I like OgNasty's advise above and that was the first one that came out of my mind when I read OP's problem.
You have a transfer, exchange and withdrawal problem so why not use the exchange directly for business purposes. I think an exchange would gladly welcome that kind of idea and they want money coming in and out their business because of the fees included in it which is where they get their profits.
Take his advise and try it out.
Topic: smal USDT balances ?? what to do ?? - page 3. (Read 474 times)
well, guess what you're using the ERC20 network, you should be using the BSC for that. however, the most effective way to reduce the cost of expensive fees is to wait for the fee to decrease.
My advice, if you still accept crypto as a means of payment for your business, try using BSC, or a network that has a lower fee. I think, after that you will feel the benefits of this transaction.
My advice, if you still accept crypto as a means of payment for your business, try using BSC, or a network that has a lower fee. I think, after that you will feel the benefits of this transaction.
i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...
thanks,
If you are having the USDT in your custodial wallet then you can go for p2p where you can save a lot while comparing the fee of an exchange but if it's in your wallet then you can't move anywhere unless you pay the gas fee which is high for years now. Atleast in future consider accepting the coins with low transaction fee, and why you didn't go with BTC which requires 1sat/byte for almost years now. thanks,
Using erc20 usdt is pain in the butt because it takes huge fees to transfer it to another wallet and i am supposing you have an erc20 usdt because you mentioned $20 transfer fees. Maybe next time you can have and accept trc20 usdt in your business because its lot cheaper and fast as well that will has only have $1 transaction fee.
Looks like you are using USDT on Ethereum network (USDT ERC20), which is costing both you and the customers.
Why not use other cheaper means like USDT on tron blockchain (TRC20) or USDT on Omni layer?
or even Bitcoin. Yes! The transaction fees are far, much cheaper than the USDT you are using.
Why not use other cheaper means like USDT on tron blockchain (TRC20) or USDT on Omni layer?
or even Bitcoin. Yes! The transaction fees are far, much cheaper than the USDT you are using.
i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...
thanks,
thanks,
While this may not be the greatest advice in the world, I would recommend using your exchange to accept USDT payments. That way you don't have to pay fees to move them from your wallet to the exchange and you can still verify using the blockchain or your exchange that payment has been received. The added bonus is that many exchanges pay interest on USDT holdings, so you would get paid while the funds sat there until you needed to access the money.
The downside of this would be that you would have to trust the exchange, but it sounds like you're going to transfer the funds and do that anyway. At least in this scenario there would be no transfer fees for you. Just make sure that you check the deposit address on your exchange every time that you go to accept a payment to avoid any problems that might occur due to the exchange giving you a new deposit address (some exchanges change their addresses occassionally).
You may even find that the person sending you funds is sending them from an exchange, so there might even be a savings of fees on their side if you're both using the same exchange and making an inter-exchange transfer.
I believe, this route would be good if you do really trust the exchange. What I am looking as a good candidate here is binance as they also have p2p trading. Since the OP will convert it to btc or fiat right away, as he said he has bills to pay for, then sending it directly to the exchange will be a better option. I recommend binance here as they have insurance in place. And trading with p2p to get your local fiat is easy. But check their list if your local fiat is available. I have seen that kucoin has p2p trading as well and right now, they are not requiring kyc to small traders.
It's likely that the fee is in ERC20 and that's why it's asking you to send in that amount. Wait until the network fee settles down and you really have to fund that wallet with ethereum so it covers the fees that you're about to pay.
But as I check the gas fee now: https://ethgasstation.info/ the fee is amazingly isn't that much.
But as I check the gas fee now: https://ethgasstation.info/ the fee is amazingly isn't that much.
and sendindg to kraken will take like 20$ fees (maybe more),
If I'm not wrong, you have received the USDT tokens in ethereum network and now you are talking about the transaction fee.Am I right? If so, consider receiving the payments using other networks like TRON for the next payments. In this way, you can pay much lower fees when making a transaction.
20 USD seems to have a huge loss impact on your business. Try checking out instant exchanges like Fixedfloat.com you might spend less than $5 for that amount trying to convert.
Though this thread is not updated, it might be of help - [list.] Instant exchanges
try checking out different rates on different platforms. Some of them have hidden fees.
Though this thread is not updated, it might be of help - [list.] Instant exchanges
try checking out different rates on different platforms. Some of them have hidden fees.
sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...
There is no deposit fee needed to deposit Bitcoin or any other cryptocurrency on kraken and this is same for many other crypto exchanges I have used, where you pay a fee is when transferring out of your wallet to another wallet or when you are withdrawing to fiat from the exchange.I would say that you should have done your research before accepting Bitcoin and a payment option, considering ways you can be scammed by accepting unconfirmed transaction fees, best ways to convert to fiat and fee consideration.
You may want to consider using a payment processor to accept transactions and convert to fiat.
i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...
Sending BTC from noncustododial wallet address to another address will not take up to $2 with 24 sat/vbytes which I saw now on mempool observer , it depends on the mempool, to get your transaction confirmed very soon, the wallet will not take up to $2. You can use https://mempool.space to know the sat/vbyte you will use. Or are you using a custodial wallet that charges high fee? @OgNasty advice is good, but know that if you are not using a noncustododial wallet, exchanges are often hacked, you do not have the full control of your coins on the exchanges. I will still prefer noncustododial wallet, but even if he fee on noncustododial wallet is not high when the mempool is not congested, the fee on exchanges are very high.
i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...
thanks,
thanks,
While this may not be the greatest advice in the world, I would recommend using your exchange to accept USDT payments. That way you don't have to pay fees to move them from your wallet to the exchange and you can still verify using the blockchain or your exchange that payment has been received. The added bonus is that many exchanges pay interest on USDT holdings, so you would get paid while the funds sat there until you needed to access the money.
The downside of this would be that you would have to trust the exchange, but it sounds like you're going to transfer the funds and do that anyway. At least in this scenario there would be no transfer fees for you. Just make sure that you check the deposit address on your exchange every time that you go to accept a payment to avoid any problems that might occur due to the exchange giving you a new deposit address (some exchanges change their addresses occassionally).
You may even find that the person sending you funds is sending them from an exchange, so there might even be a savings of fees on their side if you're both using the same exchange and making an inter-exchange transfer.
i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...
thanks,
You want to convert the usdt to btc or fiat? I'm not sure which one. Whichever you mean you can use an exchange to convert your usdt to Bitcoin or fiat. If you're worried about the fees you can simply exchange your usdt to fiat using p2p exchange. There are reputable traders on the forum you can trade with. thanks,
i started accepting crypto payments for my online business, a client paid me 110 USDT, i was unable to convert to BTC sadly using my wallet, and sendindg to kraken will take like 20$ fees (maybe more), what on earth am i supposed to do with those USDT to convert to fiat (as am paying my bills) without losing much of its value ?!?...
thanks,
thanks,
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