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Author Topic: Should I covert BTC to another to get lower withdrawal fees?  (Read 479 times)
gentlemand
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November 08, 2019, 09:07:02 PM
 #21

The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.

However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?

I thought this question was regarding a few minutes moving between exchanges, not several years. You would be an absolute madperson to plan long term storage in an alt especially if Bitcoin is what you want.

If you'd bought into most alts in 2017 to save $4-5 in withdrawal fees you would now have about 8-10x less BTC in most cases and in some none whatsoever. Pay the fee.
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November 08, 2019, 09:24:34 PM
 #22

The reason for my withdrawal would be to hold the crypto long term in cold storage, NOT to convert back to fiat. I read that it's better to store it that way as opposed to keeping it on the exchange long term.

However, if I convert it from BTC to another coin for this long-term storage to save the commission, I guess I'm taking a gamble that that coin will hold it's value... maybe BTC is the wisest choice despite the larger fee?

I thought this question was regarding a few minutes moving between exchanges, not several years. You would be an absolute madperson to plan long term storage in an alt especially if Bitcoin is what you want.

If you'd bought into most alts in 2017 to save $4-5 in withdrawal fees you would now have about 8-10x less BTC in most cases and in some none whatsoever. Pay the fee.

I would say that ETH/XRP are some long term holder coins. But at sometime it is important to remember to convert back to BTC.

@sting8 BTC to store and LTC/XRP/DOGE to transfer then back to BTC if you really need to save / mix that much.

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November 08, 2019, 11:50:22 PM
 #23

This idea is very good. I never use Bitcoin as a means of cash withdrawal on trading platforms, the cost is too high compared to other currencies. For ETH is only about $ 2, for LTC TRX XML, it is only worth a few cents.
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November 09, 2019, 02:37:27 PM
 #24

This was really helpful to me. I have used BTC as a means of withdrawing money for a long time. However, for currencies like TRX, ETH, XLM or LTC, ... the cost is very low, even it does not exceed $ 0.5. If withdrawing money, you should use non-BTC platforms, it will greatly reduce your fees.
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November 09, 2019, 03:13:34 PM
 #25

Withdrawing with a lower fee and fast transaction I recommend XRP, for months now that is the sole crypto I am using for withdrawing on an exchange as the wallet I use includes XRP address in it. But if your personal wallet has a TRX address or stores TRX I greatly recommend that as it is the top crypto that has the lowest average transaction fees AFAIK, I recommend this one too if it's exchange to exchange withdrawal.

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November 09, 2019, 09:06:59 PM
Last edit: November 09, 2019, 09:28:48 PM by gentlemand
 #26

This was really helpful to me. I have used BTC as a means of withdrawing money for a long time. However, for currencies like TRX, ETH, XLM or LTC, ... the cost is very low, even it does not exceed $ 0.5. If withdrawing money, you should use non-BTC platforms, it will greatly reduce your fees.

It completely depends on your purpose. If you're trying to move BTC to another exchange through an alt by the time you add up the fee to trade back to BTC and the potential difference in price then it may well cost you considerably more than paying the original fee.

This reminds me of a guy I knew who used to drive 10 extra miles to save 3 pence on a litre of fuel, and he only ever bought 4-5 litres. When I pointed out he burnt more fuel than he was saving it was like witnessing the discovery of fire as it very, very slowly dawned on him.
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November 09, 2019, 09:24:07 PM
 #27

Withdrawing with a lower fee and fast transaction I recommend XRP, for months now that is the sole crypto I am using for withdrawing on an exchange as the wallet I use includes XRP address in it. But if your personal wallet has a TRX address or stores TRX I greatly recommend that as it is the top crypto that has the lowest average transaction fees AFAIK, I recommend this one too if it's exchange to exchange withdrawal.

How much TRX was asked for withdrawal fee and which exchange? I can see some are not just asking 20TRX?

I clearly remember buying TRX in hitbtc almost a year ago, I was asked to pay 180TRX for it. I still did the transaction after all I wanna move my TRX to TRXmarket. Of course that cheap still but if the price of TRX is about 0.05 cents that is certainly not going to be the right token to use for withdrawal.

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November 09, 2019, 11:59:44 PM
 #28

If you are trying to may a wuthdrawal make sure that you will convert your coins to altcoins to lower the fees then sell it to have a bitcoin again. And this is very practical avoid getting a high fees.

And i always do this when i will withdraw my BTC to an altcoins since it will less the fee since bitcoin has very large fees than XLM, XRP, ETH and NEM.
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November 10, 2019, 12:17:10 AM
 #29

Where you want to withdraw the coins? You want to convert them to real money? Or just transfer to another exchange and convert there to bitcoin? Or just want to hold coins for longer? If want to convert to real money then yes choose an altcoin to not pay so much fee, but if want to hold for longer better get more bitcoin and withdraw bitcoin.
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November 10, 2019, 04:42:09 AM
 #30

I've heard that some people use DOGE when it's supported by the exchanges you use, to transfer from one exchange to another. You could even do limit orders so you come out a little bit profitable by the time you receive the BTC if you are willing to wait some time for those orders to fill.

