Bitcoin Forum

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me. :)

Try converting to a liquid and not highly volatile altcoin that is high enough in value that you won't be penalized significantly % wise if you cross the spread,

and still low enough in satoshi terms that the withdrawal fees will be economical.

One example is TRX, its fast transactions also insure that the risk of market fluctuation will be minimal...

The question has already been answered by you, and besides the method you have mentioned, I don't think there is any more.

My question is whether there is still an exchange that imposes a fee of that size?, as far as I know the current WD fee is in the range of 0.0005BTC.

If you find exchange with that high fee better to avoid to trader there.

If you're looking for yobit in particular, I think LTC is the cheapest that you can do.

Exchange your BTC into LTC, then convert it back to BTC on a site like Changelly or Changenow(despite the fact that they're somewhat shady in their own right) which charges less withdrawal fee. That way you're able to circumvent the 0.0016 BTC withdrawal fee.

You could also potentially use XRP as a means, but that market has lower liquidity afaik.

Vispilio's solution can work if you're willing to hold altcoins(which I'm personally not ok with).

If you're fine with submitting AML/KYC information, you might want to try out Bitfinex, as they've already integrated Lightning. Hence now you can deposit and withdraw your bitcoin fast and cheap: https://www.bitfinex.com/posts/440

I think I don't look at all that by trying to beat the process because I see it as waste of time by converting to altcoin and recovering back again and most times, the difference is insignificant.
I'm just scared I might miss out something and my coins are gone ;D

Therefore, what I do is to compound my withdrawal amount. I manage or plan my withdrawal to when I should withdraw a reasonable amount.

Yeah or doge. The transaction time of cheap alts are considerably faster and a while lot cheaper. Though for withdrawals, i don't think a lot of wallets have trx or doge to dollar conversions. I use ripple for that. Withdrawing in btc of course is expensive and a lot of traders avoid using btc to usd for transfers and withdrawals.

Yup, this what I'm using and it cost like 0.5xrp for the withdrawal however I'm talking about Yobit hence not sure from the other exchange sites but pretty sure that work also the same way.

Before I'm using eth for withdrawal but xrp is a way more cheaper.

I check with alts which have very low withdrawal fees and buy them, send it to where I want and then sell them. I dont think there is a better way to get out of an exchange cheaper than this.

For being a long time in cryptocurrency most of the time when I earned all of my money to my hard work, I invest it half of it into the cryptocurrency because I see the potential of the coin that will give me a good profit for the next coming year. Still, now it does not show any kind signs of gain before the year ends. After I invest my money and making trading and gambling those earnings help me to buy my needs in real life, one of the major problems in having a cryptocurrency is converting it into another currency or convert into fiat. Still, before I got my desired money, it takes a transaction so that I need to pay a lot of money for the transaction fee. The thing I need to do is to trade again to another coin that has a low market value and transaction fee, so when I cash out this does not give me too many expenses to withdraw.

It's a good idea to just convert it into altcoin instead and then withdraw it. If you want a low withdrawal fee, you may convert it into XRP and then if you would want to convert it into fiat, you may use local exchange and if it's not available for them then you may select other altcoins then which is rare since mostly ETH and XRP are the most prefered alternatives for Bitcoin.

It is not just the problem in yobit exchange or for their signature campaign participants but it is like a shame some service providers are making use of withdrawal fee as another income source whereas they are getting plenty of commissions out of their actual business. I mean even network fees are too low (thanks to segwit), few service providers (in few categories like exchange and gambling, I noticed) still look for earning in the name of withdrawal fee. They are taking fee while trading or gambling still keeping withdraw fee higher than 0.001 BTC is really ridiculous.

Those service providers indirectly enforce people to adopt some other coins and preventing people to transact in BTC even bitcoin tx fees and time of first confirmation are much improved in preferable manner in recent times.

If I make a withdrawal from the exchange I never use Btc but altcoin is cheaper and faster in its transactions.
Because it will make it easier for you in the cost is not large and it can be exchanged back to btc but only a little difference.
But there are still many altcoins that are cheaper in transaction costs but I prefer TRX.

