very high fees on exodus when trying to send bitcoin

bob123

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Quote from: slickskin on March 21, 2021, 08:58:39 PM

I could understand like a 1-3% fee as you see with credit cards but when the fee is like 160%

That is a common misconception of people who are new to bitcoin.
The overall fee you pay depends on the fee rate (sat/vB) and the size (vB). Whether your X inputs sum up to 8$ or to 8.000.000$ doesn't matter. The fee does not care about the Dollar-value.
The amount of inputs/outputs as well as the script type together with the fee rate is what determines the total fee.

Quote from: hugeblack on March 24, 2021, 05:55:11 AM

exodus wallet is a suitable wallet for beginners who do not have technical knowledge yet want to keep several cryptocurrencies (low amount of them) or exchange between them.

Let's be honest.. exodus is not suitable for anyone.
It is a horrible buggy closed-source wallet with no real advantages compared to other BTC wallets.

hugeblack

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Quote from: slickskin on March 21, 2021, 08:58:39 PM

Hi, so I have an account on coinbase as well as an exodus wallet. So I know the basics about how bitcoin works and how to buy and store it.

exodus wallet is a suitable wallet for beginners who do not have technical knowledge yet want to keep several cryptocurrencies (low amount of them) or exchange between them.

If the above conditions are not meeting you, you can start experimenting with some alternatives wallets.

for Bitcoin and small value payment: try Electrum wallet and use lighting network. learn More ---> https://www.youtube.com/watch?v=XCSfoiD8wUA&vl=en

For ETH, Defi, NFT,...etc ---> Use MetaMask

malevolent

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Quote from: Jawhead999 on March 21, 2021, 09:12:24 PM

Exodus and other custodial wallet often charge insane fees, they have very bad estimate fees and gain profit from there.

Exodus is a non-custodial wallet.

Quote from: Darkelf11 on March 21, 2021, 09:13:08 PM

One of the best-recommended things, if you want, is to convert your BTC to altcoins to lessen the fee and take it back again to bitcoin. Also, you can check the different platforms to know the transaction fee prioritization.

But then you have to pay transaction fees when converting BTC back and forth which are going to eat your savings and then some.

hosseinimr93

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Quote from: sunsilk on March 23, 2021, 03:09:53 PM

.........But if it's coming from a private wallet or closed source wallets, they have a commission for every transaction that their users make.

Not all closed source wallets get extra fee for transactions.
For example, Exodus and Trust Wallet both are closed source. But you don't pay any fee other than miners fee.

sunsilk

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Quote from: slickskin on March 21, 2021, 10:43:35 PM

Wow, I didn't even see that was there! Okay so if I set it to say, the lowest fee on there, how long would that take about? An hour?

Paying the lowest fee won't guarantee you to have your transaction confirmed at the quickest that it can.

That's the purpose why wallets are giving recommended fees for you to have it the quickest that it can base on your adjustment. But if it's coming from a private wallet or closed source wallets, they have a commission for every transaction that their users make.

Paying the lowest would make your transaction go for more than an hour. I've even seen some TXs went even for days.

dkbit98

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Quote from: slickskin on March 21, 2021, 08:58:39 PM

Hi, so I have an account on coinbase as well as an exodus wallet. So I know the basics about how bitcoin works and how to buy and store it.

However, I notice that if I try to send bitcoin from my exodus wallet to a bitcoin address that it shows a fee I do not think is reasonable at all.

Exodus often shows much higher default fees but there is a way to reduce it and set manual custom fees for Exodus wallet when you are sending Bitcoin transactions.

First you need to open your Exodus Bitcoin wallet page and click on 3 dots on top right angle.

Then you should choose Advanced Options from menu:

Then click the bottom slider to Enable Custom Fees

Then you can go back to your Bitcoin wallet and click Send button to send your Bitcoin.
You will see new window with slider you move left or right and you can even write manually bellow 10 sat/byte (I don't recommend this if you don't know what you are doing)

Make sure you check mempool.space and other websites that are showing number of stuck and incoming bitcoin transactions, and enter your fee accordingly in Exodus.
You should also enable bc1 bech32 address format in Exodus to reduce fees even more (click on Receive button and then right arrow next to QR code)

Now you can click Send button and you are done.

