When making a payment with Bitcoin how much extra to cover transaction fees?

eaLiTy

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Quote from: thegoatiest on April 01, 2019, 05:31:58 PM

Hi, I've got some coin on Binance that I would like to withdraw to make a payment (for Gunbot)
How much % should I add to the quoted Gunbot price - to cover transaction fees?

(ok I looked this up - and i ~think current transaction fee is about 0.5$ per transaction? I'm not sure if that sounds right.)

Since you are withdrawing from an exchange i am not sure why you are worried about your transaction charge as every exchange does charge some fees for their withdrawals and if i remember correctly they take 0.0005 btc to cover the transaction charges and that is their fixed charge but the transaction charge they input depends upon the network situation.

Siren

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Quote from: gabmen on April 02, 2019, 02:11:41 AM

You'll usually be informed about that right before you confirm a transaction. Recently, just throwing btcs to a couple of exchanges, i'm being charged .0005 btc per transaction. It differs of course sometimes but that's usually the rate of transactions i'm making.

Just like what mentioned on the top comment it will be depending on how.much OP will send but since he mentioned also that $0.5 is the charge means he was only talking small amount here,and besides s OP you need nothing to add on if the transactions can be covered by the amount on your part,if the amount exceeded rhsn thats the time you need to add another amount

cryptoblue77

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These days, transaction fees are not high, so you don't need to bother much. As you want to withdraw from an exchange, they have got fixed amount withdrawal fee.

traderethereum

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Quote from: SirLancelot on April 07, 2019, 03:07:13 AM

Quote from: reda on April 03, 2019, 05:12:25 AM

Quote from: jony35490 on April 02, 2019, 11:59:08 AM

As far as I know that Binance charge 0.0005 btc for transactions fees. But It's depends on your total amount of btc. But you may charge higher than 0.0005 sometime.

Exactly right, Binance consumes this much amount as fees and looking for make the transaction within the Binance accounts means you will get the certain low fees to get it transferred.

Each wallet provider and exchanges has different fees structures as per their needs and number of blocks to make the transaction.

To be honest, the fee is way too low and you should not really worry about the transaction charges if you want to get some funds transferred via Binance through Bitcoin. It is way too good than doing the same process via a bank. The price might vary from exchange to exchange so it also depends on what exchange you are registered on. But trust me it is saving a lot of money.

You are right. With 0.0005 btc, we only pay a small fee which we don't have to worry because the money will be sent into our account. I think we don't mind if the fee will be 0.0005 btc - 0.001 btc because the money we want to withdraw will be bigger than the fee, right? Besides that, with that fee, you can receive your bitcoin in a short time, and you can convert it into your local fiat after that.

KlepZ

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The transaction fees are just a way to indicate to the miner that this transaction is important and needs to be verified. The higher the fees the faster it is verified.In your case, you only need to specify the value to pay and the fees if needed (generally there is a default amount of 0.0001 that is used).These transaction fees are not paid to the other person's wallet.

Ezenwanyi1

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I have been around and transa'ted in most of the available cryptocurrency exchange to know that the above transaction fee is low and not what one should be bothered with.

SirLancelot

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Quote from: reda on April 03, 2019, 05:12:25 AM

Quote from: jony35490 on April 02, 2019, 11:59:08 AM

As far as I know that Binance charge 0.0005 btc for transactions fees. But It's depends on your total amount of btc. But you may charge higher than 0.0005 sometime.

Exactly right, Binance consumes this much amount as fees and looking for make the transaction within the Binance accounts means you will get the certain low fees to get it transferred.

Each wallet provider and exchanges has different fees structures as per their needs and number of blocks to make the transaction.

To be honest, the fee is way too low and you should not really worry about the transaction charges if you want to get some funds transferred via Binance through Bitcoin. It is way too good than doing the same process via a bank. The price might vary from exchange to exchange so it also depends on what exchange you are registered on. But trust me it is saving a lot of money.

MakeMoneyBtc

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Everytime you want to send a bitcoin transaction make sure to check https://bitcoinfees.earn.com and see what the recommended fee for the current pool is because it is always changing, today it could be 0.5$ while tomorrow it could go up to 2-3$. Be sure to also check each website/wallet terms because some might have fixed fees and usually they are set higher than what you need in order to make sure you transaction doesn't get stuck.

qwertyup23

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This mostly depends on your wallet and exchange. Some have a standard price for transaction fees while others have a fee depending on the current price of bitcoins in the market. Based from my experience, better avoid any transfer or transaction when the price is unstable or if there is a sudden increase on the price as the transaction fee may be relatively high.

Quote from: jony35490 on April 02, 2019, 11:59:08 AM

As far as I know that Binance charge 0.0005 btc for transactions fees. But It's depends on your total amount of btc. But you may charge higher than 0.0005 sometime.