On Yobit withdrawal fee for bitcoin is  0.001, which is very high. I wait until I have sufficient no of bitcoin that can overcome this  0.001 bitcoin fee. Else I convert to LTC or xrp and withdraw as they have less withdrawal fee.

you can use other crypto such as XRP this one i use for low transaction fee the cos for me is only 0.045 $ . You can also other but for me xrp is better because ofbtransaction speed the only problem here is how you can convert into fiat if you want or into BTC.

Well, I usually avoid it by converting it into cheap coins with low withdrawal fees such as XRP, XLM, Waves.
although this method is actually not very profitable but it is good to reduce the fee of withdrawing btc which is getting higher/more expensive.  for example, I did this method on yobit to withdraw the payment of this signature campaign, convert from btc to xrp.

If you are going to convert Bitcoin to withdraw and reduce fee then use Ethereum.
It is listed on every exchange and  it is second coin in market cap.
Or just avoid using exchanges that have high fees.

One nice topic with exchanges fees:
https://bitcointalk.org/index.php?topic=5079048.0

Trying to move it to altcoin has cheaper withdrawal fees. Personally, I usually withdraw money via ETH, according to my calculations, it only takes 0.005 ETH per withdrawal. Also you can use Dogecoin and withdraw money with it. But the liquidity of this altcoin is not so much so I rarely use it

when making withdrawals I used to change to LTC, I'm not sure if it can reduce the cost of withdrawals, when changing to altcoin there will be an exchange fee and a price difference, maybe you can calculate for yourself whether it's comparable.

DOGE has been the kind of moving money so far. Sometimes I pay flat fee of 2 DOGE or smth similar which is just ridiculous xD Some options may be even cheaper and you simply have to do research on exchanges you use. BTC is usually one of the more expensive possibilities. Another reason is they are dead fast. 10min is enough to move between exchanges even if they require a few confirmations. For BTC that is likely 3-4 times that long i most cases.

This. I usually convert to either litecoin or doge, as they are both listed on most exchanges, and you can exchange both directly for fiat. Doge in particular has very low withdrawal fees (usually the equivalent of a fraction of a cent).

if the assets are sent in large amounts, transaction fees are not too much thought for some users. but I am sure there are many who avoid using btc and usdt in this matter. I usually use tron ​​and bnb because the process is very fast, the difference between selling and buying values ​​is not so significant at the same time, these two coins are also not favored for arbitrage for this reason.

Simple, there are a lot of coins that have little amount withdrawal for fee. Usually i use XRP, TRX, Waves, and usually LTC. Depends on how much their withdrawal fee on the exchange. But make sure price between exchanges is only have little spread. Because sometime when we sell that coin, it can decrease our money value more than bitcoin withdrawal fees.

I think there is no other solution except converting your BTC into altcoins then withdraw and reconvert again. I am using Yobit which have high BTC withdrawal fee so i often exchange BTC to LTC then withdraw to Binance and convert again.

Virtually all exchanges charge 0.01 xlm for withdrawal fee which is not even upto 50cents. To avoid outrageous withdrawal fees on any exchange, convert your $ to XLM for instance, then send the XLM then convert it back to btc if conversion sites like changelly.

If I don't want to pay high withdrawal fees, I will convert my bitcoin into an altcoin, and I can use trx, xlm, waves, or xrp, so I only pay small fees for withdrawing. But if you have a large amount of bitcoin, the fees will not be a problem because you still have a large bitcoin amount in another wallet. You can search for exchanges that have a low fee, so you don't have to a high fee for withdrawal.

I always exchange bitcoin to altcoin like ETH, XRP or USDT to lower the withdrawal fee, usually 1-2$ each withdraw time. But i only do this when withdrawal fee is above 10$ because when i exchange to altcoin, i have to pay for exchange fee.

That's what I was doing in the past when Bitcoin was too much hyped due to bull market the transaction fees are tremendously high. That's why I switched or sell my Bitcoin to a stable altcoins and convert it to Bitcoin then send to my BTC address. I don't know why the transaction fees are getting higher these days to most exchanges.

I also use XLM and XRP and also LTC sometimes, it's better to look on which alt have lower transaction fees and just convert it in an app you'll be using or sell in the alt that you really wanted after using that exchange it came from. It all matters in how we will minimize the fees. Compute which is much lesser even it may take some time and inconvenience.

