Bitcoin Forum

It is really annoying to pay big amounts as transaction fee. Today myself encountered a pathetic situation. I was in need of money, and my wallet had $400 worth of TRX. I wasn't able to change it directly to fiat, and for this reason I deposited the entire TRX in an exchange and traded against bitcoin. Now on withdrawing it exchange took a transaction fee of 0.0009 btc and what is left is around $350 worth bitcoin.

If this is the scenario surely then we can't make a plan with what is available in the wallet.

Please post the exchanges with the low transaction fee and good trading volume. Maybe next time it'll help me.

I normally just convert my coins to another currency on an exchange as they'll try to steal whatever they can anyway (0.0005+ btc transaction fees are quite unreasonable). If you can't work out a good currency to covert to, I normally use litecoin for low fees and high acceptance/liquidity from other exchanges.

If you needed the money and just want to convert it to fiat, why not use an altcoin instead like XRP, DOGE or stablecoin which is far cheaper in withdrawal fees?
The exchange will always have high fees in withdrawing BTC, Binance has 0.0005BTC. It's still considerably high for me. But you wouldn't be paying $50 if using altcoins.

Exchanges indeed have exaggerated fees for withdrawing bitcoin.
I don't know how up-to-date it still is (please check the exchange's fees in exchange's pages before depositing), but here's a list of exchanges and withdrawal fees: https://bitcointalk.org/index.php?topic=5079048.0
I've read at some point that although the exchange rate is worse, you may easily end up making a better deal with OTC exchanges.

And also (as already said here) keep in mind that if your end goal is fiat, there are other coins with much lower withdrawal fees you can exchange for fiat, you have to just pay attention.

You can also use https://withdrawalfees.com/ to check withdrawal fees and minimum amount to build a perfect path from exchange your funds are to exchange you wish to use. Just be careful with KYC and exchanges reputation (better check google for fresh pages with issues). Also, dont trust everything that is on the Internet. When you find best option for you, go to exchange and re-chech fees.

Kraken has a comparably cheap withdrawal fee of 0.00015 BTC. Bitcoin.de lets you set your own fee, but it's a P2P market place that requires SEPA.



Unfortunately Stablecoins are no safe bet either. Withdrawing USDT from Binance via the Ethereum network will set you back ~25 USD,- as well.

Because:
1.The crypto exchanges are greedy and want more revenue. ;D
2.The crypto exchanges want you to keep trading on their platform and not withdrawing your coins. ;D
Perhaps the best option would be to withdraw only big amounts of cryptocurrencies from the crypto exchange,instead of withdrawing small amounts multiple times and also depositing small amounts.
Like other forum members said,some exchanges have lower fees than others,there's no perfect solution.
You will have to find the crypto trading platform that suits you the best.

Gas prices with the ERC-20 chain has remained at insanely high levels during the last one year or so and the developers have refused to intervene in a meaningful way. If you are using the chain despite all this, then you can't really complain. But I agree. Sometimes the user doesn't have the choice. Most of the bounty payments are being made in ERC-20 tokens. Established projects don't want to move from ERC-20 to some other cheaper chain, because they are not sure about the reliability and scalability of these competitors.

Because they have to make a living bro! Just joking, 50$ for such an small amount is completely unreasonable, my take is that they take by default a high fee on regards of the likely costs of transaction and they assume those will be very high. If not... great for them.

The other posters have given you a solution, but doing some shopping for lower tariffs or a more considerate exchange would be advisable for yourself and to send the right message to the exchanges.

Probably try to find suitable coins with reasonably lower gas fees to convert into before trying to trade it into fiat. I use XRP or Litecoin most of the time, they're pretty reasonable with fees from what I've experienced. I'd reckon there's no really exact exchange that has low fees, they're all pretty high depending on the coin you're using. Honestly, fees are quite expected from exchanges, just that it's close to unreasonable at times really. Guess you just have to plan out most of your transactions do you don't get hit like this next time.

Thought you were trying to exchange to fiat that's why you deposited to an exchange in the first place, why withdrawing from the exchange again don't the exchange have an option to trade to your local fiats? Lets assume you don't want to go with the suggestion of the above users of withdrawing through altcoins due to fear of market volatility then make use P2P service on the forum. We have those that'll be willing to accept your altcoins for Bitcoin with little charges. As usual always verify you're traded with a genuine trader.