There are two factors to consider, primarily amount of bitcoins in the transaction and the current price of bitcoins on the market. Mostly, those two factors significantly affect the transaction fee and I would not suggest transferring funds whenever there is a sudden pump on its price.

el kaka22

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I know it has been almost a week now and the OP has withdrawn his money however I would like to warn others about it as well. When you withdraw from binance they do give you a number they will cut from your account as a transaction expense, so you do not have to try to estimate or guess how much it will be, just look at that and you will see how much binance will charge for it.

The regular transactions you make from wallet to wallet if allowed to opt how much you want to pay is changeable and you can just put any number you want there, I think 33k satoshi was the average how much people spend on transactions however this doesn't matter to you when you withdraw money from binance since they just take what they require not what the blockchain requires at that time.

Bitinity

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Quote from: StarofBTC on April 03, 2019, 03:34:22 PM

Quote from: Bitinity on April 02, 2019, 02:15:38 AM

Binance withdrawal fee for btc is 50k satoshi if I remember it correctly. I think it is more than enough to cover the fastest recommended fees at the current network. But afaik, the transactions will not be made with exact 50k satoshi, as most exchange adjusts it based on the latest network condition.
If I were OP, I will prefer to withdraw from binance to my own wallet first then pay to Gunbot from my own wallet. Paying for something is better from our own address imho.

So are you saying their withdrawal fee is 50k satoshi irrespective of the volume one wishes to exchange ?
I have not really taken note of that actually, I just pay whatever fee they asked me to pay without calculating the cost of it if its high or not, most of my transactions has its record and I will look through them to really ascertain this, once I put the amount of BTC I wishes to sell and they display it to me, I have not taken not if it has a constant 5 in it, I just go ahead and accept, I need to change this attitude before they will charge me half of what I intend exchanging one day and I will permit them to do so without knowing.

It is my own experience in some exchanges, most of them asks 50k satoshi for bitcoin withdrawal but the exact amount of the fee they use to process my withdrawal is not 50k satoshi. I believe they have a system to calculate the fee depends on the latest network condition but of course they always use the best fee so the transaction can be confirmed within the next few blocks. So it is not a big problem imho, unless the exchange uses so low fee (under the asked).

jrrsparkles

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Quote from: thegoatiest on April 01, 2019, 05:31:58 PM

Hi, I've got some coin on Binance that I would like to withdraw to make a payment (for Gunbot)
How much % should I add to the quoted Gunbot price - to cover transaction fees?

(ok I looked this up - and i ~think current transaction fee is about 0.5$ per transaction? I'm not sure if that sounds right.)

Exchanges have high transaction fee and also they ask withdrawal fee for each and every withdrawal from their site so you need to add those value with the amount you have to pay for Gunbot.One small tip if you want to reduce the fee keep your coins in a wallet where you only have to pay fee according to the current blockchain traffic.

Osarman

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Quote from: thegoatiest on April 01, 2019, 05:31:58 PM

Hi, I've got some coin on Binance that I would like to withdraw to make a payment (for Gunbot)
How much % should I add to the quoted Gunbot price - to cover transaction fees?

(ok I looked this up - and i ~think current transaction fee is about 0.5$ per transaction? I'm not sure if that sounds right.)

I don't think you are the one to select a particular transaction fee when making withdrawal from any exchange, only wallet that has the feature of one selecting the particular transaction fee they want the miner to charge. I think once you make the transaction, the fee would be deducted from your binance account, most exchanges have a standard fee of 0.0005 BTC as withdrawal charges and I think it might be same for binance, though I am not sure about it.

StarofBTC

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Quote from: Bitinity on April 02, 2019, 02:15:38 AM

Binance withdrawal fee for btc is 50k satoshi if I remember it correctly. I think it is more than enough to cover the fastest recommended fees at the current network. But afaik, the transactions will not be made with exact 50k satoshi, as most exchange adjusts it based on the latest network condition.
If I were OP, I will prefer to withdraw from binance to my own wallet first then pay to Gunbot from my own wallet. Paying for something is better from our own address imho.

So are you saying their withdrawal fee is 50k satoshi irrespective of the volume one wishes to exchange ?
I have not really taken note of that actually, I just pay whatever fee they asked me to pay without calculating the cost of it if its high or not, most of my transactions has its record and I will look through them to really ascertain this, once I put the amount of BTC I wishes to sell and they display it to me, I have not taken not if it has a constant 5 in it, I just go ahead and accept, I need to change this attitude before they will charge me half of what I intend exchanging one day and I will permit them to do so without knowing.

gantez

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Some of these new exchanges too prescribe how much fee they charge on their platform and I think it is higher than what is charged if you are transacting on your personal wallet.

akram143

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The payment system is not difficult when the demand increases only it will be e little extra fees so we need to be alert every time when the price of cryptocurrency increasing and decreasing if you find the correct time then the transaction fees is not quite high for everyone.

mersal

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Quote from: thegoatiest on April 01, 2019, 05:31:58 PM

Hi, I've got some coin on Binance that I would like to withdraw to make a payment (for Gunbot)
How much % should I add to the quoted Gunbot price - to cover transaction fees?

