Some exchanges charges are too high - page 5.

suzanne5223

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Quote from: mr_random on January 21, 2020, 10:20:38 AM

The usual BTC withdrawal fee is around 0.0005BTC on many exchanges. You can trade the BTC to altcoins(LTC, DOGE, XRP) for the cheap withdrawal. Later use the coin swap instant exchange services for receiving the BTC. Btw, you can compare the withdrawal fees here: https://withdrawalfees.com/coins/bitcoin

Thanks for the link because provided all the necessary information about exchange site withdrawing fee but it sad to see that there are some exchange site which even require withdrawing fee thats than the exchange in the subject.

Quote from: Harlot on January 21, 2020, 01:09:40 PM

It's the first time I am hearing this exchange and they are probably not that good especially when their withdrawal fee is that high, they are almost charging you around 9$ just to make a withdrawal from them and I call that a robbery even if you are trading thousands of dollars or more with their platform. Comparing them to Binance which they currently have 0.0005BTC as a withdrawal fee for Bitcoin their prices are really high which is double compared to Binance. Really the only way on how you will mitigate this is to trade with a large capital big enough that it can justify the withdrawal fee. Also hodling it inside an exchange isn't advisable or an option if you are just avoiding the withdrawal fee, you'll just be risking your money if you continue to hold it their.

This is the first time I'm hearing about the exchange site either and surprised to know that the exchange site have been in existence since 2008-07-28 and also listed on capital market.

Muhammad Muneeb

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it is the same amount for the most of the exchanges. it seems high to you because you may trying to withdraw 150$ or so btc from the exchange. 0.001btc is almost 8$ fee for the withdrawal which does not seems high if you own at least 1 btc. but irony is that fee is fixed even for small values. try to use binance this fee can be cut into half like 0.005000 if you use bnb for paying the fees.

d3nz

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I think all of the exchanges does have the same fee charge and but different with the confirmation, as i experienced before that i tried withdrawing in Poloniex before it took days before it got posted on my wallet which is really inconvenience.

That is why we cannot avoid this fee when making a transaction and only to lessen the charge is to convert them to an altcoin that is in low value and if you have a local digital wallet that can convert just like in my country it would be convenience and no hassle at all.

Zicadis

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Dump it!!!

The vast majority of low-quality exchanges overchange customers on withdrawal fees simply as a way to generate additional revenue.

Next time, you'll learn to check all of the fees at an applicable exchange, not just the trading fees.

cutesgirl

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Quote from: Wh00re on January 21, 2020, 01:21:53 PM

It's a pain to withdraw BTC from any centralized exchange as it does cost way too much for my liking as well. The benefit of using decentralized exchanges is huge, and I predict they will get way way more traction in the future.
Personally keeping an eye on Blocknet, who's been the first project to develop a truly decentralized DEX, and by far the MOST decentralized one out there.
The fact that they work on decentralized oracles on top of it is just a bonus, which is most likely the reason for their recent surge in price

Almost exchange market have the same fees when withdraw using bitcoin or ethereum, maybe have different payment fees when using altcoin alternative as withdrawing assets like monero, atom and other coin depend with procedure of exchange market fee, but you can withdraw your assets with altcoin only to receive low payment fees.

Wh00re

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It's a pain to withdraw BTC from any centralized exchange as it does cost way too much for my liking as well. The benefit of using decentralized exchanges is huge, and I predict they will get way way more traction in the future.
Personally keeping an eye on Blocknet, who's been the first project to develop a truly decentralized DEX, and by far the MOST decentralized one out there.
The fact that they work on decentralized oracles on top of it is just a bonus, which is most likely the reason for their recent surge in price

Harlot

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It's the first time I am hearing this exchange and they are probably not that good especially when their withdrawal fee is that high, they are almost charging you around 9$ just to make a withdrawal from them and I call that a robbery even if you are trading thousands of dollars or more with their platform. Comparing them to Binance which they currently have 0.0005BTC as a withdrawal fee for Bitcoin their prices are really high which is double compared to Binance. Really the only way on how you will mitigate this is to trade with a large capital big enough that it can justify the withdrawal fee. Also hodling it inside an exchange isn't advisable or an option if you are just avoiding the withdrawal fee, you'll just be risking your money if you continue to hold it their.

