Transfer times and fees? | Bitcointalksearch.org

gabmen

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Quote from: KlepZ on April 07, 2019, 06:54:00 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

Maybe you mean you want that exchange to be fast and a fee cheap, well I recommend if you have a currency bitcoin currency redeemed to Doge, because Doge curve of Kirpto is fast in sending and very cheap for cost withdrawal

Yup. Most traders who do the same exchange to exchange transfers prefer doge. That's been one of the most used techniques even before. But i don't think btc transactions take that long anymore. And it's quite cheap as well compared to previous fees.

panjay

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i think it's best to open coinmarketcap and see yourself the spread between exchange, it will give you good info for deciding which coin.

For me, doge will always be my go-to choice because it's simple and fast. Just watch out if you buying coin to be traded again because the coin that you choose sometimes will fluctuate enough and that makes your fund down like 2-5% from the point you buying.

KlepZ

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

Maybe you mean you want that exchange to be fast and a fee cheap, well I recommend if you have a currency bitcoin currency redeemed to Doge, because Doge curve of Kirpto is fast in sending and very cheap for cost withdrawal

Osarman

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Quote from: r1a2y3m4 on April 04, 2019, 03:02:40 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

All transferring of funds are having a fee. Nano has fee when you move it from one wallet to another. Bitcoin has fee and you need to pay for the fee in order to send it to another wallet. All of it has fee but you need to choose between two coins whether what coin does have the lowest fee. But I rather pick NANO since bitcoin transactions is worth .001 or so.

Well the transaction time is not a mater of concern. It has always been instant and might stay the same quick way. Fee is different from coin to coin but do not worry about that either because it is not so high and is very low as compared to what you pay in bank transfers. And think about the rising value in the market, a little fee like that is nothing in front to the rise in the value you get.

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Quote from: Eildosa on April 04, 2019, 05:13:24 PM

Yeah, it's a pretty logical decision. If there is such an opportunity to reduce the transaction fee, then why not take advantage of it.

How come first it is a logical reply here. Does anyone watch what is the first post day? It was around 6 months back old thread but still we people discusing about the fee reduction things in this thread.
Last few days due to heavy flow of transaction now we are seeing delay in transaction time and fees also needs to add high.

Eildosa

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Yeah, it's a pretty logical decision. If there is such an opportunity to reduce the transaction fee, then why not take advantage of it.

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Quote from: ShowOff on April 04, 2019, 03:26:09 PM

Quote from: jems on April 04, 2019, 02:31:40 PM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

That is indeed enough to enter and it has often been used to reduce and accelerate the costs of transactions or transfer of funds between exchanges. But you must remain careful in monitoring the price differences between the two exchanges.

Price usually something that really important to look. Not only fast, but money that we used to make that transaction must looked carefully. Don't let that fast transaction make us use more money than if we use bitcoin.

Regarding on this trading pattern it seems that it is some sort of arbitraging or just simply converting your btc to other alts just for the sake of fast transactions but i dont get the point yet you would need to deposit once again those btc and tend to switch back.It would really just consume time and fees and also prices arent really that much of gap actually where you can able to profit between on their margin.

ShowOff

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Quote from: jems on April 04, 2019, 02:31:40 PM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

That is indeed enough to enter and it has often been used to reduce and accelerate the costs of transactions or transfer of funds between exchanges. But you must remain careful in monitoring the price differences between the two exchanges.

Price usually something that really important to look. Not only fast, but money that we used to make that transaction must looked carefully. Don't let that fast transaction make us use more money than if we use bitcoin.

jems

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

That is indeed enough to enter and it has often been used to reduce and accelerate the costs of transactions or transfer of funds between exchanges. But you must remain careful in monitoring the price differences between the two exchanges.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 I think you should do is to find a way to avoid sending coins from one exchange to another because it you will never be able to avoid paying huge amount for fees since it's the exchange that set this fees and there is nothing you can do about it, just look for an exchange that you has all the coin you will need to trade in so that you don't need to exchange from one exchange to another spending all the profit you have gained from the exchange as transaction fee in sending the coin to another exchange.

Jating

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Quote from: coinplus on April 04, 2019, 07:31:23 AM

Right now, if you check the bitcoinfee website it shows that fastest and cheapest option is to use 148 satoshi/byte which means it is not the slowest but it is also not the most expensive as in it wouldn't be stuck there for hours but it also wouldn't be idiotic like spending 1 btc for a transaction, with 148 satoshi per byte you get the regular speed that is expected from the transaction. Considering the size is usually around 225 byte than you should be paying about 33k satoshi per transaction.

