Why exchange wallet so high fee | Bitcointalksearch.org

jurasic17

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Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

I think that is normal because remembering that if there is no fee then the transaction is jammed, with a small fee often busy. I think with a pretty high fee, everything is smooth.

reil2014

newbie

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All I know that exchanger have fix rate on withdrawal fee. I suggest that next time you better search first on exchangers fee beforw you make transaction.

arcade01game

newbie

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Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

I think not all transactions are based on blockchain, especially if you are using wallet from exchange where transactions can be based on internal DB.
If you had to send transaction to external address, like your own wallet on phone or to hardware wallet, then that would be based on blockchain.
For exchanges, they raise the fee for transaction or withdrawal to cover their operation and maintenance cost. Simply put, they are greedy.

adding715

newbie

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I dont used the both exchanges but if you are worried for high transaction fees much better if you convert them first to doge , verge and xlm because they have the lowest fee most specially the verge based on the market right now

Athero

copper member

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Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

0.02 ether is a quiet high fee. If you are on Poloniex, try to buy LTC for transfers.... is is fast and fees are much smaller.

7jaka7

sr. member

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BTC, ETH, XMR, LTC

Quote from: cryptowisser on July 10, 2018, 06:26:00 AM

Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

Hi Dhanems,

Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. I understand your concern. In order to help people experiencing the same issues as you, we have created an EXCHANGE LIST where you can compare withdrawal fees. It is available here: https://www.cryptowisser.com/exchanges/. As you will see when sorting in the list based on the withdrawal fee, there are even exchanges charging percentages of the withdrawn amount as their withdrawal fees. The highest "fixed fee" not being a percentage is charged by CoinsBank who charge a ridiculous 0.005 BTC when withdrawing BTC (regardless of how small the BTC-amount you are withdrawing is).

We have also created a revolutionary tool we call THE EXCHANGE FINDER that lets you answer 6 questions on what you require from a cryptocurrency exchange. The tool then matches you with the exchange(s) that best matches your answers, free of charge. There is no corresponding tool anywhere else in the crypto market. The tool can be found here: https://www.cryptowisser.com/

Stay safe out there and look out for the bad guys!

All the best,
Cryptowisser

Very nice website. I like that question part at the beginning which filters out totally unappropriate exchanges.
Do you happen to have any announcement thread here on Bitcointalk to track your progress?

squatter

legendary

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STOP SNITCHIN'

Quote from: Goodvalony on September 08, 2018, 06:07:36 AM

Common i feel like leaving crypto due to this high fees. i think i have lost over 30% of my total earning due to fees, both from exchange,mining wallets and other transactions.

What are you using for your wallet? A lot of people make the mistake of using an exchange as a wallet. That usually means very high fees on every withdrawal. Or they use a wallet with horrible fee estimation, like Copay.

A good way to lower your Bitcoin fees is to do the following: Use a wallet with good fee estimation, like Bitcoin Core or Electrum. From time to time, consolidate your inputs with a low-fee (~1 satoshi/byte) transaction -- combine all inputs into one address, because it's cheaper to spend from one input. If you don't need urgent confirmation, then don't spend high fees. When you need quick confirmation, use this tool to estimate the fees required to get in the next one or two blocks.

Goodvalony

member

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Common i feel like leaving crypto due to this high fees. i think i have lost over 30% of my total earning due to fees, both from exchange,mining wallets and other transactions.
but we must make the money.

nitrocryptonitro

jr. member

Activity: 83

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Exchanges are notorious for their high withdrawal fees concerning the most well-known crypto-currencies.
And why is it like that?
Just because they want those well-known liquidities to keep flowing in their markets. That's all.
And when BTC price was close to 20'000 $ last December, sometimes you had to pay between 20 and 40 $ for withdrawing BTC, no matter the amount you were withdrawing.
A small trick is to use LTC for your withdrawal between exchanges.
If you want to send BTC from Exchange A to exchange B, you just buy LTC with your BTC on Exchange A, you send your LTC to Exchange B, and then you buy back your BTC with LTC on Exchange B.
It will save you lots of money ! Wink

