I rarely go to exchangers but whenever I want to withdraw my funds from my Ewallet or yobit, I usually trade BTC-XRP to lessen the tx fees.
Looking at the previous comments, this has been answered. So, you maybe got an idea.
EDIT: I only do this if I want to convert it to fiat and use in my personal expenses.
Topic: Should I covert BTC to another to get lower withdrawal fees? - page 2. (Read 600 times)
It doesn't make sense,he want to convert his bitcoin into altcoin but wanted to store the converted coin for long term,is there any altcoin is better than bitcoin for long term?
If he want to save that 6$,he might lose few hundred dollars in year.
If he want to save that 6$,he might lose few hundred dollars in year.
I often use LTC or DOGE as my means of withdrawal, LTC and Doge have cheap withdrawal fees and very fast speed. I only withdraw Bitcoin in special cases, bitcoin is slow speed and very high fees, this is also a limitation of this currency.
I've heard that some people use DOGE when it's supported by the exchanges you use, to transfer from one exchange to another. You could even do limit orders so you come out a little bit profitable by the time you receive the BTC if you are willing to wait some time for those orders to fill.
Where you want to withdraw the coins? You want to convert them to real money? Or just transfer to another exchange and convert there to bitcoin? Or just want to hold coins for longer? If want to convert to real money then yes choose an altcoin to not pay so much fee, but if want to hold for longer better get more bitcoin and withdraw bitcoin.
If you are trying to may a wuthdrawal make sure that you will convert your coins to altcoins to lower the fees then sell it to have a bitcoin again. And this is very practical avoid getting a high fees.
And i always do this when i will withdraw my BTC to an altcoins since it will less the fee since bitcoin has very large fees than XLM, XRP, ETH and NEM.
And i always do this when i will withdraw my BTC to an altcoins since it will less the fee since bitcoin has very large fees than XLM, XRP, ETH and NEM.
Withdrawing with a lower fee and fast transaction I recommend XRP, for months now that is the sole crypto I am using for withdrawing on an exchange as the wallet I use includes XRP address in it. But if your personal wallet has a TRX address or stores TRX I greatly recommend that as it is the top crypto that has the lowest average transaction fees AFAIK, I recommend this one too if it's exchange to exchange withdrawal.
How much TRX was asked for withdrawal fee and which exchange? I can see some are not just asking 20TRX?
I clearly remember buying TRX in hitbtc almost a year ago, I was asked to pay 180TRX for it. I still did the transaction after all I wanna move my TRX to TRXmarket. Of course that cheap still but if the price of TRX is about 0.05 cents that is certainly not going to be the right token to use for withdrawal.
This was really helpful to me. I have used BTC as a means of withdrawing money for a long time. However, for currencies like TRX, ETH, XLM or LTC, ... the cost is very low, even it does not exceed $ 0.5. If withdrawing money, you should use non-BTC platforms, it will greatly reduce your fees.
It completely depends on your purpose. If you're trying to move BTC to another exchange through an alt by the time you add up the fee to trade back to BTC and the potential difference in price then it may well cost you considerably more than paying the original fee.
This reminds me of a guy I knew who used to drive 10 extra miles to save 3 pence on a litre of fuel, and he only ever bought 4-5 litres. When I pointed out he burnt more fuel than he was saving it was like witnessing the discovery of fire as it very, very slowly dawned on him.
Withdrawing with a lower fee and fast transaction I recommend XRP, for months now that is the sole crypto I am using for withdrawing on an exchange as the wallet I use includes XRP address in it. But if your personal wallet has a TRX address or stores TRX I greatly recommend that as it is the top crypto that has the lowest average transaction fees AFAIK, I recommend this one too if it's exchange to exchange withdrawal.
This was really helpful to me. I have used BTC as a means of withdrawing money for a long time. However, for currencies like TRX, ETH, XLM or LTC, ... the cost is very low, even it does not exceed $ 0.5. If withdrawing money, you should use non-BTC platforms, it will greatly reduce your fees.
