It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
Having to pay high fees for a transaction fee depends on a few things, which I think you will have to start considering from now on. First of all, the exchange you’re using ,it is possible that they may be charging a high fee for the transaction. So I will advise you to check out other exchanges and compare their fees with your exchange and know whether it is high or low. If it’s high, then you will have to switch to another exchange to avoid having to pay high fees for transaction. Next thing is that at that time you’re doing that transaction, it might be that the Bitcoin network is congested and that’s why the fees are high. 
Topic: Why exchanges are charging a big amount as transaction fee on withdrawal (Read 347 times)
October 18, 2021, 04:47:05 PM
October 16, 2021, 11:11:47 AM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
This is same on every cryptocurrency exchange so if you want to minimize the withdrawal fee then you need to trade the cryptos with minimum withdrawal fee then convert into fiat. You can trade any altcoins for fiat on p2p exchanges which can save and withdrawal fee.
October 14, 2021, 11:00:42 AM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Luckily some of the institutions here that can convert crypto to fiat has XRP in their trading options. Super fast transaction with this guy XRP and low fees of less than a $ worth of withdrawal as well as trading fees. The problem is the conversion where 4-5% less than the market itself but still low compare to what other financial institutions are offering. If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
I only paid a mere amount of XLM, compared to a few mBTC that was required to withdraw as Bitcoin. Despite the high trading fees, it was still worth it.
October 13, 2021, 11:53:04 AM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Luckily some of the institutions here that can convert crypto to fiat has XRP in their trading options. Super fast transaction with this guy XRP and low fees of less than a $ worth of withdrawal as well as trading fees. The problem is the conversion where 4-5% less than the market itself but still low compare to what other financial institutions are offering. If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
October 12, 2021, 06:05:50 PM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Especially when it comes to withdrawing tokens on Bitcoin and Etherium platforms, you have to face much higher transaction fees. The lowest rebellion in Bitcoin Withdrawal fees range from 300 to $ 400. It is very difficult to transact tokens with such a high withdrawal fee. Traders with small amounts who are getting this problem are getting annoyed with trading. If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
October 12, 2021, 07:53:29 AM
I usually do exchange my asset for another thing or use the cheap networks. For example, upon withdrawing BTC I have to pay too much fee but I exchange to USDT and if I use the erc20 version of usdt again I will have to pay too much so I'll try using trc20 blockchain or finance smart chain to reduce the fees. However, taking too many fees make sense for the exchanges because recently the network fees are changing too much and I remember a few weeks ago I had to pay more than 20 dollars for a transaction. On the other hand, If they put high fees the users will try to avoid withdrawing the money and they will have some income from each user whenever he withdraws his money. So, this makes sense to take a high amount of fees.
October 11, 2021, 06:09:22 PM
I think if you need money and just want to convert it to fiat, why not use altcoins instead USDT, DAI, BUSD, USD. It is not recommended to use BTC because it is very expensive 0.005 BTC (very high fee compared to the current BTC price) per withdrawal. I think the BTC price reaches 100k$ or 200k$ they still don't reduce the Withdrawal fee is 0.0005BTC it will get higher and higher with the increase in BTC price. They do not want to reduce here is the participation of exchanges and want more revenue. We should all learn how to find the cryptocurrency trading platform that works best for us and how to properly withdraw fiat money to avoid unnecessary fees.
October 10, 2021, 04:32:11 PM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Since you trade against Bitcoin, you will really end up paying an amount like that. You should try the alternatives, using other coins with cheap fees.
First, check the exchange you are using when converting to fiat, if stable coins are available there then trade against those. TRX also has a cheap fee to consider, you can end up trading those at Binance, for example, and check if TRX is available at their Funding (P2P) feature. If not, trade it against USDT then perform the P2P.
Disregard withdrawing on Bitcoin for now. As long as the BTC price is increasing, you will really end up paying high fees when converting it to USD value.
P.S As far as my Binance experience is concerned, the highest so far that I experienced is around $20 BTC withdrawal fee. Not sure about other trading platforms.
October 10, 2021, 03:09:25 PM
Depends on the exchange, haven't made a withdrawal for quite a while, however, I haven't seen any extravagant fees on Binance at least. I've faced it on Bitstamp though, it's basically the main reason I abandoned the exchange. It was pretty ridiculous, withdrawing in stablecoin, such as Paxos or USDC would cost 20 coins, or basically at least $20, same goes for Bitcoin and Ethereum.
I'm not sure if it's just me, but these fees look way too much for a simple withdrawal. Bitstamp also had excessive trading fees, compared to other exchanges.
I'm not sure if it's just me, but these fees look way too much for a simple withdrawal. Bitstamp also had excessive trading fees, compared to other exchanges.
October 10, 2021, 01:48:41 PM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
They do it because they can and they can get away with it, decentralized exchanges have gotten more popular but they are nowhere near the popularity of centralized exchanges so they know they basically have a monopoly and they can do whatever they want.If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Also exchanges want you to keep using their platform so charging huge fees is a way to discourage people like you from just deposing your coins and then withdrawing them a few hours or days later.
October 10, 2021, 11:00:27 AM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
This fee is too much for an exchange to charge just because you are sending out your coin. You did not mentioned the exchange but I think Binance is still preferable than others that does not mind charging an exorbitant fee for only a small withdrawal. Try using other exchange that can satisfy your aim. If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
October 09, 2021, 07:35:36 AM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Maybe you should try making use of peer to peer exchanges whenever you are trying to exchange your money. Centralized exchanges are always going to charge high fees whenever you are trading. you can as well try binance.com or Kraken. If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Moreover you didn’t mention the exchange that you were using that charged you a high fee. If you mentioned it,it would have been easy to know which exchange and also know how much fees they are charging you and then recommend the one that charges less to you, but I think Binance.com is a good option to go for, just check it out. Or you can just go for peer to peer exchanges, I think those ones will be better.