Note that Exodus is closed source software and I would always recommend using other OpenSource wallets alternative like Electrum wallet

el kaka22

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Some places may charge more than other places. I know an exchange in our local community that charges 0.001 btc per transaction, yeah that is right 0.001 that is 60 dollars per transaction, I know bitcoin transactions became huge but it is not that huge. That is why you should pick what you are using a lot more carefully, there are people who will use this and make sure to get themselves richer, our exchange is not sending stuff with that kind of money neither, so they are collecting and keeping what they can profit, there is nothing we can do about it.

Thankfully I am not using that exchange but there are still people who end up using that exchange as well. I personally think those high fee places do not really have too much customers, if they had proper customer numbers not only they would drop it, they would even try to make it free because real places make real money.

iamsheikhadil

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Not really I know of exodus wallet because I never used it, I use trust wallet and mycelium, both of which allows me to adjust the fees. Do you actually own your account in exodus? Like the private keys? I think if you own the wallet, you would be able to adjust the fees but if you don't, then you are at the mercy of them. Check out binance bitcoin withdrawal fee, it's almost $25 as far as I can remember.

worle1bm

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Most of the wallets set the fees higher to the average fees of the transaction at a particular time depending on the number of unconfirmed transactions in the memepool.They set higher fees to validate the transactions but sometimes it's too much and same is the case with Exodus wallet.They just charge higher fees but there average fees calculator have insane values that's why fees are higher.You can set the fees according to your wish and you can wait until the network congestion is resolved and your transaction with low fees gets accepted in the block by miner.Fees depend on the size of inputs and outputs not on the amount so set fees to your size of transaction like 250 Sathoshi/byte knowing what the average fees is at present.So if you want to reduce the fees best way is to reduce input consolidation by combining all the small inputs into a single larger output which will reduce the fees of small transaction by one single outputs with current fees of the network.So there are some ways but you have to pay fees.

pawanjain

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Bitcoin isn't meant for microtransactions over the mainnet at all. You can do microtransactions on the lightning network and you won't have to pay much in fees at all. But transferring small amounts in BTC would take equal or more amount in fees since the price of bitcoin has also increased a lot recently.
The amount in bitcoins doesn't matter when calculating the transaction fees. You can send even $50,000 with a fee as low as $5 and even if you send $5 you will still be charged a transaction fees of $5 assuming you are spending the same number of inputs and outputs in both the cases.

So it depends on the number of inputs you are consuming + the number of outputs you are creating + the amount of transactions pending in the mempool.
This will provide the amount of fees required to process the transaction on the blockchain.

slaman29

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Livecasino, 20% cashback, no fuss payouts.

It's really really high time you find a real Bitcoin client to use. Not even talking about Bitcoin Core but as many others are using just stick to Electrum which is so easy to pick up and learn, promise:)

Just make sure of course your own device is safe and secure and you verify the source first:)

Silberman

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Quote from: slickskin on March 21, 2021, 10:43:35 PM

Quote from: OcTradism on March 21, 2021, 10:02:23 PM

Quote from: slickskin on March 21, 2021, 08:58:39 PM

Hi, so I have an account on coinbase as well as an exodus wallet. So I know the basics about how bitcoin works and how to buy and store it.

Exodus supports Replace-by-Fee:
- Exodus supports RBF
- Guide from Exodus to set Bitcoin custom fee

You can check the mempool and find the best transaction fee with your readily waiting time for your transaction. If you can wait 1 hour for first confirmation, you can choose fee with size in the mempool about +/- 6 MB from the tip (one block takes max 1 MB from the tip with jochen-hoenicke.de chart)
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Wow, I didn't even see that was there! Okay so if I set it to say, the lowest fee on there, how long would that take about? An hour?