Now, if your intention is to withdraw BTC, or ETH, or whatever well-known crypto-currencies to your personal wallet, you're screwed: you will have to pay those crazy fees !

arodrigues

newbie

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It's really high

daviost

jr. member

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You can try to convert it to xlm (stellar) or doge coin or xrp (Ripple) or NEM or other coin.
because it's cheap when you want to withdraw it to others. the fee is below 1$ right now.

and the last suggestion for you is you can try to use big exchanger like binance or other big exchangers.
cause their fee is competitive.

but if you use exchanger like hitbtc, you must pay a high fee withdrawal. so do your research first before invest in some exchanger.

G luck

btc-deltacoin

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ABLE: The New Era of Crypto Finance

Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

Exchanges are interested in keeping your money on the balance & your trading activity (getting fees). So withdrawal is not seems to be a desired procedure for exchange.

cryptowisser

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Quote from: goldexp83 on March 07, 2018, 02:18:00 AM

Yeah that’s quite the standard, you should check in advance how much it cost to withdraw your cryptos

before registering to a specific exchange, coz you can find better prices!

also remember if you need to move crypto for trading between exchanges you can do it with NEO, since it’s sometimes free (on Binance for example) to move along with GAS!

I FULLY AGREE with goldexp83. VERY important to check both trading fees and withdrawal fees in advance (many forget the withdrawal fees). We have developed a list just for that purpose here:
https://www.cryptowisser.com/exchanges/

All the best,
Cryptowisser

cryptowisser

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Quote from: lama.youtu on June 11, 2018, 09:46:56 AM

Use Kraken don't have great fees

Kraken's fees are competitive, but they are not in any way the lowest. Have a look here to see how Kraken compares to 250+ other cryptocurrency exchanges: https://www.cryptowisser.com/exchanges/

All the best,
Cryptowisser

cryptowisser

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Activity: 252

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Quote from: gentlemand on March 06, 2018, 02:11:51 PM

Quote from: Thefrolly on March 06, 2018, 01:50:23 PM

Exchanges have made the withdrawal fees a nice way to extort users. Ethereum transaction hardly need more than 40 cents to confirm in few blocks and they charge up to $10 for its withdrawal. If you are going to earn through withdrawal fees than do away with your exchange trading fees.

Um, exchanges don't get any of the fees. They go to the miners. And it's not as if you can arrange kickbacks when you have no idea who'll mine it.

Like I said, it's to keep their users from whining about stuck transactions. Whether more of them whine about high fees is an unknown. I think it's probably going to be less.

Hi gentlemand,

This is not entirely true. Many exchanges do have withdrawal fees that only cover the network fees (I'll give you that), but most of them skim a little off the top. Have a look at our Cryptocurrency Exchange List where we have compiled data for more exchanges than any other site in the world. There you can sort on withdrawal fees if you like and see that there are even a handful of exchanges that take a percentage of the withdrawn amount as their withdrawal fees. List available here (pre-set so that you have the highest withdrawal fees at the top): https://www.cryptowisser.com/exchanges/?sort=exchange_transaction_withdrawal_fee&order=desc

All the best,
Cryptowisser

cryptowisser

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Activity: 252

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Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

Hi Dhanems,

Many exchanges have competitive trading fees but then hit you on the way out with their withdrawal fees. I understand your concern. In order to help people experiencing the same issues as you, we have created an EXCHANGE LIST where you can compare withdrawal fees. It is available here: https://www.cryptowisser.com/exchanges/. As you will see when sorting in the list based on the withdrawal fee, there are even exchanges charging percentages of the withdrawn amount as their withdrawal fees. The highest "fixed fee" not being a percentage is charged by CoinsBank who charge a ridiculous 0.005 BTC when withdrawing BTC (regardless of how small the BTC-amount you are withdrawing is).

We have also created a revolutionary tool we call THE EXCHANGE FINDER that lets you answer 6 questions on what you require from a cryptocurrency exchange. The tool then matches you with the exchange(s) that best matches your answers, free of charge. There is no corresponding tool anywhere else in the crypto market. The tool can be found here: https://www.cryptowisser.com/

Stay safe out there and look out for the bad guys!

