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Author Topic: How to Reduce Transferring fees when transfer funds among two exchanges  (Read 126 times)
dasunlanka
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September 12, 2018, 03:03:38 PM
Merited by vphasitha01 (2)
 #1

Lots of newbies are joining crypto sphere these days..Most of them joining trough fiat deposit-able exchanges like coinbase,cex, bitfinex etc...so they are just creating exchange account and buy Cryptos, most of them not familiar with transferring fees and they transferring small funds (below $1000)  from exchange to exchange/wallet and wasting some portions as transaction fees.hope this post help to understand/compare several blockchain's own transferring cost and top 08 exchanges transferring cost.so you can do your own research and find best coin/token to transfer funds with minimal fees..data taken at 12/sep/2018

As we all know most of blockchain have transferring cost according to blokchain type. and according to that exchanges are also cost transferring fees but they are quite different than actual cost. most of exchanges fees are 10+ higher than actual fee.so understanding about transferring fee is important

Not sure this post is helpful for everyone but may be some people those how really concerning about cost reduction.and this is how I always do myself for transfer smaller amounts..

cheaper way to transfer funds is own wallet to other wallet/exchange than exchange to another wallet.So keep your fund in wallet then you can adjust transferring cost/blockchain cost per transaction according to your requirement(priority of the transaction, can be pay higher fee for fast/important transaction and lower fee for slow transactions)  

Bitcoin Transaction fee per transaction

Most usable and transferring coin is bitcoin. Transferring cost is higher comparing other block chains

From bitcoin wallet (blockchain)
can be transfer BTC from own BTC wallet to another wallet by minimum 0.00000191 BTC

minimum cost per transaction (transaction speed is slow but can be use for un-urgent transactions) this will vary with blockchain conditions


maximum cost per transaction (transaction speed is high can be use for an urgent transactions)

From Exchanges (Top 08 exchanges..ref - coinmarketcap)

But Most of exchanges cost higher fee for BTC transferring fee as withdrawal fee s are more than 0.0001BTC But maximum blockchain transaction fee is 0.00004755 BTC as above picture. and Can be send that transaction with minimum fee at 0.00000191 BTC per transactions..


Can be transfer Funds among the exchanges using BTC.but it will cost near $6.3 per Transaction assuming BTC price ($6300) today. it will be more higher when BTC price rise



Ethereum Transaction fee per transaction

Most widely transferring coin is Ethereum. Transferring cost is medium comparing other block chains


From Ethereum wallet (Metamask)

minimum ETH transaction fee= 0.000021 ETH, used gas limit=21000 and gass price =1 Gwei


From Exchanges (Top 08 exchanges..ref - coinmarketcap)

But Most of exchanges cost higher fee for ETH transferring fee as withdrawal fee... Can be send that transaction with minimum fee at 0.000021 ETH per transactions..

Can be transfer Funds among the exchanges using ETH.but it will cost near $1.8 per Transaction assuming ETH price ($180) today. it will be more higher when ETH price rise  


NEO Transaction fee per transaction

Upcoming competitive block-chain for Etherium. Transferring cost is ''0 NEO''..most reasonable Coin to transfer funds among the exchanges.
can be eliminate transferring cost



From NEOwallet (neotracker wallet)
Transferring cost is ''0 NEO''

From Exchanges (Top 08 exchanges..ref - coinmarketcap)

Most exchanges provide Fee free transferring facility for NEO due to block-chain transaction fee is ''0 NEO'' but some exchanges still cost little fee for NEO too..(Bittrex)


Can be transfer Funds among the exchanges using NEO .but it will cost nothing ($0 per Transaction) assuming NEO price ($18) today. it will be $0 even NEO price rise


So Please check these Transferring fees every-time when you transfer funds among the exchanges.Better to choose 0 Transferring fee coin Like NEO other than choosing  BTC or ETH for your funds transferring coin.If you want to transfer BTC/ETH keep it mind to use Personal BTC/ETH wallet.can be eliminate/reduce  transaction fee by this way.. but every time you can't choose NEO you can use XLM/XRP or another coin for this.Hope this will help to understand there is a way to eliminat/reduce  these kind of cost by choosing best coin at the moment..

It is working this way..
If you want to transfer $100 binance to OKEX it will cost 0.001BTC($6.3) and 0.01ETH($2) but can be converted to NEO and transfer NEO with 0 fees and covert it back to EHT/BTC. But there will be 0.2% treading fees and trading volume will be $200. So it will cost $0.4 for trading.but still cheaper.but Keep it mind Transferring fee is only one factor for choosing a coin to transfer your funds..these are other factors you need to consider.will be explain about these factors in next post

  • Transferring fee
  • Trading volume of the coin
  • Bid and ask orders in the exchange
  • Price difference between those exchanges  
  • Size of your funds  
  • volatility of the coin at the moment

I will keep updating this post with new exchange fees and new blockchain fees..
Choose a better coin for transfer funds and save your funds.. Cheesy

Ref- Coinmarketcap, fee page in each exchange ,blockchain,metamask,neotracker wallets

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September 12, 2018, 03:17:57 PM
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Good job. Useful info.

I would also add Kraken exchanage to your list. They have ฿0.00010 fee for depositing.
dasunlanka
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September 12, 2018, 03:49:36 PM
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Good job. Useful info.

I would also add Kraken exchanage to your list. They have ฿0.00010 fee for depositing.