Silberman

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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

Unfortunately that is the way that many exchanges have to try to obtain profits from their customers and many do not even notice, also many traders do not really see the importance of this, you need to try to trade or invest in the exchange that has the cheapest fees and the best reputation possible because those fees can be the difference between having a system that is profitable and a system that is not and this is especially true if you are a person that makes a lot of trades.

dataispower

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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

Damn, 0.001 btc for withdrawal is way up, comparatively. The usual shouldn't be above 0.0005 btc per say. Once I spot too high charges, I convert to either xlm or xrp or Doge to reduce fees, but that's if I'm withdrawing to another exchange.

Mihaylovic

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well. maybe you are right. i haven't checked so much about the fees. But take into account that the volatility is too high in the market. so comparing to price changes every second, fees shouldn't be extremely important. For me the important thing is volumes of the exchange.

posi

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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 my opinion, the 0.001 withdrawal fee is ridiculous and i personally dont use exchange site that required 50000 satoshi for withdrawing fee not to mention 0.001BTC.
I will advise you to convert the BTC to ETH cause most exchange site that ask for high BTC withdraw fee usually require maximum 0.006ETH as fee.

kaneki007

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It depends on the exchange that applies transaction fees and if the higher the costs, of course, the faster your bitcoin gets to the wallet.
But if you don't want to pay too much, try using some altcoin.

duuuuude

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Each exchange appoints its own rules and its own orders as it wants and the commission is different everywhere. What prevents you from doing this on other exchanges?

mobilestrike

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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

I also know about some exchanges which have a high withdrawal fees for the bitcoin withdrawal so I am doing the same as you did. I am also exchanging my bitcoins to litecoin or ethereum to transfer it to another wallet or to send it to any person to whom I want to do the deal. There was coinexchange the fees of which was I think 1000 satoshi but now that is also closed

Twentyonepaylots

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Quote from: Vishnu.Reang on January 21, 2020, 12:08:57 PM

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

Well.. there are a few exchanges out there which charge you very high withdrawal fee. Dcoin is not the only one and their fees is not the highest among the exchanges. I have used Yobit, and their withdrawal fee (BTC0.0012) is even more than that in Dcoin. The only option left for the users is to convert the BTC to either BCH and ETH and then convert them back to BTC after withdrawal.

It's better to go for exchange sites that already have a large user base, most of the time they are the ones that are charging less per transactions since they can just gain the losses back from the server traffic. Or if it can't do for some reason like the coin you're trying to exchange is not listed elsewhere, you can try buying alts and send them to the destination exchange site to use as fodder so you can withdraw or carry out your transactipn.

radjie

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most exchanges will certainly charge a high fee if you want to make a withdrawal using bitcoin. therefore it is strongly recommended that if you wish to make a withdrawal, you must convert it to an altcoin that imposes low fees like Litecoin or other altcoin

Vishnu.Reang

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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

Well.. there are a few exchanges out there which charge you very high withdrawal fee. Dcoin is not the only one and their fees is not the highest among the exchanges. I have used Yobit, and their withdrawal fee (BTC0.0012) is even more than that in Dcoin. The only option left for the users is to convert the BTC to either BCH and ETH and then convert them back to BTC after withdrawal.

Winscosinally

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Quote from: enhu on January 21, 2020, 10:37:27 AM

I think its almost the standard now, 0.001 BTC are mostly the withdrawal fees, trading fees are pretty much cheaper. Binance charge 0.0005 BTC but most of the exchanges I have been into its 0.001. I can't really complain since its their exchange, its their rules. What I do is trade my coins to XRP or ETH and then move to another exchange or cash out. With this, my fee with just be less than a $1.

Money hungry exchanges are the only one that charge 0.001 for bitcoin withdrawal fee, I will rather stay away from such exchanges, even few low rated exchanges charge lesser fee, the best solution for OP is to change to other altcoins like dogecoin to lower that ridiculous fee

bittraffic

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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

I have not been in Dcoin though but I can see its not different to other exchange, I would also assume they ask KYC like the rest. Dcoin seem to have a good number of traders on it because it has high volume, it isn't however a very well known exchange. You can Try to withdraw altcoins instead to minimize the fee, 0.001BTC is worth more than 8USD but with ETH its likely just $2.

ubercool

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The best thing is to buy an alt, withdraw it to the destination and sell the alt fast if you want to keep the BTC. It won't differ much and you'll save allot if you've used litecoin or Tron like Altcoin. If the exchange is small then the fees is usually high so try to be in a bigger popular exchange or use decentralized exchange.

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