You can lose transfering and withdrawing - page 2.

coin-investor

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Quote from: Dr.Osh on January 24, 2021, 10:10:01 PM

well, we can't avoid the high fees from each exchange. one way to reduce fees is to use 1 exchange, or use another token that has an inexpensive fee, such as TRX, or other coins. I still do this to reduce the fees that exist in each market.

I encounter this many times I have a lot of tokens that need Ethereum to transact, I tried to purchase on my local exchange and they are charging me $30 to transfer to another Ethereum wallet and it's only $100 eth so I can use it to gas my transaction, my only hope is to withdraw from one gambling site I'm working on whereas the fee is not that expensive.

Dr.Osh

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well, we can't avoid the high fees from each exchange. one way to reduce fees is to use 1 exchange, or use another token that has an inexpensive fee, such as TRX, or other coins. I still do this to reduce the fees that exist in each market.

shinratensei_

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Quote from: nykka on January 24, 2021, 06:53:27 PM

This is the main problem of the most popular blockchains and coins, because almost all of them have very high fees. I prefer to transfer small amounts in LTC or TRX, because these coins have acceptable fees. It`s also one of the reasons, why I promote such projects as Elrond, Solana or Avalanche, because I believe these blockchains can easily solve the question of the scalability and high fees

They are not scalable like the new platforms that already implemented the scalability solution to fix that problem. As far as i know, the new platforms were also taking the problem that already faced by the old platforms as a way to develop the new platforms with better scalability.
That means if they are not creating genuine innovation but they are only trying to fix the old problem that's still faced by the old platform.

nykka

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This is the main problem of the most popular blockchains and coins, because almost all of them have very high fees. I prefer to transfer small amounts in LTC or TRX, because these coins have acceptable fees. It`s also one of the reasons, why I promote such projects as Elrond, Solana or Avalanche, because I believe these blockchains can easily solve the question of the scalability and high fees

crzy

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That’s why you have to save more profit first before you withdrew it or you can just wait for the market to calm down and withdraw your money since every time the market pumps, the fees pumps as well. Small trader are spending more money on the fees right now, just be patience and continue to make profit, don’t withdraw yet.

Congyang

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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%.

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

ReiMomo

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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%.

That is the fact that we must accept, or jits better to hold for a while on your wallet. I have altcoins on my wallet that worth $10 or $15, but I let them sleep on my wallet because I know this is worth nothing and we have terrible fees of ETH as a gas when we are making transactions.

If you really need it to sell, try to calculate your net profit if you are going to sell your altcoin, less minus the overall fees. So that you will know how much will be left on you. Just like what happened to me last month, I sell a token worth $240 but my net profit was $200 something, it almost a $40 deduction including the withdrawal fee from the exchange. At this point, trade your altcoins to the coin that has a lower fee on withdrawal. Just like XRP.

blockman

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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%.

Choose the option that saves you from fees since you're likely to cash it out from crypto and taking it to your bank account. It's not wise to choose Ethereum this time as a means of transfer because we're all aware of the fees but we have no problem with the transaction time because it seems still reliable but not quicker than before. You have the other choice to make the transfer pay fewer fees and that's why traders are adaptable based on the situation that we're facing if fees for ETH or any other altcoin went higher.

tippytoes

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Quote from: Rengga Jati on January 21, 2021, 12:00:32 PM

1. ETH gas fee is always changing. although it is basically high enough these days, there is a certain time that ETH gas fee is quite low, only around 2$ and you can check it before transferring your token. remember, you need also to check whether you choose the speed of the transaction. higher speed will make a higher fee.

2. You need to compare the exchange to sell FRM.
You can find several exchanges to trade Ferrum, check it here https://coinmarketcap.com/currencies/ferrum-network/markets/
You can compare the trading fee and also withdrawal fees of each exchange.

3. If you feel that the fee of ETH withdrawal is high enough from an exchange to your local exchange, better to convert it to other coins or tokens that have a low fee. they are likely XLM or using USDT with TRC20 network if available.

That's very right! You can always check the eth network before sending your token or eth. Actually, you can even set it to slow (which sometimes will be below $2), done this the other day, and still it went thru fast. Those tips above are actually not new for regular traders. It is how you strategize your transfer and trading, to incur minimal fee as much as possible. And in terms of transferring from one exchange to another, choose a relatively stable coin with less fees like LTC or DOGE. Most exchanges have this trading pair. If you are really a newbie in crypto trading, you will lose a lot if you are not careful with your steps.

seleme

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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%.