Right, so for everyone who is moving funds around, I would recommend to check the fees first before sending it out. Your transaction might get stuck. Usually we encounter this kind of issues when bitcoin price is moving up.

Quote from: coinplus on April 04, 2019, 07:31:23 AM

It is certainly not cheap and it all depends on what you use (core, segwit, lightning network) but that number is about the expected as you can get. That way you can get it under 40 minutes for sure and you won't have to wait, it will not take hours to get your coins.

I used Electrum, and I manually adjust the fee's if needed. Might not be cheap but as compare to other mode of payment, bitcoin fees is way more cheaper, just saying. Grin

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Right now, if you check the bitcoinfee website it shows that fastest and cheapest option is to use 148 satoshi/byte which means it is not the slowest but it is also not the most expensive as in it wouldn't be stuck there for hours but it also wouldn't be idiotic like spending 1 btc for a transaction, with 148 satoshi per byte you get the regular speed that is expected from the transaction. Considering the size is usually around 225 byte than you should be paying about 33k satoshi per transaction.

It is certainly not cheap and it all depends on what you use (core, segwit, lightning network) but that number is about the expected as you can get. That way you can get it under 40 minutes for sure and you won't have to wait, it will not take hours to get your coins.

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I think he can try to collect all of his profit in the night and then he can transfer all of his profit or money in one-time, I guess that will be prevent us from making more than one transaction. Besides that, we only send the bitcoin in one time only, and if you send from bittrex, poloniex, and binance, I think the fee is not too big, and the confirmation of the transaction will not takes too long. Or maybe you can try with waves because waves can be a good solution to exchange your bitcoin aka your profit into waves and then you can send the waves to another exchange.

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Quote from: r1a2y3m4 on April 04, 2019, 03:02:40 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

All transferring of funds are having a fee. Nano has fee when you move it from one wallet to another. Bitcoin has fee and you need to pay for the fee in order to send it to another wallet. All of it has fee but you need to choose between two coins whether what coin does have the lowest fee. But I rather pick NANO since bitcoin transactions is worth .001 or so.

I think there are many alternative coins that you can use to reduce the transaction costs like you use a doge which when shipping only requires very little cost and the delivery is also very fast and the exchange is also stable.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

All transferring of funds are having a fee. Nano has fee when you move it from one wallet to another. Bitcoin has fee and you need to pay for the fee in order to send it to another wallet. All of it has fee but you need to choose between two coins whether what coin does have the lowest fee. But I rather pick NANO since bitcoin transactions is worth .001 or so.

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Quote from: Whosdaddy on April 03, 2019, 03:52:10 PM

Don't forget about the transaction fees while converting your BTC to fast transferrable cryptocurrency like Namo as the price there would affect your profits. Why don't you try etherum? ETH transactions are much faster than the blockchain networks as the fees there is also less as compared to bitcoins.

Also, most of the exchanges support ETH, instead there are not much exchanges which dosen't support ETH. Also currently there is not that high fees for bitcoin transactions but i do agree with you about the long transaction confirmation time which is not worth waiting atleast in trading with the cryptocurrencies.

ETH is faster and it's a good advise, but if you a real cheaper and faster at the same time, why not used XRP.
I made a lot of transactions using XRP transfer from international exchanges to my local exchange and money arrives instantly, and the fee is really cheap.
In terms of liquidity also, I don't see a problem with XRP as it's next to ETH in standing.

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Don't forget about the transaction fees while converting your BTC to fast transferrable cryptocurrency like Namo as the price there would affect your profits. Why don't you try etherum? ETH transactions are much faster than the blockchain networks as the fees there is also less as compared to bitcoins.

Also, most of the exchanges support ETH, instead there are not much exchanges which dosen't support ETH. Also currently there is not that high fees for bitcoin transactions but i do agree with you about the long transaction confirmation time which is not worth waiting atleast in trading with the cryptocurrencies.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

yes transfer time are also made the changes in your profit because if you don't have any strategic changes in your selling and buying you will definitely have to consider about the profit that you have invested and selling especially the exchanging Frees also need to consider by everyone for getting the good profit at the end.

tadpole_bitfrog

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It is also a great solution. The trading with BTC and waiting for blocks to be completed is very long. We need a better solution. I think the BTC should be upgraded and should not retain the old technology anymore.
That really made holders of BTC encounter many difficulties when trading.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

I often do it whenever I want to transfer my money to another exchange. This is a smart way and that will save a lot of your time and cost. The Nano has a very cheap transaction fee and very fast speed, which is a great altcoin. But if there is no Nano in exchange, you can choose XRP. It is just as good as the Nano.