All the best,
Cryptowisser

Dudeperfect

hero member

Activity: 1190

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It is true that some exchanges will have a uniform fee irrespective of the current transaction volume, in such cases, you can convert your coin in altcoin having less withdrawal fee, I have observed that this trick works sometimes. However, make sure that you are considering the final cost of converting the funds to the original coin too. Generally, exchanges charge their fees along with the transaction fee and hence the withdrawal fee is comparatively higher as compared to that of normal wallet to wallet transaction.

draculaaa

member

Activity: 233

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Quote from: draculaaa on June 11, 2018, 06:12:44 AM

Try to trade on some dex, even if is difficult and not so fast Cry

In these days an important project is launching its crowdsale. Actually I'm not sure to contribute because I didn't understand function of tokens released.
In any case the project is a completely dex exchange that support cross chain through plasma.
Take a look to altcoin.io

geopard

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Staker.network - POS Smart Contract ETH Token

Not all exchanges have a high fee. And still need to consider for what purpose you output. If the money can be exchanged for another coin which has low fee.For example dogecoin.

draculaaa

member

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The fees increase with liquidity of exchange.
Liquidity is a big issue that become critical during bearish market.

neo444

full member

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This is one of the problem of exchange site also he force you to withdraw a high value of ethereum otherwise you can't transfer your eth to your wallet

lama.youtu

newbie

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Use Kraken don't have great fees

rosemary4u

jr. member

Activity: 392

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Most exchanges expect high amounts in ethereum like 1 ETH upwards so the transaction fees will be so insignificant to the user when performing withdrawals so sending smaller amounts will cause you to spend more than you wanted to. The best thing is to convert the ethereum to other altcoins like dogecoin.

Jundax

newbie

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If you need a gas for a transaction, then its better to purchase a small amount of eth without touching exchange balance.
0.01 min fee is normal for such exchanges

neo10w

newbie

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So you shouldn't pick up the ether, but you should replace it with a dog's coin, then put it forward and change it to ether, so the cost will be reduced.

draculaaa

member

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Try to trade on some dex, even if is difficult and not so fast Cry

khendjer

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Quote from: gentlemand on March 06, 2018, 02:11:51 PM

Quote from: Thefrolly on March 06, 2018, 01:50:23 PM

Exchanges have made the withdrawal fees a nice way to extort users. Ethereum transaction hardly need more than 40 cents to confirm in few blocks and they charge up to $10 for its withdrawal. If you are going to earn through withdrawal fees than do away with your exchange trading fees.

Um, exchanges don't get any of the fees. They go to the miners. And it's not as if you can arrange kickbacks when you have no idea who'll mine it.

Like I said, it's to keep their users from whining about stuck transactions. Whether more of them whine about high fees is an unknown. I think it's probably going to be less.

I agree with the Thefrolly's statement and can also confirm that they charge such a high fees not because of concern about the users and not for the fast transfers purposes. Not all of them but some can charge up to 9/10 of the total withdrawal fee and only 1/10 goes to the miners. They sometimes change that proportion if the network is overloaded but in most of the cases they take the major part of the fees. It can easily be checked on blockchain.

They do so cause they're not interested in users withdraw their funds out of the exchange. They are interested in users trade more so they can get more trading volume and more profit on charging trading fees. High withdrawal fees is a good way of making users trade more, withdraw less.

The ideal user on their opinion is a user who makes a deposit and spends it all on trading fees by making a lot of back and forth trades

thescimitarr

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FREE VPS. Check Signature for link

Even though the cryptocurrencies are decentralized, the cryptocurrency market is ruled by the exchanges. That said, we have no choice

draculaaa

member

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It's starting decline phase of classic exchanges vs decentralized (dex) and so they are trying to take profits

Dhanems

jr. member

Activity: 448

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Quote from: cryptosunn on March 06, 2018, 02:23:59 PM

Because there is a lack of competition. I think this will change when we will have more decentralized exchanges.

