Should I covert BTC to another to get lower withdrawal fees?

DevilSlayer

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Quote from: electronicash on November 10, 2019, 11:36:22 AM

Quote from: mersal on November 10, 2019, 11:20:20 AM

Quote from: UserU on November 10, 2019, 08:07:56 AM

Quote from: mersal on November 10, 2019, 02:40:47 AM

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.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

seem a lot of hard work. he can just send from one exchange to another using this x coin to trade in that exchange for whatever his reason of moving.

but since he already said he wants to keep for long term BTC, i believe he would just pay the BTC withdrawal which could be $6. its nothing compare to what could be the value of BTC if he have to keep it for about 3-5 years in a cold storage. chose you wallet carefully.

In terms of storing your bitcoins, do not store it in exchanges because it has a high risks that it may hacked by the hackers. Choosing an exchange can help you to pretect your funds. There are online wallets are free to us with high security but there is also risks. Hardware wallet is still preferable in storing your coins in a long period of time.

Magkirap

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Quote from: sovie on November 29, 2019, 01:27:47 PM

I will never recommend to convert your BTC with any of Alt coin. There is no alt coin that can compete with BTC in near future. If you have extra cash buy some Alt coin to built a portfolio but dont interchange ur BTC with Alt coin.

Well it will really depends on what's his purpose on converting his bitcoins to altcoins, if the owner's purpose is to convert it in to fiat currency then having it converted to altcoins that have small transaction fee will be a good move but if you don't plan to turn it into fiat then do not convert it. For me when i want to withdraw my btc i will definitely turn it to altcoins like xrp which has a lower transaction price fee.

Taskford

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Quote from: sovie on November 29, 2019, 01:27:47 PM

I will never recommend to convert your BTC with any of Alt coin. There is no alt coin that can compete with BTC in near future. If you have extra cash buy some Alt coin to built a portfolio but dont interchange ur BTC with Alt coin.

If he's intention is to lessen his withdrawal fee's then why not? We all know that it's more expensive to transact with BTC this days and converting it with altcoins especially with XRP,XLM and TRX is more convenient and actually I'm doing this and it makes my transactions cheaper and with at ease. But if you think about the other alt's like those ICO tokens then it's really a big No No since he might lose for that conversion.

boris singer

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Quote from: Annisa_crypto on November 28, 2019, 03:04:30 PM

That is why it is always advisable to choose the exchange where the fees are not hidden. The rate which can see should be inclusive of all the fees. Some exchanges have there fixed withdrawal fees as well. Can you please tell us on which exchange you are seeing these fees so that we all should be aware of that exchange.

all total nominal transaction calculations after deducting fees are clearly seen from the column to be confirmed manually, there is no exchange that hides it, the topic here is about the different fee amounts of each coin.

Quote from: sovie on November 29, 2019, 01:27:47 PM

I will never recommend to convert your BTC with any of Alt coin. There is no alt coin that can compete with BTC in near future. If you have extra cash buy some Alt coin to built a portfolio but dont interchange ur BTC with Alt coin.

the context is cheaper witdrawal fees besides btc (trx, ltc, xrp), and also the effect on transaction waiting time, do you even read the first page?

sovie

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I will never recommend to convert your BTC with any of Alt coin. There is no alt coin that can compete with BTC in near future. If you have extra cash buy some Alt coin to built a portfolio but dont interchange ur BTC with Alt coin.

Annisa_crypto

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That is why it is always advisable to choose the exchange where the fees are not hidden. The rate which can see should be inclusive of all the fees. Some exchanges have there fixed withdrawal fees as well. Can you please tell us on which exchange you are seeing these fees so that we all should be aware of that exchange.

alisonwonder

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Quote from: LbtalkL on November 26, 2019, 06:28:50 PM

I suggest if you have a bigger amount just go with bitcoin for better security. If you have smaller amount just use xlm, eth, xrp, trx or similar for fast transactions and smaller fees. I always do that to save some bucks because I am not earning that much.

every result that we get from the campaign is indeed better to convert to altcoin which has a low cost, in addition to a low cost transaction speed is also better than bitcoin.
we who get a small income really have to save costs. although TRX the price is lower but when compared to LTC the cost is lower LTC than TRX.

