Some exchanges charges are too high - page 2.

Vishnu.Reang

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Quote from: DonFacundo on January 22, 2020, 11:50:07 AM

Yea some exchanges charges high fees, but if you withdraw your bitcoin then expect the high fees of it. I remember HitBTC is the highest withdrawal fee I ever used, it is totally insane not really recommended.

Well.. I have an account with that exchange and I would agree. I created the account, because HitBTC was the only exchange which would allow me to trade some of the tokens which I received from bounty campaigns. Their withdrawal fee changes slightly from time to time, depending on the network congestion. The last time I checked, it was BTC0.0015 per transaction.

Marble777

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Quote from: Javi_Anibarro on January 21, 2020, 10:24:52 AM

That is why there is a thing called altcoin, an alternative coin that you can use beside Bitcoin. I rarely use Bitcoin to make a transaction because it takes a lot of time and requires a higher fee compared to Dogecoin or other altcoins.
I do not know there is an exchange that charges you 0.00005BTC for the withdrawal transaction fee? what exchange is that?

generally btc withdrawals are around 0,0004 BTC - 0,0006 BTC on some exchanges, but the OP said that the OP was surprised when using the DCOIN exchange and wanted 0.001 for every bitcoin withdrawal that the OP wanted to make. and this is the importance of altcoins like DOGE or LTC at a low cost that can help make withdrawals through them.

DonFacundo

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Yea some exchanges charges high fees, but if you withdraw your bitcoin then expect the high fees of it. I remember HitBTC is the highest withdrawal fee I ever used, it is totally insane not really recommended.

MINISTR_E

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High fees are usually for withdrawing fiat funds from the exchange. Depending on the payment system, the exchange takes from 1% and higher, reaches 7%, bank transfers are usually even higher. For withdrawal to cryptocurrency wallets, a network commission is charged with a certain margin, for example, it usually costs from 0.005 ETH to withdraw ether.

tungaqhd

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Quote from: Byakuga on January 21, 2020, 10:14:59 AM

How many exchanges you know of that have too high withdrawal fee? I was shocked that Dcoin exchange wants 0.001 for any bitcoin withdrawal you want to make while other exchanges charges only 5000 Satoshi for bitcoin withdrawal, I was forces to exchange my bitcoin for litecoin before getting my coins out

0.001 BTC is a pretty high for Bitcoin withdrawal, but how about the transaction speed? I think 0.00005 BTC is too low so the transaction will be confirmed very slow, 0.0002-0.0005 BTC is reasonable.

funnycoin

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I remember when Bitcoin price was much lower, many exchanges were only charging 0.0001 BTC for each Bitcoin withdrawal.

Now Bitcoin price is much higher, but many exchanges are charging even more withdrawal fees. Crazy!

MI6

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Quote from: Byakuga on January 21, 2020, 10:14:59 AM

How many exchanges you know of that have too high withdrawal fee? I was shocked that Dcoin exchange wants 0.001 for any bitcoin withdrawal you want to make while other exchanges charges only 5000 Satoshi for bitcoin withdrawal, I was forces to exchange my bitcoin for litecoin before getting my coins out

As long i don't have problem with the site, i will ok with it. Maintain exchange need money, if we already satisfied with the site, why only because withdrawal fee make that exchanges look bad. I think 0,001 BTC still normal amount of money.

jcpone

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Quote from: Byakuga on January 21, 2020, 10:14:59 AM

How many exchanges you know of that have too high withdrawal fee? I was shocked that Dcoin exchange wants 0.001 for any bitcoin withdrawal you want to make while other exchanges charges only 5000 Satoshi for bitcoin withdrawal, I was forces to exchange my bitcoin for litecoin before getting my coins out

In yobit they charge 0.0012BTC for every withdrawal transaction, but you have other options to avoid it in obit which is you can from bitcoin you can buy XRP or Ethereum to use it for withdrawal so that you can get a small amount of charge for that things. By the way what platform exchange anyway that charging 5000 satoshi only.

btcto200k

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I have been trading on Bitmex, Binance, Huobi, WazirX, Okex, Bitfinex, etc. I have also been waiting for Digitex to launch for quite some time. I really wanted to check out zero fee trading on their platform. BBOD came into my radar recently. It is fairly new, but its quite smooth tbh.

Pros-
1. Zero fee trading
2. personal custody, so exchange could be provably solvent
3. leveraged alts (yay for me, nay for some)
4. Quick support and new features deployed every now and then

Cons-
1. Liquidity (this will get better as more traders and market makers come in)
2. New features deployed often lead to bugs sometimes
3. BBD token price is not stable. (but a great fundamental buy)

makolz26

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Quote from: Jaywon55 on January 22, 2020, 10:37:04 AM

In the crypto market, you need to make constant research, why trade on high fee exchanges when there is/are exchanges that off zero-fee trading?
I trade on BBOD and i don't have to complain of fees or high fees

Yes, not just because you are in need of money then you will just withdraw your fund in a exchange you are already registered, better to compare first, especially if you are exchanging too high amount of your coins/tokens. Let's not make them money those exchange who are taking advantage by giving charging too much fees, for now I love Binance and BitForex.

Jaywon55

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In the crypto market, you need to make constant research, why trade on high fee exchanges when there is/are exchanges that off zero-fee trading?
I trade on BBOD and i don't have to complain of fees or high fees

BBOD Official

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Well, well, well...

Imagine how surprised I was when I saw this thread a specially the part with "too high". Let me tell you a tale about a boy who said enough to high fees!

So, once there was a boy who didn't like to pay high fees just for trading, he was like "C'mon there has to be a way to avoid this"
The boy was looking and looking but he couldn't find any exchange which offers no-fee trading - so the boy came up with an idea.