This idea is very good. I never use Bitcoin as a means of cash withdrawal on trading platforms, the cost is too high compared to other currencies. For ETH is only about $ 2, for LTC TRX XML, it is only worth a few cents.
The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.
However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?
However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?
I thought this question was regarding a few minutes moving between exchanges, not several years. You would be an absolute madperson to plan long term storage in an alt especially if Bitcoin is what you want.
If you'd bought into most alts in 2017 to save $4-5 in withdrawal fees you would now have about 8-10x less BTC in most cases and in some none whatsoever. Pay the fee.
I would say that ETH/XRP are some long term holder coins. But at sometime it is important to remember to convert back to BTC.
@sting8 BTC to store and LTC/XRP/DOGE to transfer then back to BTC if you really need to save / mix that much.
The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.
However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?
However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?
I thought this question was regarding a few minutes moving between exchanges, not several years. You would be an absolute madperson to plan long term storage in an alt especially if Bitcoin is what you want.
If you'd bought into most alts in 2017 to save $4-5 in withdrawal fees you would now have about 8-10x less BTC in most cases and in some none whatsoever. Pay the fee.
Absolutely. I don't think I have have withdrawn btc to my personal wallet this year. What I do is to convert my btc to xlm, xrp or ltc and transfer it to bitmax exchange. Then convert it back to eth and I can withdraw it at a very low fee. And it's very fast.
The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.
then your comparison of withdrawal fees and even talking about withdrawal fee doesn't make any sense. you should instead focus only on the "investment" you are making and see if the coin you want to hold for long term can keep its current price let alone give you a profit!
Thanks for the help everyone. Very interesting.
The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.
However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?
You can always withdrawal the LTC and then trade to BTC in another exchange or a “quick swap website” where the fees are lower than the one from Binance. The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.
However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?
Thanks for the help everyone. Very interesting.
The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.
However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?
The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.
However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?
Despite my déjà vu, I couldn't find direct plagiarism so I'll assume good intentions here 
Short answer: yes, you can do this, and for low amounts of Bitcoin you can even use another exchange to exchange your altcoin back to Bitcoin (and still save on fees!).
Example:
I recommend to read How to save few bucks while withdrawing from exchanges, and it's probably better to lock (lower-left) this thread and continue the discussion there.
Short answer: yes, you can do this, and for low amounts of Bitcoin you can even use another exchange to exchange your altcoin back to Bitcoin (and still save on fees!).
Example:
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
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
I recommend to read How to save few bucks while withdrawing from exchanges, and it's probably better to lock (lower-left) this thread and continue the discussion there.
In time your withdrawal will be processed Bitcoin can gain/loose even 30% (minutes).
XRP/XLM withdrawal tends to happens between seconds/2 minutes at best. And if there's a huge fluctuation on the market, maybe choosing BTC withdrawal is not the best choice as it could get stuck and needs 10-30 minutes for 1 confirmation. If OP purpose is saving fees, I think the strategy is quite good, assuming the liquidity on the other market is good enough.
the problem is usually with the time it takes for the other place to credit your account. you may make a withdrawal from one exchange and within 3 seconds get the transaction and have it confirmed but as long as the other exchange takes 2 hours to credit your account (usually they do it to fight against the insecurity of altcoins) you will end up seeing the huge volatility specially if that altcoin is in a pump and dump interval.
besides if a trader in this market is really concerned with 0.0005 or lower bitcoin withdrawal fees then they are doing something wrong because that should be a tiny fraction of the profit they can make in the market.
If you want to withdraw it to your bank account (want to cashout), the best way is as you say. I also usually convert BTC to LTC, ETH, or other coins to get a cheaper fee before withdrawing it to my bank account. However, if you want to hold BTC for a long time and want to withdraw it to your wallet, you better pay the $6. The difference in fee depends on the coin/token network. Usually if you want to withdraw from the wallet you can choose the cost incurred starting from the lowest price with a slow transfer rate to expensive with a high transfer speed. But, if withdrawing through exchange, it has been determined and becomes an absolute fee.
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