For your question, exchange fees that's the reason although it doesn't justify the high fees this exchange are charging. Some exchange just doesn't care because there's no governing body to question them. Just stop using those exchange and move to a more convenient one with lesser fees.

Since OP didn't explain how he was going to convert crypto to fiat, it's hard to say whether converting his TRX to a coin with a lower withdrawal fee would have helped him, but I certainly see your point.  We'd kind of have to know which exchange he was using to withdraw fiat and whether a LTC-->fiat conversion is possible on it.

But yeah, 0.0009BTC is a pretty high fee, and personally I think it's excessive.  Obviously whatever exchange that was is making a profit from that, because it doesn't take that much to send bitcoin right now with a reasonably high network fee.  OP might have tried exchanging that TRX on the altcoin marketplace section.  I don't know how many trades happen there, but I'm pretty sure that he would have saved money had he found someone to trade with.

Short of major updates there's little to intervene. Decentralized scalability is hard. When people in 2017 were praising Ethereum for its low transaction fees they mistook the lack of usage for better scalability. "Cheaper" chains are only cheap as long as no one is using them. Unless of course they are heavily centralized like XRP or BSC.

Then of course there's the question of compatibility. Not all exchanges may support all the blockchains that your stablecoin of choice is running on. So while you could withdraw the stablecoins to your wallet, you may still end up back on the exchange you started from.

What exchange was that? if you want to convert that into bitcoin, there are a lot of choices that have a lesser fee than that was set to you. I think it's a combination for the network fee which is basically low and the remaining amount of the fee goes to the exchange and that's how they make a lot of money from us. Use instant swaps and compare their fees, they're better and directly will send to you the converted crypto that you chose.

I would assume that his local exchange/custodial wallet only supports BTC to their country's fiat currency conversion. That was also the same case with us a few years ago until other cryptocurrencies with cheaper tx fees such as XRP were added.

The exchangers really have high fees most especially if you're going to withdraw BTC. I suggest you look up altcoins to convert it first before going in fiat. Personally, I use XRP because it has a relatively low gas fee compared to other coins. You can also check from time to time when is the best time to withdraw that has a lesser gas fee. Usually, it's around midnight during the weekends. Although it still varies. Hope this helps. You can check few articles about it too to make yourself more educated. Transaction fees are a pain in the ass, I feel you. Instead of having a bigger amount, the amount you can withdraw will be lesser because of gas fees. Because of course, the platform needs to profit as well. I just find it too much sometimes.

I'm not sure on the security standards, and you need tor, but there's also bisq which mightve been a better option for op.

I've used it before for the same thing and I think I remember the system acting like a wallet so you can withdraw funds and set your own fee - I think the limit on altcoins was high as I converted over 20 ltc to ~0.1btc (but this is just how I've remembered it and don't really want to go back to installing tor).

It basically determines an oligopoly of crypto exchanges and accordingly there is no real competition, which explains the high fees. However,  there is more and more progress in the development of atomic swaps, i.e. transactions directly from one blockchain to another. This is the future of crypto trading anyway in my opinion. Moreover, it will be much cheaper because instead of three transactions (deposit, exchange, withdrawal) there will only be one and also more secure, as the intermediary (crypto exchange) will be eliminated.

Maybe my question is, in where you change your bitcoin to fiat and it is an exchange or p2p. Because if p2p and only accept btc, maybe you don't have any choice. But if there are some coins allowed, pick on USDT can be alternative. Because some chain only cost $1 of USDT to withdraw from exchanges. For example, my local exchanges allow some coins, when i withdraw from binance i use USDT on BSC or TRX network with only $1 fee.

This is the reason why I try to seek for p2p options when I want to convert my coins into quick cash. Some exchange platforms already have this, and they are IMO quite reasonable as opposed to the fees imposed by the platform itself. Also with it, the ones who will send the funds to my bank account would be a singular entity, and not a huge organization or a company which will surely follow with some questioning on the bank’s side as to the nature of the transferred amount.

Binance has a good P2P platform embedded within the exchange, though there will be times wherein the exchange rate is against you, but when compared to the fees imposed by binance, it is more economical and faster, too.