LbtalkL

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I suggest if you have a bigger amount just go with bitcoin for better security. If you have smaller amount just use xlm, eth, xrp, trx or similar for fast transactions and smaller fees. I always do that to save some bucks because I am not earning that much.

Mike Mayor

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Definitely worth it. I always do it and then withdraw bitcoin from tradeogre for about $1 Or I just withdraw eth since I am invested in it. Sometimes a bit of other currency as well.

Why are you guys paying so much for your withdraws? I think $5 is a lot and I notice that many places charge a lot. Any particular reason you use them over others?

JeotQ

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

I do this time to time on few exchanges, they have high bitcoin withdrawal fees so the only option left for me is to convert to other altcoins with low withdrawal fee to avoid losing too much to bitcoin withdrawal

mersal

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Quote from: UserU on November 10, 2019, 11:46:54 AM

Quote from: mersal on November 10, 2019, 11:20:20 AM

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

Agreed. I'd understand if it was December 2017 as the fees were at double digits but now 6 bucks is pretty reasonable if you want it quick. Rather than place sell order, wait, cashout then back to buy order. Time is money :p

It only work only when the trading amount is less,if it is huge amount then we have no choice other than paying the asking withdrawal fee because of teading fee for every conversion will make more expenses.So if someone really concerned about the withdrawal fee then should have planned it ealry,find an exchange with less fee and start doing trades will save money and time.

UserU

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Quote from: mersal on November 10, 2019, 11:20:20 AM

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

Agreed. I'd understand if it was December 2017 as the fees were at double digits but now 6 bucks is pretty reasonable if you want it quick. Rather than place sell order, wait, cashout then back to buy order. Time is money :p

electronicash

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Quote from: mersal on November 10, 2019, 11:20:20 AM

Quote from: UserU on November 10, 2019, 08:07:56 AM

Quote from: mersal on November 10, 2019, 02:40:47 AM

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.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

seem a lot of hard work. he can just send from one exchange to another using this x coin to trade in that exchange for whatever his reason of moving.

but since he already said he wants to keep for long term BTC, i believe he would just pay the BTC withdrawal which could be $6. its nothing compare to what could be the value of BTC if he have to keep it for about 3-5 years in a cold storage. chose you wallet carefully.

lobat999

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

That decision is a case to case basis and it depends on what are your intentions, whether to convert it to fiat or just to transfer it to other wallet. Honestly, you can decide upon it asap if you'd make simple calculations of assumed withdrawal and conversion fees and chose which steps could help you save some money or BTC.

mersal

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Quote from: UserU on November 10, 2019, 08:07:56 AM

Quote from: mersal on November 10, 2019, 02:40:47 AM

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.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

coin-investor

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

It's on your option, exchanges really charge a big fee for transactions on one of the exchanges I was charged $12 for withdrawing worth of Bitcoin I am sending it on my local exchange so I can trade it to fiat, my best option is to trade it to ethereum which offer ower fees I was
charged $0.80 cents for $40 worth, now that's a big saving, you should always look for the best option, you are up against a profit-driven exchange.

Lucius

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Quote from: Dabs on November 09, 2019, 11:42:09 PM

I've heard that some people use DOGE when it's supported by the exchanges you use, to transfer from one exchange to another.

LoyceV explained how to save on fees by converting BTC -> LTC and vice versa, and I do not see why this would not be applicable to Dogecoin, which has even lower fees. Doge is on almost any crypto exchange, so I don't think that's too big problem. I'm not sure if YoBit still has a BTC withdrawal fix fee 120 000 satoshi, but this is in any case too much for pay in times when a top fee is 5000 or maybe 10 000 satoshi.

