I normally just convert my coins to another currency on an exchange as they'll try to steal whatever they can anyway (0.0005+ btc transaction fees are quite unreasonable). If you can't work out a good currency to covert to, I normally use litecoin for low fees and high acceptance/liquidity from other exchanges.
Since OP didn't explain how he was going to convert crypto to fiat, it's hard to say whether converting his TRX to a coin with a lower withdrawal fee would have helped him, but I certainly see your point. We'd kind of have to know which exchange he was using to withdraw fiat and whether a LTC-->fiat conversion is possible on it.
Topic: Why exchanges are charging a big amount as transaction fee on withdrawal - page 3. (Read 411 times)
October 05, 2021, 04:25:09 AM
October 05, 2021, 04:13:32 AM
What exchange was that? if you want to convert that into bitcoin, there are a lot of choices that have a lesser fee than that was set to you. I think it's a combination for the network fee which is basically low and the remaining amount of the fee goes to the exchange and that's how they make a lot of money from us. Use instant swaps and compare their fees, they're better and directly will send to you the converted crypto that you chose.
October 05, 2021, 03:58:46 AM
Unfortunately Stablecoins are no safe bet either. Withdrawing USDT from Binance via the Ethereum network will set you back ~25 USD,- as well.
Gas prices with the ERC-20 chain has remained at insanely high levels during the last one year or so and the developers have refused to intervene in a meaningful way. If you are using the chain despite all this, then you can't really complain. But I agree. Sometimes the user doesn't have the choice. Most of the bounty payments are being made in ERC-20 tokens. Established projects don't want to move from ERC-20 to some other cheaper chain, because they are not sure about the reliability and scalability of these competitors.
Short of major updates there's little to intervene. Decentralized scalability is hard. When people in 2017 were praising Ethereum for its low transaction fees they mistook the lack of usage for better scalability. "Cheaper" chains are only cheap as long as no one is using them. Unless of course they are heavily centralized like XRP or BSC.
Then of course there's the question of compatibility. Not all exchanges may support all the blockchains that your stablecoin of choice is running on. So while you could withdraw the stablecoins to your wallet, you may still end up back on the exchange you started from.
October 05, 2021, 03:42:04 AM
I normally just convert my coins to another currency on an exchange as they'll try to steal whatever they can anyway (0.0005+ btc transaction fees are quite unreasonable). If you can't work out a good currency to covert to, I normally use litecoin for low fees and high acceptance/liquidity from other exchanges.
Since OP didn't explain how he was going to convert crypto to fiat, it's hard to say whether converting his TRX to a coin with a lower withdrawal fee would have helped him, but I certainly see your point. We'd kind of have to know which exchange he was using to withdraw fiat and whether a LTC-->fiat conversion is possible on it.But yeah, 0.0009BTC is a pretty high fee, and personally I think it's excessive. Obviously whatever exchange that was is making a profit from that, because it doesn't take that much to send bitcoin right now with a reasonably high network fee. OP might have tried exchanging that TRX on the altcoin marketplace section. I don't know how many trades happen there, but I'm pretty sure that he would have saved money had he found someone to trade with.
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
October 05, 2021, 03:34:33 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 $400 worth of TRX. I wasn't able to change it directly to fiat...
Thought you were trying to exchange to fiat that's why you deposited to an exchange in the first place, why withdrawing from the exchange again don't the exchange have an option to trade to your local fiats? Lets assume you don't want to go with the suggestion of the above users of withdrawing through altcoins due to fear of market volatility then make use P2P service on the forum. We have those that'll be willing to accept your altcoins for Bitcoin with little charges. As usual always verify you're traded with a genuine trader.
For your question, exchange fees that's the reason although it doesn't justify the high fees this exchange are charging. Some exchange just doesn't care because there's no governing body to question them. Just stop using those exchange and move to a more convenient one with lesser fees.
October 05, 2021, 03:20:10 AM
Probably try to find suitable coins with reasonably lower gas fees to convert into before trying to trade it into fiat. I use XRP or Litecoin most of the time, they're pretty reasonable with fees from what I've experienced. I'd reckon there's no really exact exchange that has low fees, they're all pretty high depending on the coin you're using. Honestly, fees are quite expected from exchanges, just that it's close to unreasonable at times really. Guess you just have to plan out most of your transactions do you don't get hit like this next time.
October 05, 2021, 03:08:39 AM
Because they have to make a living bro! Just joking, 50$ for such an small amount is completely unreasonable, my take is that they take by default a high fee on regards of the likely costs of transaction and they assume those will be very high. If not... great for them.
