Topic: Transfer times and fees? - page 3. (Read 2334 times)
Why you should be make transfer crypto to another exchanges many times? In one exchanges there are alot of different coin available to trade, its enough to use 2 or 3 different exchanges. And i have to make transfer crypto to local exchange only if i want to withdraw to fiat local money, and to avoid high fee transfer of BTC, there are alot of others coin that has cheap transfer fee , example XLM, LTC, DOGE, WAVES etc. So transaction fee is not really make problem in trading activity.
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
What do you want a faster transaction or cheaper fees in transferring your coins into another exchange? When I want to cash out my fund into exchange I must prefer to use Ethereum compared to other altcoins or even Bitcoin, I didn't use Bitcoin to make transaction due to high fees or even transferring my fund. Nano is good also the fastest transaction but I didn't try this coin to transfer my fund, I usually used Ethereum in that case. 
Yes, this method is the best way many people (including me) have done it to speed up the transaction process and minimize the transfer costs between exchanges.
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
With respect to fast transaction, I will say that can be some pretty good move, but at the same time, you will still need to be very careful most especially knowing the level at which the altcoin market could fluctuate rapidly, and in that case, you sure want to be timing when you want to be doing such transactions.With respect to fee however, that would depend on a lot of things, when it comes to trading fees, withdrawal fees and in that vein, you can compare it with the fee it will take you to transfer bitcoin directly itself. I may not be surprised that the time it might take you to navigate to exchange to Nano, and transfer and do every necessary thing, may end up being the same time, it will take for your bitcoin transaction to directly hit your wallet. Just thinking!
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
On some exchanges that's best. I often times used DOGE for such a thing because the transfer fees were as low as 1-2 dogecoin. The only problem is you are then doing more trades so more trade fees and you might have to wait to buy/sell the currency you swap your bitcoin in to temporarily.
Exactly, I previously used DOGE to make my transactions quite fast if I wanted to. But then again, Bitcoin network is not that clogged anymore because the network spammers has already stopped. Plus exchanges now are batching their transactions which lessen the burden on the mempool as well.
Fee's are extremely low as well, heck even a 1 sat/byte could easily be confirmed in the next 5-10 blocks so I will advise the OP to used bitcoin instead of the hassle to convert from one coin to another.
You're right about the network and the mempool but a lot of exchanges don't have dynamic fees or don't let you choose your own fee when withdrawing, so it can still be much higher in BTC than in other coins. I guess BTC is the best choice in most scenarios but unless given a specific exchange and a specific pair we can't give an answer for every scenario.
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
Bitcoin transfers do not take too much money and time anymore, if the exchanges you use charge you premium fee like last years than you need to change your exchange asap.Right now, you can send millions of dollars with couple cents in bitcoin transactions and maybe you wouldn't use it but any exchange who wants to make profit from the customers is already using such technology at their hands and if they are charging extra for that than I am sorry but they are ripping you off.
You need to find one that would take at most couple dollars for transaction, doesn't matter the size of the transaction, it could be thousands of dollars and it would still cost about a dollar to send with proper technology. Binance for example takes most of their profits not from trading fee's but from withdraw fee's, be careful.
when you convert from BTC to NANO in exchange A, then you have to convert again from NANO to BTC in exchange B, from here you also have lost because of buying and selling on margin trading
Another problem that arises is, are NANOs listed on all exchanges like Bitcoin?
Think back to your decision, it's good that you are more patient in waiting for the transaction to use BTC to be completed, don't bother to convert
Another problem that arises is, are NANOs listed on all exchanges like Bitcoin?
Think back to your decision, it's good that you are more patient in waiting for the transaction to use BTC to be completed, don't bother to convert
If you can generate an income by doing that way go for it but if you see you will gain a loss much better to stick on btc transaction even it was to long to confirm atleast the income is always there. Just analyse the situation and consider the amount to earn and to be loss.
You are better off just sticking with Bitcoin itself at the moment. The memory pool is mostly empty these days and most transactions have very low fees.
If you buy an alt, just to get fast transfer times, keep in mind you need to sell that alt back and you will lose on the spread and maybe the price of the alt will change in that little time.
Most exchanges like Bitfinex only charge 40,000 Sats per withdraw and doesn't matter how large or small your withdraw is, hence the reason to just stick with BTC.
If you buy an alt, just to get fast transfer times, keep in mind you need to sell that alt back and you will lose on the spread and maybe the price of the alt will change in that little time.
Most exchanges like Bitfinex only charge 40,000 Sats per withdraw and doesn't matter how large or small your withdraw is, hence the reason to just stick with BTC.