Yeah, I normally use LTC as well, but before all the dogecoin craze I would always use Doge to move coins from an exchange. In terms of speed and cost of transactions fees, Dogecoin was awesome. Now, I simply use LTC as it is fast and less costly. Remember that Exchanges are businesses that run for profit so they will always get their share. If there are none or close to no trading fees, then exchanges will surely have an expensive withdraw\deposit fee, that is simply how they work.

The bitcoin fee on the exchange does feel very high . because the average exchange uses a fixed fee. and the high bitcoin price affects the total fixed fee as well. and I think this applied on many exchanges . except in your own wallet. maybe the best way to avoid this thing happen again to find out how to withdraw altcoin to your currency. because altcoins have much lower fees. such as LTC its less than $1

I agree that this is a great tip for lowering fees. They mostly do it because they can profit from it. Imagine paying them for the security of your money as well as the use of their website. They will also implement a minimum withdrawal to ensure that they receive enough fees. Converting your coin into an altcoin is the best option for lowering fees and speed, as bitcoin currently has extremely high fees and traffic.

The withdrawal fee of almost all crypto exchanges is the same. So you will not get the solution from crypto exchange. Instead, you need to find a coin that can be easily converted into fiat money. When I need money, I convert my crypto to Litecoin because its withdrawal fee is the lowest. Then i convert Litecoin to fiat money.

If you check this link (https://withdrawalfees.com/coins/bitcoin), I think he used HitBTC, a centralized exchange that always freeze customers coins even for no good reason. I was using the exchange before, it was my first exchange because verification is not needed until I realized the withdrawal fee was too much. Even withdrawing altcoin on the exchange will require high fee but no like bitcoin which is higher.

Litecoin withdrawal fee can be low. But exchange fees are not the same although the withdrawal fee is higher than on-chain transaction fee paid to miners.

Press on the coin to check its withdrawal fee on the listed exchanges

Withdrawal fee on cryptocurrency exchanges (https://withdrawalfees.com/)

Just convert it on other altcoins which does have less or low withdrawal fee then your problem get solved.Some exchange do really charged up much higher or simply set out fixed rates rather than on dynamic ones.

Some does have dynamic which means it will always vary on the pool or network condition.If you do find out that fees arent justfiable then you could always leave and choose for another one but if this exchange is

been long time you've been using then you could always make up some switch up with other coins to ease up the amount of fee that been charged.

The link above is a very good one to save for comparison purposes of withdrawal fees among exchanges. I can see that hitbtc has really 90k sats fee which for me is really high. If the OP doesn't want to pay those fees in btc, there are p2p trading in kucoin and binance. Right now, kucoin has no compulsory KYC but of course if you will avail the p2p you need to comply with the KYC requirements. But if you will not avail their p2p and just trade, their btc withdrawal fee is lower than 90k. But you will already save fees if you will directly use the p2p trade. Up to the OP if he is fine with submitting KYC.

I believe a mempool have something to do with it especially when it's congested, exchanges tend to increase the transaction fee when using Bitcoin. That's why it's necessary to convert your Bitcoin to another altcoin that has small transaction fee to save more than spending more only for withdrawing Bitcoin.

I have done it so many times if I don't like the current fees on some exchanges that I used then I automatically convert it to another altcoin and it did save me a lot than using Bitcoin.

I have used three exchanges before, two have static fee while you can adjust the fee on the third one. But what I noticed about the three exchanges is that the withdrawal fee is not adjusted as the mempool is getting congested or decongested.

It depends on the amount you want to transfer. If you have $50000 or higher worth of bitcoin, you will never think of converting it to altcoins because the trading fee (conversion fee) would have taken more than the bitcoin withdrawal fee on the exchanges, the trading fee is in certain percentage of the amount you want to trade not an actual amount, so the higher the amount you want to trade, the higher the trading fee in amount.

Because of the high withdrawal fees that finally make me trade more often on local exchanges that provide fiat, maybe the liquidity is not as high as other exchanges but if trading profits have to be cut by high withdrawal fees I don't think it's a pleasant one. Exchange uses withdrawal fees as one of its sources of income apart from trading fees.

