You can lose transfering and withdrawing

martina14

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Quote from: pilosopotasyo on January 21, 2021, 03:49:14 AM

You can lose profit sending trading and withdrawing if you are trading a small amount I have $50 worth of Ferum or FRM it will take $6 to send the whole amount to Bilaxy and after you trade it to Eth and wants to withdraw it you will have to spend $12 to withdraw your Eth,
now that's $18 gas fees for your $50, my only option is to trade it to other altcoins like DGB or Litecoin which offer $4 to $5 fee you still going to lose $11, that's over 20%.

The gas fee for ETH was really insane actually, imagine from 50$ balance they will deduct 18$ from it, so the only
balance that will be transfer into your wallet address you give is 32$, right? for me that is really unfair and very unjust too.
This must be lessen in terms of every transactions were gonna made anyway.

okissabam

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Quote from: pilosopotasyo on January 21, 2021, 03:49:14 AM

You can lose profit sending trading and withdrawing if you are trading a small amount I have $50 worth of Ferum or FRM it will take $6 to send the whole amount to Bilaxy and after you trade it to Eth and wants to withdraw it you will have to spend $12 to withdraw your Eth,
now that's $18 gas fees for your $50, my only option is to trade it to other altcoins like DGB or Litecoin which offer $4 to $5 fee you still going to lose $11, that's over 20%.

Same here, I do the same thing most especially since Ethereum’s price has increased. I also trade them to other coins like DGB or XRP for lesser transaction fees. At least your loss wouldn’t be that much as of Eth’s gas fees.

Enzo05

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Quote from: pilosopotasyo on January 21, 2021, 03:49:14 AM

You can lose profit sending trading and withdrawing if you are trading a small amount I have $50 worth of Ferum or FRM it will take $6 to send the whole amount to Bilaxy and after you trade it to Eth and wants to withdraw it you will have to spend $12 to withdraw your Eth,
now that's $18 gas fees for your $50, my only option is to trade it to other altcoins like DGB or Litecoin which offer $4 to $5 fee you still going to lose $11, that's over 20%.

At this moment ethereum gas fee is too high right now this is one of the biggest problems that users are facing. I intend to ignore eth blockchain due to its unreasonable gas fee so the only way to get a small fee for withdrawing your funds on an exchange is to exchange it for coins that are known for cheap transaction fees, like wave, doge, trx, xlm, and xrp this coins are most used coin if you want to escape a high withdrawal fee😁

stomachgrowls

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Quote from: martina14 on January 30, 2021, 08:38:59 AM

Quote from: pilosopotasyo on January 21, 2021, 03:49:14 AM

You can lose profit sending trading and withdrawing if you are trading a small amount I have $50 worth of Ferum or FRM it will take $6 to send the whole amount to Bilaxy and after you trade it to Eth and wants to withdraw it you will have to spend $12 to withdraw your Eth,
now that's $18 gas fees for your $50, my only option is to trade it to other altcoins like DGB or Litecoin which offer $4 to $5 fee you still going to lose $11, that's over 20%.

The gas fee for ETH was really insane actually, imagine from 50$ balance they will deduct 18$ from it, so the only
balance that will be transfer into your wallet address you give is 32$, right? for me that is really unfair and very unjust too.
This must be lessen in terms of every transactions were gonna made anyway.

Is this something controllable? No its not because just like on what we saw on Bitcoin network when the market is clogged then these typical scenario do happen.
Fees do rise up to 150-400 sats/byte on the worst or even more. This is my first time i do saw ETH that had able to experience the same problem.
I though this one isnt prone or doesnt have the possibility on having the same headache just like Bitcoin has.

Current Gwei the moment?
Recommended Gas Prices in Gwei

187
TRADER< ASAP

172
FAST< 2m

120
STANDARD< 5m

https://ethgasstation.info/

You wanna like to save up? Wait for the network to calm down before making transactions.

