Exchanges are starting to reduce their bitcoin withdrawal fees at last

[alyssa85]

Here is Kraken:

https://twitter.com/krakenfx/status/969341056008454144

Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001.

And here is Binance:

https://twitter.com/binance_2017/status/969271254959222784

#Binance is happy to announce a 50% reduction in $BTC withdrawal fees. Effective immediately, BTC withdrawal fees are only 0.0005 BTC!

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

[ganlianshifu1]

Thanks to Segwit, the bitcoin transaction fee has finally dropped!

The lightning network has passed the field test, so we certainly hope to launch out of the chain extension solution earlier than originally anticipated, thus bringing a lower fee prospect for all.

[TheQuin]

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex (currently 0.0004BTC).

[teddy5145]

Thanks to Segwit, the bitcoin transaction fee has finally dropped!

The lightning network has passed the field test, so we certainly hope to launch out of the chain extension solution earlier than originally anticipated, thus bringing a lower fee prospect for all.

Lightning Network are still at its infancy, there is still a lot of testing and changes to be made, but it could be the solution for Bitcoin's scalability problem

On other note, Bitfinex also lowers its Withdrawal fees by 25%
All thanks to Batching, Segwit, and Mempool being empty
https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

What a time to be alive, eh

[BelieveInBTC]

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex.

You are right, running a large exchange isn't cheap but they earn a lot of money on commission. So what's the problem then? There are still many exchanges which force you to pay 0.001 BTC for withdrawal and even a deposit fee (HitBTC). They always introduce new fees quickly but they can't remove them as fast as they have implemented them. Do you happen to know which exchanges have the lowest withdrawal fee? I think I'm going to switch to another one.

[LtMotioN]

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex.

You are right, running a large exchange isn't cheap but they earn a lot of money on commission. So what's the problem then? There are still many exchanges which force you to pay 0.001 BTC for withdrawal and even a deposit fee (HitBTC). They always introduce new fees quickly but they can't remove them as fast as they have implemented them. Do you happen to know which exchanges have the lowest withdrawal fee? I think I'm going to switch to another one.

From the ones I have tried Binance is the cheapest on withdrawls. Others like bitfinex are whale only clubs where you need to deposit 10k USD at least.
To me despite their issues recently Binance remains on top by far.

[bololord]

Here is Kraken:

https://twitter.com/krakenfx/status/969341056008454144

Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001.

And here is Binance:

https://twitter.com/binance_2017/status/969271254959222784

#Binance is happy to announce a 50% reduction in $BTC withdrawal fees. Effective immediately, BTC withdrawal fees are only 0.0005 BTC!

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

This is a great news, reducing of the fees are quite negotiable to all users who exchange bitcoin. This fees are pretty low than last year, even last month, at last atleast it drops because fees are taking much part from the money intended to withdraw, but do the transactions will still be the same in fluidity ? does it will be going to be slower as fees are dropping ?

[alyssa85]

Bitfinex have also responded and lowered their fees:

https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

Since SegWit adoption we have managed to decrease our BTC withdrawal fees by 25%, to 0.0006 BTC.

It's higher than the rest, but still, it's progress.

[Ctn]

It all depends on the bitcoin value in the market. And my belief is that this is post effect of market drop since the December month. We experienced huge cash out load in these three months and miner fees were as high as 30 dollars and thus making it difficult for the exchangers to carry out the operation. After the great fall of bitcoin rates whole thing is upside down. The cash out load is really low and there are not many transaction that are going on. Thus making it very cheap for the miners as well as exchangers. Good thing for us anyways.

[TheQuin]

Do you happen to know which exchanges have the lowest withdrawal fee? I think I'm going to switch to another one.

It really changes all the time so you need to have a look around and do a comparison from time to time. Some are using dynamic fees that change from day to day.

From the ones I have tried Binance is the cheapest on withdrawls. Others like bitfinex are whale only clubs where you need to deposit 10k USD at least.
To me despite their issues recently Binance remains on top by far.

The 10k limit is for new accounts, they have many customers that are not whales but have had an account for some time. Now the that 'gold rush' of the end of last year is over they may well remove that restriction again.

Bitfinex have also responded and lowered their fees:

https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

Since SegWit adoption we have managed to decrease our BTC withdrawal fees by 25%, to 0.0006 BTC.

It's higher than the rest, but still, it's progress.

It's not actually as it's dynamic. I'm logged in right now and it is 0.0004BTC. That announcement means they changed the formula to be 25% lower when they started using Segwit.

[alyssa85]

Do you happen to know which exchanges have the lowest withdrawal fee? I think I'm going to switch to another one.

GDAX has a zero withdrawal fee (they even maintained zero fees when miner fees were going crazy in December). But I think the exchange is for Americans only.

[eternalgloom]

It's about time, but I still think Kraken can do a bit better than that. I would really like to gather all my dust from exchanges, once they start charging the actual fees.
Exchanges should only make profit on trades, not on deposits or withdrawals, but that's just my opinion.

