In light of the recent surge in the price of BTC, some folks might have gone unaware of the fees practiced by some exchanges and trading platforms. @acydio pointed it out well enough in a recent post, highlighting the need for decentralized exchanges.
To be more specific and to give you one personal example, yesterday I withdraw about 7 SBD to bittrex. I wanted to exchanged it for bitcoin and later withdraw it from my wallet.
On bittrex, I got about 0.00518 BTC for it, which was worth, at that time, ~$84. I knew that the withdrawing fees at bittrex for BTC are 0.001 BTC, but I somehow failed to make the connection that 0.001 BTC was yesterday worth ~$17. And I withdrew, just to later realized that I paid that humongous processing fee.
Other exchanges practice similar fees for BTC.
I looked for potential methods to avoid this type of situation in the future. One of them would be to keep trading on bittrex and only withdraw when you have a large amount of BTC. Say, it might be reasonable to pay $16 fee if you withdraw $2000 worth of crypto money. This is, however, not a true workaround.
A better option is not to withdraw your crypto as BTC, but:
- Change it to (trade it for) ETH
- Withdraw to other wallets as ETH
And here's the current deal, bittrex's fee for withdrawing ETH is 0.002 ETH, which is currently $0.96. So, that's much more reasonable compared to the $16 fee for BTC. Similarly, you could trade BTC for LTC and withdraw as LTC, but I find that ETH fees are some of the lowest.
Bittrex and other exchanges maintain that their intention is not to profit from withdraws, and that each coin has a network transfer fee built into it, and that's why they charge a small amount to cover that fee. Whether or not that's trues, it's better if you avoid withdrawing BTC
If you know of similar tips, I'd be more than glad if you share them so that others can avoid these frustrating fees.
To stay in touch with me, follow @cristi
Cristi Vlad Self-Experimenter and Author
post a good, I really liked it, permission resteem MAS @cristi
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thank you!
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Yes, at - the same, I am very happy to follow you, as you a lot of removing the idea - creative ideas own, I wait posts you then MAS @cristi.
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followed back.
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Yes, I always follow you and read the post your article new, greetings know ,,,,, may we could be friends steemit familiar, I love can follow you MAS @cristi, as with the posting of articles you share very makes me so much knowledge.
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I follow you @cristi thanks for share...
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thanks @cristi has shared information about bitcoin that is popular today, I am also a trader BTC, best regards
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your post is very make me so more experience, indeed you can in the work of producing a good ife, which makes me so much knowledge, I like to follow you @cristi, I wait your next post ,,, regards know @nanda05
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jolly good shout @cristi ! excellent workaround. I didn't realise that it was a fixed price fee. makes sense to withdraw to anything with a less fee. litecoin is a winner at the moment :)
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yes!
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Awesome! Thank you for saving me some money!
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Litecoin (LTC) is also a less expensive way to transact on Bittrex :)
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Definitely, I specified that too!
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Thanks bro, never though the withdrawal fee on bittrex was worth 17 USD. Keep posting!!
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I like this option
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good post @cristi. keep sharing.
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Nice your post @cristi about BTC, good Job Bro...
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Thanks bro @cristi for sharing, regard from me
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a very nice post salam from @mizi23 and hopefully happy always
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You are a god sent. Thanks for the information.
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good post man! Ltc and Eth are good options I wonder if any of the 300 alt coins have a lower withdraw fee
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