high bitcoin fee

[sentinelaeon]

Hello, right now i use bitstamp and binance. They both charge me 0.005 bitcoin fee when i transfer bitcoins from my account to another address. The problem is that i do that regulary with very small accounts and there is no way around it. And basicly paying fee as big as the money im transfering is well, not good. So what are the pages with lower fee ? Maybe 0.001 fee ? This page can either support paypal/credit card buying of bitcoins OR i can just transfer big money from bitstamp. So, what is the lowest fee page that will allow me to transferHello, right now i use bitstamp and binance. They both charge me 0.005 bitcoin fee when i transfer bitcoins from my account to another address. The problem is that i do that regulary with very small accounts and there is no way around it. And basicly paying fee as big as the money im transfering is well, not good. So what are the pages with lower fee ? Maybe 0.001 fee ? This page can either support paypal/credit card buying of bitcoins OR i can just transfer big money from bitstamp. So, what is the lowest fee page that will allow me to transfer bitcoins ? bitcoins ? Also i want them to allow me to transfer about 3€/3$, binance for instance wont allow to transfer such small amounts.

[TryNinja]

This is an issue with these exchanges. They just charge what they want when 2% would be enough.

Try trading your BTC for a cheaper coin, such as LTC, and withdrawing it. You will lose a lot less. And then you can send it to another exchange that has cheaper BTC withdrawal fees. Trade it back for BTC and withdraw.

[coupable]

TryNinja , 3 euro can't be easy moved and converted between exchanges just to receive them in btc. You gave him a methodologic way to solve his problem, but he will get 0.0000000....€ so it will be better to left them in the exchange as they can help paying fees for future orders.

I thought binance has the lowest withdraw fee of 0.0003 btc per order and it may get lower if you use bnb to pay the fees.

[TryNinja]

TryNinja , 3 euro can't be easy moved and converted between exchanges just to receive them in btc. You gave him a methodologic way to solve his problem, but he will get 0.0000000....€ so it will be better to left them in the exchange as they can help paying fees for future orders.

I thought binance has the lowest withdraw fee of 0.0003 btc per order and it may get lower if you use bnb to pay the fees.

Buying €3 in BTC, to withdrawal and do something with it sounds like a waste of time. I don’t think there is any exchange that allows that. Most even have a minimum amount for purchase. I gave him the solution if he ever wants to put more in BTC and then withdrawing without having to pay $4 every time.

Binance has a withdrawal fee of 0.0005 BTC and BNB has nothing to do with that (BNB discounts are related to trading fees, not withdrawing fees).

[AB de Royse777]

These exchanges are really ripping people off. There are no logical reason to charge that much high fees yet they do it. Charging 0.005 BTC is crazy even 0.0005 BTC is also crazy which Binance do anyway.

Even these days I send BTC with 0.00000128 BTC fees and they get confirmed in less than two hours (max).

Get rid of those exchanges. And move the coins in your private wallet like one which you can manage using Electrum. Just check this chart when you are in need of making a transaction and use the fees that really require for you Tx


https://jochen-hoenicke.de/queue/#0,2h

For a legacy wallet anything under 1MB will be confirmed in less than 20 mins.

[1Referee]

These exchanges are really ripping people off. There are no logical reason to charge that much high fees yet they do it. Charging 0.005 BTC is crazy even 0.0005 BTC is also crazy which Binance do anyway.

OP made a typo. Both exchanges charge people 0.0005BTC in withdrawal fees.

It may seem high, but both exchanges did not increase their withdrawal fees in 2017/2018 when the base network fee for Bitcoin hovered between 0.001-0.002BTC. It means that they lost on every single withdrawal that their users requested, which is what people don't think about.

Coinbase works with dynamic withdrawal fees based on the level of network congestion; currently they charge you like 0.00002BTC, but in 2017/2018 there were short periods where they charged even over 0.002BTC.

Every fee model has its pros and cons depending on how congested the network is. Currently Coinbase's dynamic fee model is the best for people, but when the fees spike up, Binance's fee model will stand out as being the cheapest.

[dunfida]

Every fee model has its pros and cons depending on how congested the network is. Currently Coinbase's dynamic fee model is the best for people, but when the fees spike up, Binance's fee model will stand out as being the cheapest.

It should really be dynamic but i doubt that those big popular exchangers might not consider on implying it up but i agree that Binance fee is somewhat the cheapest.

A little bit off-topic on here that shitty exchange Yobit.net does have a standard fee of 0.0012 btc already for a long time- this is the most ridiculous highest fee i've ever seen
which it doesnt changed up no matter whats the current basic network fee.

[logfiles]

It may seem high, but both exchanges did not increase their withdrawal fees in 2017/2018 when the base network fee for Bitcoin hovered between 0.001-0.002BTC. It means that they lost on every single withdrawal that their users requested, which is what people don't think about.

Coinbase works with dynamic withdrawal fees based on the level of network congestion; currently they charge you like 0.00002BTC, but in 2017/2018 there were short periods where they charged even over 0.002BTC.

Every fee model has its pros and cons depending on how congested the network is. Currently Coinbase's dynamic fee model is the best for people, but when the fees spike up, Binance's fee model will stand out as being the cheapest.

I remember quite well. In late 2017, Binance's  withdrawal fees also reached somewhere in the range of 0.001BTC. Binance does change it's withdrawal fees though not very often to match the trend. Just less than a month ago, the fee was at around 0.0003 BTC, right now it's 0.0005 BTC.