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Quote from: BitcoinTurk on March 31, 2019, 05:22:04 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 the mining difficulties increase, we can see that the transactions are realized with more commissions and they are realized in more time. At times I was sending very low transfer fees in seconds, and in some times I was waiting for hours with a high transfer fee. The best thing you can do in the case you specified is that you can use Nano as you said. But I will give you another advice that you will be free of transfer fees if you trade with this service. You can transfer with NEO or NEO Gas. Although the NEO network is very rarely faced with problems, I can guarantee you that all of your transactions will be fast and free of charge. You can also speed up your transaction by paying too low Gas.

There are lots of altcoin or alternatives when it comes to almost instant transfer times and with having free or very low fees compared to traditional Bitcoin.
I cant deny that those alts do provide on what most people do seek out when it comes to transfer rate and fees but still people end up on using btc.
Its just a matter of preference though yet you can choose up a wide variety of alts if you prefer those things.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

we can transfer money anytime but the fees is important and we will need to pay it in sometimes it will be extra but the demand with pens and the transfer fee so we cannot change it are we can wait for sometime exchange.

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Many exchanges has withdrawal fee of crypto so high like above $10, but many others coin just have withdrawal fee less than $0.1. So important to know which coin that have lowest withdrawal fee and low spread on the exchange.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

Yes you can do it but i think it will also take more time. I recommend you to use XRP beacause it's transaction fees is very less ,but for this you have to first convert your btc in xrp then transfer to the other exchanges ,and there again you have to convert it into btc for your further ttading. So it's depends on you to choose xrp or btc or any otther coin.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 the mining difficulties increase, we can see that the transactions are realized with more commissions and they are realized in more time. At times I was sending very low transfer fees in seconds, and in some times I was waiting for hours with a high transfer fee. The best thing you can do in the case you specified is that you can use Nano as you said. But I will give you another advice that you will be free of transfer fees if you trade with this service. You can transfer with NEO or NEO Gas. Although the NEO network is very rarely faced with problems, I can guarantee you that all of your transactions will be fast and free of charge. You can also speed up your transaction by paying too low Gas.

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Yes i always do that when make transfer crypto to others exchange, first i looking for the lowest withdrawal fee of crypto that tradeable on the that exchange. Usually i choose XLM, XRP, NANO, NEO, DOGE to transfer trading balance to others exchange.

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lots of coins that have a small fee and this is beneficial for us if we want to transfer between exchanges or wallets. I usually converge on NANO, ADA, XLM coins and other cheaper coins before making a transfer and I will also check whether the coin is in my destination exchange, this will be more efficient and cheaper than sending BTC between exchanges

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

Transferring Bitcoin to exchanges takes a lot of time and toll. So we should find another way on how to make trades faster and catch the trend. The strategy you shared sure would work fine.

karungbitcoin

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Yes i did it many times when make transfer fund between exchanges, firstly i looking for the cheapest transaction fee of crypto and then i use it to transfer fund to other exchange. I havebeen use NEO because no transaction fee and transaction comfirmation more faster. I always make transfer twice , firstly i use small amount to know everything right and second one i will transfer all of it.

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You did make sense but I also want you to put the fact that NANO could dump in price sharply before scaling through the whole transaction into consideration since altcoin are very speculated. I will advice you to use an exchange which supported SegWit instead, which will handle the fee and transaction.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

you do same value when transfer btc to another exchange than convert it to another exchange and convert again to btc. covert your btc into alt where low fee under 1. then tranafer it to another exchange.

Renaldi blackspadeteam

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of course, this idea is a good choice to save time and also costs, I know you Crypto traders with arbitration techniques trade from market to market from the difference in crypto prices.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

Sending bitcoin between exchanges is something that you need to really make sure before do that, that is risk that we must face if we want to do that. If you want to change to other coins maybe think about different price between that exchanges too, don't make it you to loss some of your assets.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

If I say the truth, I have no idea how NANO works. When you convert NANO back to Bitcoin you pay an additional fee, so it is more logical to use Ethereum and you don't need to re-convert to any coin again.

