withdraw Litecoin from exchange - page 2.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

Bep20 is not the right network for Litecoin withdraw.. I think Exchange has some maintenance or temporarily banned the LTC withdraw which may be reason you cannot see the correct network to withdraw it..Bep20 is Binance smart chain network where you will recieve peg or duplicate LTC token.. If you want to hold LTC then I will not recommended to withdraw in this network.. You should buy other coin and use instant exchange to get desire network LTC.. If you need just any token then trx or bnb is low fee token you can withdraw.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

The other option is to covert it into available networks that are also supported by other exchanges where you are going to move.
Using LTC can be considered as a good option but you can still find other coins like Tron and XRP for cheaper price and almost instant transfer. But still, you need to look at the exchange first if it is available to make sure that you are deposit will arrive.

But since Bep20 is only available, then you must convert it first to Bep20 tokens/coins. Well, I could say that you are using a small exchange, and a good idea to move your funds to an exchange that supports a number of networks.
Well, I hope you've got the idea already.

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Quote from: martinex on November 27, 2023, 11:46:05 PM

if your LTC can be exchanged just do it. The important thing is that it is supported by the exchange and can be exchanged. If you want, you can try https://changelly.com/ You just need to determine the amount of LTC you want to buy or exchange, and specify the address correctly.

OP has clearly mentioned that the LTC are in an exchange. When he is trying to withdraw from the exchange wallet it doesn't give the option of Litecoin blockchain. It only gives BEP-20 which basically converts Litecoin to a BEP-20 token. The OP doesn't want that and therefore is asking option.

Now if the transfer is made in BEP-20 tokens than changelly won't be able to convert it back to Litecoin. Further there would be a transaction and conversion fee which will cost him more. It is better to convert it into TRX and then make a withdrawal. Although it converting it back to Litecoin could cost him.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

Are you using Binance centralized wallet? Binance has all the coins to be withdrawn via bep20 address to a decentralized wallet using BNB fee which I think is not advisable, the right network to use is prolly LTC network with it's low fee and fast confirmation.

Quote from: pakhitheboss on November 27, 2023, 11:58:34 PM

Swapping to TRX is an excellent idea as Binance still allows TRC 20 deposit and withdrawal.

Yeah, that's right because op is using Binance since they only allow bep20 deposit and withdrawal on all coins, but I'll ask again, why is he allowed to LTC withdrawal button since TRX is only the coin to deposit and withdrawal on Binance.

Publictalk792

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First of all you should explain that where do you want to withdraw. In wallet or in another exchange.

If you want to withdraw to any exchange so you should see if that exchange support Bep20 network for Litecoin. And if you not find any exchange so I will recommend that you should exchange Litecoin to any other coin and you can withdraw that coin easily. USDT is recommended.
And if you want to withdraw to any hot wallet so there you can easily find the Bep20 Network for Litecoin. And you can find decentralized exchange which supports the Bep20 network for Litecoin and you can easily swap.

By the way this is surprising that an exchange only support Bep20 network for Litecoin and don't support the Litecoin Core network.

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I think some exchanges implement it like that to make it easier, but sometimes the fees are still according to the rates of the network.
I think for cheaper it is better to use bep20,tron,solana.matic.

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Quote from: Zaguru12 on November 24, 2023, 03:46:49 PM

Yes the right network is the litecoin network but just like other coins you have the coin bridge to other network. But I don’t get why the exchange is only allowing withdrawal on smart chain network only. If your confuse and do not want to make mistake I would advice you swap the coin since it is still on exchange to another coin that you understand it’s network. Example is the tron (Trx) network, it’s fees are cheap and transactions is fast

That would be Binance, they only accept deposit through LTC. For withdrawal you have to use their defi wallet and use BEP 20. That is unfair to many who want use the Litecoin blockchain because of cheap transaction. This is nothing but monopoly of a big exchange. Swapping to TRX is an excellent idea as Binance still allows TRC 20 deposit and withdrawal.

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if your LTC can be exchanged just do it. The important thing is that it is supported by the exchange and can be exchanged. If you want, you can try https://changelly.com/ You just need to determine the amount of LTC you want to buy or exchange, and specify the address correctly.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...

It's good that we put a name to corporations behaving in such a confusing and scam-looking manners so that other users or those who intend getting on such exchanges can easily be alerted to these hiccups. I just checked Binance a few minutes ago to see if it was the culprit, but it came out clean on that. I wonder what exchange that could be.

Quote from: royalfestus on November 24, 2023, 05:55:18 PM

If you want to deposit BEP20, look for an exchange with more than one blockchain, including the BEP20 blockchain. As soon as you deposit, you can withdraw with other blockchains

Most exchanges don't restrict that much when accepting deposits. They're literally relaxed in their rules but they tighten their grips when withdrawals are ask for. OP's issue is withdrawal, BTW.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

LTC is still a good option to withdraw but it should be on it's own network. The fees are smaller for LTC network.
BEP20 are LTC tokens on BSC network, if you are doing a exchange to centralized exchange it would not have much difference as they might consider equal to any other LTC. The fees could be a bit higher and many exchanges don't support LTC on BSC network.
If you are withdrawing it to your wallet, you would have hassle to further deposit BNB for fees. I suggest not to deal with LTC on BSC if all you want is to save fees. Go with BSC or similar low fee coins that are widely accepted in their native form.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

If the exchange allows your coin to withdraw via BEP20 network then it should go to the BEP20 address, not a primary LTC address.