Eddyc

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It's a very interesting topic to discuss because it shows how much an exchange with negative intentions can profit. So a large amount sent in chopped transactions can actually wipe out your profit or even find a loss in transactions. That is why I have the habit of using little moving exchange. Another factor that we must analyze is what cryptocurrency we are working on to avoid further losses.

milewilda

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Quote from: pilosopotasyo on January 21, 2021, 03:49:14 AM

You can lose profit sending trading and withdrawing if you are trading a small amount I have $50 worth of Ferum or FRM it will take $6 to send the whole amount to Bilaxy and after you trade it to Eth and wants to withdraw it you will have to spend $12 to withdraw your Eth,
now that's $18 gas fees for your $50, my only option is to trade it to other altcoins like DGB or Litecoin which offer $4 to $5 fee you still going to lose $11, that's over 20%.

This is the most common problem if you do just really try to sell your shit token on an exchange and specially now that ETH does have ridiculous high fees then that would surely hurt up.
Back in the days where ETH fees almost cost free but now we are already experiencing problems towards it. If you do have shitcoins that only being traded on a specific exchange
then you wont really be having any choice but to deal with those fees or rather you do opt in to held it off but since those coins doesnt really have an unsure value
then primary thing in mind is to sell off and secure those small bucks. Fees will really be in part of the deduction.

lionheart78

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Sadly there is no solution here but use DEXes to minimize losses. At least with decentralized exchange we are not overcharged by the exchange, we are only paying the real transaction fee and a little of operation fee when trading. Operation fee is the standard of all exchanged though % varies.

Yamifoud

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Quote from: ?? on ??

Losing assets when making a withdrawal or deposit in my opinion depends on accuracy because usually at an exchange or an online wallet will provide a verification used to help you confirm that the address you sent is correct or not, so there is very little to lose when making a transaction.

Sorry, but what OP talking about is the cost of every transfer he made. From $50, it cut almost half of it before he received his withdrawal. Not a mistake of sending to a different wallet address but it was he spends a lot for a very small amount causing him to lose.

That is very unfortunate which we wanted to take the opportunity where the price is high but somehow the fees are also high. Maybe it could be best if we don't have to withdraw it after selling but to wait until such time that ETH gas fee will down.

shoreno

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you forgot that if you dont have an eth on your erc20 capabale wallet , you will be needing to send eth on it first and the charge is around 8 dollars . sending eth dont need to be expensive like this before but i think it all started after the revelation of eth 2.0 . op whered you get that token , did you use your capital to buy it ? if yes then thats a big loss and dont do that again if your not taking trading seriously ( because your not preparing huge capital and not buying cheaper options ) but if you only earned it somewhere , you havent loose anything . theres also more cheaper pairs than dgb and ltc

Chainsmokers

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no wonder so many ethereum platform users complain about transferring one of the tokens because of the unreasonable cost of gas inevitably must be followed if we want the token to turn into money but when the token has been transferred to the exchange, we can change it to another coin such as TRX because TRX has low fees and a fast network like I always do

hvy

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Quote from: meanwords on January 21, 2021, 06:08:09 AM

Quote from: pilosopotasyo on January 21, 2021, 03:49:14 AM

You can lose profit sending trading and withdrawing if you are trading a small amount I have $50 worth of Ferum or FRM it will take $6 to send the whole amount to Bilaxy and after you trade it to Eth and wants to withdraw it you will have to spend $12 to withdraw your Eth,
now that's $18 gas fees for your $50, my only option is to trade it to other altcoins like DGB or Litecoin which offer $4 to $5 fee you still going to lose $11, that's over 20%.

That's pretty common to happen. This is why most casual traders just leave their assets in an exchange, treating it as a wallet, to avoid losing in profit. Their taking the risk of losing their funds from hacks to avoid that fees. This spells disaster especially when the exchange you are trading with isn't very known. You can do that but it's really not recommended.

I agree

Thats why you should be using a really good exchange instead of using some unpopular and unsecured exchanges which cant help you when hacks happens

bakasabo

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Quote from: nancy on January 25, 2021, 01:41:41 AM

Dont trade small amount, thats simple. Trading is not for deposits below 100 usd

How do you set this $100 limit? Do you understand that what cost today $100, tomorrow might cost $1 or $10,000? As long as user is ready to pay the fee, he might trade (in our case transfer) tokens that even worth 0.