Hoping..0.01 eth for fee so expensive but of course we don't have choice.

mits001

newbie

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Yes, the withdrawal fees are pretty high on mostly all the exchanges. Granted, some of it goes as transaction fees but the exorbitant fees exchanges are taking is surely not justifiable. But we can't do much with it for now. It's kind of penalty to use those exchanges.

goldexp83

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quarkchain.io

Yeah that’s quite the standard, you should check in advance how much it cost to withdraw your cryptos

before registering to a specific exchange, coz you can find better prices!

also remember if you need to move crypto for trading between exchanges you can do it with NEO, since it’s sometimes free (on Binance for example) to move along with GAS!

AndyNguyen1988

newbie

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Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

As far as I know for gas which need to send more tokens, you can set fee according to your mind but if you set gas low, your transaction will be delay for long time and may not success. Especially, in the transaction to buy tokens from ICO, I recommend you should set fee gas high to your transaction be fast and successfull

wolfofcryptocurrency

newbie

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Because they can. Most of the exchanges want your crypto to stay in their exchange so they put a "penalty" for you when you withdraw.

cryptosunn

newbie

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Because there is a lack of competition. I think this will change when we will have more decentralized exchanges.

gentlemand

legendary

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Welt Am Draht

Quote from: Thefrolly on March 06, 2018, 01:50:23 PM

Exchanges have made the withdrawal fees a nice way to extort users. Ethereum transaction hardly need more than 40 cents to confirm in few blocks and they charge up to $10 for its withdrawal. If you are going to earn through withdrawal fees than do away with your exchange trading fees.

Um, exchanges don't get any of the fees. They go to the miners. And it's not as if you can arrange kickbacks when you have no idea who'll mine it.

Like I said, it's to keep their users from whining about stuck transactions. Whether more of them whine about high fees is an unknown. I think it's probably going to be less.

Thefrolly

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Exchanges have made the withdrawal fees a nice way to extort users. Ethereum transaction hardly need more than 40 cents to confirm in few blocks and they charge up to $10 for its withdrawal. If you are going to earn through withdrawal fees than do away with your exchange trading fees.

gentlemand

legendary

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Welt Am Draht

Exchanges are traditionally extremely slow to react to fee changes. And their preference is always extreme overkill as it's one less problem to deal with, otherwise they'd get their customers whining about stuck coins.

It pays to shop around. Some exchanges have much lower withdraw fees than others. If you're transferring to another exchange then it may pay to move money between them with another coin, but watch those spreads or you may end up out of pocket.

Dhanems

jr. member

Activity: 448

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I bought ethereum in poloniex and witdraw go-to my mew wallet..but the fee so high so I tried to sell some of my coins in BTC Alpha,much worst hehehe min 0.7 ethereum witdraw and 0.01 eth.fee😂

Silentsweeper

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Fees are high because transactions are in high demand right now.With the network the way it currently is, and as the world realizes the utility of bitcoin, these high prices will be realized as well.
Centralized systems will always be cheaper and more efficient than decentralized ones.

jseverson

hero member

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It's probably because they want their transactions confirmed as soon as possible. Having coins stuck in limbo is not fun, and I would assume their support gets swamped when it happens. The faster transactions confirm, the less time there is for complications to arise.

I don't know what fee is considered normal for Ethereum so I can't comment on that specifically, but exchanges typically charge more than the recommended fee.

Andalin

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Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

That is normal fee, most exchanges have fixed price for withdrawal. If you want to withdraw, it is better to do it with a higher volume.

If you want to use an exchange and then withdraw, i would recommend that you make some research about the fees to choose the one that best suit your needs.

Wink

RedJose

newbie

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Quote from: Dhanems on March 05, 2018, 08:16:55 AM

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

You made a withdrawal to fiat? Or to any other coin?
Or you just transferred Eth to another volume?
Anyway we face such challenges... I came across coinmonkey exchanger - it allows to use exchange rates using quotes from major exchanges. So you don’t have to store coins at exhange or pay extra charges. It is really a way out in some cases

Dhanems

jr. member

Activity: 448

Merit: 2

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

Topic: Why exchange wallet so high fee (Read 575 times)