You don't avoid them at this point. You try to move around it through conversion of Fiat to altcoin to BTC or vice versa. Some pairings have cheap fees which makes transacting them really worth the time, XRP being one of the most well known pairing to avoid withdrawal fees. Though at some point, you'd actually just forget the fees and transact as it is at times. I don't know if ETH could be called a good pairing, but XRP along with LTC should be a good choice if ever. Also, try and check exchanges that have lower fees than others, they may exist somewhere and if so, go choose them instead.

Yeah,no I'm not keen on doing AML/KYC especially in the big exchanges unfortunately(or fortunately?),I'm not keen on keeping altcoins either.

So far,the best method quoted is yours,it's smart to convert to LTC and then use a service like Changelly.

Well,considering you're wearing Yobit's signature,you should know that the WD fee in yobit is 0.0016BTC

My technique too when I am going to withdraw I will convert it first to XRP or ETH before sending it to my wallet. Another is, I don't really withdraw that much, as much as possible I want a one time withdraw from all my holdings not only with bitcoin but also on other altcoins I hold. Transaction fees with bitcoin is very high right now, So I guess it will be good if you will not use that as escape in the market especially when you earned a lot.

Withdrawal fees are sucks, most of withdrawal fees are really expensive and it is hard to avoid it.  I choose an exchange that have lower withdrawal fees for me to save more money. There are a lot of strategy that we can use in order to avoid high withdrawal fees, changing the pair also can help to do it. If you will convert your bitcoins in other altcoins like ETH or LTC then if you withdraw it; the fees will be lower

I do that. exchanging bitcoin to altcoin to avoid a large fee is one strategy that is still quite worth it today. seeing the fee from bitcoin which is quite large, makes me always looking for ways to do that. yeah, for me 0.001 BTC is already big enough, so I looked for other alternatives. however, I feel that most people do this, some of the altcoins that I refer to for transactions are LTC, Waves, ETH, and LTC.

I agree with you. I usually use LTC or BCH to withdraw money because these are coins that usually have very low fees and are suitable for new investors to join. In fact, when participating in this market, the withdrawal is not a problem that I worry because there are many good options for investors. In addition, you can also transfer money freely in the exchange without any fee.

Of course, it may be a very cheap fee but if thousands of investors withdraw money, it will generate huge profits for that exchange.

I think I did this in the past but not now.

I usually exchange my Bitcoins into altcoins so I can avoid paying huge transaction fees in exchanges. I used Ripple in that time, now I don't usually do that because of the fact that the price of altcoins now is so low. It is sustainable but it still depends on what are you wanting to do with that altcoin.

I rarely withdraw money from exchange because I spend all my free assets to invest in this market. But there are some emergencies, I will choose a way to withdraw money with a very low withdrawal fee, I convert BTC to Dogecoin or ETH and then withdraw from exchange. Usually I only take about 1 $ withdrawal fee and I think that is the best way for you to use

Take note though. When you're using exchanges, especially those sort of "instant" exchanges like Changelly, you're paying more fees simply by using their service. You might want to take that into account especially if you're exchanging a good amount.

I don't think that we need to pay those amounts to withdraw the bitcoin because the fee will be lower than 0.001 btc. I think in binance, bittrex, poloniex we don't have to pay that such amount, but in yobit, I see that the fee is more than 0.001 btc. But sometimes, I convert my profit in bitcoin to another coin, which allows me to send that amount with a lower fee. The coin is trx, waves, and ripple, and when I want to use that coin, I will check the price of that coin, whether at a low price or not, so I can get more amount of that coin if I send my profit with that coin.

I am not too concerned about the withdrawal fee, because I find it quite cheap and we do not need to convert to other altcoins to reduce the withdrawal fee. But if you withdraw a small amount of money, it is best to move bitcoin to XRP to be able to reduce a significant withdrawal fee. XRP withdrawal fee is very cheap and transaction speed is also very fast, you will not lose too much waiting time

There is usually no way of avoiding it, I mean you can use altcoins but in the end you will need to turn that into fiat and from altcoin to fiat is not really that possible anymore.

