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Author Topic: Why exchange wallet so high fee  (Read 254 times)
Dhanems
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March 05, 2018, 01:16:55 PM
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Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and  fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?
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March 05, 2018, 01:27:57 PM
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Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and  fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

You made a withdrawal to fiat? Or to any other coin?
Or you just transferred Eth to another volume?
Anyway we face such challenges... I came across coinmonkey exchanger - it allows to use exchange rates using quotes from major exchanges. So you don’t have to store coins at exhange or pay extra charges. It is really a way out in some cases
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March 05, 2018, 01:41:25 PM
 #3

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and  fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?


That is normal fee, most exchanges have fixed price for withdrawal. If you want to withdraw, it is better to do it with a higher volume.

If you want to use an exchange and then withdraw, i would recommend that you make some research about the fees to choose the one that best suit your needs.

 Wink
jseverson
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March 05, 2018, 01:49:06 PM
 #4

It's probably because they want their transactions confirmed as soon as possible. Having coins stuck in limbo is not fun, and I would assume their support gets swamped when it happens. The faster transactions confirm, the less time there is for complications to arise.

I don't know what fee is considered normal for Ethereum so I can't comment on that specifically, but exchanges typically charge more than the recommended fee.

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March 05, 2018, 03:00:44 PM
 #5

Fees are high because transactions are in high demand right now.With the network the way it currently is, and as the world realizes the utility of bitcoin, these high prices will be realized as well.
Centralized systems will always be cheaper and more efficient than decentralized ones.
Dhanems
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March 05, 2018, 06:58:09 PM
 #6

I bought ethereum in poloniex and witdraw go-to my mew wallet..but the fee so high so I tried to sell some of my coins in BTC Alpha,much worst hehehe min 0.7 ethereum witdraw and 0.01 eth.fee😂
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March 05, 2018, 08:39:28 PM
 #7

Exchanges are traditionally extremely slow to react to fee changes. And their preference is always extreme overkill as it's one less problem to deal with, otherwise they'd get their customers whining about stuck coins.

It pays to shop around. Some exchanges have much lower withdraw fees than others. If you're transferring to another exchange then it may pay to move money between them with another coin, but watch those spreads or you may end up out of pocket.

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March 06, 2018, 06:50:23 PM
 #8

Exchanges have made the withdrawal fees a nice way to extort users. Ethereum transaction hardly need more than 40 cents to confirm in few blocks and they charge up to $10 for its withdrawal. If you are going to earn through withdrawal fees than do away with your exchange trading fees.

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gentlemand
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March 06, 2018, 07:11:51 PM
 #9

Exchanges have made the withdrawal fees a nice way to extort users. Ethereum transaction hardly need more than 40 cents to confirm in few blocks and they charge up to $10 for its withdrawal. If you are going to earn through withdrawal fees than do away with your exchange trading fees.

Um, exchanges don't get any of the fees. They go to the miners. And it's not as if you can arrange kickbacks when you have no idea who'll mine it.

Like I said, it's to keep their users from whining about stuck transactions. Whether more of them whine about high fees is an unknown. I think it's probably going to be less.

cryptosunn
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March 06, 2018, 07:23:59 PM
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Because there is a lack of competition. I think this will change when we will have more decentralized exchanges.
wolfofcryptocurrency
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March 07, 2018, 04:39:33 AM
 #11

Because they can. Most of the exchanges want your crypto to stay in their exchange so they put a "penalty" for you when you withdraw.
AndyNguyen1988
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March 07, 2018, 05:47:33 AM
 #12

Hello guys,I tried to withdraw ethereum from poloniex and BTC alpha..soo high fee's I withdraw 0.02 ethereum and  fee's is min.0.01 ethereum? So no choice I withdraw even the high fee almost 50% from may balance. I need gas to send more tokens ..but still confused why so high it is normal or due to blockchain congested that's why?

As far as I know for gas which need to send more tokens, you can set fee according to your mind but if you set gas low, your transaction will be delay for long time and may not success. Especially, in the transaction to buy tokens from ICO, I recommend you should set fee gas high to your transaction be fast and successfull
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March 07, 2018, 07:18:00 AM
 #13

Yeah that’s quite the standard, you should check in advance how much it cost to withdraw your cryptos

before registering to a specific exchange, coz you can find better prices!

also remember if you need to move crypto for trading between exchanges you can do it with NEO, since it’s sometimes free (on Binance for example) to move along with GAS!

mits001
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March 07, 2018, 08:28:40 AM
 #14

Yes, the withdrawal fees are pretty high on mostly all the exchanges. Granted, some of it goes as transaction fees but the exorbitant fees exchanges are taking is surely not justifiable. But we can't do much with it for now. It's kind of penalty to use those exchanges.
Dhanems
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March 07, 2018, 03:55:00 PM
 #15

Because there is a lack of competition. I think this will change when we will have more decentralized exchanges.
Hoping..0.01 eth for fee so expensive but of course we don't have choice.
draculaaa
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March 07, 2018, 05:34:51 PM
 #16

It's starting decline phase of classic exchanges vs decentralized  (dex) and so they are trying to take profits
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March 07, 2018, 05:37:04 PM
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Even though the cryptocurrencies are decentralized, the cryptocurrency market is ruled by the exchanges. That said, we have no choice

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khendjer
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March 07, 2018, 09:40:18 PM
 #18

Exchanges have made the withdrawal fees a nice way to extort users. Ethereum transaction hardly need more than 40 cents to confirm in few blocks and they charge up to $10 for its withdrawal. If you are going to earn through withdrawal fees than do away with your exchange trading fees.

Um, exchanges don't get any of the fees. They go to the miners. And it's not as if you can arrange kickbacks when you have no idea who'll mine it.

Like I said, it's to keep their users from whining about stuck transactions. Whether more of them whine about high fees is an unknown. I think it's probably going to be less.

I agree with the Thefrolly's statement and can also confirm that they charge such a high fees not because of concern about the users and not for the fast transfers purposes. Not all of them but some can charge up to 9/10 of the total withdrawal fee and only 1/10 goes to the miners. They sometimes change that proportion if the network is overloaded but in most of the cases they take the major part of the fees. It can easily be checked on blockchain.

They do so cause they're not interested in users withdraw their funds out of the exchange. They are interested in users trade more so they can get more trading volume and more profit on charging trading fees. High withdrawal fees is a good way of making users trade more, withdraw less.

The ideal user on their opinion is a user who makes a deposit and spends it all on trading fees by making a lot of back and forth trades Smiley

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June 11, 2018, 11:12:44 AM
 #19

Try to trade on some dex, even if is difficult and not so fast  Cry
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June 11, 2018, 12:01:09 PM
 #20

So you shouldn't pick up the ether, but you should replace it with a dog's coin, then put it forward and change it to ether, so the cost will be reduced.
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