LTC is one of the cheaper options but not the cheapest, there are other networks like TRC, BNB has less withdrawal fee on most of the centralized exchanges compared to LTC but you can find the withdrawal fee of each coin in the official website of the exchange that you are using to find which one is the cheapest.

david678345

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Quote from: Sophokles on November 24, 2023, 05:18:27 PM

Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

If you are concerned about the withdrawal fees then the Bitcoin Lightning Network has the lowest till now if i am not mistaken. If you want to withdraw any other altcoin beside bitcoin then Sol has the lowest withdraw fees as per my knowledge. It can change based on the exchange like in binance if you withdraw any crypto from the BSC network and that project supports that network then you will get lower fees compared to others. The same way if you use the KCC network when withdrawing from kucoin withdraw fees will be very low.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

If you don't find the network why not sell the LTC to bep20 and get it withdrawn from the exchange, most times you get confused over this network of a thing so the best is only use the right address to withdraw the right coin otherwise whichever mistake you did can never be reversed back and your coin is gone. Do way you asked is the right thing to do most people don't ask is after their error they would come to cry here over their mistakes.

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If you want to deposit BEP20, look for an exchange with more than one blockchain, including the BEP20 blockchain. As soon as you deposit, you can withdraw with other blockchains

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Right, it should be the Litecoin network as everyone is saying. I am not sure if there's support from wallets about Litecoin in Bep20 (BSC) and that's going to make no sense as Litecoin itself is cheap and fast. What is this exchange that you're withdrawing from? There should be an option to choose the actual LTC network than of those smart networks from different chains.

Quote from: david678345 on November 24, 2023, 03:37:58 PM

btw is LTC still the best option to use for withdrawals?

One of the best but there can be other options that will make you choose them like if in Tether, there's the common one that is being widely used for TRC20. But let's just go with that and say yes that LTC is still the best option for withdrawals if you're trying to avoid the high fees of Bitcoin if ever you have no other choice at all. But have a look in the mempool because if you're trying to withdraw money from an exchange and you have it on BTC, you don't have to exchange it anymore and just withdraw directly from it because fees now have gotten down at least.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

If you are concerned about the withdrawal fees then the Bitcoin Lightning Network has the lowest till now if i am not mistaken. If you want to withdraw any other altcoin beside bitcoin then Sol has the lowest withdraw fees as per my knowledge. It can change based on the exchange like in binance if you withdraw any crypto from the BSC network and that project supports that network then you will get lower fees compared to others. The same way if you use the KCC network when withdrawing from kucoin withdraw fees will be very low.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

It's not a wrong network to use, as Litecoin now already has its peg version on the BSC network. So, it won't be a problem if you make a withdrawal. But it would be even better if you used the native Litecoin network. BTW, what exchange do you use? I'm curious about that exchange because they provide the peg version of withdrawals but don't provide withdrawals on the native network Roll Eyes

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

btw is LTC still the best option to use for withdrawals?

For Altcoins I prefer Tron (TRX), it has low fees (around $0.1) with faster finality than Bitcoin & other old Altcoins like Litecoin.

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The network supposed to be a litecoin network and not bep20... It might be that it is from the exchange end of the site so you can wait for them to update the site then you make your withdrawal and op if you don't mind, you can mention the exchange name so experts can help you out from another approach. Normally if you are using LTC then the services will come from it and just as bitcoin network. And also the network options would been more than one for you to select the appropriate one to withdraw your funds.

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Quote from: david678345 on November 24, 2023, 03:37:58 PM

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

I don't know what exchange you use - but you should get more network options when withdrawing LTC. You should get lower withdrawal fees if you withdraw LTC using its own network [Litecoin] instead of BNB Smart Chain [BEP20] or BNB Beacon Chain [BEP2] - but then again I don't know which exchange you use.

Get a comparison of withdrawal fees here if you use Binance: https://www.binance.com/en/fee/cryptoFee

Quote from: david678345 on November 24, 2023, 03:37:58 PM

btw is LTC still the best option to use for withdrawals?

Maybe not - bitcoin withdrawal fees using the Lightning Network are definitely lower than LTC withdrawal fees using the Litecoin network. In fact, you can still withdraw BTC from an exchange even if the value is only less than $0.2 - especially if the exchange you use has integrated the Lightning Network.

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Which exchange offers LTC on different blockchain only and not make it available on the litecoin network too, if they don’t want to enable LTC withdrawal which is among the cheapest form of withdrawal why not just offer the withdrawal on bsc and not LTC under bsc.

You can either choose to withdrawal other network like Tron or any other blockchain that it will be cheaper for you and if you so much desire to hold LTC then you can later convert back to LTC when ever necessary.

Topic: withdraw Litecoin from exchange - page 2. (Read 363 times)