So just be smart and use the best possible option and share your best knowledge/experience with the rest of the crypto community. The minimum withdrawal fees vary depending on the website, the best choice is to use either XRP or LTC for faster, cheaper transactions on both way. Using BTC or token will be costly and you will lose more in the long term.

doctor877

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These scenario has made alot of people unable to withdraw their tokens because of this u calculated high fees for deposit and withdrawal oke good thing is to use an alternative blockchain that offer low transaction fee like tron Usdt, doge, litecoin. If you use these, your loses will be minimal.

MCobian

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Therefore I will leave the coins in a wallet or exchanges, wait for the coins price to go up or wait for the transaction fees to go down. Indeed,
the risk of transactions with small amounts will run out, because the transfer and withdrawing fees are quite high. Moreover, Ethereum transaction
fees are high these days. So in the meantime I have never made withdrawals using Ethereum, but I first converted it into other coins which did
have a cheaper transaction fee. Then choosing exchanges is also important, look for exchanges that do have low transaction costs.

kindbtc

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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 unfortunately true and there is nothing much we can do about it. The only hope is the implementation and activation of the eth 2.0 that will make the network fast and cheap but for that we still have to wait for few months.

tycsols

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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%.

You should be converting your coins to cheap transaction coins or stablecoins like usdt, usdc based on networks other than eth so basically im using tron based usdt for transactions and payments and it really is cheap.

coinswebid

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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%.

withdraw or transfer your assets in trx or doge my friend
so, you will not spend a lot of money to doing that, for example there is no fees if you withdraw or transfer your USDT assets in TRC20

thesmallgod

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I do not know where you are from but if the reason why you want to trade the FRM is to be able to get it out and sell for your local fiat currency, then maybe you can try my method because I have been in your shoe before. You will spend less on fee. Firstly MEW transaction fee varies depending on the congestion of the blockchain so you might wait a bit when it is less congested. When you transfer to exchange, trade your wallet for USDT and finally convert to TRX. withdrawal fee for TRX is very low. Just 1TRX. Go to https://www.bestchange.com/ and select TRX and an ecurrency that can be sold locally in your country. For me, I always exchange TRX for Perfect money. You will see list of exchangers that offer the services. Just click on any of your choice and make the transaction

aemma

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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%.

It is quite understandable that Ethereum gas fee is high but sometimes it can be low as well, therefore when you meet a high gas fee and you aren't in haste to transfer or sell, then give it time and try again after some time, you might even be surprised to see it at a very cheaper fee. Also, when you trade on an exchange and/or rather before trading a token on an exchange, try to compare the exchanges it is trading on and check if the exchange support USDT withdrawal through Tron blockchain, then trade your token against USDT and withdraw with little to no fee, thus from all things, you are only paying very little unlike when you withdraw with Ethereum.
In the case of Ferrum Network (FRM), it is trading on exchanges like BitMax and Kucoin with decent volume, and to the best of my knowledge, Kucoin supports USDT-TRC20, thus you can sell your Ferrum to USDT, then withdraw.

Rengga Jati

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1. ETH gas fee is always changing. although it is basically high enough these days, there is a certain time that ETH gas fee is quite low, only around 2$ and you can check it before transferring your token. remember, you need also to check whether you choose the speed of the transaction. higher speed will make a higher fee.

2. You need to compare the exchange to sell FRM.
You can find several exchanges to trade Ferrum, check it here https://coinmarketcap.com/currencies/ferrum-network/markets/
You can compare the trading fee and also withdrawal fees of each exchange.

3. If you feel that the fee of ETH withdrawal is high enough from an exchange to your local exchange, better to convert it to other coins or tokens that have a low fee. they are likely XLM or using USDT with TRC20 network if available.

20kevin20

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Depends on the exchange and depends on how long you're planning to hold (and obviously, on the amount). For sums such as $50-200, I would not mind leaving them for more time on the exchange. It's a loss I can afford. When you have these amounts, it just doesn't make much sense to withdraw even when networks aren't congested... just keep it there and withdraw when you have more money (or at least this is what I'd do) in the account.

Now imagine how much money I'm losing since I always withdraw and deposit again for every single transaction of mine! It is what it is - the privacy and freedom I get pays off very well!

inanilujimi

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You can choose USDT which even on exchanges like Bithumb Global you don't have to pay a fee when making withdraw with USDT (TRC20).
transaction gas costs on the ETH network are not always high, we just need to adjust the right time to make transactions.

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