In order to know that you will need to check the third link of the post you are quoting, fees change and are dynamic, sometimes you can get a confirmation with just a very small fee but sometimes you need a higher one, now if you do not feel comfortable using exodus to send your coins then you could copy your private key and then export it to a wallet like electrum, this is a relatively easy process but you need to be careful to never share it with anyone.

yhiaali3

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Yes, unfortunately, there are some wallets and exchanges that take very high fees in order to send Bitcoin, you have to choose your wallet well, there are some good wallets that give you the option to choose or determine the fees yourself, in this case you can choose the fees that suit you, also you have to make sure The wallet has the "Replace by fee" (RBF) feature in case the transaction is delayed, I advise you to try the Electrium wallet as it is the best Bitcoin wallet in my opinion.

slickskin

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Quote from: OcTradism on March 21, 2021, 10:02:23 PM

Quote from: slickskin on March 21, 2021, 08:58:39 PM

Hi, so I have an account on coinbase as well as an exodus wallet. So I know the basics about how bitcoin works and how to buy and store it.

Exodus supports Replace-by-Fee:
- Exodus supports RBF
- Guide from Exodus to set Bitcoin custom fee

You can check the mempool and find the best transaction fee with your readily waiting time for your transaction. If you can wait 1 hour for first confirmation, you can choose fee with size in the mempool about +/- 6 MB from the tip (one block takes max 1 MB from the tip with jochen-hoenicke.de chart)
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Wow, I didn't even see that was there! Okay so if I set it to say, the lowest fee on there, how long would that take about? An hour?

crwth

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Try Gunbot for a month go to -> https://gunbot.ph

Checking the latest unconfirmed transactions, it seems that the majority is still the low transaction fees.

https://jochen-hoenicke.de/queue/#BTC,24h,weight

In the link below, it's indicated there that there's a possibility to have custom fees set. So you could put in a lower fee, but you have to sacrifice time and have to wait just to get your transactions confirmed.

https://support.exodus.com/article/68-does-exodus-have-fees-to-send-or-receive

This is the wallet, correct OP?

OcTradism

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Quote from: slickskin on March 21, 2021, 08:58:39 PM

Hi, so I have an account on coinbase as well as an exodus wallet. So I know the basics about how bitcoin works and how to buy and store it.

Exodus supports Replace-by-Fee:
- Exodus supports RBF
- Guide from Exodus to set Bitcoin custom fee

You can check the mempool and find the best transaction fee with your readily waiting time for your transaction. If you can wait 1 hour for first confirmation, you can choose fee with size in the mempool about +/- 6 MB from the tip (one block takes max 1 MB from the tip with jochen-hoenicke.de chart)
https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

Darkelf11

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Exodus wallet does not have different prioritization like the number of speed of the transact they have a fix transaction fees to their users if you want you can use the electrum by that you can easily manage the transaction fees.

One of the best-recommended things, if you want, is to convert your BTC to altcoins to lessen the fee and take it back again to bitcoin. Also, you can check the different platforms to know the transaction fee prioritization.

Jawhead999

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Exodus and other custodial wallet often charge insane fees, they have very bad estimate fees and gain profit from there.

If you want to send Bitcoin with cheaper fee, make sure you use wallet that has option to adjust fee yourself (into 1sat/byte) you could Electrum for this.

Create segwit address to save transaction fees up to 52%
Has RBF [1] and CPFP [2] option

You can see on the mempool right now [3], using 8sat/byte should be fine. It wouldn't charge up to 8$, probably around 1-2$ as long both of input and output aren't too much.

[1] https://en.bitcoin.it/wiki/Replace_by_fee
[2] https://en.bitcoin.it/wiki/Transaction_fees#Feerates_for_dependent_transactions_.28child-pays-for-parent.29
[3] https://jochen-hoenicke.de/queue/#BTC%20(default%20mempool),24h,weight

slickskin

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Hi, so I have an account on coinbase as well as an exodus wallet. So I know the basics about how bitcoin works and how to buy and store it.

However, I notice that if I try to send bitcoin from my exodus wallet to a bitcoin address that it shows a fee I do not think is reasonable at all.

I'm only interested in small purchases or making small donations to some people I follow just for fun but small purchases seem to have the highest fees. it won't even allow me to send like 2 dollars at all, and if I wanted to send $5, the fee it showed was like over 8 dollars.

Over eight dollars in fees to send five dollars? Does this sound right?

Is this a problem just with exodus or are other services or methods more reasonable? I had already paid a fee that I didn't think was too bad to send some bitcoin from coinbase to exodus which I don't remember being too bad.

I could understand like a 1-3% fee as you see with credit cards but when the fee is like 160%

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