Bitcoin Forum

Recently I transferred from USDT from my Independent Reserve account to Kucoin.  Unfortunately I was stuck using the Eth2.0 network and that cost me USD 20 for that transaction.  Pretty steep. 

If I use a credit card and transfer fiat to Kucoin it's $30 in every thousand.. Ridiculous.

I've only just figures out that the cost of transferring cryptocurrencies depends on which crytptocurrency I transfer.  Is that correct?

So I would have been better buying say Dogecoin in Independent Reserve then transferring that to Kucoin so I didn't have to pay that ridiculous fee.

Is my logic correct here?  What is the cheapest way to transfer cryptocurrencies between exchanges.. Is one coin cheaper to send than all the rest?

Thanks

Convert all assets to one coin like Litecoin which costs $1 to send from one exchange to other and then convert it back to Stablecoin or other coin.

The worst way of transferring USDT is by using ERC20 token. Since the Ethereum transaction fees are so high. Most exchanges decided to charge very high withdrawal fees for Ethereum and all the ERC20 tokens.
The most popular cheapest way of transferring or withdrawing USDT from most exchanges is by USDT TRC20, but I doubt your exchange allows withdrawals through the Tron network. But Kucoin does support it.

If independentreserve.com is the exchange you are referring to, check out their fees schedule to know more about the cheapest withdrawal fees using different assets https://www.independentreserve.com/help/fees

XLM seems to be the cheapest asset to withdraw at roughly $0.002
The others are DOGE, EOS, LTC, ETC

Correct.

That's correct. Transaction fees vary depending on the coin used. But you have to know that it also varies for the same coin from time to time depending on the coin's network status: the more congested the network is, the higher the fees you have to pay (this applies to networks which use the POW algorithm, not sure about the others).
Also, some custodial services charge flat fees which are usually way higher than the real network fee paid to miners.

If the money you're transferring is low enough for the $20-30 to be expensive, then yea you're better off converting the tokens to a coin with very cheap fees. On the other hand, if we're talking about higher 5 figs worth of money, you're better off paying the $20-30 because the conversion fees are going to eat your money up.

Yes dont pick coin such as btc eth and other major coins. Ibe noticed their fees is quite expensive compared to other not so famous coins. Im really wondering why their bot syncrhonizing the price of every coin to their withdrawal fees instead. So everyone will have the same fees regardless which chain they are gonna transact. On this case, no one will find or search which one to use to have some lower fees.

Yes and no.
Different exchanges use different withdrawal fees but most of them charge more fees for bitcoin withdrawals since majority of their users want to withdraw bitcoin to their wallets and that gives the exchange a huge profit since the actual fees to transfer bitcoin on-chain is so much smaller than what they charge.

For example Binance charges 50,000 satoshi for bitcoin withdrawals while the actual transaction would take less than 200 satoshi to send and if they merge it with other transactions your share of the fee would be even less.

Thanks for all the answers.  On that note, what is the cheapest and fastest way to get fiat into a broker so I can buy and sell crypto soon after transfer? 

For example, depositing fiat to Kucoin costs 3%
.  And if I transfer to Independent Reserve it takes 24 hours but is free.

Is there an exchange that'll let me transfer money instantly and cheaply?

I'm in Australia.

These sort of questions are the sort that are beneficial to those newbies here who are also newbies to crypto, so they don't loose too much money to transaction fees when exchanging their crypto for cash. I exchange crypto for fiat on a regular with a privately owned exchange managed by an individual that i have a personal relationship with. To avoid the high transaction fees, i usually convert any percentage i intend to liquidate to BUSD before transferring it out. I make use of binance.

I'm not familiar with most of the listed exchanges on this website but maybe you can still use it as reference - Best crypto exchanges Australia in 2022 (https://www.newcastleherald.com.au/story/7641147/best-crypto-exchanges-australia-in-2022/)

You'll have to check their terms for deposits and withdrawal.

@dkbit's list of exchange withdrawal fee data aggregator might be of help too https://bitcointalk.org/index.php?topic=5380642.0

Thanks for this.

Use P2P platforms. Kucoin and Binance have P2P platforms that support the Australian Dollar, and you will choose from a wide variety of payment options. Since it involves fiat, it means you must have already passed KYC on Kucoin though there are better offers (friendly rates) and a lot of liquidity on Binance.
3% is too huge.