I WILL CREATE THE EXCHANGE WHERE PEOPLE WILL BE ABLE TO TRADE WITHOUT WORRYING ABOUT FEES!

And that ladies and gentlemens is the story of how BBOD was created

but yea... let's be serious for a moment.

BBOD is a new exchange that offers several features and one of them is ZERO FEE TRADING! on perpetual futures.

Here you have more details :3!

https://bitcointalksearch.org/topic/m.53621018

10 BBD TOKEN FOR FREE FOR EVERYONE!

stephanirain

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Freshdice.com

Quote from: Byakuga on January 21, 2020, 10:14:59 AM

How many exchanges you know of that have too high withdrawal fee? I was shocked that Dcoin exchange wants 0.001 for any bitcoin withdrawal you want to make while other exchanges charges only 5000 Satoshi for bitcoin withdrawal, I was forces to exchange my bitcoin for litecoin before getting my coins out

A lot of exchangers have high fees especially if it is bitcoin that you wishes to withdraw. Some fees depends on how popular the cryptocurrency is. While in some, the fees are doubtfully cheap that they might be scam. The best way to withdraw in my experience is to convert first the bitcoin into some altcoins then I will withdraw that altcoin. It is relatively cheaper in fees.

Doranile432

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Quote from: brightemo on January 22, 2020, 06:37:56 AM

I thought that people is not doing withdrawal often, so this amount is not huge

That's like 8$ per a single amount withdrawal, just imagine if all you want to withdraw is just 20$ worth of bitcoin how would you feel? Those that have over 200$ worth of bitcoin might not worry about the fee but what about small traders? On the exchange bitcoin has the highest volume which means people are using bitcoin to trade more than other coins

Fatunad

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Quote from: Ridwan.P on January 22, 2020, 09:06:35 AM

Based on my personal data, coinbene also like that, requires 0.001 btc for withdrawal fees. Even kucoin requires 5 USDT for a withdrawal fee. All exchanges require different withdrawal fees. And it is intended for transaction speed.

Thats how exchangers are different from each other and withdrawal fees will be one of the important edge from one exchanger to another. As you notice top exchangers usually has low transaction or withdrawal fees also had fast transaction speed depends on the network used. Usually withdrawal fees for btc is high but you can always choose to trade it first with other alt.

Ridwan.P

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Based on my personal data, coinbene also like that, requires 0.001 btc for withdrawal fees. Even kucoin requires 5 USDT for a withdrawal fee. All exchanges require different withdrawal fees. And it is intended for transaction speed.

isaac_clarke22

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When ETH withdrawal fee tends to get high, I just keep it in my MEW most of the time and just throw in the amount that I'll trade and buy for other coins. Good thing that the online wallet I use already supports ETH wallet, so I don't have to exchange it to BTC using Shapeshift. Back then, BTC withdrawal fee for me was like x2 of the amount I tend to withdraw or cash out.

[email protected]

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Quote from: Mumbeeptind1963 on January 22, 2020, 07:02:19 AM

Quote from: Byakuga on January 21, 2020, 10:14:59 AM

How many exchanges you know of that have too high withdrawal fee? I was shocked that Dcoin exchange wants 0.001 for any bitcoin withdrawal you want to make while other exchanges charges only 5000 Satoshi for bitcoin withdrawal, I was forces to exchange my bitcoin for litecoin before getting my coins out

Usually ,exchanges has a large amount of fee when we transfer or withdrawing btc. That is why I am converting my bitcoin funds to xrp, for example in yobit the fee is around .5xrp if Im not mistaken, with this one , I would not be charge and deducted to much , especially that I only earn money thru this bitcoin campaign I dont want to lessen my money.

almost all exchanges have high BTC transfer fees. most traders would already know this and usually, they are interested in USDT or doge that I usually do. It is a little complicated but it reduces the transfer costs we incur and I or maybe almost all traders do it.

wingfield_crypto

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The exchanges are different in terms of the withdrawal fee. There are more unknown exchanges that charge lower withdrawal fees, but also exchanges that have a higher fee, but these are safer and more known. When I want to make a withdrawal, I exchange BTC in Doge and then make the withdrawal. Doge is always the crypto savior. There is a high withdrawal fee on the DCoin exchange. Better use Binance because the withdrawal fee is only half the Dcoin price.

tippytoes

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Quote from: alyssa85 on January 22, 2020, 07:00:23 AM

Quote from: Byakuga on January 21, 2020, 10:14:59 AM

How many exchanges you know of that have too high withdrawal fee? I was shocked that Dcoin exchange wants 0.001 for any bitcoin withdrawal you want to make while other exchanges charges only 5000 Satoshi for bitcoin withdrawal, I was forces to exchange my bitcoin for litecoin before getting my coins out

In my experience (having been in the cryptocurrency space since 2013), when an exchange raises it's withdrawal fees, it does so to deter people from withdrawals. Why are they doing this? Usually because they've lost coins.

We saw this with Cryptsy, Vircurex and many others. They didn't tell people they lost coins, they just raised withdrawal fees to try to deter withdrawals and hoped to make up the losses through trading fees.

So my advice here is that this is a red flag, take your coins out and use an exchange with lower wit5hdrawal fees.

But there is one way to go around with high btc withdrawal fees, one way is to change it to another altcoin like doge and send it exchanges with lower btc withdrawal fees. If an exchange is charging 100-150k satoshis, sometimes simple exchange it to other alts will save you few bucks. However, it doesn't work all the time especially if the price of the alt to your target transfer exchange is lower, so you will sell it at a loss and will end up at loss. So you need to assess the overall fees if it is really worth transferring or not or just pay for their required fees. It is not that they do deter people from withdrawals but this is a nice generating income on their end.

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