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November 10, 2019, 06:01:25 AM
 #31

I often use LTC or DOGE as my means of withdrawal, LTC and Doge have cheap withdrawal fees and very fast speed. I only withdraw Bitcoin in special cases, bitcoin is slow speed and very high fees, this is also a limitation of this currency.

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November 10, 2019, 07:40:47 AM
 #32

It doesn't make sense,he want to convert his bitcoin into altcoin but wanted to store the converted coin for long term,is there any altcoin is better than bitcoin for long term?

If he want to save that 6$,he might lose few hundred dollars in year.

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November 10, 2019, 10:21:15 AM
 #33

I rarely go to exchangers but whenever I want to withdraw my funds from my Ewallet or yobit, I usually trade BTC-XRP to lessen the tx fees.

Looking at the previous comments, this has been answered. So, you maybe got an idea.

EDIT: I only do this if I want to convert it to fiat and use in my personal expenses.
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November 10, 2019, 12:22:00 PM
 #34

Where you want to withdraw the coins? You want to convert them to real money? Or just transfer to another exchange and convert there to bitcoin? Or just want to hold coins for longer? If want to convert to real money then yes choose an altcoin to not pay so much fee, but if want to hold for longer better get more bitcoin and withdraw bitcoin.
I think that the op doesn't want to convert his/her btc to fiat. My opinion on what the op want is to convert the btc from an exchange (I think) to another coin or altcoin and store it in cold storage for holding long term. I'm pretty sure that id why op is asking if it is best to convert btc to another cryptocurrency because the btc that the op own is in the exchange site.


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November 10, 2019, 01:07:56 PM
 #35

It doesn't make sense,he want to convert his bitcoin into altcoin but wanted to store the converted coin for long term,is there any altcoin is better than bitcoin for long term?

If he want to save that 6$,he might lose few hundred dollars in year.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.

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November 10, 2019, 01:46:07 PM
 #36

Yes it Okay to do it especially with small amounts of BTC. I do it every time with digit assets that require low fees to withdraw like Litecoin, XRP, EOS, NEO etc
However if the amount of funds you are moving is a lot. The trading fee used to convert to other altcoins and the back will be much more than the direct flat withdrawal fee for BTC





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November 10, 2019, 02:25:40 PM
 #37

I've heard that some people use DOGE when it's supported by the exchanges you use, to transfer from one exchange to another.

LoyceV explained how to save on fees by converting BTC -> LTC and vice versa, and I do not see why this would not be applicable to Dogecoin, which has even lower fees. Doge is on almost any crypto exchange, so I don't think that's too big problem. I'm not sure if YoBit still has a BTC withdrawal fix fee 120 000 satoshi, but this is in any case too much for pay in times when a top fee is 5000 or maybe 10 000 satoshi.

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November 10, 2019, 03:59:38 PM
 #38

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

It's on your option, exchanges really charge a big fee for transactions on one of the exchanges I was charged $12 for withdrawing worth of Bitcoin I am sending it on my local exchange so I can trade it to fiat, my best option is to trade it to ethereum which offer ower fees I was
charged $0.80 cents for $40 worth, now that's a big saving, you should always look for the best option, you are up against a profit-driven exchange.

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mersal
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November 10, 2019, 04:20:20 PM
 #39

It doesn't make sense,he want to convert his bitcoin into altcoin but wanted to store the converted coin for long term,is there any altcoin is better than bitcoin for long term?

If he want to save that 6$,he might lose few hundred dollars in year.

He just wants to get the BTC elsewhere without paying the hefty BTC fees.

Pretty sure OP would convert them back to BTC afterwards.
So he need to pay trading fee for converting BTC to X coin then need to spend X amount for withdrawal then he need to move that coin to another exchange where that X coin is being traded with withdrawal fee is much lesser than $6,even if he finds he need to pay trading fee again for converting that X coin into BTC then the low withdrawal fee.If we sum up all these value with $6 then there won't be much difference I guess. Cheesy

lobat999
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November 10, 2019, 04:34:59 PM
 #40

I noticed that the withdrawal fee for Bitcoin at my exchange was about $6 (0.0005 BTC)

Then I looked at the fees for Stellar (0.02 XLM) and Ripple (0.02 XRP) which equated to only a few cents.

My question is why wouldn't you change your bitcoin into one of these others, then withdraw, paying only pennies instead of $6.

What am I missing?

That decision is a case to case basis and it depends on what are your intentions, whether to convert it to fiat or just to transfer it to other wallet.  Honestly, you can decide upon it asap if you'd make simple calculations of assumed withdrawal and conversion fees and chose which steps could help you save some money or BTC. Smiley
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