USER MUST DEMAND TO EXCHANGES - Smart Dynamic Withdrawal Fees

[miguelmorales85]

I think this is not even ONE Exchange uses: Smart Dynamic Withdrawal Fees.

I hope some of the people from Exchanges read this and understand that Dynamic Fee for BTC withdrawals is something that would help them differentiate from other exchanges and get more customers (apart from another bunch of features that a good, respectable exchange must have)

What are your thoughts on this matter?

[AdolfinWolf]

I think this is not even ONE Exchange uses: Smart Dynamic Withdrawal Fees.

I hope some of the people from Exchanges read this and understand that Dynamic Fee for BTC withdrawals is something that would help them differentiate from other exchanges and get more customers (apart from another bunch of features that a good, respectable exchange must have)

What are your thoughts on this matter?

I think you are right. The reason i am still partly using poloniex is because they only charge 0.0001 per TX for fee. For small amounts / dust i almost pay no fee on poloniex.

But whenever i use bittrex, and i want to withdraw 10$, i am paying them 4.6$ in transaction fees. This is x10 the amount poloniex is charging, and way overpriced.
It would indeed be great to see some exchanges changing this, but i reckon it is too much of a hassle for them.

[Xavofat]

It's crazy to see some exchanges charging fees of 0.001 BTC or more.

As an exchange, it's important to be professional and timely, but there should certainly be more control for the users.  Exchanges tend to send transactions in batches - Bittrex sends to several people with each transaction and yet they charge each person a static 0.001 BTC.  Presumably this actually gains them significant profits.

They could even have the option of sending a low-priority transaction which is sent as an RBF transaction with a lower fee.

[wantjokull]

It's not upto us or upto exchanges to set up the dynamic fees for our withdrawals. It actually depends on the third factor and most important character in the story, that's miner! They are the one who will fluctuate the fees a lot in long run. Dynamic fees can be adjusted but might not be in exchanges because they work in complete different way as compared to the wallets that we control by our private keys. There has to be limitations otherwise platform like coinbase could have served us free today also.

[miguelmorales85]

I think this is not even ONE Exchange uses: Smart Dynamic Withdrawal Fees.

I hope some of the people from Exchanges read this and understand that Dynamic Fee for BTC withdrawals is something that would help them differentiate from other exchanges and get more customers (apart from another bunch of features that a good, respectable exchange must have)

What are your thoughts on this matter?

I think you are right. The reason i am still partly using poloniex is because they only charge 0.0001 per TX for fee. For small amounts / dust i almost pay no fee on poloniex.

But whenever i use bittrex, and i want to withdraw 10$, i am paying them 4.6$ in transaction fees. This is x10 the amount poloniex is charging, and way overpriced.
It would indeed be great to see some exchanges changing this, but i reckon it is too much of a hassle for them.

it should not be a hassle for them. there are API whose you can consult to calculate the fee amount LIVE. You can use https://bitcoinfees.21.co/ to calculate them. and theres an API no use it in code.

If exchanges wanted they could even give the user a choice of the priority for the withdrawal.

I guess they are too busy counting fiat and BTC...  

[AdolfinWolf]

I think this is not even ONE Exchange uses: Smart Dynamic Withdrawal Fees.

I hope some of the people from Exchanges read this and understand that Dynamic Fee for BTC withdrawals is something that would help them differentiate from other exchanges and get more customers (apart from another bunch of features that a good, respectable exchange must have)

What are your thoughts on this matter?

I think you are right. The reason i am still partly using poloniex is because they only charge 0.0001 per TX for fee. For small amounts / dust i almost pay no fee on poloniex.

But whenever i use bittrex, and i want to withdraw 10$, i am paying them 4.6$ in transaction fees. This is x10 the amount poloniex is charging, and way overpriced.
It would indeed be great to see some exchanges changing this, but i reckon it is too much of a hassle for them.

it should not be a hassle for them. there are API whose you can consult to calculate the fee amount LIVE. You can use https://bitcoinfees.21.co/ to calculate them. and theres an API no use it in code.

If exchanges wanted they could even give the user a choice of the priority for the withdrawal.

I guess they are too busy counting fiat and BTC...  

Yeah, even if they could, i bet they really aren't interested, since this is probably where they are making the most money from. Bittrex gets an average of ~0.1 per TX they sent out, since there's usually like 100 adresses in one TX.

[Red_Sanford]

Yes it needs to be addressed for sure. If I am just sending from one exchange to another I will convert to Dash or LTC as the fees are usually much less than BTC.

Will the exchanges do it ? Probably not. They are in the business of making money and this is a good revenue generator for them