I really want to use ethereum for example but the place I work with have some sort of horrible policy where if the money comes from a erc20 wallet like mew or metamask then they don't put it on your tab and it took me weeks last time that happened which is why I can't use ethereum, I am looking into litecoin for example or nowadays wave but I can't really turn them into fiat that easily since volume is very very low in the exchange I use. Basically, market kinda forces you to use bitcoin after a while, it is still the most expensive way to do it but also easiest there is as well.

you already answered your question. normally, i convert my BTC to doge and then transfer it to exchange that has lower withdrawal fee. though the savings is not that much but sometimes if you have all the time to do that, you may want to save some few bucks. but you need to be careful with exchanges that have low withdrawal fees, check if the tx duration is fine for you. because the lower the tx fee, the longer it may come to your acct.

Avoid high withdrawal fees from Exchange I always choose other coins that give low fees, like Dogecoin. So when I want to withdraw my assets, I make it first to Dogecoin. I think that can be one way to avoid high fees. If the Exchange is not listing Doge then I choose LTC.

I simply use XRP. It is funny because a lot of people hate XRP because they say that it is a centralized cryptocurrency and there is no reason for XRP to belong to the cryptocurrency market. To be honest, it is a reliable cryptocurrency and it is insanely fast, In just a few moment, the transaction get confirmation and my transaction is complete. It is much faster compare to the time of transaction with bitcoin.

I actualy agree with man above , because use altcoins means is if we want to transwer in between exchanges. But to our wallet, maybe sometime they don't support coin that can help us to get cheaper withdrawal fee. That maybe happen for some people and they don't have other choice beside to use BTC to withdraw.

I am very comfortable with ethereum as a means of withdrawal while avoiding the high fees charged by some exchanges particular when withdrawing my earnings from yobit I trade my bitcoin to ethereum to avoid the high withdrawal charges so far so good I didn't have issue with that as most of the transactions was swift.

Switch into altcoin with low fees for withdraw process is the answer. Alternative method is use faucet to reduce fees, connect your exchanges wallet to receive faucet from micro wallet that follow faucet program. Last step is try to increase your profit to reduce fees, so far only that method I know. LTC and XRP become the most popular coin for withdraw, fees is small and the network not crowded like bitcoin or ethereum.

In my opinion bitcoinity.org has a great set of tables, all of which are exportable as csv or xls. Go to their section labeled data and you'll find tons of charts for various exchanges and currencies, as well as options for time scope and interval detail. aslo you could try coinmarketcap.com. just select the currency, go to historical data tab, set date range, copy table data, paste in excel.

I too convert mostly to xrp or to altcoins like doge to avoid higher withdrawal fee. Withdrawing Bitcoin is very expensive.
XRP is surely not a cryptocurrency but being centralized one it has a high lower transaction fee and higher speed. Something that decentralized bitcoin lacks.

Withdrawal is not a big issue if you are moving a huge amount but you're just moving a small amount, it certainly of big concern. To save some, I used to convert my BTC to XRP or ETH and you can see that it only cost for just $1...it really saves a lot. And besides, I'd never have issues regarding transaction delays cause if you just input the right addy, it surely arrived.

not only on bitcoin but also ethereum around 0.01 ETH or more, I often convert the BTC and ETH to DOGE or XLM because both have cheaper withdrawal fees from the exchange or can also use LTC, I worry in the future when prices go up in all markets will blackmail us with high withdrawal fees, should if the price of bitcoin and ETH rises higher, the withdrawal fee is better reduced

That's a good strategy, me too, I am withdrawing my fund most of the time in XRP as it has less fee and very fast to transact, compare if you will withdraw Bitcoin direct from exchange to your wallet, it has really a high difference. I haven't tried LTC yet, most of the time I am using XRP and ETH. Anyway, let's avoid as much as possible for our own good.

until now if I want to transfer my Bitcoin to another wallet (from one exchange to another exchange) then I will convert it to Stellar or XEM.  convert to Stellar is the one I recommend the most because usually, the cost is very very cheap.

I do trade bitcoin to altcoin with low fees to send them with minimum fees then trade back to Bitcoin in the targetted exchange. Why would I need auto-swap for that? Also auto-swap sometimes give lower rates than in exchanges so you would get even less Bitcoin at the end.

That is the only solution you have to avoid the high bitcoin withdrawal fees, most of the exchanges are having high withdrawal charges and there is nothing we can do about it other than looking for other alt coins which have a low withdrawal charge and most of the exchanges have some or the other coins that have small withdrawal fees, i am talking about big exchanges, not sure about small exchanges.

there is no way you can avoid the high withdrawal fee if you intend to keep your BTC into a cold storage but if you eventually will cash out try the XRP or TRX. you can finally see the use of TRX or XRP when it comes to that since they are the most liquid so far.  binance will only ask 0.0005 BTC, if they will allow us to withdraw and take bnb as fee, it would earn them more traders.

You mean exchanges to blackmail people? I haven't heard of that one before.

Binance for example works with a fixed withdrawal fee of 0.0005BTC regardless of how high the price is or how heavily the network congested is. I like that. It may suck a little bit today because the network fees are very low, but whenever we see the an explosion in use similar to what happened in 2017, I'm sure that you will thank Binance for not increasing its fees.

Coinbase on the other hand works with a dynamic fee that changes based on how congested the network is. Currently you enjoy very low withdrawal fees, but whenever the network gets heavily congested again, you will pay whatever the actual miner fee is to get your transaction included in the next block. Coinbase's withdrawal fees in 2017 were +0.002BTC for quite a while. People didn't like that.

Not all the exchanges got that high withdrawal fixed fee,so if you found that you are an exchange with high fee then you need to change the platform soon.

Using anonymous exchange is not really a solution to avoid the fee because of the prices are comparatively low with exchanges so you will lose small profits which could be same paying high withdrawal feel.

Use binance exchange which got low fee.

Withdrawal fees are one of the ways trading is not always a good investment. You lose money in trading fees, and in fees transferring to and from an exchange.

Withdraw once a month and not on every trade so you can at least lessen the cost. The fees are high and this is why you have to overcome the fees through your profit in trading and make sure that the fees are worth it because you gain already. Your plan is too hassle and requires a lot of wallet that might take a big cost if you made it so many time, if you are a small trader everyday then keep your capital on the exchange and withdraw big later on.

Exchanges have different types of fees. Some have flat fees some have fees directly tied to the blockchains attributes.
I've noticed the cheapest is usually ETH, DOGE or TRX. So I turn whatever coins I have into one of them.

Big money big risk, that won't help and creates new problems instead and the second paragraph, that is doable with the little amount of capital cause why would people start with a big capital when they eventually use just little by little.

XRP does have a low withdrawal fee and fast transaction, but I usually use XLM because I exchange it to regular exchanges that are automatically converted to bank accounts, so they only support BTC, ETH, DOGE, XLM and LTC, but maybe I will try even cheaper ones if available

I mean stop that, don't blackmail traders when prices go up at least the withdrawal fee has to go down and be reduced, there are some exchanges that still use high fees in 2017, when bitcoin prices go up and others go up so I choose altcoin which has lower fees for withdrawals If I'm not mistaken, Bittrex also asked for a high fee for withdrawing bitcoin at that time, so I used to choose DOGE to withdraw or XLM.

I know the feels when your trying to save up more and trying to get rid of big fees as much as you can to have that bigger profit specially on smaller trading scales.
When it comes to this particular situation,I do only consider on using ETH or TRX when it comes on avoiding high exchange fees.The last one i do saw which do
had that high exchange fee is on Hitbtc.I dont know if they already change it up.

If you want to send your bitcoin from one exchange to another exchange then use Dogecoin it's extremely cheap and available in many exchanges. But if you want to send them to your main wallet I'm afraid that you can avoid the fee, maybe wallet that supports many coins such a blockchain can help, they support coins such ethereum and XLM and have swap feature so you can use them in order to get a cheaper fee, however, you may charges when swapping those coins into bitcoin since it must include a network fee. In the end, you have to make research and think of some aspects like how often do you withdraw, etc.

I use that trick. Use altcoins with low withdrawal fee like Stellar (XLM), Ethereum, DOGE or something, send it to instant exchanger (I mostly use Changelly), done. I could say it's sustainable because the overall fee (exchange fee in Changelly, difference in exchange rate, etc) still smaller than direct BTC withdrawal from the exchange, usually 0.0005 or 0.001, which is outrageous. Bitcoin network fees don't go that high anymore.