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The daily traders usually have funds in several exchanges to avoid the headaches between transactions fees and time transfer. It also allows trading arbitrage between exchanges. If each time you buy an altcoin to transfer it's going to take time in the long run... so if you can save your time...

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Quote from: shivansps on November 08, 2018, 02:31:00 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

It is not a bad point actually, but what I would do is to basically test the two and see which one would actually make more sense eventually, when it comes to faster transaction as well as fees. Sometimes, you may not really know how effective something is until you at least do some comparison. For me, what I would do normally is to first send part of the bitcoin transaction to the other exchange, and then go through the process of trying to exchange to Nano and then sending afterwards before converting back to bitcoin. Measure up the time and the fees it takes you to achieve both, and you will be able to deduce from there.

CodyAlfaridzi

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I recommend ETH, LTC, and XLM.

Quote from: adaseb on November 08, 2018, 03:35:30 AM

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.

Bitcoin tx fee is small now, yes, but most exchanges set a rather high fee for Bitcoin withdrawal. 40K sats is substantial for me, especially if you're going to make a lot of transfer. Compare this to exchange withdrawal fee for coins like Stellar which would be below 1K sats. Even ETH fee is as small as 0.001 ETH which equals around 3K sats.

gioemodau12

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I also usually do as you do. I sell bitcoin to get another currency and use it to transfer it. Bitcoin is too slow and costly

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

I think it will take you more time. Because you finally bought Bitcoin. I think Bitcoin trading is really good because it's a great coin so its a pretty high fee. that is the value of the fee. You need to understand and avoid wasting your time. Wink

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

I think if you are okay with the fee, you don't need to exchange another coin and stick with bitcoin only. But if you are not okay with the bitcoin fee, then you can exchange it into Dogecoin and send it to another exchange. Dogecoin only needs 5-10 satoshi for the transaction and the confirming time will not take too long. I don't know how much the fee of the transaction for NANO because I don't use that coin. Or maybe you can try with waves, and I think the fee is not too big and maybe it's almost equal with Dogecoin.

wayaneka

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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.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

The Seller

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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.

justdimin

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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!

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Quote from: Jating on November 08, 2018, 07:08:12 AM

Quote from: clrpod on November 08, 2018, 06:29:26 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

justspare

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

acholagi

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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

Maricel2017

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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.

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Quote from: adaseb on November 08, 2018, 03:35:30 AM

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.

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.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

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Quote from: shivansps on November 08, 2018, 02:31:00 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

LTC is a better choice if we do talk on making transaction or transfer on multiple exchangers and as being said this is already widely being traded on most than on NANO! The thing he do choose up with NANO
is the almost instant TX and FEE but well its not listed anywhere but only on some numbers of exchange only unlike LTC.

gentlemand

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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.

waitforme

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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.

susila_bai

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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

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Quote from: Reid on November 08, 2018, 08:09:40 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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" Tongue

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.

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Quote from: elda34b on November 08, 2018, 05:46:38 AM

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.

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.

Marnihughes82

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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

Reid

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

Xardasim

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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.

Jating

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Quote from: clrpod on November 08, 2018, 06:29:26 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

clrpod

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

elda34b

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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.

Herlina

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

Not only fast but you need to look at price situations to determine the most profitable coin because most centralized exchanges require approval from the officer and they can take a long time to approve your deposit, So you can avoid losses from late deposits if you choose the most profitable coins

adaseb

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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.

rhomelmabini

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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 🙂

That's good to do bro to make the transfer fast. Just do transfer a coin/token that has speed of lightning on every transaction.

Quote from: KjutNikolas on November 08, 2018, 02:48:34 AM

I just made an example. What about XRP? Isn’t that the fastest one? I would need the fastest and most widely accepted yeah.

Maybe you are correct with that again and it's available in this article I just read on Medium see the reference below:
https://medium.com/@johnhinkle_80891/the-fastest-cryptocurrency-transaction-speeds-for-2018-498c1baf87ef

I guess the OP knows but can't decide which to. Hope it helps you.

KjutNikolas

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Quote from: shivansps on November 08, 2018, 02:31:00 AM

Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

I just made an example. What about XRP? Isn’t that the fastest one? I would need the fastest and most widely accepted yeah.

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Quote from: KjutNikolas on November 08, 2018, 02:09:21 AM

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.

KjutNikolas

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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 🙂

Topic: Transfer times and fees? (Read 2336 times)