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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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

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.

Furryball

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I always try my best to avoid Ethereum transactions this days but since I have some good tokens in my wallet I have no choice but to send them to exchanges to trade off but what I will never do is withdraw with Ethereum again? Shocked

, even on binance exchange the withdrawal fee is 5$, a real pain in the ass

Bitstar_coin

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Small token traders will be at the receiving end of this whole high gas fees issues, imagine when you have several small amount tokens in your wallet that are worth $10 or so and you have to spend gas to transfer them to exchange, it is better to just let those small tokens seat in your wallet for as long as the gas price is high, at the end of the day, it is no0t worth the trouble.

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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 can convert your profit into the other altcoins to avoid the high fee you will get in withdrawing the profit. The gas fees are still at a high fee, which can reduce your profit amount, so you need to think the other way to withdraw the funds. TRX can be a solution to reduce the fees or you can check on Dogecoin fees.

X-ray

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Bilaxy has so many options to be used as alternative coin to avoid the high fees. some members are also mentioning the best answer like use the TRON chain or any other chain that has very good liquidity and being accepted by almost all of exchange sites. OP i guess litecoin is not the best coin to be used to avoid the fees, it's still too high compared with another chain.

jrrsparkles

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When you are talking about a shit token then these things will always happen because you can't find that coin listed on exchange where trading and withdrawal fees are less, so you will be forced to withdraw for loss since there is no option.When you want to become a trader don't go for unfamiliar coins and pairs just go for coins which is available on most of the exchange so you won't be losing your profits.

plr

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Quote from: PerfectCircle on January 21, 2021, 03:54:24 AM

1. You don't have to make that transaction instantly because eth gas fee varies, in hours it can go lower than before, use ethgas.watch to keep watching the gas price

2. Must you withdraw with Ethereum again? Whenever I find myself in this situation I trade my tokens for coins that have cheap fees like LTC, TRON, DOGE, XRP

Good points but these that not apply all the time, there are instances that you have to send your token right away because the price is fast-moving down, and on an exchange, you just want to trade with Ethereum because it's your choice of token to hodl or to trade with fiat, so what can you do you are losing because of the fees, I missed the times that I can send tokens for only 10 or 20 cents.

Kupid002

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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's the reason why the price of ethereum surge because of fees need to pay for every transaction where small holders will be in pain since they need to pay fees for sending and you need to also use fees for widrawing it . it will much pain if you are using Dex exchange where they are asking 0.01 to 0.03 ETHper convertion.

bitkanu

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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 must try to see whether the USDT withdraw service on TRC20 already available or not on bilaxy.

You must see this and the only best option for you to trade it into USDT TRC20 and withdraw it https://twitter.com/Bilaxy_exchange/status/1347857773216743424

That needs only 0.2 cents for a transaction as the fees.

Anonylz

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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%.

Why don't you use usdt trc20 to withdraw it except of course you want it eth, that's why trading small amount of token is not profitable at this time because you will end up spending more than necessary on gas fees only, i already adapt to using trc20 ever since the gas fees skyrocket, only when it is required i will withdraw with eth.

Saisher

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Quote from: btc_angela on January 21, 2021, 04:22:51 AM

Exactly, with the rising fees, really hard to profit for us average Joe, probably the minimum that we need to take out is like $100-$200 just to enjoy some profits on the side. I myself have some tokens to swap, however, when I look at the fee, it's not worth it. I'm just getting around $200, but the fee, well, it's x3.5, Lol. So I decided not to proceed because not worth and I will be -$500.

Tokens worth $200 - $700 fee= -$500. Sad

This is not right only whales can trade if this continue, average investors and bounty hunters cannot keep up with the transaction fee, the issues are there are so many altcoins on Ethereum platform and trading their shares coming from bounty will make them lose everything, this is a big dilemma indeed I have similar experience with Emirex token where after trading I only have a 30% left of the token value I traded 70% goes to the fee.

meanwords

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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'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.

Apostlekin$$$

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Even before Ethereum gas fee increase there are few crazy exchanges that will task you for high withdrawal fee, next time before making deposit on any exchange first check out their withdrawal fee amount, to me binance is still fair enough and also this is the time to be more friendly with coins like DOGE and TRON

btc_angela

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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%.

Exactly, with the rising fees, really hard to profit for us average Joe, probably the minimum that we need to take out is like $100-$200 just to enjoy some profits on the side. I myself have some tokens to swap, however, when I look at the fee, it's not worth it. I'm just getting around $200, but the fee, well, it's x3.5, Lol. So I decided not to proceed because not worth and I will be -$500.

Tokens worth $200 - $700 fee= -$500. Sad

pilosopotasyo

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If bilaxy exchange is asking for 4$ to withdraw LTC they are thieves, make sure you don't use such exchange again, for even 1$ per LTC withdrawal I will still raise an eyebrow, if you still have any other tokens on bilaxy look into their TRON withdrawal fee first, I believe it should still be under cents

They have one the highest withdrawal fee I'm looking for other exchange where I can trade my FRM, there's no Eth Tron pair, I have explored every possible options to trade but I always end up paying $4 to $12 fee with the other pairs I can wait to send my coin when gas fee is lower but withdrawing it from Bilaxy is a different story, either way you are still going to lose.

bakasabo

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That is current situation with Ethereum network. Get used to it. Try to catch the moment when transaction fees are lower. Check fees at https://etherscan.io/gastracker. Btw, get ready that your transaction can be dropped, if all the gas is burned (in case you set low gwei manually) and you will have to make another transaction.

But if I were you, I would have traded FRM on hoo.com as they charge lower fees (0.001 LTC for example)

PerfectCircle

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1. You don't have to make that transaction instantly because eth gas fee varies, in hours it can go lower than before, use ethgas.watch to keep watching the gas price

2. Must you withdraw with Ethereum again? Whenever I find myself in this situation I trade my tokens for coins that have cheap fees like LTC, TRON, DOGE, XRP

pilosopotasyo

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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%.

Topic: You can lose transfering and withdrawing (Read 643 times)