Topic: Trading small amounts with high fees? (Read 101 times)
I'd wait and buy ETH for trading... BTC's fees make me irrationally angry.
I would like to make my first moves with trading altcoins. About 6 month ago I bought Bitcoins (just for fun) for a few bucks wich are now worth around 100 Bucks. I am aware that i have to pay around 20 Bucks transaction fee to transfere the BTC from my wallet to Binance.
you can choose the fee you pay. if you can't, you should use a different wallet, like electrum. you don't need to pay for immediate confirmation. right now, the cost for immediate confirmation is 650 satoshis/byte. i'm generally paying 3-4x less than that.
i can't tell from your post how many outputs you have. does your wallet just have one incoming transaction? if so, you can send all of your BTC in one transaction that is ~192 bytes. immediate confirmation costs ~0.00125 BTC in that case. i would drop the fee closer to 200 satoshis/byte, paying ~0.00038 BTC. that would probably take 5-10 hours to confirm.
But what I don't know is if this fee also applies every time I buy an altcoin with it (Besides the 0.1 % Binance fee). If yes this makes BTC unusable for trading small amounts right?
no, trades within binance are done internally. no blockchain fees (which is why they are charging you 0.1%).
So the question is: Is it smarter to use my few BTC to buy altcoins and pay ~ 20% fee or should I wait, buy ETH and then use that to buy other altcoins?
it doesn't matter. if you're holding your BTC in a wallet you control, you need to pay the BTC miner's fee to transfer it no matter what.
if you are a Coinbase user, you can transfer to GDAX (their trading platform), and then transfer out for free (they pay the fees). but if you only use your account to move funds out and do not trade, i've heard they may close your account.
otherwise, it is much quicker to transfer using ETH or LTC, but you will likely have to eat fees for converting back to BTC
otherwise, it is much quicker to transfer using ETH or LTC, but you will likely have to eat fees for converting back to BTC
Thank you two for your answers!
Then I will hold the BTC and wait for ETH to start rising again.
Then I will hold the BTC and wait for ETH to start rising again.
The transfer fees are named as such because those would only appear if you made a transfer out of the exchange and into your wallet and vice versa. If you don't really need to transfer funds around, just keep it as is and you'll be fine and not spending a couple bucks just to get the money where it needs to go. If you're doing some trading on the exchange, only the commission fee applies and transfer fees from the network don't. If it does ask you for that, it's a rip off.
My advise. Do not transfer BTC unless it's really necessary. So IMO you should buy ETH and keep those BTC where they are.
Hi everybody,
I would like to make my first moves with trading altcoins. About 6 month ago I bought Bitcoins (just for fun) for a few bucks wich are now worth around 100 Bucks. I am aware that i have to pay around 20 Bucks transaction fee to transfere the BTC from my wallet to Binance. But what I don't know is if this fee also applies every time I buy an altcoin with it (Besides the 0.1 % Binance fee). If yes this makes BTC unusable for trading small amounts right?
I am planing to buy Etherium anyways for trading in the next days, but right now the ETH price seems to continue droping in my opinion.
So the question is: Is it smarter to use my few BTC to buy altcoins and pay ~ 20% fee or should I wait, buy ETH and then use that to buy other altcoins?
Cheers
I would like to make my first moves with trading altcoins. About 6 month ago I bought Bitcoins (just for fun) for a few bucks wich are now worth around 100 Bucks. I am aware that i have to pay around 20 Bucks transaction fee to transfere the BTC from my wallet to Binance. But what I don't know is if this fee also applies every time I buy an altcoin with it (Besides the 0.1 % Binance fee). If yes this makes BTC unusable for trading small amounts right?
I am planing to buy Etherium anyways for trading in the next days, but right now the ETH price seems to continue droping in my opinion.
So the question is: Is it smarter to use my few BTC to buy altcoins and pay ~ 20% fee or should I wait, buy ETH and then use that to buy other altcoins?
Cheers
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