Everyone that is interested in trading must ethereum gas tracker https://etherscan.io/gastracker and catch low gwei. Usually they are low at night and in the morning till 10:00. Current transaction fee of ~60 gwei or $1.80-1.90 seems low.

And dont confuse where you send and which wallet you use. If you try to send to uniswap, get ready to pay $10 fee, while when transaction I've send from myetherwallet to binance today cost me around $2,10 only.

Psynthax

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Quote from: Congyang on January 24, 2021, 06:43:43 PM

I feel the transaction fee for now is very large. This is obviously very detrimental to small investors because they have minimal assets and will be used up to pay fees. I still hope that the fee will be able to go down in the future so that it can provide low fees and not bother small investors

That's exactly why if you want to keep the expense as small as possible centralized exchange is the way to go to trade ERC20 tokens. those dex are good but the fee is really killing it and there's no option but to use cex but only temporarily.
Then, once you done with trading you can simply save your asset in form of USDT TRC20 that way you can save atleast ~$20 bucks based on my experience and I'm talking about a trading activities that's not so frequent.

Such a waste though when dex is currently on fire the fee becomes biggest hindrance. However, I don't expect ETH fee to go down anytime soon. ETH 2.0 implementation said to takes place slowly.

jacafbiz

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The gas fee is annoying now, if you are not transacting anything value above $500 the transaction fee is going to hurt you, the thing is that some of these Ethereum people do not see this as an issue and they think people will continue to forgo this huge amount, Ethereum can get away with this in a bull market but never in a bear market, just waiting for all these scaling solutions to come out

gurunanakji777

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Probably you should wait for the gas fee to be normal then you can withdraw otherwise in small transaction fees is the concern or you can choose other cryptocurrencies that charge less in fees to transfer your funds and generally I use Doge to transfer my funds.

rijaljun

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You could really lose money if you are doing transaction back and forth you will definitely lose money with the transaction the smart thing you can do is not to withdraw it back and forth just let them stay on your account do the trading and probably withdraw when it's around $200 or something.

cytpoway121

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Quote from: pilosopotasyo on January 21, 2021, 03:49:14 AM

You can lose profit sending trading and withdrawing if you are trading a small amount I have $50 worth of Ferum or FRM it will take $6 to send the whole amount to Bilaxy and after you trade it to Eth and wants to withdraw it you will have to spend $12 to withdraw your Eth,
now that's $18 gas fees for your $50, my only option is to trade it to other altcoins like DGB or Litecoin which offer $4 to $5 fee you still going to lose $11, that's over 20%.

Yes you can lose funds while trying to send out and withdraw; but also you can be smart about it; and to be smart about it you need to be friends with ethgasstations, and check up gwei prices until you have a cheap gwei and cheap gas fee to send out your token (you can still send out with 2$ in this bull run, if you are patient). Also, while withdrawing your funds from an exchange platform, normalize focusing on xlm, or the tron blockchain; with trc20 usdt or tron token; you can withdraw from exchanges for as low as 1$. Always do your research.

7788bitcoin

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Quote from: ?? on ??

Exchanges are also killin ETH by hiking the fees. They want to make times two of what miners make. They add miners fees to traders who are withdrawing. When you send from your wallet to exchanges the fees is not that much. Take a close look at withdrawal fees and you will understand what am saying here.

If you look at the withdrawal charges in all the exchanges they charge much higher charges in every coin, the only difference is that some of the exchanges gives a much lower fees for their native coin, especially Binance withdrawal for BNB is much lower but the rest of the coins if you are trading for small amounts then you are not going to get the profit you are looking for.

FireBallex

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Before using any exchange first open account and play through their altcoins to check what they will be charging for withdrawal, if it's too high you can find another exchange and if the token you want to sell or trade is only available on that exchange when trade and withdraw with coins that have massive max supply like Doge coin or Tron,

nancy

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Dont trade small amount, thats simple. Trading is not for deposits below 100 usd

Topic: You can lose transfering and withdrawing (Read 626 times)