Transfer times and fees?

[KjutNikolas]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

[shivansps]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

For sure dude. You have a good point. However, your pick isn't that good. NANO isn't listed on every exchange and why would you transfer BTC in this way from exchange to exchange? Just pick a good exchange and trade there. The procedure you describe is more effective if you want to cash out fiat from BTC, then yes it makes sense to buy for example LTC (fast and low fee) and sell LTC for fiat. I don't see NANO for one reason it is not widely accepted. LTC is.

[KjutNikolas]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

For sure dude. You have a good point. However, your pick isn't that good. NANO isn't listed on every exchange and why would you transfer BTC in this way from exchange to exchange? Just pick a good exchange and trade there. The procedure you describe is more effective if you want to cash out fiat from BTC, then yes it makes sense to buy for example LTC (fast and low fee) and sell LTC for fiat. I don't see NANO for one reason it is not widely accepted. LTC is.

I just made an example. What about XRP? Isn’t that the fastest one? I would need the fastest and most widely accepted yeah.

[rhomelmabini]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

That's good to do bro to make the transfer fast. Just do transfer a coin/token that has speed of lightning on every transaction.

I just made an example. What about XRP? Isn’t that the fastest one? I would need the fastest and most widely accepted yeah.

Maybe you are correct with that again and it's available in this article I just read on Medium see the reference below:
https://medium.com/@johnhinkle_80891/the-fastest-cryptocurrency-transaction-speeds-for-2018-498c1baf87ef

I guess the OP knows but can't decide which to. Hope it helps you.

[adaseb]

You are better off just sticking with Bitcoin itself at the moment. The memory pool is mostly empty these days and most transactions have very low fees.

If you buy an alt, just to get fast transfer times, keep in mind you need to sell that alt back and you will lose on the spread and maybe the price of the alt will change in that little time.

Most exchanges like Bitfinex only charge 40,000 Sats per withdraw and doesn't matter how large or small your withdraw is, hence the reason to just stick with BTC.

[Herlina]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

Not only fast but you need to look at price situations to determine the most profitable coin because most centralized exchanges require approval from the officer and they can take a long time to approve your deposit, So you can avoid losses from late deposits if you choose the most profitable coins

[elda34b]

Why did you have to transfer your bitcoin from one to other exchanges? Are you doing arbitrage?
Rather than XRP or LTC, I think XLM is a better choice. Most exchanges only take around 0.01 fees to withdraw, which is relatively cheap if you compare it to XRP or LTC.

[clrpod]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

On some exchanges that's best. I often times used DOGE for such a thing because the transfer fees were as low as 1-2 dogecoin. The only problem is you are then doing more trades so more trade fees and you might have to wait to buy/sell the currency you swap your bitcoin in to temporarily.

[Jating]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

On some exchanges that's best. I often times used DOGE for such a thing because the transfer fees were as low as 1-2 dogecoin. The only problem is you are then doing more trades so more trade fees and you might have to wait to buy/sell the currency you swap your bitcoin in to temporarily.

Exactly, I previously used DOGE to make my transactions quite fast if I wanted to. But then again, Bitcoin network is not that clogged anymore because the network spammers has already stopped. Plus exchanges now are batching their transactions which lessen the burden on the mempool as well.

Fee's are extremely low as well, heck even a 1 sat/byte could easily be confirmed in the next 5-10 blocks so I will advise the OP to used bitcoin instead of the hassle to convert from one coin to another.

[Xardasim]

You should try Ethereum instead of Nano. Confirmation becomes too quick, but the fee is a bit more than Bitcoin's fee. Fee is changing around 0.001 and it's just a little more than Bitcoin. Also compared to Nano, Ethereum is available in every exchange.

[Reid]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

As long as they support that token too then it makes sense.
You are trying to escape the time and tx fees which have been ask so much before specially those times when bitcoin tx fee soared way too high.

But somehow this is a lot of work. Maybe you should also add the time you will be spending to sell it back and forth and also the fees in trading sites everytime you sell it to another token.

