Bitcoin Forum

Here is Kraken:

https://twitter.com/krakenfx/status/969341056008454144


And here is Binance:

https://twitter.com/binance_2017/status/969271254959222784


It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

Thanks to Segwit, the bitcoin transaction fee has finally dropped!

The lightning network has passed the field test, so we certainly hope to launch out of the chain extension solution earlier than originally anticipated, thus bringing a lower fee prospect for all.

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex (currently 0.0004BTC).

Lightning Network are still at its infancy, there is still a lot of testing and changes to be made, but it could be the solution for Bitcoin's scalability problem :)

On other note, Bitfinex also lowers its Withdrawal fees by 25%
All thanks to Batching, Segwit, and Mempool being empty
https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

What a time to be alive, eh ::)

You are right, running a large exchange isn't cheap but they earn a lot of money on commission. So what's the problem then? There are still many exchanges which force you to pay 0.001 BTC for withdrawal and even a deposit fee (HitBTC). They always introduce new fees quickly but they can't remove them as fast as they have implemented them. Do you happen to know which exchanges have the lowest withdrawal fee? I think I'm going to switch to another one.

From the ones I have tried Binance is the cheapest on withdrawls. Others like bitfinex are whale only clubs where you need to deposit 10k USD at least.
To me despite their issues recently Binance remains on top by far.

This is a great news, reducing of the fees are quite negotiable to all users who exchange bitcoin. This fees are pretty low than last year, even last month, at last atleast it drops because fees are taking much part from the money intended to withdraw, but do the transactions will still be the same in fluidity ? does it will be going to be slower as fees are dropping ?

Bitfinex have also responded and lowered their fees:

https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/


It's higher than the rest, but still, it's progress.

It all depends on the bitcoin value in the market. And my belief is that this is post effect of market drop since the December month. We experienced huge cash out load in these three months and miner fees were as high as 30 dollars and thus making it difficult for the exchangers to carry out the operation. After the great fall of bitcoin rates whole thing is upside down. The cash out load is really low and there are not many transaction that are going on. Thus making it very cheap for the miners as well as exchangers. Good thing for us anyways.

It really changes all the time so you need to have a look around and do a comparison from time to time. Some are using dynamic fees that change from day to day.


The 10k limit is for new accounts, they have many customers that are not whales but have had an account for some time. Now the that 'gold rush' of the end of last year is over they may well remove that restriction again.


It's not actually as it's dynamic. I'm logged in right now and it is 0.0004BTC. That announcement means they changed the formula to be 25% lower when they started using Segwit.

GDAX has a zero withdrawal fee (they even maintained zero fees when miner fees were going crazy in December). But I think the exchange is for Americans only.

It's about time, but I still think Kraken can do a bit better than that. I would really like to gather all my dust from exchanges, once they start charging the actual fees.
Exchanges should only make profit on trades, not on deposits or withdrawals, but that's just my opinion.

I'd probably have around 0.02 BTC if I could withdraw everything from Kraken, Hitbtc, Bittrex etc.

they will always have it higher than normal because they make profit on the difference even if it is little and also they don't have 1 input to pay you from. the transactions usually consist of multiple inputs which will increase the fee and depending on your withdrawal size it can be more.

i think the best way to set the withdrawal fees is a dynamic one though. for example when mempool is empty and you are withdrawal something they can pay with a small transaction size it should be a small fee and if you are withdrawing a big amoung like 50BTC and they have to use a lot of inputs you pay a higher fee or when the mempool is fuller.
that way they don't have to change it every time with a big delay like this!

ps. the site you have in your signature still charges outrageous withdrawal fees.

Finally the withdrawal fee decrease to 50% this is a good news for every trader in that exchange site thanks to bitcoin lightning and segwit we can now experiense a small fee again hoping it will last because the fee are based on bitcoin price.

That's great! I hope that HitBTC will also follow them. The withdrawal fee for HitBTC is 0.001btc. This is a great news for us traders because the fees are now lesser and the transaction is also becoming faster. Bitcoin is now starting to resolve its major problems.

At this point I think binance do very well, because I think if a high number of exchanges of personnel, is to be able to cut trading fees, so that we can attract more and more people traded on exchanges. I like binance.

exchange needs to earn too and they need it to manage their exchange sites. it is a good thing that they reduce their withdrawal fees. i hope other exchange will follow soon.

I don't understand why the server costs should be taken into account when withdrawing?

A business model is overall, and not aspect-wise. You can't charge people extra at bank of America for withdrawing funds from your own checking account through the teller because it costs them money to pay employees to do that and to update the servers and to pay the accountants?