Agree. I tried it today and yes it's faster nowadays as they say because of the less transactions. Nano is not tradeable pair for most of the coins so if you're going to trade it's very limited with that coin but yes because of its speed it should be good for trading. Regretfully most of the ICOs before it got popularized didn't know much about it so the first thing that comes to mind was BTC or eth.
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
Will,maybe this is a good idea for you,vut one things i can say thats its wasted a processing fee everytime you doing a transaction from one exchange to another exchange or from your wallet to the other exchange and i thinks in thats situation you can create of loosing profit by subtracting the amount of your crypto coins into small percentage.
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
For sure dude. You have a good point. However, your pick isn't that good. NANO isn't listed on every exchange and why would you transfer BTC in this way from exchange to exchange? Just pick a good exchange and trade there. The procedure you describe is more effective if you want to cash out fiat from BTC, then yes it makes sense to buy for example LTC (fast and low fee) and sell LTC for fiat. I don't see NANO for one reason it is not widely accepted. LTC is.
is the almost instant TX and FEE but well its not listed anywhere but only on some numbers of exchange only unlike LTC.
If you really have to do this the one I'd go for is LTC. That's pretty much everywhere and wherever it is the market will be large enough to not lose out to thin order books. Something like Nano seems ridiculous. There aren't many places to trade it and most markets will be piddling.
Transfer speeds are meaningless if you have to wait days to find enough buyers.
Transfer speeds are meaningless if you have to wait days to find enough buyers.
I believe that your transactions is done with low fees. I made the Bitcoin transfer from this exchange through other exchanges, and I noticed that I spent 50.00sts per transaction but in practice, the trade pushed you into the trading range with little fees with Big volume deal makes this transaction limit.
If you are doing Arbitrage Trading, then you need to transfer the bitcoins but if only for day trading then i think, you can do trading in one exchange which suits you. Other option of buying altcoins and then selling in other exchange will be lot of extra work and in this some time you can also face loss, as you cannot expect the price to be same on all exchanges the altcoin is listed. So it is not good to do this type of trading. As in the end you can end up loosing your investment
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
As long as they support that token too then it makes sense.
You are trying to escape the time and tx fees which have been ask so much before specially those times when bitcoin tx fee soared way too high.
But somehow this is a lot of work. Maybe you should also add the time you will be spending to sell it back and forth and also the fees in trading sites everytime you sell it to another token.
Not too much time consuming since its all running on my "bot"
I found out that XRP is probably the best and fastest choice. But im still looking for advice if anyone has any idea because XRP still isnt on every exchange. 
Why did you have to transfer your bitcoin from one to other exchanges? Are you doing arbitrage?
Rather than XRP or LTC, I think XLM is a better choice. Most exchanges only take around 0.01 fees to withdraw, which is relatively cheap if you compare it to XRP or LTC.
I guess he isn't doing an arbitrage but rather he just want to eliminate the hassle of transferring btc from an exchange to another one.Rather than XRP or LTC, I think XLM is a better choice. Most exchanges only take around 0.01 fees to withdraw, which is relatively cheap if you compare it to XRP or LTC.
XLM is a good choice but if I were you just stick on exchanges that has low fees on alts that are fast on a transaction.
I have the same idea as you, I usually sell bitcoin for xrp and move to another exchange. I find it very fast and cost very little
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
As long as they support that token too then it makes sense.
You are trying to escape the time and tx fees which have been ask so much before specially those times when bitcoin tx fee soared way too high.
But somehow this is a lot of work. Maybe you should also add the time you will be spending to sell it back and forth and also the fees in trading sites everytime you sell it to another token.
You should try Ethereum instead of Nano. Confirmation becomes too quick, but the fee is a bit more than Bitcoin's fee. Fee is changing around 0.001 and it's just a little more than Bitcoin. Also compared to Nano, Ethereum is available in every exchange.
I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂
On some exchanges that's best. I often times used DOGE for such a thing because the transfer fees were as low as 1-2 dogecoin. The only problem is you are then doing more trades so more trade fees and you might have to wait to buy/sell the currency you swap your bitcoin in to temporarily.
Exactly, I previously used DOGE to make my transactions quite fast if I wanted to. But then again, Bitcoin network is not that clogged anymore because the network spammers has already stopped. Plus exchanges now are batching their transactions which lessen the burden on the mempool as well.
Fee's are extremely low as well, heck even a 1 sat/byte could easily be confirmed in the next 5-10 blocks so I will advise the OP to used bitcoin instead of the hassle to convert from one coin to another.
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