(ok I looked this up - and i ~think current transaction fee is about 0.5$ per transaction? I'm not sure if that sounds right.)

right now in this situation the transaction fees is convenient for me because the cryptocurrencies had lesser demand right now but if the value of suddenly turned into developing definitely the possibility of increasing in transaction fees are available so at that time only we need to confuse which will be the best way.

klaaas

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Since this transaction is coming out of a exchange You could easily find this information in the faq or open a support ticket to get the wanted answers.
Iirc it are fixed amounts.

Supercrypt

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Quote from: thegoatiest on April 01, 2019, 05:31:58 PM

Hi, I've got some coin on Binance that I would like to withdraw to make a payment (for Gunbot)
How much % should I add to the quoted Gunbot price - to cover transaction fees?

(ok I looked this up - and i ~think current transaction fee is about 0.5$ per transaction? I'm not sure if that sounds right.)

I am not sure if they charge flat rate, I have always thought that the work with percentage because most of the transactions I have done so far through Binance and other reputable exchanges has been by percentage, even trading too mostly is calculated by percentage so I am not sure of that $0.5 and I don’t know where you picked that information from but you could just have a little chat with their technical support team and ask them any question you wishes to know about such exchange, that would be the best place for you pick the right information, any other answer you pick outside them could be right or misleading.

reda

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Quote from: jony35490 on April 02, 2019, 11:59:08 AM

As far as I know that Binance charge 0.0005 btc for transactions fees. But It's depends on your total amount of btc. But you may charge higher than 0.0005 sometime.

Exactly right, Binance consumes this much amount as fees and looking for make the transaction within the Binance accounts means you will get the certain low fees to get it transferred.

Each wallet provider and exchanges has different fees structures as per their needs and number of blocks to make the transaction.

jony35490

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As far as I know that Binance charge 0.0005 btc for transactions fees. But It's depends on your total amount of btc. But you may charge higher than 0.0005 sometime.

coinplus

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I think you can just check on websites to see what is the ideal range for sending money but also remember the byte you are sending and the load has more to do with it than the price, a billion dollar transaction on lightning network could have a less transaction fee than a 10 dollar send with old systems even before the segwit came. That is why you should try to find the optimum way to send before you decide what the fee will be like, because with the optimum way you can basically send via almost zero and not have to worry about it.

I even got sent 200 dollars with just 0.03 (literally 3 cents) and it didn't pass for about 2 days (about 35 hours) and it still reached to me in the end, bitcoin usually doesn't deny unless it is definitely zero and even than sometimes passes.

traderethereum

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As much as you can get the profit, the more profit you can get, you will easily to cover the transaction fee, and you will not worry if the fee will be too bigger than your profit. And yes, in Binance, the transaction fee for withdrawal is 50k and it's too cheap depends on your profit (if you can make a profit with Gunbot).
Or if you still confuse, you need to ask with the Gunbot devs, so you understand how much % you need to add in the setting.

Bitinity

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Quote from: NeuroticFish on April 02, 2019, 01:40:03 AM

You wrote that you want to withdraw from Binance. I don't use Binance, but all exchanges I've used ask for a fixed withdrawal fee, which they'll use as transaction fee at withdrawal (I won't detail it more to keep it simple).
So I think that all you have to put extra is Binance's withdrawal fee, which should be visible in the withdrawal page.

Binance withdrawal fee for btc is 50k satoshi if I remember it correctly. I think it is more than enough to cover the fastest recommended fees at the current network. But afaik, the transactions will not be made with exact 50k satoshi, as most exchange adjusts it based on the latest network condition.
If I were OP, I will prefer to withdraw from binance to my own wallet first then pay to Gunbot from my own wallet. Paying for something is better from our own address imho.

gabmen

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You'll usually be informed about that right before you confirm a transaction. Recently, just throwing btcs to a couple of exchanges, i'm being charged .0005 btc per transaction. It differs of course sometimes but that's usually the rate of transactions i'm making.

NeuroticFish

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The transaction fee depends on the transaction size and how busy the network is. Miners will confirm first the transactions with bigger fee.
But this should not concern you, since you don't pay from your own wallet.

You wrote that you want to withdraw from Binance. I don't use Binance, but all exchanges I've used ask for a fixed withdrawal fee, which they'll use as transaction fee at withdrawal (I won't detail it more to keep it simple).
So I think that all you have to put extra is Binance's withdrawal fee, which should be visible in the withdrawal page.

PS. I wrote for your exact case. I don't pay for goods and services directly from exchange wallet, I pay from my own wallet, because [1] in case something goes wrong and the shop has to refund, it may not be easy to access that money anymore [2] some payment processors have time limit for payment and exchanges don't send the money right away (they may wait for more withdrawals to group them).

thegoatiest

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Hi, I've got some coin on Binance that I would like to withdraw to make a payment (for Gunbot)
How much % should I add to the quoted Gunbot price - to cover transaction fees?

(ok I looked this up - and i ~think current transaction fee is about 0.5$ per transaction? I'm not sure if that sounds right.)

Topic: When making a payment with Bitcoin how much extra to cover transaction fees? (Read 324 times)