Bitcoin_Arena

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Yes it Okay to do it especially with small amounts of BTC. I do it every time with digit assets that require low fees to withdraw like Litecoin, XRP, EOS, NEO etc
However if the amount of funds you are moving is a lot. The trading fee used to convert to other altcoins and the back will be much more than the direct flat withdrawal fee for BTC

UserU

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Quote from: mersal on November 10, 2019, 02:40:47 AM

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.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

nakamura12

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Quote from: Adriano2010 on November 09, 2019, 07:17:10 PM

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.

I think that the op doesn't want to convert his/her btc to fiat. My opinion on what the op want is to convert the btc from an exchange (I think) to another coin or altcoin and store it in cold storage for holding long term. I'm pretty sure that id why op is asking if it is best to convert btc to another cryptocurrency because the btc that the op own is in the exchange site.

creepyjas

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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.

mersal

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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.

acdc

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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.

Dabs

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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.

Adriano2010

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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.

d3nz

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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.

bittraffic

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Quote from: rhomelmabini on November 09, 2019, 10:13:34 AM

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.

gentlemand

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Quote from: truongtheanhc3 on November 09, 2019, 09:37:27 AM

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.

rhomelmabini

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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.

truongtheanhc3

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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.

loan.ruiu1

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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.

marcotheminer

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Quote from: gentlemand on November 08, 2019, 04:07:02 PM

Quote from: sting8 on November 08, 2019, 09:08:10 AM

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?

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.

gentlemand

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Quote from: sting8 on November 08, 2019, 09:08:10 AM

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?

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.

Raymondavid47

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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.

pooya87

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Quote from: sting8 on November 08, 2019, 09:08:10 AM

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!

TryNinja

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Quote from: sting8 on November 08, 2019, 09:08:10 AM

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.

sting8

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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?

LoyceV

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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:

Quote from: akamit on October 14, 2019, 04:00:17 PM

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

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.

pooya87

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Quote from: joniboini on November 07, 2019, 10:22:01 PM

Quote from: Velkro on November 07, 2019, 06:59:14 PM

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.

barnes13

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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.

mk4

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Quote from: TryNinja on November 07, 2019, 10:23:35 PM

Quote from: mk4 on November 07, 2019, 10:16:05 PM

Deleted my reply. Didn't notice that there were two 'BTC's on Binance's fees page. Woops. 🤦

To be fair, I also wasn't even aware of this. Googled a bit and looks like the other BTC (BEP32) is kind of a token on Binance's chain that is backed by BTC (1 BTC on their chain = 1 BTC on the real/native chain), which is why the fees are way lower.

Yeah totally. If Binance was to make such a move, I'd expect it to be all over Reddit and Twitter. This is totally foreign to me hence I didn't even double check if there were other 'BTC's. Why did they also list it as 'BTC' in the first place. They should've at least named it BBTC or something, like how we have WBTC on Ethereum.

With that said, I don't suggest anyone to even touch that Binance BTC with a 10 foot pole.

famososMuertos

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

Many hours as you can in trading and paying high fee , unhappy Angry

You can get better fee with other coins, important that you want to do with your profit.

Research rates exchanges before buying, selling or depositing.

electronicash

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

ye that make sense, 0.0005 is even cheap. some exchange asks 0.001 for withdrawal and what i do is if i have to cash out anyway, i just have to buy ETH and send it to my wallet to convert to fiat. or XRP which is pretty much cheaper. $6 is way too much fr sending coins to a wallet.

Quote from: TryNinja on November 07, 2019, 10:08:01 PM

Quote from: ?? on ??

Looks like you need to switch exchanges instead. Binance only has a 0.0000022 BTC withdrawal fee. A 0.0005 BTC withdrawal fee is definitely too much in today's standards as the mempool is quite rarely congested in the past few weeks and months anyway.

Mind telling us what exchange you're using?

What? Binance has a fixed withdrawal fee of 0.0005 BTC. Where did you see 0.0000022 BTC?

I just logged in my account to confirm to confirm that.

0.0000022btc i think is the transaction fee if you don't have bnb. not sure about that so don't quote.

