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gon (OP)
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March 08, 2018, 12:07:59 PM |
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Do you think we should stop using exchanges like Kucoin?  Recently I made a BTC withdraw and they took me 0.001 (~10 bucks) as fee. After waiting few hours for confirmation, I checked the translation as saw that hey paid UNDER 3s/B! The whole transaction costs under 0.35, so they made a profit of over 9 bucks to just to give me my own money?!?! It's similar with their ETH transaction where you have 0.01ETH as fee and then the actual cost is ~0.001 total max. |
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"Your bitcoin is secured in a way that is physically impossible for others to access, no matter for what reason, no matter how good the excuse, no matter a majority of miners, no matter what." -- Greg Maxwell
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Azjum
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March 11, 2018, 12:46:40 AM |
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The exchanges, especially Binance and Kucoin, clearly abuse the withdrawal fees.
I systematically avoid these 2 exchanges because of that, for ERC-20 tokens I trade only on decentralized exchanges.
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ashmodeus
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March 11, 2018, 01:51:27 AM |
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Do you think we should stop using exchanges like Kucoin? Recently I made a BTC withdraw and they took me 0.001 (~10 bucks) as fee. After waiting few hours for confirmation, I checked the translation as saw that hey paid UNDER 3s/B! The whole transaction costs under 0.35, so they made a profit of over 9 bucks to just to give me my own money?!?! It's similar with their ETH transaction where you have 0.01ETH as fee and then the actual cost is ~0.001 total max. not just kucoin binance,bittrex,liqui also and that already since a long time ago . value to usd is increased , but payment to blockchain still same like the old,i guess. or maybe for something unexpected. does not mean I support their policies because I'm just a user as well. |
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tanjim18
Jr. Member
 Offline
Activity: 372
Merit: 1
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March 11, 2018, 09:31:31 AM |
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The exchanges, especially Binance and Kucoin, clearly abuse the withdrawal fees.
I systematically avoid these 2 exchanges because of that, for ERC-20 tokens I trade only on decentralized exchanges.
Trade on Idex,Forkdelta,Etherdelta? |
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Azjum
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March 11, 2018, 03:58:05 PM |
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The exchanges, especially Binance and Kucoin, clearly abuse the withdrawal fees.
I systematically avoid these 2 exchanges because of that, for ERC-20 tokens I trade only on decentralized exchanges.
Trade on Idex,Forkdelta,Etherdelta? I trade ERC-20 on EtherDelta/ForkDelta. For others blockchain i use Waves, Crypto-Bridge and BitShare ^^ |
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JanpriX
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March 11, 2018, 04:39:01 PM |
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Actually, there are a lot of exchanges out there that abuses their withdrawal fees especially at this time being where BTC transaction fees are way lower than before but they didn't make any adjustment to be in-line with it. The difference between their withdrawal fees vs the actual transaction fees in the blockchain is quite large and multiply it to the number of their users and they'll make a huge profit out of it.
When I'm trying to withdraw from one exchange to the other, I try to convert my BTC to LTC or DOGE because they have much lower fees and less transaction time. It's been effective in the past months. The community should bombard these exchanges with requests to update their withdrawal fees so that we can see some change on their part.
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Azjum
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March 11, 2018, 05:59:50 PM |
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If they were to implement dynamic costs like Coinbase there wouldn't be this problem.
But well the fixed costs arrange the exchanges well, there is little hope that it arrives...
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btccrusher
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March 11, 2018, 08:55:18 PM |
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Do you think we should stop using exchanges like Kucoin? Recently I made a BTC withdraw and they took me 0.001 (~10 bucks) as fee. After waiting few hours for confirmation, I checked the translation as saw that hey paid UNDER 3s/B! The whole transaction costs under 0.35, so they made a profit of over 9 bucks to just to give me my own money?!?! It's similar with their ETH transaction where you have 0.01ETH as fee and then the actual cost is ~0.001 total max. Most of the exchanges charge 0.001 BTC as fee when they process a withdrawal. Not only Kucoin but also cryptopia, localbitcoins, and so on. This is for some reason and you can get the answer in their FAQ section. The only exchange I found https://stocks.exchange that charges 0.002 for withdrawal. A better option is, convert BTC to any altcoin that charges very low and transfers it. |
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xcbjsuw
Member
Offline
Activity: 420
Merit: 11
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March 13, 2018, 01:59:38 AM |
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Do you think we should stop using exchanges like Kucoin? Recently I made a BTC withdraw and they took me 0.001 (~10 bucks) as fee. After waiting few hours for confirmation, I checked the translation as saw that hey paid UNDER 3s/B! The whole transaction costs under 0.35, so they made a profit of over 9 bucks to just to give me my own money?!?! It's similar with their ETH transaction where you have 0.01ETH as fee and then the actual cost is ~0.001 total max. Why are you Withdrawing using BTC, if withdraw using ETH faster? fees are almost the same, and without having to wait for hours. |
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gon (OP)
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March 13, 2018, 03:01:07 PM |
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Do you think we should stop using exchanges like Kucoin? Recently I made a BTC withdraw and they took me 0.001 (~10 bucks) as fee. After waiting few hours for confirmation, I checked the translation as saw that hey paid UNDER 3s/B! The whole transaction costs under 0.35, so they made a profit of over 9 bucks to just to give me my own money?!?! It's similar with their ETH transaction where you have 0.01ETH as fee and then the actual cost is ~0.001 total max. Why are you Withdrawing using BTC, if withdraw using ETH faster? fees are almost the same, and without having to wait for hours. Because I'm trading mostly in BTC -> alts. Converting it to ETH will cost me additional 0.1%-0.2% + another 0.1%-0.2% for back conversion, even without any ETH/BTC price movement. Is there any other exchange than Coinbase with dynamic fees? And can we do something to force those exchanges with fixed fees to stop abusing us? |
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btccrusher
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March 13, 2018, 03:36:37 PM |
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The exchanges, especially Binance and Kucoin, clearly abuse the withdrawal fees.
I systematically avoid these 2 exchanges because of that, for ERC-20 tokens I trade only on decentralized exchanges.
I want to add https://stocks.exchange/ this name who charges 0.002 BTC For withdrawal. Compared to this one kucoin, Binance is far better.  All exchanges should reduce their withdrawal price at least 50%. |
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goyal.dkg
Member
Offline
Activity: 336
Merit: 14
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April 22, 2018, 10:37:08 PM |
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that is totally insane , charging x30 fee of actual cost for withdrawal .
Exchanges are already earning with trading fees and listing fees , but taking profit in withdrawal fees is not justified .
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goyal.dkg
Member
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Activity: 336
Merit: 14
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April 22, 2018, 10:39:47 PM |
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The exchanges, especially Binance and Kucoin, clearly abuse the withdrawal fees.
I systematically avoid these 2 exchanges because of that, for ERC-20 tokens I trade only on decentralized exchanges.
not only these 2 , almost every centralized exchange charge high fees and it is not the matter of x2 margin . they charge x10 or x20 more than actual cost . bittrex , yobit , hitbtc , bitfinex all of popular exchanges charge high fees . specially on ether network where charges are highest than actual cost . in DEX we have option to pay fee as per our wish .. |
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