Transfer times and fees?

[Maricel2017]

If you can generate an income by doing that way go for it but if you see you will gain a loss much better to stick on btc transaction even it was to long to confirm atleast the income is always there. Just analyse the situation and consider the amount to earn and to be loss.

[acholagi]

when you convert from BTC to NANO in exchange A, then you have to convert again from NANO to BTC in exchange B, from here you also have lost because of buying and selling on margin trading
Another problem that arises is, are NANOs listed on all exchanges like Bitcoin?
Think back to your decision, it's good that you are more patient in waiting for the transaction to use BTC to be completed, don't bother to convert

[justspare]

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 🙂

Bitcoin transfers do not take too much money and time anymore, if the exchanges you use charge you premium fee like last years than you need to change your exchange asap.

Right now, you can send millions of dollars with couple cents in bitcoin transactions and maybe you wouldn't use it but any exchange who wants to make profit from the customers is already using such technology at their hands and if they are charging extra for that than I am sorry but they are ripping you off.

You need to find one that would take at most couple dollars for transaction, doesn't matter the size of the transaction, it could be thousands of dollars and it would still cost about a dollar to send with proper technology. Binance for example takes most of their profits not from trading fee's but from withdraw fee's, be careful.

[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.

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.

You're right about the network and the mempool but a lot of exchanges don't have dynamic fees or don't let you choose your own fee when withdrawing, so it can still be much higher in BTC than in other coins. I guess BTC is the best choice in most scenarios but unless given a specific exchange and a specific pair we can't give an answer for every scenario.

[justdimin]

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 🙂

With respect to fast transaction, I will say that can be some pretty good move, but at the same time, you will still need to be very careful most especially knowing the level at which the altcoin market could fluctuate rapidly, and in that case, you sure want to be timing when you want to be doing such transactions.

With respect to fee however, that would depend on a lot of things, when it comes to trading fees, withdrawal fees and in that vein, you can compare it with the fee it will take you to transfer bitcoin directly itself. I may not be surprised that the time it might take you to navigate to exchange to Nano, and transfer and do every necessary thing, may end up being the same time, it will take for your bitcoin transaction to directly hit your wallet. Just thinking!

[The Seller]

Yes, this method is the best way many people (including me) have done it to speed up the transaction process and minimize the transfer costs between exchanges.

[sheenshane]

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 🙂

What do you want a faster transaction or cheaper fees in transferring your coins into another exchange? When I want to cash out my fund into exchange I must prefer to use Ethereum compared to other altcoins or even Bitcoin, I didn't use Bitcoin to make transaction due to high fees or even transferring my fund. Nano is good also the fastest transaction but I didn't try this coin to transfer my fund, I usually used Ethereum in that case.

[wayaneka]

Why you should be make transfer crypto to another exchanges many times? In one exchanges there are alot of different coin available to trade, its enough to use 2 or 3 different exchanges. And i have to make transfer crypto to local exchange only if i want to withdraw to fiat local money, and to avoid high fee transfer of BTC, there are alot of others coin that has cheap transfer fee , example XLM, LTC, DOGE, WAVES etc. So transaction fee is not really make problem in trading activity.

[maydna]

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 🙂

I think if you are okay with the fee, you don't need to exchange another coin and stick with bitcoin only. But if you are not okay with the bitcoin fee, then you can exchange it into Dogecoin and send it to another exchange. Dogecoin only needs 5-10 satoshi for the transaction and the confirming time will not take too long. I don't know how much the fee of the transaction for NANO because I don't use that coin. Or maybe you can try with waves, and I think the fee is not too big and maybe it's almost equal with Dogecoin.

[befriendmywater]

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 🙂

I think it will take you more time. Because you finally bought Bitcoin. I think Bitcoin trading is really good because it's a great coin so its a pretty high fee. that is the value of the fee. You need to understand and avoid wasting your time.

[gioemodau12]

I also usually do as you do. I sell bitcoin to get another currency and use it to transfer it. Bitcoin is too slow and costly

[CodyAlfaridzi]

I recommend ETH, LTC, and XLM.

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.

Bitcoin tx fee is small now, yes, but most exchanges set a rather high fee for Bitcoin withdrawal. 40K sats is substantial for me, especially if you're going to make a lot of transfer. Compare this to exchange withdrawal fee for coins like Stellar which would be below 1K sats. Even ETH fee is as small as 0.001 ETH which equals around 3K sats.

[rickadone]

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.

It is not a bad point actually, but what I would do is to basically test the two and see which one would actually make more sense eventually, when it comes to faster transaction as well as fees. Sometimes, you may not really know how effective something is until you at least do some comparison. For me, what I would do normally is to first send part of the bitcoin transaction to the other exchange, and then go through the process of trying to exchange to Nano and then sending afterwards before converting back to bitcoin. Measure up the time and the fees it takes you to achieve both, and you will be able to deduce from there.

[LeGaulois]

The daily traders usually have funds in several exchanges to avoid the headaches between transactions fees and time transfer. It also allows trading arbitrage between exchanges. If each time you buy an altcoin to transfer it's going to take time in the long run... so if you can save your time...

[farosa]

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 🙂

If I say the truth, I have no idea how NANO works. When you convert NANO back to Bitcoin you pay an additional fee, so it is more logical to use Ethereum and you don't need to re-convert to any coin again.

[irsykes]

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 🙂

Sending bitcoin between exchanges is something that you need to really make sure before do that, that is risk that we must face if we want to do that. If you want to change to other coins maybe think about different price between that exchanges too, don't make it you to loss some of your assets.

[Renaldi blackspadeteam]

of course, this idea is a good choice to save time and also costs, I know you Crypto traders with arbitration techniques trade from market to market from the difference in crypto prices.

[Kikeeping]

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 🙂

you do same value when transfer btc to another exchange than convert it to another exchange and convert again to btc. covert your btc into alt where low fee under 1. then tranafer it to another exchange.

[posi]

You did make sense but I also want you to put the fact that NANO could dump in price sharply before scaling through the whole transaction into consideration since altcoin are very speculated. I will advice you to use an exchange which supported SegWit instead, which will handle the fee and transaction.

[karungbitcoin]

Yes i did it many times when make transfer fund between exchanges, firstly i looking for the cheapest transaction fee of crypto and then i use it to transfer fund to other exchange. I havebeen use NEO because no transaction fee and transaction comfirmation more faster. I always make transfer twice , firstly i use small amount to know everything right and second one i will transfer all of it.