LoyceMobile

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OP looks like plagiarism to me.

TryNinja

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Quote from: mk4 on November 07, 2019, 10:16:05 PM

Deleted my reply. Didn't notice that there were two 'BTC's on Binance's fees page. Woops. 🤦

To be fair, I also wasn't even aware of this. Googled a bit and looks like the other BTC (BEP32) is kind of a token on Binance's chain that is backed by BTC (1 BTC on their chain = 1 BTC on the real/native chain), which is why the fees are way lower.

Quote

On June 17, 2019, Binance revealed that it will introduce a Bitcoin-backed, BEP32 compliant token, referred to as BTCB. The token has reportedly been developed on the Binance Chain and each BTCB will be fully backed by the cryptocurrency being “wrapped” (in this case, Bitcoin).

https://www.cryptocompare.com/coins/guides/what-is-binance-chain/

joniboini

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Quote from: Velkro on November 07, 2019, 06:59:14 PM

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.

Quote from: TryNinja on November 07, 2019, 10:08:01 PM

What? Binance has a fixed withdrawal fee of 0.0005 BTC. Where did you see 0.0000022 BTC?

It's for their BEP2 token that's pegged to BTC. Check at https://www.binance.com/en/fee/schedule.

mk4

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Quote from: TryNinja on November 07, 2019, 10:08:01 PM

What? Binance has a fixed withdrawal fee of 0.0005 BTC. Where did you see 0.0000022 BTC?

I just logged in my account to confirm to confirm that.

Deleted my reply. Didn't notice that there were two 'BTC's on Binance's fees page. Woops. 🤦

https://www.binance.com/en/fee/schedule

TryNinja

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Quote from: ?? on ??

Looks like you need to switch exchanges instead. Binance only has a 0.0000022 BTC withdrawal fee. A 0.0005 BTC withdrawal fee is definitely too much in today's standards as the mempool is quite rarely congested in the past few weeks and months anyway.

Mind telling us what exchange you're using?

What? Binance has a fixed withdrawal fee of 0.0005 BTC. Where did you see 0.0000022 BTC?

I just logged in my account to confirm to confirm that.

Velkro

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

You missing risk involving changing your Bitcoin to some &^$#&^coin.
In time your withdrawal will be processed Bitcoin can gain/loose even 30% (minutes).
Is it really worth the risk of loosing that much value over $6?
Its not by me.

crwth

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That's the thing with the volatile markets in cryptocurrency markets, it will always have fluctuations that you would never expect, and it could cost you or benefit you. So I will share my opinion with you.

If you are only looking at the USD value of your coins

Withdraw with using another cryptocurrency to have less fee
If you could cash it out immediately, then it should serve you well

If not and you see the value of BTC

You could HODL it and remind yourself that there's a possibility of it growing in value (bullish on the price on BTC)
If you're not in a rush to get the money, use BTC to take advantage of the volatility. It could become a win-win or a lose-lose situation, depending on your status

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Quote from: sting8 on November 07, 2019, 06:33:46 PM

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

I see no reason why you shouldn't do it since I do it myself in order to get rid of expensive fees. Usually since I'm a Bitcoin fan, I tend to withdraw my money from an exchange to my local wallet via ripple and then convert it into BTC after. However sometimes I also don't convert it into BTC again since I like to hold some XRP too.

CryptopreneurBrainboss

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If your intentions are to finally convert the bitcoin or any cryptocurrency you intend withdrawing to fiat currency then it's best you go with the coin with the least withdrawal charges, also if you're hoping for a faster transaction, it's best you don't withdraw using bitcoin forget whatever the bitcoin maximalist will say. Go with what will be comfortable, less costly and less time consuming for you.

Although if you intend hodling the bitcoin you want to withdraw, then just go ahead to avoid mistakes and uncertainties. The high charges on service plus miners fees is the reason why withdrawing via bitcoin is that costly on most exchanges.

sting8

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I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

Topic: Should I covert BTC to another to get lower withdrawal fees? (Read 600 times)