[Marnihughes82]

I have the same idea as you, I usually sell bitcoin for xrp and move to another exchange. I find it very fast and cost very little

[rhomelmabini]

Why did you have to transfer your bitcoin from one to other exchanges? Are you doing arbitrage?
Rather than XRP or LTC, I think XLM is a better choice. Most exchanges only take around 0.01 fees to withdraw, which is relatively cheap if you compare it to XRP or LTC.

I guess he isn't doing an arbitrage but rather he just want to eliminate the hassle of transferring btc from an exchange to another one.

XLM is a good choice but if I were you just stick on exchanges that has low fees on alts that are fast on a transaction.

[KjutNikolas]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

As long as they support that token too then it makes sense.
You are trying to escape the time and tx fees which have been ask so much before specially those times when bitcoin tx fee soared way too high.

But somehow this is a lot of work. Maybe you should also add the time you will be spending to sell it back and forth and also the fees in trading sites everytime you sell it to another token.

Not too much time consuming since its all running on my "bot" I found out that XRP is probably the best and fastest choice. But im still looking for advice if anyone has any idea because XRP still isnt on every exchange.

[susila_bai]

If you are doing Arbitrage Trading, then you need to transfer the bitcoins but if only for day trading then i think, you can do trading in one exchange which suits you. Other option of buying altcoins and then selling in other exchange will be lot of extra work and in this some time you can also face loss, as you cannot expect the price to be same on all exchanges the altcoin is listed. So it is not good to do this type of trading. As in the end you can end up loosing your investment

[waitforme]

I believe that your transactions is done with low fees. I made the Bitcoin transfer from this exchange through other exchanges, and I noticed that I spent 50.00sts per transaction but in practice, the trade pushed you into the trading range with little fees with Big volume deal makes this transaction limit.

[gentlemand]

If you really have to do this the one I'd go for is LTC. That's pretty much everywhere and wherever it is the market will be large enough to not lose out to thin order books. Something like Nano seems ridiculous. There aren't many places to trade it and most markets will be piddling.

Transfer speeds are meaningless if you have to wait days to find enough buyers.

[Hamphser]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

For sure dude. You have a good point. However, your pick isn't that good. NANO isn't listed on every exchange and why would you transfer BTC in this way from exchange to exchange? Just pick a good exchange and trade there. The procedure you describe is more effective if you want to cash out fiat from BTC, then yes it makes sense to buy for example LTC (fast and low fee) and sell LTC for fiat. I don't see NANO for one reason it is not widely accepted. LTC is.

LTC is a better choice if we do talk on making transaction or transfer on multiple exchangers and as being said this is already widely being traded on most than on NANO! The thing he do choose up with NANO
is the almost instant TX and FEE but well its not listed anywhere but only on some numbers of exchange only unlike LTC.

[hastag_80]

I do a ton of trades a day, but I have to transfer cryptoccurency from one exchange to another. Since bitcoin transactions take a lot of time and theres a fee, what do you think I can do? Should I sell the bitcoin on the exchange for a fast currency like NANO and then transfer it to the other exchange and then sell the NANO there to get back the BTC? Do I make any sense? Any answer will help thanks 🙂

Will,maybe this is a good  idea for you,vut one things i can say thats its wasted a processing fee everytime you doing a transaction from one exchange to another exchange or from your wallet to the other exchange and i thinks in thats situation you can create of loosing profit by subtracting the amount of your crypto coins into small percentage.

[Kotone]

You are better off just sticking with Bitcoin itself at the moment. The memory pool is mostly empty these days and most transactions have very low fees.

If you buy an alt, just to get fast transfer times, keep in mind you need to sell that alt back and you will lose on the spread and maybe the price of the alt will change in that little time.

Most exchanges like Bitfinex only charge 40,000 Sats per withdraw and doesn't matter how large or small your withdraw is, hence the reason to just stick with BTC.

Agree. I tried it today and yes it's faster nowadays as they say because of the less transactions. Nano is not tradeable pair for most of the coins so if you're going to trade it's very limited with that coin but yes because of its speed it should be good for trading. Regretfully most of the ICOs before it got popularized didn't know much about it so the first thing that comes to mind was BTC or eth.