Topic: Tip - cheapest way to withdraw from an exchange (Read 285 times)

This is the method I use to withdraw from exchanges when I want to convert it to fiat
- I convert my coin to Dogecoin.
- I transfer it to coinpot wallet
- Then I convert to btc for free
- Then I transfer the btc to my luno wallet for free
- Then I sell there or on a p2p group.
That's all!!!

True - if both the exchange you want to transfer from and to support them. But yes as a rule of thumb they are both cheap AND quite large cap so you won't be stung by loss on spread on most exchanges. Exchanges do chnage their withdrawal fees over time though, can of course coin prices move all the time so it is worth checking on the website I originally posted (https://coinexchangefees.com/) from time to time

You can also used dogecoin and verge

Thanks a lot. i was looking for a list like that,

Very valuable tools for anyone who want to try arbitrage trading

On smaller amounts I have been converting to NEO or GAS when I want to transfer off of Binance or Kucoin onto other exchanges because it is free as well.  But you are right (HabBear) you can lose some value from price fluctuations, the spread on the coins, and the trade fees.

Helpful information here. Thank you

Paxful.com is what I use personally, they only get 0.00008btc per transaction

The best way to deposit money and transfer it to your own personal wallet is to use GDAX.

You can purchase Ethereum or Bitcoin on coinbase (fees apply).
Then you can transfer your ETH or BTC from Coinbase to GDAX for free via GDAX.
Then you can transfer your ETH or BTC from GDAX to another exchange or to your personal wallet for free.

Decide before hand what you want to do with your cryptocurrency before deciding what to purchase (ETH / BTC).

As for the withdrawal fees, most of the exchanges list fees, either with individual fees for each coin or with fixed transaction fees regardless of the coin:
Binance: https://www.binance.com/fees.html
Bitfinex: https://www.bitfinex.com/fees

As for purchase or sell orders fees, these fees are split into maker/taker %fees.
Huobi: https://www.huobi.pro/about/fee/

At the bottom of the Huobi page, maker / taker fees are defined for exchange transactions.

Some coins are way to expensive to withdraw, so make sure to look up the fees for a particular exchange before transferring money, either by looking up "ExchangeName withdrawal fees" in google or by logging into your account and looking up the withdrawal fees before depositing cryptocurrency.

Yes, digibyte is a crypto currency. And yes you are right, any savings will fluctuate based on changes in exchange rates. However, for a $20 transfer it would have to fall ~50% in value (in BTC terms) for you to actually be worse off compared with straight withdrawing in BTC. Very unlikely to happy if you make your trades quickly. Obviously for a bigger transaction the DGB/BTP price would only need to move a smaller % before it was better to withdraw straight in BTC. So this method is great for low value withdrawals, risky for large value withdrawals.

It's not exchanging it for fiat. A withdraw is just taking the currency out of the exchange it is sat on. So if you want to transfer BTC from (say) bittrex and put it on another exchange, say Huboi (in order to buy say Elastos, which is listed on Huboi but not bittrex) you would change BTC for DGB on bittrex, transfer the DGB over to Huboi and then chnage back to BTC on Huboi

Is digibyte a crypto currency? If so, the savings you gained will change or fluctuate as the exchange rate between digibyte and other currencies interplays with each other.

Second, what do we do with the digibyte? A withdraw means exchange for fiat currency, yes? How does digibyte do that?

Thank you.

this is very true and it works but at the same time there are two very serious problems with this strategy.

1. it only works for very small amounts of money. you already mentioned this but it is not really a common thing for people to want to transfer less than $10 around and as the amount grows, exchanging your funds into another  coin and then exchanging them back on the other exchange will cost you 2 big fees which can be a lot bigger than your bitcoin withdrawal fee in many exchanges!

2. the price volatility and price spread in the altcoins. one problem is the volatility meaning you buy one altcoin at lets say 100 satoshi and when you transfer and want to sell price of it can droop to 90 satoshi and you lose a lot more than the withdrawal fee you were trying to avoid. the other thing is the spread. for example you buy from the lowest ask which is at 100 satoshi and in the other exchange you sell to the highest bid which is 90 satoshi and you lose a lot of money that way. and sometimes this spread is huge specially in small altcoins and in small exchanges.

Thanks for your reply, but I'm a bit confused. Isn't it necessary for comparison purposes that the transaction costs be in dollars, (or another, common currency)?

Yes cryptos are volatile but the website updates for movement in prices. So for example BTC is currently showing as $9.32 to withdraw from bittrex (compared with $8.99 when I posted yesterday)

If the website didn't translate to dollars and just showed the native cost, i.e 0.001 BTC withdrawal cost then sure, it would be the same as the rate yesterday but that doesn't help you decide if it is cheaper to withdraw in BTC or say in BCH and pay 0.01 BCH

So fees in dollars is the most useful way to analyse I think

I've been wanting an overview of exchange's withdrawal fees and for a second I thought that it was finally answered but I noticed that the fees were in dollars which doesn't make sense since cryptocurrencies are volatile 

I just wanna add that crypto withdrawals are free on gdax although please note that only a few number of coins are there and not all countries are supported

If you want to send a coin, say BTC, from an exchange to another exchange it may be cheaper to convert it into another coin before you send, especially if you are making a low value transfer.

This website nicely summaries the USD withdrawal cost of different coins, by exchange - https://coinexchangefees.com/

So you can see right now it would cost you $8.99 to send BTC from bittrex. Hardly worth it if you only want to transfer say $20, right? But you could convert into say XLM and pay only $0.003 to withdraw.

However, you can also see on the website that there is no withdrawal cost of XLM from certain exchanges, like KuCoin. Therefore, you can't send XLM to KuCoin as it isn't listed there. Instead, you have to find a coin which has withdrawal fees listed on both the exchange you want to send from AND to.

So in this specific example of BTC, Bittrex and KuCoin the cheapest way to transfer is Digibyte $0.0253. A big saving over $8.99!

NB - you open yourself to exchange risk when doing this, i.e the price of your transmitting currency could fall whilst you are transferring (or of course it could gain). This shouldn't be an issue if you are quick, but obviously the larger amount you are transferring the more exposed you are to this risk.
NBB - you will have to pay commission on the trades before and after transfer, but this is normally minimal.

Hope this helps some peeps!