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

Yatsan

legendary

Activity: 2576

Merit: 1252

Leading Crypto Sports Betting & Casino Platform

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

hero member

Activity: 1750

Merit: 589

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

hero member

Activity: 1092

Merit: 747

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

hero member

Activity: 616

Merit: 749

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

legendary

Activity: 2086

Merit: 1058

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

legendary

Activity: 2044

Merit: 1018

Not your keys, not your coins!

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

legendary

Activity: 1456

Merit: 1108

Top-tier crypto casino and sportsbook

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

hero member

Activity: 2212

Merit: 670

Signature designer - start @$10 - PM me!

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

sr. member

Activity: 2100

Merit: 309

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

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

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

legendary

Activity: 2702

Merit: 4002

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

hero member

Activity: 1680

Merit: 987

#SWGT CERTIK Audited

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

full member

Activity: 824

Merit: 104

PredX - AI-Powered Prediction Market

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

sr. member

Activity: 728

Merit: 388

Vave.com - Crypto Casino

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

legendary

Activity: 2968

Merit: 3684

Join the world-leading crypto sportsbook NOW!

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

hero member

Activity: 1778

Merit: 709

[Nope]No hype delivers more than hope

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

jr. member

Activity: 95

Merit: 1

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

legendary

Activity: 3080

Merit: 1500

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

hero member

Activity: 742

Merit: 633

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

hero member

Activity: 1554

Merit: 762

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.

traderethereum

hero member

Activity: 2870

Merit: 574

Vave.com - Crypto Casino

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.

Despairo

hero member

Activity: 1064

Merit: 843

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

FreeBitcoIn, Binance and CEX are good but they do not support the lightning network.

If you're looking to find an exchange which support lightning network, you can check in this list https://github.com/theDavidCoen/LightningExchanges

What the hell you're using Freebitco.in as an exchange? it's a faucet and casino site.

Quote from: Nwada001 on June 05, 2023, 03:21:48 PM

Maybe some P2P options might help since you are allowed to choose which fee rate you want to use and execute your transaction

If you trade via direct P2P you will not pay additional fee, but if you use a P2P site, usually they will charge additional fee. Usually the fee is low, but the rate isn't 1:1. In CEX you're trade with the actual rate, mostly trade in CEX is more profitable than P2P site.

Mttewndew

jr. member

Activity: 433

Merit: 5

Paying high fees for transactions can be a real pain, especially when you're trying to save on costs. While it would be nice to find an exchange that covers most of the fees, it's important to approach these claims with a healthy dose of skepticism. Sometimes, things that seem too good to be true often are.

flyingcarpet

full member

Activity: 406

Merit: 188

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.

YUriy1991

sr. member

Activity: 882

Merit: 215

#SWGT CERTIK Audited

Finding an exchange that meets all the desired criteria may be challenging at the moment because most of the exchanges do not fully pay user fees. However, some exchanges offer fee incentives, discounts or loyalty programs that can help reduce the impact of fees. Yes, other Solutions such as the Lightning Network may also be adopted more widely, providing an alternative for lower fees and faster transactions.

bayu7adi

hero member

Activity: 1470

Merit: 555

dont be greedy

Quote from: BlackBoss_ on June 06, 2023, 02:22:22 AM

You can not manage fee because you don't have private key with your exchange account.

Exchanges are greed and they don't care that transaction fee on Bitcoin network is expensive or cheap than usual. They charge you a fixed withdrawal fee per one withdrawal. The joke is when transaction fee is cheap, they don't change it but if transaction fee goes high, more expensive, they will increase that fixed withdrawal fee and charge more fee on users.

The realm of cryptocurrencies appears highly promising in terms of profitability, prompting exchanges to confidently impose substantial fees on their users. Individuals who have just made a large withdrawal do not mind bearing such fees. However, for users who withdraw smaller amounts, they need to promptly seek alternatives in order to maximize their balances.

As long as this exchange continues to provide reliable and secure services, the issue of withdrawal fees will only be a concern for crypto users with small balances. There are still many users with significant balances who remain unaffected by this fee problem.

BlackBoss_

sr. member

Activity: 602

Merit: 387

Rollbit is for you. Take $RLB token!

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.

You and others have to withdraw your bitcoins from that centralized exchange. You can not send your bitcoins from your exchange account to Electrum wallet. You don't have rights per Terms of service and don't have private key to make any transaction on chain. You only can submit your withdrawal request and wait the exchange to approve that request, and proceed the transaction for you.

Quote

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.

You can not manage fee because you don't have private key with your exchange account.

Exchanges are greed and they don't care that transaction fee on Bitcoin network is expensive or cheap than usual. They charge you a fixed withdrawal fee per one withdrawal. The joke is when transaction fee is cheap, they don't change it but if transaction fee goes high, more expensive, they will increase that fixed withdrawal fee and charge more fee on users.

The Cryptovator

legendary

Activity: 2394

Merit: 2223

Signature space for rent

When discussing centralized exchanges, it's important to note that withdrawal fees are a significant factor to consider. These fees should not be confused with transaction fees, as exchanges typically charge higher withdrawal fees than what they actually pay for transaction costs. This is because exchanges engage in a large volume of transactions, which allows them to negotiate lower transaction fees. Ultimately, their goal is to generate profit from users rather than cover their fees. While it is possible to have control over fees in non-custodial wallets like Electrum, not all wallets offer this customization feature. Therefore, it is unrealistic to expect reduced fees from exchanges. It's worth mentioning that withdrawal fees encompass both transaction and processing fees and serve as a source of revenue for exchanges.

Fivestar4everMVP

legendary

Activity: 2422

Merit: 1083

Leading Crypto Sports Betting & Casino Platform

I highly doubt if there is any exchange out there that pays more of the withdrawal fees for its users, exchanges are running a business and trading fees, as well as withdrawal fees is basically how they make their money, listing fees is just an addition.

And speaking about lighting network, I think one exchange that has implemented the lightening network is Remitano exchange, I know this because for the several times I've sent bitcoin to the exchange, I was credited immediately even while the transaction was still pending confirmation on the blockchain, although I've not tried sending bitcoin out of the exchange to get an idea of what the fees is like at the moment.

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

A lot of full fledged exchanges actually batches bitcoin withdrawals but it doesn't guarantee they won't inflate their withdrawal fee sadly.

You're better off comparing withdrawal fees of CEXes and decide from there. Here are some places to start with:

1. https://withdrawalfees.com/coins/bitcoin
2. Current list of exchanges without KYC - withdrawal fee is listed for each

Note: I'm not saying to use a certain exchange 'solely' because of their withdrawal fee

Nwada001

hero member

Activity: 700

Merit: 673

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.

I don't think that's ever going to be possible. This is because the exchanges and platforms that you are referring to are all business-oriented, which means they are there to make profit and not losses. No matter how little the fee turns out to be, they just have to charge it, and exchanges have the feature of allowing others to pay for the next person's withdrawal fee because your fee is always automatic if you want to withdraw.

The best option you have is to either wait patiently for the transaction fee to reduce a little more to the level that you can pay, or you shouldn't go to a centralized exchange to buy your Bitcoin at all. Maybe some P2P options might help since you are allowed to choose which fee rate you want to use and execute your transaction, but I'm not sure how much different it might be from what the centralized exchanges will charge.

memzbuck

newbie

Activity: 10

Merit: 0

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.

Topic: Is There A Bitcoin Exchange That Pays Most of Fees for You? (Read 293 times)