I'd probably have around 0.02 BTC if I could withdraw everything from Kraken, Hitbtc, Bittrex etc.

[Red-Apple]

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

they will always have it higher than normal because they make profit on the difference even if it is little and also they don't have 1 input to pay you from. the transactions usually consist of multiple inputs which will increase the fee and depending on your withdrawal size it can be more.

i think the best way to set the withdrawal fees is a dynamic one though. for example when mempool is empty and you are withdrawal something they can pay with a small transaction size it should be a small fee and if you are withdrawing a big amoung like 50BTC and they have to use a lot of inputs you pay a higher fee or when the mempool is fuller.
that way they don't have to change it every time with a big delay like this!

ps. the site you have in your signature still charges outrageous withdrawal fees.

[shone08]

Here is Kraken:

https://twitter.com/krakenfx/status/969341056008454144

Effective immediately, withdrawal fees on Bitcoin (XBT) are reduced to 0.0005, and withdrawal fees on Bitcoin Cash (BCH) are reduced to 0.0001.

And here is Binance:

https://twitter.com/binance_2017/status/969271254959222784

#Binance is happy to announce a 50% reduction in $BTC withdrawal fees. Effective immediately, BTC withdrawal fees are only 0.0005 BTC!

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

Finally the withdrawal fee decrease to 50% this is a good news for every trader in that exchange site thanks to bitcoin lightning and segwit we can now experiense a small fee again hoping it will last because the fee are based on bitcoin price.

[erickkyut]

That's great! I hope that HitBTC will also follow them. The withdrawal fee for HitBTC is 0.001btc. This is a great news for us traders because the fees are now lesser and the transaction is also becoming faster. Bitcoin is now starting to resolve its major problems.

[Quinni]

At this point I think binance do very well, because I think if a high number of exchanges of personnel, is to be able to cut trading fees, so that we can attract more and more people traded on exchanges. I like binance.

[kier010]

exchange needs to earn too and they need it to manage their exchange sites. it is a good thing that they reduce their withdrawal fees. i hope other exchange will follow soon.

[Lovecove]

It's still pretty high given that you can send transactions for a few cents, but it is a step in the right direction.

You do have to take into account that the fee doesn't just cover the miner's fee on the transaction but also the cost of administrating the withdrawal system. They need to run servers, put security systems in place for the hot wallet, have a cold wallet, sweep deposits and answer support requests as well.

Even so, they were all quick to put withdrawal fees up so it is good to some reducing them. It would be better if they used dynamic fees like for example Bitfinex (currently 0.0004BTC).

I don't understand why the server costs should be taken into account when withdrawing?

A business model is overall, and not aspect-wise. You can't charge people extra at bank of America for withdrawing funds from your own checking account through the teller because it costs them money to pay employees to do that and to update the servers and to pay the accountants?

I don't know why you have sympathy for exchanges lol. They make millions of dollars every year. They make that off of the commissions from trades and maybe some coin listings and what not...

I mean it's so profitable you see new exchanges popping up everywhere... I have no sympathy for their costs whatsoever. Sorry.

[motoprose]

Bitfinex have also responded and lowered their fees:

https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

Since SegWit adoption we have managed to decrease our BTC withdrawal fees by 25%, to 0.0006 BTC.

It's higher than the rest, but still, it's progress.

Yeah. Teddy already mentioned this a couple of posts down from your initial one.

Thanks to Segwit, the bitcoin transaction fee has finally dropped!

The lightning network has passed the field test, so we certainly hope to launch out of the chain extension solution earlier than originally anticipated, thus bringing a lower fee prospect for all.

Lightning Network are still at its infancy, there is still a lot of testing and changes to be made, but it could be the solution for Bitcoin's scalability problem

On other note, Bitfinex also lowers its Withdrawal fees by 25%
All thanks to Batching, Segwit, and Mempool being empty
https://verifiedtopics.com/bitfinex-decrease-btc-withdrawal-fees/

What a time to be alive, eh

But understandable of being excited about this happening.
Just hope the other exchanges will follow suit after the major ones have reduced theirs by half.
As far as I can remember Cryptopia and hitbtc has always charged 0.001btc withdrawal fees ever since I have used them for the past year.

[Mpamaegbu]

I don't know if we owe this reduction to the overwhelming activities from the Segwit or that people jettisoned using Bitcoin for transactions. Whichever, this is some great news if you asked me as transaction fees almost brought Bitcoin activities to its news. However, I believe the exchanges can still bring the witdrawal charges down more to accommodate minor transactions.

exchange needs to earn too and they need it to manage their exchange sites. it is a good thing that they reduce their withdrawal fees. i hope other exchange will follow soon.

As if the exchanges don't earn already with the reduced rate. Remember that the Binance exchange was almost running its exchange with zero interest with it started for some weeks.