Little tip discovered for instant exchanges

mk4

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Quote from: GreatArkansas on August 04, 2022, 07:21:34 AM

If we are just talking about some instant or cheap fees and fast transactions and forgot about what recently happened with Slope or Solana hack then Solana for me is a good choice or alternative.

Just a quick note that the Solana protocol itself didn't get hacked, just one of the ecosystem wallets. Just as how if BlueWallet gets hacked(a.k.a. a critical vulnerability), it doesn't mean Bitcoin got hacked.

doomloop

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Quote from: kensaii on August 04, 2022, 09:29:28 AM

Quote from: libert19 on August 03, 2022, 09:55:23 PM

Quote from: mk4 on August 03, 2022, 01:29:26 PM

That is, if you want your funds to be on the Tron blockchain or any other smart-contract blockchain in general in the first place lol.

No, you then convert from that cheaper coin to coin you came to exchange in first place.

Yesterday, wanted to convert 1 dot to hive. For this pair, minimum was 1.4 dot, so first converted 1 dot to tron (this pair had 0.6 dot minimum) and then tron to hive. Hope it's not confusing.

It's already confused some here. I think only a few who did this kind of minimum trade can understand. So it isn't about minimum fees to transfer your asset from the exchange but trying to find a 'bridge' that is even lower than the minimum amount in the direct pair.

At first it was indeed confusing but if you take time to read it and understand it again and again, you will eventually get what he was saying there. If I remember I think I already did that same strategy but only on different coins because I mostly deal with smaller amounts. This is time, effort and money consuming because of the left and right fees but it was worth it overall.

I only don't know if it's worth it to share this idea because I think this was too common already and many of us here already knows this trick. This can be done not only in instant exchanges or decentralized exchanges but also on centralized exchanges as well.

kensaii

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Quote from: libert19 on August 03, 2022, 09:55:23 PM

Quote from: mk4 on August 03, 2022, 01:29:26 PM

That is, if you want your funds to be on the Tron blockchain or any other smart-contract blockchain in general in the first place lol.

No, you then convert from that cheaper coin to coin you came to exchange in first place.

Yesterday, wanted to convert 1 dot to hive. For this pair, minimum was 1.4 dot, so first converted 1 dot to tron (this pair had 0.6 dot minimum) and then tron to hive. Hope it's not confusing.

It's already confused some here. I think only a few who did this kind of minimum trade can understand. So it isn't about minimum fees to transfer your asset from the exchange but trying to find a 'bridge' that is even lower than the minimum amount in the direct pair.

GreatArkansas

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Quote from: mk4 on August 03, 2022, 05:56:27 PM

Quote from: JeromeTash on August 03, 2022, 03:58:44 PM

Solana!

Eveytime I see that name, it petrifies me. Just yesterday, there was another saga about the blockchain not forgetting its outages. I am not sure if I should personally consider it one of the top blockchain projects anymore

It has its fair share of problems(outages due to being spammed to death), but the first article was false. No post mortem for now, but it's highly likely to be because of Slope wallet. Pretty much a wallet exploit, which can happen to literally any other blockchain.

If we are just talking about some instant or cheap fees and fast transactions and forgot about what recently happened with Slope or Solana hack then Solana for me is a good choice or alternative.
There are already lot of platform on Solana that you can exchange different tokens to one another in just few clicks with small transaction fees and fast confirmation.

libert19

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Quote from: mk4 on August 03, 2022, 01:29:26 PM

That is, if you want your funds to be on the Tron blockchain or any other smart-contract blockchain in general in the first place lol.

No, you then convert from that cheaper coin to coin you came to exchange in first place.

Yesterday, wanted to convert 1 dot to hive. For this pair, minimum was 1.4 dot, so first converted 1 dot to tron (this pair had 0.6 dot minimum) and then tron to hive. Hope it's not confusing.

mk4

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Quote from: JeromeTash on August 03, 2022, 03:58:44 PM

Solana!

Eveytime I see that name, it petrifies me. Just yesterday, there was another saga about the blockchain not forgetting its outages. I am not sure if I should personally consider it one of the top blockchain projects anymore

It has its fair share of problems(outages due to being spammed to death), but the first article was false. No post mortem for now, but it's highly likely to be because of Slope wallet. Pretty much a wallet exploit, which can happen to literally any other blockchain.

TimeTeller

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Quote from: RILWAN on August 03, 2022, 05:31:23 PM

In my early days in trading i used to be stuck with this problem ,where my balance in not enough to carry out the trade, and instead of looking for a lower tier I will just stick it that way. But now that am well informed I don't commit such error any more

I believe, this will be one of the learnings that a crypto trader will acquire at the beginning.
At some point, we will understand that each exchange has their own minimum amount of trades.
Just like for example, binance, most trading pairs, you can execute at the min of 10USD equivalent.
So if your coins are below in that amount, you can't trade and need to add more if you want to complete your order.

RILWAN

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Global peace initiative

In my early days in trading i used to be stuck with this problem ,where my balance in not enough to carry out the trade, and instead of looking for a lower tier I will just stick it that way. But now that am well informed I don't commit such error any more

Johnyz

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Quote from: libert19 on August 03, 2022, 04:44:32 AM

They have different 'minimum amounts' for different pairs.

If ever feel stuck and feel like you are below minimum then try different pairs. Tron, hive and similar low transaction fee blockchain work best, thereon convert to coin/token you came to exchange.

TRON is really a good option and with a lower minimum plus their fees are not that big compare to other coins.
If you are just on that exchange to trade your tokens, this can be your best option but I suggest not to stay on a smaller site longer because for me its not safe and its always good to use the top exchanges but don't ever put big money on any exchanges.

JeromeTash

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Quote from: mk4 on August 03, 2022, 01:29:26 PM

That is, if you want your funds to be on the Tron blockchain or any other smart-contract blockchain in general in the first place lol. Really, there nothing much to do on most blockchains outside of Ethereum and Solana; so it's either Ethereum, Solana, or good 'ol bitcoin for me.

Solana!

Eveytime I see that name, it petrifies me. Just yesterday, there was another saga about the blockchain not forgetting its outages. I am not sure if I should personally consider it one of the top blockchain projects anymore

mk4

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That is, if you want your funds to be on the Tron blockchain or any other smart-contract blockchain in general in the first place lol. Really, there nothing much to do on most blockchains outside of Ethereum and Solana; so it's either Ethereum, Solana, or good 'ol bitcoin for me.

If we're talking about CEX withdrawals and Solana is not accepted for withdrawals, then I just leave the dust on the exchange until I make another deposit.

LoyceMobile

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That's a good moment to try Bitcoin LN: on my favorite instant exchange the minimum amount on LN is much lower than on-chain.

kensaii

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You're right, Tron usually has the lowest minimum and fee of all exchanges for you to switch and transfer out your little assets. I remember LTC use to be a good alternative for low minimum amounts too. Then also Doge too before it becomes a high price meme coin like today.

libert19

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They have different 'minimum amounts' for different pairs.

If ever feel stuck and feel like you are below minimum then try different pairs. Tron, hive and similar low transaction fee blockchain work best, thereon convert to coin/token you came to exchange.

Topic: Little tip discovered for instant exchanges (Read 164 times)