Thanks for the suggestion..I used data from top 08 exchanges..Normally I hate those exchanges with depositing fees..I will add it to the post in the future...
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September 12, 2018, 04:13:59 PM
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Choose better coin for transfer funds and save your funds.. Cheesy

That is pure nonsense. Bitcoin fees would be also FREE if noone would use bitcoin as noone is using this shi****.
More people want to transfer? How to decide who go first, who pay the most, simple as that.
Not shi*** is answer here, so this guide is misguiding people in using shi**** because they can have full cake worth nothing or slice of bitcoin worth fortune.

dasunlanka
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September 12, 2018, 04:33:54 PM
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Choose better coin for transfer funds and save your funds.. Cheesy

That is pure nonsense. Bitcoin fees would be also FREE if noone would use bitcoin as noone is using this shitcoins.
More people want to transfer? How to decide who go first, who pay the most, simple as that.
Not shitcoin is answer here, so this guide is misguiding people in using shitcoin because they can have full cake worth nothing or slice of bitcoin worth fortune.

Hope you don't understand it correctly.Sorry if the topic confusing so I have changed it ''How to Reduce Transferring fees'' to ''How to Reduce Transferring fees when transfer funds among two exchanges''  .Please read the post again..I did't mean to HOLD NEO/BTC/ETH.. all the post describe here if you want to transfer funds among two exchanges what is the best coin to choose.If you transfer $50 or $100 among the exchanges $6(6%) is quite larger cost per transaction ..hope it make sense..
and there are so many factors to consider before choosing a coin..
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September 12, 2018, 04:48:08 PM
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Hope you don't understand it correctly.Sorry if the topic confusing so I have changed it ''How to Reduce Transferring fees'' to ''How to Reduce Transferring fees when transfer funds among two exchanges''  .Please read the post again..I did't mean to HOLD NEO/BTC/ETH.. all the post describe here if you want to transfer funds among two exchanges
Thats actually great job. It can save people's money.
Sorry i misuderstood here core message of the topic, focused too much on side informations. 

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September 12, 2018, 06:17:56 PM
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Thanks for bringing  this up topic for everybody. I generally used Doge coin for transferring between 2 exchanges to avoid high exchange withdrawal fees of Bitcoins in exchanges. These all are important factor (deposit fees, withdrawal fees , Wallet status of exchange, service support ) when you start trading or buying coins from exchanges.

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September 12, 2018, 06:30:29 PM
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Thanks for bringing  this up topic for everybody. I generally used Doge coin for transferring between 2 exchanges to avoid high exchange withdrawal fees of Bitcoins in exchanges. These all are important factor (deposit fees, withdrawal fees , Wallet status of exchange, service support ) when you start trading or buying coins from exchanges.

Same trick I use. Just find a cheaper rate by converting to another coin, transfer, and convert back.

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dasunlanka
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September 12, 2018, 06:51:54 PM
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Thanks for bringing  this up topic for everybody. I generally used Doge coin for transferring between 2 exchanges to avoid high exchange withdrawal fees of Bitcoins in exchanges. These all are important factor (deposit fees, withdrawal fees , Wallet status of exchange, service support ) when you start trading or buying coins from exchanges.

Yes doge is also a good coin for this, and can be use XLM,XRP,DGB too,
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September 13, 2018, 03:48:42 AM
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when transferring funds between two exchanges you have to consider a couple of factors, not just the withdrawal fees!
first is that what coin you have and want to transfer. for instance if you have bitcoin and want to send it from Binance to cryptopia to buy some altcoin there with it, using bitcoin itself will be  A LOT cheaper for you. why? because you are forgetting about trading fees!
lets take ETH for example. if you convert 1BTC to ETH you will have to pay 0.002BTC fee ($12.6) then you withdraw ETH and pay 0.01 ETH (~$2) so in total you just paid near $15 just to use a coin with lower withdrawal fee. whereas if you used bitcoin you would have paid 0.0005BTC or $3.15

additionally transferring bitcoin will be credited to your account usually in 1 to 3 confirmation which will take 1 to 30 min. transferring most altcoins would require either the same amount of time or much longer since they will require a lot more confirmation.

dasunlanka
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September 13, 2018, 04:20:06 AM
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when transferring funds between two exchanges you have to consider a couple of factors, not just the withdrawal fees!
first is that what coin you have and want to transfer. for instance if you have bitcoin and want to send it from Binance to cryptopia to buy some altcoin there with it, using bitcoin itself will be  A LOT cheaper for you. why? because you are forgetting about trading fees!
lets take ETH for example. if you convert 1BTC to ETH you will have to pay 0.002BTC fee ($12.6) then you withdraw ETH and pay 0.01 ETH (~$2) so in total you just paid near $15 just to use a coin with lower withdrawal fee. whereas if you used bitcoin you would have paid 0.0005BTC or $3.15

additionally transferring bitcoin will be credited to your account usually in 1 to 3 confirmation which will take 1 to 30 min. transferring most altcoins would require either the same amount of time or much longer since they will require a lot more confirmation.

Yes that is why I have mentioned that transferring fee is not only one factor to consider. When you transfer larger amount of funds more than $1000 (added $1000 to the post)it is better to transfer BTC itself or ETH, but for below $1000 transactions BTC/ETH transaction fees are lot high. And always I feel more comfortable with NEO/XLM/XRP Transaction speed than BTC.
When I see the comments I feel lots of people do this for reduce the cost. Lets discuss about this, I will do next post discussing about other factors too..
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