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Author Topic: $10 withdrawal fee?  (Read 179 times)
BisonPoint
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July 11, 2017, 01:57:13 PM
 #1

I was trading some time on bitmex.com,
I like the service, had no problems.

Today, I made withdrawal and was charged with 0.004 BTC withdrawal fee;
With BItcoin at $2364.9, that is almost $10.

I placed a support ticket with them, waiting for answer,
just want to see anybody had similar experiences?
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BisonPoint
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July 11, 2017, 02:14:15 PM
 #2

They answered very quickly, 5+ for support.

But, they answered that fee can be set manually;
Tried that, but can not set it bellow 0.002 BTC.

It is probably a unintentional error on their site,
waiting for new reply.
amaral1977
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July 11, 2017, 02:33:14 PM
 #3

I´m just uessing here as i don´t really know the service. But that amount is probably the amount they think will get you a fast transation to avoid the hassle of lots of suport tickets about delays in withdrawals as it happened in other exchanges. Some time ago i had a transaction conforming for almost 48 hours for a very low fee. That would be time enough for some people to panic and flood support with a dozen tickets:)
BisonPoint
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July 11, 2017, 02:36:22 PM
 #4

So, this is the deal with them:

Citing from e-mail support:
Quote
...we use multi-signature wallets to keep your bitcoin secure. The trade off is that network fees are larger than what you may be used to paying for other transactions, but I hope you can appreciate that we put security first.

In essence, minimum transaction fee can be set to 0.0016 BTC (currently $3.79), so be aware of that when you plan to use their service.
Beside this, I had only good experiences with them, so you can say it was my mistake.

And to mention, every support ticket was answered under a minute!

You have great service guys, and I really appreciate your enthusiasm to bring this service to our community, but this fee will kill you in long run.
aesma
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July 13, 2017, 06:07:09 AM
 #5

I agree it's a high fee but either you treat this as a casino so you will pay it only if you haven't lost everything, or you plan on earning regular money then you would only withdraw once a month or something like that.

Fees of all kinds is the reason why arbitraging cryptos looks easy on paper but is difficult to practice.

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erikalui
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July 13, 2017, 05:53:32 PM
 #6

Many exchanges charge 0.0015 max but 0.004 btc is horrible. Even if they have a min set at 0.002 btc, it's still high considering that 0.001 is the normal fee used for a single transaction to get confirmed. Never heard of this exchange website but never going to use it. They need to set a percentage like other exchanges or reduce it to 0.001.
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