The other posters have given you a solution, but doing some shopping for lower tariffs or a more considerate exchange would be advisable for yourself and to send the right message to the exchanges.
The other posters have given you a solution, but doing some shopping for lower tariffs or a more considerate exchange would be advisable for yourself and to send the right message to the exchanges.
October 05, 2021, 03:02:58 AM
Unfortunately Stablecoins are no safe bet either. Withdrawing USDT from Binance via the Ethereum network will set you back ~25 USD,- as well.
Gas prices with the ERC-20 chain has remained at insanely high levels during the last one year or so and the developers have refused to intervene in a meaningful way. If you are using the chain despite all this, then you can't really complain. But I agree. Sometimes the user doesn't have the choice. Most of the bounty payments are being made in ERC-20 tokens. Established projects don't want to move from ERC-20 to some other cheaper chain, because they are not sure about the reliability and scalability of these competitors.
October 05, 2021, 01:39:12 AM
Because:
1.The crypto exchanges are greedy and want more revenue.
2.The crypto exchanges want you to keep trading on their platform and not withdrawing your coins.
Perhaps the best option would be to withdraw only big amounts of cryptocurrencies from the crypto exchange,instead of withdrawing small amounts multiple times and also depositing small amounts.
Like other forum members said,some exchanges have lower fees than others,there's no perfect solution.
You will have to find the crypto trading platform that suits you the best.
1.The crypto exchanges are greedy and want more revenue.
2.The crypto exchanges want you to keep trading on their platform and not withdrawing your coins.
Perhaps the best option would be to withdraw only big amounts of cryptocurrencies from the crypto exchange,instead of withdrawing small amounts multiple times and also depositing small amounts.
Like other forum members said,some exchanges have lower fees than others,there's no perfect solution.
You will have to find the crypto trading platform that suits you the best.
October 05, 2021, 01:33:30 AM
Kraken has a comparably cheap withdrawal fee of 0.00015 BTC. Bitcoin.de lets you set your own fee, but it's a P2P market place that requires SEPA.
Unfortunately Stablecoins are no safe bet either. Withdrawing USDT from Binance via the Ethereum network will set you back ~25 USD,- as well.
If you needed the money and just want to convert it to fiat, why not use an altcoin instead like XRP, DOGE or stablecoin which is far cheaper in withdrawal fees? [...]
Unfortunately Stablecoins are no safe bet either. Withdrawing USDT from Binance via the Ethereum network will set you back ~25 USD,- as well.
October 05, 2021, 01:26:02 AM
You can also use https://withdrawalfees.com/ to check withdrawal fees and minimum amount to build a perfect path from exchange your funds are to exchange you wish to use. Just be careful with KYC and exchanges reputation (better check google for fresh pages with issues). Also, dont trust everything that is on the Internet. When you find best option for you, go to exchange and re-chech fees.
October 05, 2021, 12:45:04 AM
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
Exchanges indeed have exaggerated fees for withdrawing bitcoin.
I don't know how up-to-date it still is (please check the exchange's fees in exchange's pages before depositing), but here's a list of exchanges and withdrawal fees: https://bitcointalksearch.org/topic/crypto-exchanges-comparison-trade-fee-listing-fee-age-mobile-app-more-5079048
I've read at some point that although the exchange rate is worse, you may easily end up making a better deal with OTC exchanges.
And also (as already said here) keep in mind that if your end goal is fiat, there are other coins with much lower withdrawal fees you can exchange for fiat, you have to just pay attention.
October 04, 2021, 10:37:47 PM
If you needed the money and just want to convert it to fiat, why not use an altcoin instead like XRP, DOGE or stablecoin which is far cheaper in withdrawal fees?
The exchange will always have high fees in withdrawing BTC, Binance has 0.0005BTC. It's still considerably high for me. But you wouldn't be paying $50 if using altcoins.
The exchange will always have high fees in withdrawing BTC, Binance has 0.0005BTC. It's still considerably high for me. But you wouldn't be paying $50 if using altcoins.
October 04, 2021, 10:35:29 PM
Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.
I normally just convert my coins to another currency on an exchange as they'll try to steal whatever they can anyway (0.0005+ btc transaction fees are quite unreasonable). If you can't work out a good currency to covert to, I normally use litecoin for low fees and high acceptance/liquidity from other exchanges.
October 04, 2021, 10:31:31 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.
Jump to: