What's the cheapest way to transfer money from Coinbase.Pro to Binance?

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Quote from: peterfrisch on August 26, 2020, 09:13:52 AM

I want to transfer 500 USD, which would then make 31 USD I have to pay for transaction fees, is this calculation correct or is it getting cheaper the higer the transfer amount?

I haven't used Coinbase Pro.

But your calculation for the fees is inaccurate. It doesn't mean you have paid with a $0.31 fee for a $5 transfer, which means you'll calculate as the same for bigger transfers.

Quote from: jackg on August 27, 2020, 12:14:18 PM

Coinbase PRO has free withdrawals on everything.

The standard coinbase had free withdrawals - I think until they were high last year.

I'd say that your market fees account for the withdrawal fee on pro.

This explains why you have received the same amount to your Binance wallet. I guess this thread has served its purpose.

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Quote from: BrewMaster on August 26, 2020, 10:15:27 AM

Quote from: Charles-Tim on August 26, 2020, 09:36:28 AM

But, if you need a cheap fee for the transfer, if coinbase pro support ripple, try to convert the bitcoin to ripple, do your transfer with lower amount of fee. After, then you can convert the ripple back to bitcoin on binance

you will most probably end up losing a lot more money doing this instead of directly using bitcoin itself. there are other fees than withdrawal fees involved.
- the fee you pay to turn bitcoin into ripple and since this fee is percentage based, if the amount is high then you'll end up paying a lot of fee here.
- the same fee but on the other exchange to turn ripple back to bitcoin which is another percentage based fee.
- the withdrawal fee of ripple that you mentioned too.
- and last loss is in the spread. for example if you buy 1BTC worth of an altcoin at 1000 satoshi and sell it on the other exchange at 999 satoshi you will lose 100,000 and that is for only 1 satoshi difference in price. if it were bigger or if the price was lower the loss is bigger.

All that you said is true, however he can just simulate.

Every single time I needed to withdrawl money from exchange to send to another it was much better to convert to ripple first and then send.

He can just make a trade simulation BTC-XRP see how much XRP he would have after the trade. Then discount withdrawal fees. simulate the trade again with the reamining balance XRP-BTC and see the total.
It is usually cheaper to convert to XRP, in my experience.

Ofc he has a large amount like 1BTC withdrawal fees will be a very small percentage... but if the is talking about 200 usd or so, I would convert to XRP

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Sometimes I have been using coinbase. Fees are reasonable enough for me. The first thing they use SegWit to transfer funds. They just haven't sent your funds on a single transaction. They always include many addresses on the same transaction. That's how they reduce transaction costs. Remembers, when you are broadcasting a transaction into blockchain, the amount doesn't matter. The matter is transaction size (input/output). More amount doesn't mean more fees.

Quote from: peterfrisch on August 26, 2020, 03:55:44 PM

So this time there seems no fees involved - is this possible? Or are there any hidden fees I am not aware of?

Transaction fees have been deducted during the transaction. I think you hadn't sent full funds and they sent whatever you typed the amount, fees deducted from the remaining amount.

RapTarX

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Coinbase uses batch payment system which is why fee is fairly low. No matter whether you sent $500 or $5, afaik, the fee should be the same of $0.31 or whatever. I have used coinbased for a while and to me it is one of the best when it comes transacting BTC at the moment of high network fee.

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Quote from: posi on August 26, 2020, 04:36:56 PM

Quote from: peterfrisch on August 26, 2020, 03:55:44 PM

So this time there seems no fees involved - is this possible? Or are there any hidden fees I am not aware of?

Thanks for your support!

Yes, it is.
If those coin you moved was kept on coinbase for about a year or more. It something i have also experienced back in the days when I'm still newbie I use coinbase as wallet but decided to move my coins when their KYC issue increased due to the SEC rules and regulations.

Coinbase PRO has free withdrawals on everything.

The standard coinbase had free withdrawals - I think until they were high last year.

I'd say that your market fees account for the withdrawal fee on pro.

posi

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Quote from: peterfrisch on August 26, 2020, 03:55:44 PM

So this time there seems no fees involved - is this possible? Or are there any hidden fees I am not aware of?

Thanks for your support!

Yes, it is.
If those coin you moved was kept on coinbase for about a year or more. It something i have also experienced back in the days when I'm still newbie I use coinbase as wallet but decided to move my coins when their KYC issue increased due to the SEC rules and regulations.

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Quote from: peterfrisch on August 26, 2020, 09:13:52 AM

Hi

I am looking for lowest fees when transfering money from my Coinbase.Pro to my Binance account. I just made a test transfer with BTC over 5 USD and I paid 0.31 USD fees. I want to transfer 500 USD, which would then make 31 USD I have to pay for transaction fees, is this calculation correct or is it getting cheaper the higer the transfer amount?

Is there another way to pay less fees while transfering from Coinbase.Pro to Binance? Maybe using another crypto currency?

Regards

First you have to compare it with previous transactions you made with other platform's to know if the charging fees is higher or not,because I know that charges in all cryptoccurrency transactions never remain constant.

peterfrisch

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Many thanks for the numerous answers. I did learn some new stuff due to your input

I made the initial 5 USD transfer from Coinbase (not Coinbase.Pro) to Binance which cost 0.31 USD.
Now I have moved 0.0501142 BTC from Coinbase to Coinbase.Pro and transfered from there to my BTC address on Binance.
I exactly received the same amount on Binance as I sent from Coinbase.Pro, namely 0.0501142 BTC.

So this time there seems no fees involved - is this possible? Or are there any hidden fees I am not aware of?

Thanks for your support!

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Time is important. You must choose the time when network is good. Good means as little unconfirmed transactions as possible.

Then choose the good coin to move your fund. Bitcoin is the first coin you should consider because its total hashrates are high enough to prevent you from replay attacks (too high cost to run replay attacks).

Altcoins are good but they are only good if you move small funds. Comparative table on fees among some coins. Pick up one for your need.

With Bitcoin or altcoins, don't move all your fund at once.

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Just like what others have mentioned, it's better to use another crypto for your transaction needs. But you need to consider the 2% conversion fee for that. Coinbase charges the user depending on the margin spread and it's because of the volatility, so it's not a fixed percentage too.

Learn more about it here:
https://help.coinbase.com/en/coinbase/trading-and-funding/cryptocurrency-trading-pairs/convert-cryptocurrency-faq

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Quote from: peterfrisch on August 26, 2020, 09:13:52 AM

Is there another way to pay less fees while transfering from Coinbase.Pro to Binance? Maybe using another crypto currency?

I think the fee would be based on their actual withdrawal fee but due to your case your withdrawing probably less than their minimum withdrawal so you get a little fee.

Better to use low fee crypto, try to used xrp, dogecoin, instead. So far these are lowest fee Im always using which is also faster when you make a transaction.

Quote from: Charles-Tim on August 26, 2020, 09:36:28 AM

If coinbase pro support ripple, try to convert the bitcoin to ripple, do your transfer with lower amount of fee.

It is supported.

https://help.coinbase.com/en/coinbase/getting-started/general-crypto-education/supported-cryptocurrencies

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Quote from: Charles-Tim on August 26, 2020, 09:36:28 AM

But, if you need a cheap fee for the transfer, if coinbase pro support ripple, try to convert the bitcoin to ripple, do your transfer with lower amount of fee. After, then you can convert the ripple back to bitcoin on binance

you will most probably end up losing a lot more money doing this instead of directly using bitcoin itself. there are other fees than withdrawal fees involved.
- the fee you pay to turn bitcoin into ripple and since this fee is percentage based, if the amount is high then you'll end up paying a lot of fee here.
- the same fee but on the other exchange to turn ripple back to bitcoin which is another percentage based fee.
- the withdrawal fee of ripple that you mentioned too.
- and last loss is in the spread. for example if you buy 1BTC worth of an altcoin at 1000 satoshi and sell it on the other exchange at 999 satoshi you will lose 100,000 and that is for only 1 satoshi difference in price. if it were bigger or if the price was lower the loss is bigger.

Charles-Tim

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Although I have not used coinbase pro before, but this is how it works on the exchanges I am using.

The transaction fee will be the same, the amount of fee you will need to transfer $5 worth of bitcoin will be also required to transfer $500 worth of bitcoin. There will be no differences.

But, if you need a cheap fee for the transfer, if coinbase pro support ripple, try to convert the bitcoin to ripple, do your transfer with lower amount of fee. After, then you can convert the ripple back to bitcoin on binance

Sending such high amount of bitcoin directly is better as BrewMaster commneted below. Using a transaction of of $0.31 dollars is still good enough.

peterfrisch

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Hi

I am looking for lowest fees when transfering money from my Coinbase.Pro to my Binance account. I just made a test transfer with BTC over 5 USD and I paid 0.31 USD fees. I want to transfer 500 USD, which would then make 31 USD I have to pay for transaction fees, is this calculation correct or is it getting cheaper the higer the transfer amount?

Is there another way to pay less fees while transfering from Coinbase.Pro to Binance? Maybe using another crypto currency?

Regards

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