Bitcoin Forum

So I have like 50 cents in assets and obviously cant withdraw. And dont want to pay like 20 bucks for their "administration fees"
what to do now?

Understand that most exchanges have minimum limit of withdrawal. But if this is on Bittrex, did you missed the announcement about their closure?

Just leave it there as the operations have stopped a month ago since it's just a few centavo and despite they have no deadline yet for withdrawal, don't bother so.

Just chill

Are the 50 cents in assets really worth it? I don't think so. If they were worth it, you would have withdrawn them from that exchange a long time ago when they still had value.

Alternatively, just get a few dollars, buy and equivalent of those assets you want so much and store them in a non-custodial external wallet instead of spending $20 in administratation fees.

Just imagine someone taking out a cup of sand they safekept from your store. They wanted it delivered to their house which is 20 miles away. Obviously, the gas prices aren't cheap, so are you going to do this service for them anyway? There are operating costs to every service, and if you think 50 cents is much more valuable to get compared to the fee that you are about to incur, then you may have a few screws loose in your head.

50 cents is just too small, you can forget about it. It is not enough to pay for withdrawal fee if I am right, on all centralized exchanges, not only Bittrex.

Bittrex announced their service closure months ago and I am so surprising to see you only want to withdraw your money from Bittrex now.

Crypto exchange Bittrex Global is winding down operations just months after its U.S. arm was shut down, according to a Monday announcement (November 2023) (https://www.coindesk.com/business/2023/11/21/crypto-exchange-bittrex-global-to-shut-down/).

Bittrex's Important Update (https://bittrexglobal.com/)
It is the last month, and again I am not sure where are you during latest months and don't know about this service closure from them. You should withdraw your money on Bittrex in November, not wait till now.

Bittrex exchange now is in exchange graveyard (https://www.cryptowisser.com/exchange-graveyard/)

Why would you withdraw that small amount? It's obviously not a good move or decision. It's better to accumulate more assets before you can withdraw them because we can't do anything about the administration fee, which is the rule of the market. If it's worth it, if you withdraw a small amount, it's better to withdraw a large amount in one transaction than a small amount, and you will pay a huge amount of administration.

But I'm curious: how did you only have 50 cents as an asset? By deposit or what? Anyway, it's much better to let your asset grow before you withdraw it; it's more worth it to see your asset grow by your own doing. I personally look first at the administration fee of a platform before I use it because 20 dollars as a fee is too much and not worth it, so if you can, it's better to switch platforms.

It's more than obvious that he does not care about those few cents.

The problem here is that Bittrex threatened to charge 20 USD per month if users don't withdraw their assets. If the amount is too low, it's impossible to withdraw, but they will still charge you 20 USD per month for not withdrawing. They also admit that they know it's impossible for us to withdraw and avoid the fee:

Thats exactly my point. So ... what to do ? I dont wanna pay them 20 bucks to get 50 cents back.
Is that even legal?

His concern is now clear, but how are they going to charge the 20 USD from him per month if the assets in there are just $0.5?  ;D

It's not like they will be withdrawing money from his bank without his approval, hehehe. I would understand if he had BTC in the account worth let say $1,000 which they would keep deducting per month.

Get a job, that's the best way to do if you want to earn $0.5, even you live in third world country, I believe you can earn that by just working for one day.

What you need to know is you need to pay fees when it comes to withdrawing cryptocurrency, especially in centralized exchange.

You can sue Bittrex if you want.

according to this ----> https://ln.bitfinex.com/ They support the Lightning Network and you can withdraw using (LN-BTC). Use a wallet that supports the Lightning Network and withdraw your currencies. I think the minimum withdrawal limits are $5 equivalent, so all you need is to deposit $4.5 or ask one of the members to send it to your account.

This looks funny to me. Like you mean you want to withdraw 50 cents from your account. How do you intend to do that? I have never seen where someone withdraw 50 cent from their account. It is not even possible and you will have to understand that. 50 cent is not even up to a dollar so what do you intend to do with 50 cent because it have not value to me. Funds less than a dollar can be very difficult to withdraw from exchanges even on your own wallet. Maybe you can fund it then try to withdraw everything added to it.

They would do the same as his bank would do if his account was in the red: they would send him a letter to the address he provided when he registered, informing him that he still has outstanding fees according to the terms and conditions and that he needs to pay that money.

But at least for EU customers, this fear does not apply.

From their FAQ:

Is it worth it? Do you really want to withdraw 50 cents from there? Unless you add more funds to it, you can not withdraw due to the minimum amount requirement. It is better to just keep it there and move on with life. 50 cents is not a big deal mate. You can buy the same thing in other exchanges which will not require a $20 fee.

Sometimes it is better to let go of something than to keep on holding it.

It's not about withdrawing 50 cents or if it's worth it or not. The company said in their email: Either you withdraw each and every cent from you account, or we will charge you 20 USD per month until the end of time. That's why everyone is upset. Nobody cares about the cents. They care about the 240 USD per year that they think they would have to pay for keeping any amount, no matter how small, on that exchange. That's why everyone wants to remove any amount, no matter how small, from that exchange.

Then isn't it better to not use that exchange? It is centralized shit anyway. We have no security over the assets that we hold in there and on top of that, they want their users to pay a fucking $20 fee just to keep their assets there every month? Hell nah, man. I would simply just choose something else.
If I have to keep my assets somewhere, I will definitely keep them in a self-custody wallet. It's free and I will have all the access.

"Not your key, not your coin"

Bittrex filled for their bankruptcy and I highly doubt that your 50 cents will be withdrawn without paying the fees required.

Just consider it as a donation to bittrex, it is obvious that the fee are more than the amount you are withdrawing. I personally think that it is not worth to fight against bittrex for that kind of amount, it will be a source of stress for you seeking for some empathy here.

Thanks for the input bro. At least somebody reads here

Every centralized exchange has a minimum withdrawal limit and a Fixed withdrawal fees. so you will not able to withdraw your asset if your asset is less then there requirement amount. you saying your asset is only $0.5 And I have never seen such a small amount withdrawal option in any exchange with any coin. the exchanges I use have the lowest minimum withdrawal amount requirement of $2 which must also be TRX or BNB. so I don't see any chance for you to withdraw 50 cents.

He was asking about the now defunct Bittrex not Bitfinex. Yep, the names sometimes confuse, but at least one of them is now out of the game so no more future regular name confusions  :D

Currently they have no other option, at first the issue of the OP was not clear to me but after reading the thread more closely, it is obvious Bittrex is holding those people hostage with their unfair terms of service and they are even trying to make money out of them, so people that had even a small amount of money there for any reason are trying to find ways to circumvent having to pay money for a service that is not being rendered anymore.

You're missing the point. Bittrex wants to charge users $20 per month per dust asset they have left on their account, even though they can't withdraw it.

OP doesn't want to pay $20 per month.

Now imagine they charge you $20 per month for keeping the few grains of sand that fell off your shoes, even though you can't get back your grains of sand.

OP doesn't care about the $0.50 at all.

To avoid being charged $20 per month!

So, if he has to work a day to earn $0.50, how many days per month does he need to work to pay $20 per month? 40 days?

You watch too many movies. That's not something the average consumer can easily do.

That's a completely different website. How can 75% of the posts in Trading Discussion be so useless?

You must create those long BS posts for your BS signature, right?

You must create those long BS posts for your BS signature, right?

The number of people that responds without understanding what it's about is too damn high!

Not where I'm living!
A month earlier, they sent me this:

Last week, they sent me this:
Now which one is it Bittrex? It sounds like they noticed I "own" a fraction of a cent on several assets and now want several times $20 per month from me, even though they terminated my client relationship a month earlier.

It's even worse than that: they charge 20 USD per asset per month, and they even sent that email if you hold $0.00 in assets. That sounds very much like a scam, and knowing how the internet works it could lead to legal threats later on, which makes some people pay for the extortion.
If this isn't the strongest argument against KYC, I don't know what is!

You forgot to add the source: https://bittrexglobal.zendesk.com/hc/en-us/articles/15887272734877-Questions-and-Answers-for-Bittrex-Global-GmbH-Liechtenstein-Customers (archived (https://archive.is/Fvd3g#selection-467.0-473.234))
But that also shows:
And it doesn't show if you're part of "Liechtenstein" or "Bermuda". How convenient to use "Bittrex Global" for everything.

The same page also shows:
This implies you're under "Lichtenstein" if you received that email, and should mean they stop bugging your mailbox from now on.
It sounds like BS to me though: if the account can't go into the negative, the customer can't be in default.

Clearly the most reasonable thing for him to do is to leave the 50 cents, because any attempt to withdraw it will make no economic sense. Ofcourse he must've understood that not withdrawing will attract him to pay the $20 fee, since he did not, then it's best that he leaves the balance as it is, hopefully when he funds it with a substantial amount, then he can think of withdrawal.

You can find out under "My Profile" whether you are a customer of the GmbH (Liechtenstein) or the Ltd (Bermuda):

https://s20.directupload.net/images/240107/zvbam2b7.jpg

If someone were willing to take the lead in pursuing a class action, these customers might have more opportunities to challenge this policy exclusively. Obviously this is based on a one-sided agreement and bittrex closes access to customers. What's more, the amount of dust makes no sense to charge a monthly admin fee.

And that's why you don't leave anything at any third-party service at all, be it 20 cents worth of sand or 2 million. You only use them when you need them, and you don't treat them as your personal safe. They make money off of your deposit anyways and letting them charge you for 'safekeeping' something at their platform is just too much.

People should know this by now  ???

It's usually not possible to withdraw everything. I have dust at various (abandoned) exchanges, and apart from the minimum, exchanges also add digits behind the comma that can't possibly be withdrawn.

Currently Bittrex have close their operation and there are not allowed for trading or what OP possibility withdrawing his small fund, I confused with that exchange but in my account left small fund and not really hope with possibility for withdrawing again. What your coins left in Bittrex and its not possible to withdraw? I think if fees withdrawal higher you can't convert with coins have lower fees because Bittrex operation left only withdrawing and close option for converting or trading to other coins with lower fees withdrawing.

Its bad option left when having assets in market will close their operation, OP get difficult position because not update yet about Bittrex have notified they will close operation last several months.