Bitcoin Forum

I wanted to withdraw Litecoin from one exchange and the only network available is bep20...
theres no other options...is this the right network to use? I think in the past the network was called litecoin network?

btw is LTC still the best option to use for withdrawals?

Yes the right network is the litecoin network but just like other coins you have the coin bridge to other network. But I don’t get why the exchange is only allowing withdrawal on smart chain network only. If your confuse and do not want to make mistake I would advice you swap the coin since it is still on exchange to another coin that you understand it’s network. Example is the tron (Trx) network, it’s fees are cheap and transactions is fast

Which exchange offers LTC on different blockchain only and not make it available on the litecoin network too, if they don’t want to enable LTC withdrawal which is among the cheapest form of withdrawal why not just offer the withdrawal on bsc and not LTC under bsc.

You can either choose to withdrawal other network like Tron or any other blockchain that it will be cheaper for you and if you so much desire to hold LTC then you can later convert back to LTC when ever necessary.

I don't know what exchange you use - but you should get more network options when withdrawing LTC. You should get lower withdrawal fees if you withdraw LTC using its own network [Litecoin] instead of BNB Smart Chain [BEP20] or BNB Beacon Chain [BEP2] - but then again I don't know which exchange you use.

Get a comparison of withdrawal fees here if you use Binance: https://www.binance.com/en/fee/cryptoFee

Maybe not - bitcoin withdrawal fees using the Lightning Network are definitely lower than LTC withdrawal fees using the Litecoin network. In fact, you can still withdraw BTC from an exchange even if the value is only less than $0.2 - especially if the exchange you use has integrated the Lightning Network.

The network supposed to be a litecoin network and not bep20... It might be that it is from the exchange end of the site so you can wait for them to update the site then you make your withdrawal and op if you don't mind, you can mention the exchange name so experts can help you out from another approach. Normally if you are using LTC then the services will come from it and just as bitcoin network. And also the network options would been more than one for you to select the appropriate one to withdraw your funds.

It's not a wrong network to use, as Litecoin now already has its peg version on the BSC network. So, it won't be a problem if you make a withdrawal. But it would be even better if you used the native Litecoin network. BTW, what exchange do you use? I'm curious about that exchange because they provide the peg version of withdrawals but don't provide withdrawals on the native network ::).


For Altcoins I prefer Tron (TRX), it has low fees (around $0.1) with faster finality than Bitcoin & other old Altcoins like Litecoin.

If you are concerned about the withdrawal fees then the Bitcoin Lightning Network has the lowest till now if i am not mistaken. If you want to withdraw any other altcoin beside bitcoin then Sol has the lowest withdraw fees as per my knowledge. It can change based on the exchange like in binance if you withdraw any crypto from the BSC network and that project supports that network then you will get lower fees compared to others. The same way if you use the KCC network when withdrawing from kucoin withdraw fees will be very low.

Right, it should be the Litecoin network as everyone is saying. I am not sure if there's support from wallets about Litecoin in Bep20 (BSC) and that's going to make no sense as Litecoin itself is cheap and fast. What is this exchange that you're withdrawing from? There should be an option to choose the actual LTC network than of those smart networks from different chains.

One of the best but there can be other options that will make you choose them like if in Tether, there's the common one that is being widely used for TRC20. But let's just go with that and say yes that LTC is still the best option for withdrawals if you're trying to avoid the high fees of Bitcoin if ever you have no other choice at all. But have a look in the mempool because if you're trying to withdraw money from an exchange and you have it on BTC, you don't have to exchange it anymore and just withdraw directly from it because fees now have gotten down at least.

If you want to deposit BEP20, look for an exchange with more than one blockchain, including the BEP20 blockchain. As soon as you deposit, you can withdraw with other blockchains

If you don't find the network why not sell the LTC to bep20 and get it withdrawn from the exchange, most times you get confused over this network of a thing so the best is only use the right address to withdraw the right coin otherwise whichever mistake you did can never be reversed back and your coin is gone. Do way you asked is the right thing to do most people don't ask is after their error they would come to cry here over their mistakes.

bingx

If the exchange allows your coin to withdraw via BEP20 network then it should go to the BEP20 address, not a primary LTC address.

LTC is one of the cheaper options but not the cheapest, there are other networks like TRC, BNB has less withdrawal fee on most of the centralized exchanges compared to LTC but you can find the withdrawal fee of each coin in the official website of the exchange that you are using to find which one is the cheapest.

LTC is still a good option to withdraw but it should be on it's own network. The fees are smaller for LTC network.
BEP20 are LTC tokens on BSC network, if you are doing a exchange to centralized exchange it would not have much difference as they might consider equal to any other LTC. The fees could be a bit higher and many exchanges don't support LTC on BSC network.
If you are withdrawing it to your wallet, you would have hassle to further deposit BNB for fees. I suggest not to deal with LTC on BSC if all you want is to save fees. Go with BSC or similar low fee coins that are widely accepted in their native form.

It's good that we put a name to corporations behaving in such a confusing and scam-looking manners so that other users or those who intend getting on such exchanges can easily be alerted to these hiccups. I just checked Binance a few minutes ago to see if it was the culprit, but it came out clean on that. I wonder what exchange that could be.

Yes, it is. Both withdrawal charges and daily limit are more favourable to those utilizing the main Litecoin option.

Most exchanges don't restrict that much when accepting deposits. They're literally relaxed in their rules but they tighten their grips when withdrawals are ask for. OP's issue is withdrawal, BTW.

if your LTC can be exchanged just do it. The important thing is that it is supported by the exchange and can be exchanged. If you want, you can try https://changelly.com/ You just need to determine the amount of LTC you want to buy or exchange, and specify the address correctly.

That would be Binance, they only accept deposit through LTC. For withdrawal you have to use their defi wallet and use BEP 20. That is unfair to many who want use the Litecoin blockchain because of cheap transaction. This is nothing but monopoly of a big exchange. Swapping to TRX is an excellent idea as Binance still allows TRC 20 deposit and withdrawal.

I think some exchanges implement it like that to make it easier, but sometimes the fees are still according to the rates of the network.
I think for cheaper it is better to use bep20,tron,solana.matic.

First of all you should explain that where do you want to withdraw. In wallet or in another exchange.

If you want to withdraw to any exchange so you should see if that exchange support Bep20 network for Litecoin. And if you not find any exchange so I will recommend that you should exchange Litecoin to any other coin and you can withdraw that coin easily. USDT is recommended.
And if you want to withdraw to any hot wallet so there you can easily find the Bep20 Network for Litecoin. And you can find decentralized exchange which supports the Bep20 network for Litecoin and you can easily swap.

By the way this is surprising that an exchange only support Bep20 network for Litecoin and don't support the Litecoin Core network.

Are you using Binance centralized wallet? Binance has all the coins to be withdrawn via bep20 address to a decentralized wallet using BNB fee which I think is not advisable, the right network to use is prolly LTC network with it's low fee and fast confirmation.
Yeah, that's right because op is using Binance since they only allow bep20 deposit and withdrawal on all coins, but I'll ask again, why is he allowed to LTC withdrawal button since TRX is only the coin to deposit and withdrawal on Binance.

OP has clearly mentioned that the LTC are in an exchange. When he is trying to withdraw from the exchange wallet it doesn't give the option of Litecoin blockchain. It only gives BEP-20 which basically converts Litecoin to a BEP-20 token. The OP doesn't want that and therefore is asking option.

Now if the transfer is made in BEP-20 tokens than changelly won't be able to convert it back to Litecoin. Further there would be a transaction and conversion fee which will cost him more. It is better to convert it into TRX and then make a withdrawal. Although it converting it back to Litecoin could cost him.

The other option is to covert it into available networks that are also supported by other exchanges where you are going to move.
Using LTC can be considered as a good option but you can still find other coins like Tron and XRP for cheaper price and almost instant transfer. But still, you need to look at the exchange first if it is available to make sure that you are deposit will arrive.

But since Bep20 is only available, then you must convert it first to Bep20 tokens/coins. Well, I could say that you are using a small exchange, and a good idea to move your funds to an exchange that supports a number of networks.
Well, I hope you've got the idea already.

Bep20 is not the right network for Litecoin withdraw.. I think Exchange has some maintenance or temporarily banned the LTC withdraw which may be reason you cannot see the correct network to withdraw it..Bep20 is Binance smart chain network where you will recieve peg or duplicate LTC token.. If you want to hold LTC then I will not recommended to withdraw in this network.. You should buy other coin and use instant exchange to get desire network LTC.. If you need just any token then trx or bnb is low fee token you can withdraw.

It is not recommended to use the BEP20 network for Litecoin withdrawals since BEP20 is affiliated with Binance Smart Chain, not Litecoin. To avoid any cash loss, make sure you choose the proper network Litecoin's native network. LTC is still a commonly recognized and dependable withdrawal option, but always verify the exchange's unique criteria.

You are absolutely right , it's indeed possible to withdraw Litecoin even from Binance exchange by using BEP-20 network, however, it is important to make sure that receiving wallet is also set up and configured with BEP-20 network.


I think it is always preferable choice to use the native network of the coin while depositing or withdrawing funds.

The OP is looking for the best Litecoin (LTC) network, not deposit choices.
Most reputable exchanges offer numerous deposit and withdrawal choices, making it simple to select your preferred network based on transaction fees and network speed.

The OP's question was answered by saying that the best network for LTC is the litecoin network, but he can withdraw through other available networks as well. However, the OP should make sure the network matches the address he is withdrawing to avoid losing money.

What exchange is it? Usually, even if they provide another network like BSC (BEP20), they usually still provide the main network for the coin, especially Litecoin. However, if only the BEP20 network is available, actually for other coins to withdraw, usually the fee will be cheaper. However, what you have to pay attention to is the recipient's address, it must be a wallet address on the BEP20 network, usually starting with 0x. So don't send Litecoin using the BEP20 network but send it to an LTC / non BEP20 wallet address. This could result in loss or coins not arriving at the destination wallet. So the problem is, is LTC supported on the BSC network? Before you make a withdrawal, first make sure whether it is actually possible or not and make sure what the recipient's wallet is like. Even if you need it quickly and are unsure about it, you can actually switch first to another coin so you can make a withdrawal with more confidence. For example, by converting to USDT, so you can choose according to the network in the recipient's wallet more easily. However, if you don't want to convert, then try checking once again to see if the network provided is correct.

Usually there are many networks available to withdraw any coin on the Exchange. in fact the cheapest one I use is the TRX network and some of the newer networks like ARB would be better. Exchanges don't only provide one network at the moment and the Litecoin network is also quite cheap, but not as cheap as Trx, but that also depends on the fee policy set by the exchange itself.

I checked on Binance that the exchange accepts both the original LTC network and the Bep20 network, so in withdrawals there must also be these two options but I don't understand and the OP didn't mention which exchange only LTC Bep20 withdrawals.
If there is any confusion then OP change to another coin as suggested above, afraid there is a little mistake even though I think that the LTC network in bep20 exists I have checked on Coinmarketcap.

It depends on the exchange you are using too. There are some exchange that other bridges of the litecoin do not work due to restrictions or some problems so you have the option to go with the ones that is available. Litecoin has different bridges like the bep20, Tron20, etc that one can use to send it. The bep20 is a good bridge and the network fee is quite lesser and fast. I prefer it to some other network although it might not be the fastest but it's popular.

What ever exchange you are using, leave it. Because any exchange that would put low tx fees ahead of possibility for secure transactions is most likely a scam waiting to happen. Or at least they don't seem to know what they are doing. Are other coins and tokens available only in bep20 as well? Because i would assume so. I get all kind of scammy vibes from that. Poor scammers love bep20 as they don't need much capital to start a new operation.

These exchanges have their own different kinds of withdrawal methods in the system. If one doesn't follow the appropriate steps, losing might step in and it's probably the last thing on my mind. BEP20 is most conversant and very popular in the system because most projects tends to be acquainted with the system and we use our time practically. It's always advisable to enable good features when one is involves in certain projects. Litecoin is an altcoin and we have to be careful when one is to place withdrawal of these coins, most of these altcoins uses different network altogether.

Ltc with a single network that I still use until now, last week I made a withdrawal for site review game on bitcoin talk forum  (https://bitcointalk.org/index.php?topic=5326640.msg63216957#msg63216957)

https://www.talkimg.com/images/2023/11/30/NIp4Z.jpeg

My withdrawal from binanc*, if you calculate the fee around usd 0.065 for me is very realistic, very different from the tron fee which can take usd 0.10 or 1 tron fee. It's not a problem because tron withdrawals can be faster than ltc, for me it's just a number that I get by experiment. It would be better if it becomes an alternative method not a competitor. because whatever method we are looking for speed and cheapness in sending crypto.

This coin is popular and some gaming and investment sites accept it, it's worth a hodl if one day it's a rush to just pull from storage. If you are used to using smartcontract transactions in dex, it will be more expensive than CEX, and ltc is the cheapest solution.

Have you explored any exchanger?

In addition to the native network and BSC (BEP20), Binance also supports the initial Binance network (Beacon Chain or commonly called BEP2). So, it shouldn't be difficult for the OP to make a withdrawal because there are many network options offered by Binance.


To withdraw directly from a non-custodial wallet it may be the Tron network that's cheaper, but with current market conditions, I think making withdrawals from a CEX like Binance would be cheaper using Litecoin's native network rather than the Tron network. FYI, the recently released L-1 coins also have low network fees like $SUI.

When things are not very good, it does not mean that it will be fine in the end.
There are some altcoins that are always bad and never have a good day because they have been abandoned.
Of course, the bull run must be exploited as much as possible by choosing which altcoin is appropriate enough to provide profits and security for the capital used. Make sure everything is thought through carefully and use your best strategy.

So here's the thing. If you are withdrawing LTC from one exchange to another, then it should not matter that much to be honest as you can just swap that coin into something else later on. But if you're trying to withdraw into a personal wallet, you should choose the Litecoin network. As they say with Bitcoin, if you don't own your Bitcoin in the Bitcoin network, you don't own any Bitcoin. So I will suggest you do the same with this one. If not Litecoin then swap to something else and choose the right network.
To be fair, LTC is one of many that provides a low fee on withdrawal. But you can choose something else like TRX or XLM.

Here's a detailed view of which exchange charges you what on which coin.
https://i.postimg.cc/zDHVpsVX/Screenshot-2023-12-04-233359.png (https://postimages.org/) https://i.postimg.cc/j5pqGjLq/Screenshot-2023-12-04-233453.png (https://postimages.org/) https://i.postimg.cc/05Sy77Bz/Screenshot-2023-12-04-233525.png (https://postimages.org/)

Source:
XLM (https://www.cryptofeesaver.com/exchanges/fees/coins/stellar)
LTC (https://www.cryptofeesaver.com/exchanges/fees/coins/litecoin)
TRX (https://www.cryptofeesaver.com/exchanges/fees/coins/tron)

I think what @zaguru12 said is the best way. If you find it difficult to send Coin to another address expecialy when the network you wish to send is not available. All you need to do is either sell it for USDT or TRX and send to the recipient in other not to make mistake. Most of these case has made many people lost some fund due no difference Network but thesame Coin. I was once a victim of that. But learnt from my mistakes.

The platform where you are located should have Litecoin when you make a withdrawal, other networks should also be available.  of course this is an option.  if I may know.  What platform do you use to withdraw your LTC?  but if you use the bep20 network I think it's not a problem, because this network is also cheap

If there is no litcoin network available then there is no way you can withdraw the funds because you cannot use another network to withdraw it. And another option you can also use is to sell it directly to a vendor which should p2p so that the stress of looking for a way to withdraw the coin will be reduced. And from your statement, "You wanted to withdraw the coin" but the particular network was not available and that means you have the coin s inside the exchange platform. Then there is possibility to use p2p.

Actually, it's easy. OP just search on SMC to see LTC coins and look for which market provides transactions for LTC coins. yes. the overview is as attached by @tjtonmoy and it is quite complete, just OP register on the stock exchange and just make transactions and don't have to bother at all.

you can use tron,matic,stellar,cardano, for lower fees, but if you really need litecoin then there will be no choice but to do that.
but I think bep20 network pays lower fees than ltc network

If there is any doubt, it is better to exchange it first, even if there are other options such as Tron,matic or USDT, choose according to your needs, whichever you think is better and cheaper. Taking transaction costs into consideration, it is only natural that the average person would flee to a cheaper place

If you want to withdraw your Litecoin from Binance Exchange to Bep20 address then you can withdraw. I saw that it is possible to withdraw Litecoin to Bep20 address from Binance Exchange. Other exchanges may not allow you to withdraw to a Bep20 address. But I am sure if you use binance exchange you can withdraw to Bep20 address from there.