My guess you uses HitBTC because only that exchange uses 0.0009 BTC as a withdrawal fee, the rest is lower but some are even higher than that number
source : https://withdrawalfees.com/coins/bitcoin

They're all the same, just look for the one that has a lower fees, they need the fees so you can't blame them since they're a company, profit before the people first for them, you can't do too much about it because it's not a permanent thing, it's not like they're planning to stay that way, they know how it feels to pay absurd fees too.

Unfortunately, so far personally, to withdraw crypto to fiat is still in good condition, unless we are on an exchange where the exchange is often referred to as a fake exchange. They allowed us to withdraw, but at a greater cost than I pulled.

I'll give you an example of one of the cursed exchanges I've used because I got coins from Airdrop and it took me half a year to meet the minimum withdrawal:

Note (I'm using a phone so the image display is the phone version  Sorry, the image display will be very annoying).

Exchange: https://bitcastle.io/

https://i.ibb.co/sjfk5N1/Screenshot-2021-10-06-16-59-50-48.jpg

https://i.ibb.co/BBn3dCy/Screenshot-2021-10-06-17-00-27-43.jpg

https://i.ibb.co/b6j27rZ/Screenshot-2021-10-06-17-01-29-40.jpg

https://i.ibb.co/ZW31S6r/Screenshot-2021-10-06-17-00-56-70.jpg

In essence, as traders, we must really choose and sort out the right exchange and not burden the user when making withdrawals.

Outside of the obvious reason of because they can, there is also the simple reason that they can with the high prices get your transaction into the next block or 2 regardless of what the block chain does. Even over this last weekend for long stretches of time BTC fees of 1sat/b would have gotten you into the next block. And there were a few stretches of fewer blocks and more tx where it went to 15 to 20 sat/b for a while.

This way, they know you are in the next block, and they make a nice profit.

Not saying it's a good thing, but it is the way it is.
Years ago, you used to see threads about how long some exchanges took to send out payments, but they didn't take long, they had low fees and sent them at low fees and people had to wait. This caused people to start screaming SCAM or BAD SERVICE or whatever.

Now, you pay you fee and off it goes.

*All the above is in the general view, there are still exchanges that charge insane fees and send with low fees but if you look at a lot of block explorers you will see that when you can to transactions at 1sat/b there are exchanges paying 50x that.

-Dave

I am glad that the gambling industry is changing when it comes to withdrawal fees.
But, why is it that exchanges could not do the same?
I had the same problem for years but I never tried to talk about it.
I don't know why, I just swallowed the truth and just thought of it as where their profits will come from.
Most old-school investors want to keep Bitcoin but will regret the fees when they go out using its chain so you use other chains for lower fees but it's not Bitcoin, which is a big problem.

Exchanges are actually the "weakpoint" for Crypto currencies, because it strips off all anonymity that you might have had and it is also very expensive to use. The moment when your tokens hits an exchange and it touches anything to do with Fiat currencies, you are getting screwed.

Some exchanges have deposit and withdrawal fees and also trading fees... so everything you do are charged, just like money in a Bank. I pay more or less 1% trading fees on all my transactions.... so you paid almost 12% in trading and other fees... to get it deposited in your Bank. (They also charge you a standard Bank transfer fee for money that are being withdrawn from their system)  ::)

That "income" is actually just "making sure" and it is used in a different manner and not as profit and not even seen as profit. I have worked in an exchange before, and basically if it costs them 1 dollar to send but they charge 2 dollars for it, they keep that 1 dollar separate in a separate cold wallet, that way if one day anything unexpected happens with the fee situation, and it costs 3 dollars, they will not have to increase and still end up charging 2 dollars and spend that difference from the earlier profit.

This way if the fee is high they keep it same, if it is low they keep it same. People who pay too much end up paying for people who pay less, and exchange doesn't get anything. Or at least that is how it was in the exchange I saw.

I just remember paying ridiculous high fees for just converting my crypto to fiat not just once, but multiple times as I had no choice. I was converting my BTC and ETH to fiat back then. Transferring it to my centralized wallet back then cost me more than $20 (sometimes up to $30) and then another additional fee for converting them to fiat.

Until I’ve lately realized that XRP was the cheapest option when it comes to transfer and conversion fees that is currently supported by the wallet. I mainly use Binance, and also other ones like Bityard, etc.