October 08, 2021, 01:35:59 PM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Exchanges are business entities so they simply do not want to incur losses while honoring the withdrawal requests from the customers. It is no doubt that transaction fees are indeed high for many currencies including bitcoin while ETH tops the list of the most expensive cryptocurrencies. No no doubt that the exchanges will have to deduct it from the customers.
It's high time for the centralized exchanges to adopt LN and Vitalik should fast track the migration to pos. If such high fees continues, cryptos will never emerge as an alternative to the mainstream finances.
October 08, 2021, 12:57:35 PM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
I think it is preferred if you convert your BTCs into another altcoin to lower the transaction fees. Remember that most miners get their compensation through processing the transaction that is why prices are relatively high. In addition, with the increasing price of BTC in the market, it is obvious that transaction fees would also increase.
Again, like what most have mentioned, better convert it into an another altcoin to at least lower the cost on your end.
October 08, 2021, 04:40:57 AM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Paxful is one the the cheapest I've ever come across and worth recommendable with over 12, 000 trusted offers and vendors and having over 6 millions subscribers and all their Cryptocurrency conversion rate is 0.5%
Bank Transfer 0.5% no fee
Credit/Debit Card 1% no fee
Digital Currency 1% no fee
Online Wallet 1% no fee
Cash 1% no fee
Goods & Services 1% no fee
Gift Card 5% iTunes and Google Play cards
3% for all other gift card types no fee
External Wallet $0 - $9.99 = 0.00008 BTC fee
$10 - $19.99 = 0.00016 BTC fee
$20+ = 0.0004 BTC fee no fee
Internal Wallet
Up to 1,000 USD per month for free (between all cryptocurrencies)
After 1,000 USD is reached, a fee of 1 USD or 1% of the amount being sent, whichever is greater, is applied no fee
More information and details regarding these were made available on Paxful
October 08, 2021, 03:58:04 AM
I am sure many of us have that experience paying a high fee for the transaction. But we can not do anything except following what the exchange wants. Fortunately, we have many coins at the exchange and we can select which coin has a low fee of the transaction so we can reduce the fee itself.
When we want to select one coin for the withdrawal, we should agree with the fee, whether high or low. We do not have bitcoin to withdraw if we feel that we have a high fee in the transaction instead, we search for the other coins.
So far, I use Binance to trade and I am good with their fee because I can select my own coin to withdraw. I think you should have the other alternative coin for withdrawing.
When we want to select one coin for the withdrawal, we should agree with the fee, whether high or low. We do not have bitcoin to withdraw if we feel that we have a high fee in the transaction instead, we search for the other coins.
So far, I use Binance to trade and I am good with their fee because I can select my own coin to withdraw. I think you should have the other alternative coin for withdrawing.
October 08, 2021, 02:27:02 AM
The problem with exchanges is that they are keeping billions of dollars worth of money in their own accounts, you are shown that you have some money there, but the reality is that as long as you do not withdraw that money is theirs to use and you are just given some digital proof that you have money in their accounts. Withdrawing becoming more expensive is because they want you to keep your money with them as long as possible, they are a great business model as long as they keep those billions of dollars in their accounts instead of letting you withdraw it.
Eventually exchanges will be like banks, most of them are like that already I am sure, where if everyone withdraws all their money all at the same time, economy crashes and they bankrupt because I believe not all of them have the crypto and fiat they claim they have and they have less. So, if we all withdraw all at the same time, they will not be able to pay us all and that will show how weak they are in reality.
Eventually exchanges will be like banks, most of them are like that already I am sure, where if everyone withdraws all their money all at the same time, economy crashes and they bankrupt because I believe not all of them have the crypto and fiat they claim they have and they have less. So, if we all withdraw all at the same time, they will not be able to pay us all and that will show how weak they are in reality.
October 08, 2021, 02:16:33 AM
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
October 07, 2021, 08:48:29 AM
I just remember paying ridiculous high fees for just converting my crypto to fiat not just once, but multiple times as I had no choice. I was converting my BTC and ETH to fiat back then. Transferring it to my centralized wallet back then cost me more than $20 (sometimes up to $30) and then another additional fee for converting them to fiat.
Until I’ve lately realized that XRP was the cheapest option when it comes to transfer and conversion fees that is currently supported by the wallet. I mainly use Binance, and also other ones like Bityard, etc.
Until I’ve lately realized that XRP was the cheapest option when it comes to transfer and conversion fees that is currently supported by the wallet. I mainly use Binance, and also other ones like Bityard, etc.
October 07, 2021, 03:46:48 AM
It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.
If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Because of the high withdrawal fees that finally make me trade more often on local exchanges that provide fiat, maybe the liquidity is not as high as other exchanges but if trading profits have to be cut by high withdrawal fees I don't think it's a pleasant one. Exchange uses withdrawal fees as one of its sources of income apart from trading fees.If this is the scenario surely then we can't make a plan with what is available in the wallet.
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
My guess you uses HitBTC because only that exchange uses 0.0009 BTC as a withdrawal fee, the rest is lower but some are even higher than that number
source : https://withdrawalfees.com/coins/bitcoin
This way if the fee is high they keep it same, if it is low they keep it same. People who pay too much end up paying for people who pay less, and exchange doesn't get anything. Or at least that is how it was in the exchange I saw.
Jump to: