1. Is it still working?
up till 2017 Dec 04, yes, perfectly. Cryptopia BTC withdraw fee is 0.002BTC (23USD!!!) and Poloniex remained at 0.0001 (1.15USD);
Meanwhile Cryptopia LTC withdraw fee is 0.02LTC (2 USD) and if you use BCH, it's 0.0008BCH (1.26USD)
2. Why LTC? Let's answer like this:
Why not ETH? Because Poloniex has a minimum deposit requirement of 0.5 ETH (230USD);
Why not BCH? Because of the block time - in my experience LTC is more stable and quicker than BCH at this moment. Moreover, I'm not a big fan of Roger Ver.
Why not other alts? Because of liquidity and spread.
3. But LTC price on Cryptopia is worse than Poloniex?
It depends on days. But generally LTC price is on a upward trend and is more stable than BCH and other alts, so the risk is manageable if you give it some patience (and if this 20USD saving is important for you).
(original post) Due to personal reasons, I decide to sell 100 onion for BTC. And I checked cryptopia.co.nz BTC withdraw fee, it's a horrible 0.001BTC
So what I did:
- Exchange onion for BTC on cryptopia;
- exchange BTC to LTC on cryptopia;
- withdraw LTC to Poloniex; (fee is 0.002LTC)
- exchange LTC to BTC;
- withdraw BTC from Poloniex (fee 0.0001BTC);
And LTC-BTC exchange rate on cryptopia is often slightly lower than Poloniex (so you buy LTC cheaper and sell on Poloniex for higher), so you gain a small delta by doing this, effectively covering all fees.
Litecoin is nice but at the end of the trades you would have to calculate the cost to exchange all that to Bitcoin and sending it from the wallet. Thanks for the guide though.