Can you please tell us, what exchange are you talking about? I just use FTX exchange days ago and withdraws amounting to only 0.00068 btc and deducted me 0 fees on my withdrawal. Sounds pretty good right? You should ask here first before trying to withdraw if you don't want to pay that huge fees; so that we can suggest other exchanges like I mentioned above.   

The problem with exchanges is that they are keeping billions of dollars worth of money in their own accounts, you are shown that you have some money there, but the reality is that as long as you do not withdraw that money is theirs to use and you are just given some digital proof that you have money in their accounts. Withdrawing becoming more expensive is because they want you to keep your money with them as long as possible, they are a great business model as long as they keep those billions of dollars in their accounts instead of letting you withdraw it.

Eventually exchanges will be like banks, most of them are like that already I am sure, where if everyone withdraws all their money all at the same time, economy crashes and they bankrupt because I believe not all of them have the crypto and fiat they claim they have and they have less. So, if we all withdraw all at the same time, they will not be able to pay us all and that will show how weak they are in reality.

I am sure many of us have that experience paying a high fee for the transaction. But we can not do anything except following what the exchange wants. Fortunately, we have many coins at the exchange and we can select which coin has a low fee of the transaction so we can reduce the fee itself.

When we want to select one coin for the withdrawal, we should agree with the fee, whether high or low. We do not have bitcoin to withdraw if we feel that we have a high fee in the transaction instead, we search for the other coins.

So far, I use Binance to trade and I am good with their fee because I can select my own coin to withdraw. I think you should have the other alternative coin for withdrawing.

Paxful is one the the cheapest I've ever come across and worth recommendable with over 12, 000 trusted offers and vendors and having over 6 millions subscribers and all their Cryptocurrency conversion rate is 0.5%

Bank Transfer   0.5%   no fee
Credit/Debit Card   1%   no fee
Digital Currency   1%   no fee
Online Wallet   1%   no fee
Cash   1%   no fee
Goods & Services   1%   no fee
Gift Card  5% iTunes and Google Play cards
3% for all other gift card types no fee

External Wallet   $0 - $9.99 = 0.00008 BTC fee
$10 - $19.99 = 0.00016 BTC fee
$20+ = 0.0004 BTC fee   no fee

Internal Wallet   
Up to 1,000 USD per month for free (between all cryptocurrencies)
After 1,000 USD is reached, a fee of 1 USD or 1% of the amount being sent, whichever is greater, is applied no fee

More information and details regarding these were made available on  Paxful  (https://paxful.com/support/en-us/articles/360013609793-Paxful-Fees)

I think it is preferred if you convert your BTCs into another altcoin to lower the transaction fees. Remember that most miners get their compensation through processing the transaction that is why prices are relatively high. In addition, with the increasing price of BTC in the market, it is obvious that transaction fees would also increase.

Again, like what most have mentioned, better convert it into an another altcoin to at least lower the cost on your end.

Exchanges are business entities so they simply do not want to incur losses while honoring the withdrawal requests from the customers. It is no doubt that transaction fees are indeed high for many currencies including bitcoin while ETH tops the list of the most expensive cryptocurrencies. No no doubt that the exchanges will have to deduct it from the customers.

It's high time for the centralized exchanges to adopt LN and Vitalik should fast track the migration to pos. If such high fees continues, cryptos will never emerge as an alternative to the mainstream finances.

Maybe you should try making use of peer to peer exchanges whenever you are trying to exchange your money. Centralized exchanges are always going to charge high fees whenever you are trading. you can as well try binance.com or Kraken.

Moreover you didn’t mention the exchange that you were using that charged you a high fee. If you mentioned it,it would have been easy to know which exchange and also know how much fees they are charging you and then recommend the one that charges less to you, but I think Binance.com is a good option to go for, just check it out. Or you can just go for peer to peer exchanges, I think those ones will be better.

This fee is too much for an exchange to charge just because you are sending out your coin. You did not mentioned the exchange but I think Binance is still preferable than others that does not mind charging an exorbitant fee for only a small withdrawal. Try using other exchange that can satisfy your aim.

They do it because they can and they can get away with it, decentralized exchanges have gotten more popular but they are nowhere near the popularity of centralized exchanges so they know they basically have a monopoly and they can do whatever they want.

