition on the network is increase, if the network is empty and back to normal, they will not reduce their fee. If they will adjust the fee every second with the current condition on the network, no one will complain about the high fee on centralized exchange.

The reason why withdrawal on centralized exchange is fast because the fee they charge are more than the cost of high priority fee.

karabiber

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There will be nothing we can do about the fees. There are many ways that exchanges can make a profit and they can cut or waive their trading fees. Because exchanges have enough commission income. It is entirely up to you to use decentralized exchanges but these exchanges do not support some networks.

I think Binance is good at fees and commissions right now. Purely my own opinion, i never advertise stock market. Even if you do not want to pay a transaction fee, you can apply for different ways. This may be to cash out bitcoin or the fee may be expected to reach the desired level. If you are patient trade when the transaction fees are low and do not expect exchanges to pay your fees.

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