Any help on withdrawing funds from Xapo?

[tomwalsh]

I have roughly 50$ of BTC in an Xapo wallet, an old wallet that I had forgot about.

Since the recent surge in BTC this wallet is now worth roughly 50$.

However the fees for bitcoin transactions now average 30$!!
Xapo only gives 2 options for fees, a high priority and a standard priority transaction, meaning I cant choose to set my own reasonable fees.

As a result my 50$ is trapped unless I want to waste 30$.

Should i take the hit and withdraw the 20$ or does anyone predict future low volatility which will bring average fee back down to a reasonable level?

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[hasmukh_rawal]

I don't use xapo wallet and so I would give you some options and if suitable try it at your own risk. See whether the transaction is free from xapo to another xapo wallet (some wallets support this feature). If it is supported then sell Bitcoins to someone who needs it. You can also try to convert it any other crypto currency such as DGB or ETH and transfer it to some exchange and use it for trading. If there is an option to withdraw the money to bank account then convert it into fiat and transfer it to your bank. You can also wait for the transaction fees to reduce over time and then make a transaction. The lightning network will be established soon and then the transaction fees will be reduced. So I recommend you holding the BTC as it is until the fee is reduced. If you are lucky enough the $50 worth BTC will be worth more than this until the fee is reduced

[Wind_FURY]

OP, wait for the mempool's size to decrease. Give it around 5 days as the no. of unconfirmed transactions are going down right now. But know that it is still not enough to make a cheap transaction. Wait for it to go under 20,000.

https://blockchain.info/charts/mempool-count

Does Xapo allow you to choose how much in fees you pay? If it does, you can lower it to $5 and would still get the transaction to confirm in a few hours. But I advice waiting.

[tomwalsh]

I don't use xapo wallet and so I would give you some options and if suitable try it at your own risk. See whether the transaction is free from xapo to another xapo wallet (some wallets support this feature). If it is supported then sell Bitcoins to someone who needs it. You can also try to convert it any other crypto currency such as DGB or ETH and transfer it to some exchange and use it for trading. If there is an option to withdraw the money to bank account then convert it into fiat and transfer it to your bank. You can also wait for the transaction fees to reduce over time and then make a transaction. The lightning network will be established soon and then the transaction fees will be reduced. So I recommend you holding the BTC as it is until the fee is reduced. If you are lucky enough the $50 worth BTC will be worth more than this until the fee is reduced

I'm not sure about transfer to anther persons xapo wallet i might look into that...

The only way to withdraw funds is through bitcoin no fiat withdrawal supported...

Xapo only supports BTC, no other cryptos...

They are doing my head in, i have contacted them multiple times and no response, only one automated response as a cover all to the 'large influx of complaints of the service' so obviously others are having problems with them too.

They are a shoddy service, i opened a small account with them years ago when i first got into bitcoin and always found the service poor.

[tomwalsh]

Does Xapo allow you to choose how much in fees you pay? If it does, you can lower it to $5 and would still get the transaction to confirm in a few hours. But I advice waiting.

No that the root of my problem and why they annoy me so much, i would have happily chosen a lesser fee and waited

I may be wrong but i think the reason they set fees to only 2 choices is so they can hide their own transaction fee in with it. This is much easier to do if you don't let people adjust the price themselves.

They seem to be a money hungry firm. Their bitcoin debit card has always had extortionate fees even back when bitcoin fees were next to nothing.

They seem to target themselves at newbies to bitcoin, but if anything they make bitcoin harder to use.

[khaled0111]

I had a bad experience with Xapo too. At first everything went smoothly until they decided to make an update.

In the next couple of days, all Xapo users will begin to pay the miners fee themselves in order to send transactions out of Xapo.

Does Xapo allow you to choose how much in fees you pay?

unfortunately no.
The problem is that you can't choose a custom fee they only offer two choices "a standard or high priority fee".

I don't use xapo wallet and so I would give you some options and if suitable try it at your own risk. See whether the transaction is free from xapo to another xapo wallet (some wallets support this feature). If it is supported then sell Bitcoins to someone who needs it.

Xapo to Xapo payments are free of charge, but if you find someone to buy he will buy at a low price and the problem will not be solved.
Xapo fees are too high even before the nework congestion.

[eagleman]

Does Xapo allow you to choose how much in fees you pay?

I used xapo before it changes it's rules regarding the fees and back to those days they are not charging any transaction fee. They only have two choices for the fee and you can't change it or adjust the fee in any amount that you desire, they are both fixed so putting that amount to $5 is impossible.
@OP if your btc out there is just like a spare money and you just want to cash it out, go for it take that already or if not I doubt it that in the future their fees will decrease.

[amacar2]

The only way to save those high fees might be spending your xapo bitcoin in one of the xapo merchants like bitrefill where you can top up your mobile phone read more about this here https://blog.bitrefill.com/bitrefill-now-supports-xapo-d61e4375a5df

They might not charge any fees for this atleast not those high 30$ fee.

[Immakillya]

Been stopped using Xapo wallet a long time ago. This is an online wallet. Which means, you don't have the full control over your Bitcoin. Anyway, it's not worth to send an amount if the transaction fee is bigger than the amount you want to send. As you said, you are going to send your $50 worth of Bitcoin. But it could coat you $30 just for the transaction fee. Do you think it's worth it? Definitely not. That's impractical. Just save your btc there and when you think it's huge enough. Then, send it to your other wallet. That could save you money because you only pay one-time fee.

[illusioNiZt]

Just wait for a while the tax would be more reasonable when price of Bitcoin is stable not sure why they don't have custom fees option though, well its good in a way people won't get their transaction stuck because of low fees.

[European Central Bank]

wait. there's no way this excitement can continue. fees were fine just a few weeks ago. they'll be fine again soon. xapo won't reduce the fees to a realistic level but hopefully they should come down.

or you could apply for a xapo card, withdraw it as cash and go buy some btc elsewhere.

[tomwalsh]

wait. there's no way this excitement can continue. fees were fine just a few weeks ago. they'll be fine again soon. xapo won't reduce the fees to a realistic level but hopefully they should come down.

or you could apply for a xapo card, withdraw it as cash and go buy some btc elsewhere.

i think Xapo cards charge about 15% per transaction last time i checked, i refuse out of principle to pay that haha

Thanks for the suggestions on using Xapo merchants, i didn't even know they existed. If i can find one with something i need i may take that option otherwise ill just wait out the congestion, its BTC i forgot i had anyway so not urgent.