Also exchanges want you to keep using their platform so charging huge fees is a way to discourage people like you from just deposing your coins and then withdrawing them a few hours or days later.

Depends on the exchange, haven't made a withdrawal for quite a while, however, I haven't seen any extravagant fees on Binance at least. I've faced it on Bitstamp though, it's basically the main reason I abandoned the exchange. It was pretty ridiculous, withdrawing in stablecoin, such as Paxos or USDC would cost 20 coins, or basically at least $20, same goes for Bitcoin and Ethereum.

I'm not sure if it's just me, but these fees look way too much for a simple withdrawal. Bitstamp also had excessive trading fees, compared to other exchanges.

Since you trade against Bitcoin, you will really end up paying an amount like that. You should try the alternatives, using other coins with cheap fees.

First, check the exchange you are using when converting to fiat, if stable coins are available there then trade against those. TRX also has a cheap fee to consider, you can end up trading those at Binance, for example, and check if TRX is available at their Funding (P2P) feature. If not, trade it against USDT then perform the P2P.

Disregard withdrawing on Bitcoin for now. As long as the BTC price is increasing, you will really end up paying high fees when converting it to USD value.

P.S As far as my Binance experience is concerned, the highest so far that I experienced is around $20 BTC withdrawal fee. Not sure about other trading platforms.

I think if you need money and just want to convert it to fiat, why not use altcoins instead USDT, DAI, BUSD, USD. It is not recommended to use BTC because it is very expensive 0.005 BTC (very high fee compared to the current BTC price) per withdrawal. I think the BTC price reaches 100k$ or 200k$ they still don't reduce the Withdrawal fee is 0.0005BTC it will get higher and higher with the increase in BTC price. They do not want to reduce here is the participation of exchanges and want more revenue. We should all learn how to find the cryptocurrency trading platform that works best for us and how to properly withdraw fiat money to avoid unnecessary fees.

I usually do exchange my asset for another thing or use the cheap networks. For example, upon withdrawing BTC I have to pay too much fee but I exchange to USDT and if I use the erc20 version of usdt again I will have to pay too much so I'll try using trc20 blockchain or finance smart chain to reduce the fees. However, taking too many fees make sense for the exchanges because recently the network fees are changing too much and I remember a few weeks ago I had to pay more than 20 dollars for a transaction. On the other hand, If they put high fees the users will try to avoid withdrawing the money and they will have some income from each user whenever he withdraws his money. So, this makes sense to take a high amount of fees.

Especially when it comes to withdrawing tokens on Bitcoin and Etherium platforms, you have to face much higher transaction fees. The lowest rebellion in Bitcoin Withdrawal fees range from 300 to $ 400. It is very difficult to transact tokens with such a high withdrawal fee. Traders with small amounts who are getting this problem are getting annoyed with trading.

Luckily some of the institutions here that can convert crypto to fiat has XRP in their trading options. Super fast transaction with this guy XRP and low fees of less than a $ worth of withdrawal as well as trading fees. The problem is the conversion where 4-5% less than the market itself but still low compare to what other financial institutions are offering.

I haven't use many exchanges, so my feedback is limited to only a few. However, finding alternative currencies in order to move/withdraw funds is one way to save money. I used Stellar Lumens, as it was the most (or one of the most) efficient and profitable ways to move my funds (Approximately 2-3k dollars worth of Bitcoin), from Bitstamp to Binance.

I only paid a mere amount of XLM, compared to a few mBTC that was required to withdraw as Bitcoin. Despite the high trading fees, it was still worth it.

This is same on every cryptocurrency exchange so if you want to minimize the withdrawal fee then you need to trade the cryptos with minimum withdrawal fee then convert into fiat. You can trade any altcoins for fiat on p2p exchanges which can save and withdrawal fee.

Having to pay high fees for a transaction fee depends on a few things, which I think you will have to start considering from now on. First of all, the exchange you’re using ,it is possible that they may be charging a high fee for the transaction. So I will advise you to check out other exchanges and compare their fees with your exchange and know whether it is high or low. If it’s high, then you will have to switch to another exchange to avoid having to pay high fees for transaction. Next thing is that at that time you’re doing that transaction, it might be that the Bitcoin network is congested and that’s why the fees are high.