I don't know why you have sympathy for exchanges lol. They make millions of dollars every year. They make that off of the commissions from trades and maybe some coin listings and what not...

I mean it's so profitable you see new exchanges popping up everywhere... I have no sympathy for their costs whatsoever. Sorry.

Yeah. Teddy already mentioned this a couple of posts down from your initial one.
But understandable of being excited about this happening.
Just hope the other exchanges will follow suit after the major ones have reduced theirs by half. :-[
As far as I can remember Cryptopia and hitbtc has always charged 0.001btc withdrawal fees ever since I have used them for the past year. :-\

I don't know if we owe this reduction to the overwhelming activities from the Segwit or that people jettisoned using Bitcoin for transactions. Whichever, this is some great news if you asked me as transaction fees almost brought Bitcoin activities to its news. However, I believe the exchanges can still bring the witdrawal charges down more to accommodate minor transactions.


As if the exchanges don't earn already with the reduced rate. Remember that the Binance exchange was almost running its exchange with zero interest with it started for some weeks.

Because it is part of the cost of providing the service. It is both logical and fair that those that use that service the most pay the most for it.


Banks charge for some services based on how often people use them. Some of these fees are hidden, like every time you use a debit card the retailer pays the fee not the customer, but it has the same effect in making what you buy more expensive. When the bank provides a service like cash withdrawal for free it isn't really free as that means they have to recoup the cost by charging higher fees elsewhere.
What the exchanges are doing is actually a far more transparent model where you can see what you are paying before deciding to use the service and fairer because customers pay for the services in proportion to how they use them.


It is not a question of me having sympathy it is a question of me understanding different business models and ways to pass on costs most fairly.

it is very good thing that they do this , so long create extortion world for bitcoin trader and too many ppl begin to be like dog who chase only its own tail of its own . This one they should have done it very long time in past butnow that they do , i support this one and will not complain it

The trading fees may be low (even very low) but they do gain on withdrawals.
Waves at a fixed fee of 0.001, it is interesting to see how much these transaction fees are charged on exchanges.

One of the reason is segwit getting activated widely and due to which the congestion in network getting fully reduced.Another reason is professional new exchanges entering the market to break the monopoly of some exchanges like poloniex,bittrex,kracken which almost had a lion's share of bitcoin exchange market.The bigger exchanges are facing a severe competition from newer exchanges which are ready to provide a good customer service unlike poloniex and bittrex which were well known for their poor customer service.

it is pretty simple to know.
next time you made a withdrawal from an exchange or any kind of similar service, use the transaction ID they give you to check the transaction fee. you can simply do it by searching it on an online block explorer.
it usually is near the same amount they charge you because the transactions have more than one input and also they usually pay a little higher fee than normal.

To be fair, I know at least two banks that were doing this.
One was a subsidiary of Erste bank the other was local.

If you had an account with them, with a debit card attached you had 0% fees for ATM withdraws. But if you went to the teller at one of their branches and asked for a manual withdraw they charged you 1 euro(if I remember correctly) plus 0.5% of the sum.

And a few years ago there was a whole scandal because they charged an extra euro if you wanted to pay bills (electric,gas,phone) in cash at the teller. To their defense I must add that they did provide an automatic method with 0 fees.


Monopoly of poloniex and bittrex, when did that happen?
I wound't touch or let my coins touch those exchanges even if the only other still around would be MtGox.

It is too soon but this could be the start of a new trend, the fees have been an issue for a very long time in bitcoin and it was about time something was done about it, we are finally seeing the first results of this and when the lightning network is finally put to work we may see the beginning of a new era where bitcoin can be used again as a currency to exchange for products and services.

The transaction charges have come down and we would see bitcoin being used as a currency once again and i expect majority of the retailers who stopped accepting bitcoin because of the high fees will start accepting it again,i was able to send a transaction with just $0.06 at 2.897 sat/B and the transaction was included in the blockchain within two minutes ,to be frank the exchanges are still charging more fees than the real charges and they need to give the option to the users at what fees they wanted to send the coins rather than a single fees for everyone.

To invest in a crypto currency is quite profitable, but in order to get this profit you need to first understand the essence.

If they will start doing this business back,then for sure we will see more rise to follow, this actions coming from the exchange can be a great start for most businesses who cater bitcoin to accept the real use of bitcoin, exchange can influence the value they can be the basis of those establish business
on how to charge the fee when its being use from the payment transactions.