About a week ago I did make a withdrawal from Bitmex using the minimal fee of 0.0003BTC but the transaction would take several hours to get it's first confirmation unlike in the past month when it would get confirmed within the next 2 blocks. I believe binance also slightly raised their fee based on the recent rise on the minimal fee required for the transaction to be confirmed within the next block or 2 blocks.

Remember this exchanges sometimes process transactions with more inputs and outputs than our normal transactions that may have 1 input and output so sometimes the fees change considerably.

[Findingnemo]

If you are buying very small amount of bitcoins from your euro then using exchange is not a great idea,you can use the currency exchange section of our forum and for such small amount there won't be any need of escrow if you are willing to go first with any trusted persons here.Yes the withdrawal fee are way higher from the current transaction fee but they are providing service to make profits so its business to them so don't expect them with no fee.

[webtricks]

I think no one addressed OP's issue so far. Everyone is talking about Exchange charging high fees but OP wants to know the substitute to bitstamp and binance for sending btc:

Hello, right now i use bitstamp and binance. They both charge me 0.005 bitcoin fee when i transfer bitcoins from my account to another address. The problem is that i do that regulary with very small accounts and there is no way around it. And basicly paying fee as big as the money im transfering is well, not good. So what are the pages with lower fee ? Maybe 0.001 fee ? This page can either support paypal/credit card buying of bitcoins OR i can just transfer big money from bitstamp.

So OP you have to understand the difference between exchange and wallet. It is not advisable to use Exchange to send/receive bitcoin. Use Exchange to buy bitcoins. Once bought, withdraw these to a wallet and use the wallet to do transactions.
There are lot of wallets to choose from. If I mention any particular here then it may sound biased so I am going to give you general overlook. So there are basically four types of wallets - Web/Desktop/Mobile/Hardware. Web wallets are mostly centralized and you won't be given private keys so real ownership of funds will lie with the wallet, not you. Exchanges also work like Web Wallets. Since you don't have problem using Exchanges to keep money, Web Wallets will be best for you in my opinion. Web wallets are easy to use as compared to other type of wallets and fees are relatively less than Exchanges (mostly network fees).

Choose your web wallet from here: https://bitcoin.org/en/choose-your-wallet
If you are new to bitcoin then I would recommend using this site to learn everything about Bitcoin.

[AB de Royse777]

~snip~

It may seem high, but both exchanges did not increase their withdrawal fees in 2017/2018 when the base network fee for Bitcoin hovered between 0.001-0.002BTC. It means that they lost on every single withdrawal that their users requested, which is what people don't think about.

Coinbase works with dynamic withdrawal fees based on the level of network congestion; currently they charge you like 0.00002BTC, but in 2017/2018 there were short periods where they charged even over 0.002BTC.

Every fee model has its pros and cons depending on how congested the network is. Currently Coinbase's dynamic fee model is the best for people, but when the fees spike up, Binance's fee model will stand out as being the cheapest.

Well I think dynamic fee model should be the one to stay. Pay only that requires. Why would we expect to pay less fees to the exchanges when the fees was around 0.001BTC or more.

Remember this exchanges sometimes process transactions with more inputs and outputs than our normal transactions that may have 1 input and output so sometimes the fees change considerably.

Yes but for every output you are not paying that exponential amount of fees of course. For a segwit address I think every output costs 138 sats and for legacy address every output costs 268 sat or something for 1 sat/Byte. And these days a 1 sat/Byte Tx does not take more than 2 hours to confirm. But for every output they are charging 50,000 sats which is crazy amount.

[o_e_l_e_o]

As much as I hate suggesting leaving your coins on an exchange for any length of time, if you are only going to be buying 5 bucks worth of BTC at a time, then withdrawing every 5 bucks separately is going to cost way too much in exchange fees. You'd be better off leaving your coins on the exchange until you have $30 or more and then withdrawing all at once. Another option would be to save your fiat up until you have $30 and then buy the BTC all at once. Either of these options will also prevent you from having a wallet filled with multiple small UTXOs which will cost you more fees to consolidate in the future.

Alternatively, avoid the exchanges altogether and trade peer-to-peer on this forum or a DEX, and then there is no withdrawal fee.

[sentinelaeon]

I don't think i wrote it clear enough what i am doing, so i will try to write it better this time. I do this:

1) deposit an amount to bitcoin/binance from my credit card. Usualy i deposit 15€, 30€, it could even be 100€
2) then i make small withdrawals, basicaly i send small amounts of bitcoins, up to 5€ to different adresses.

That is all. I cannot make smaller withdrawals, there is no way around it. And when i withdraw 5€, basicaly i pay 3€ fee. This means if you add it all up, if i make 20 withdrawals together totaling 100€, i lose 60€. I am trying to avoid my own wallet because this seems like a lot of work to do. I would be happy to pay for instance 0.001 fee, but 0.005 for my purpose is a lot. Is there any page that has less fee then binance and bitstamp ?

[alyssa85]

Hello, right now i use bitstamp and binance. They both charge me 0.005 bitcoin fee when i transfer bitcoins from my account to another address. The problem is that i do that regulary with very small accounts and there is no way around it. And basicly paying fee as big as the money im transfering is well, not good. So what are the pages with lower fee ? Maybe 0.001 fee ? This page can either support paypal/credit card buying of bitcoins OR i can just transfer big money from bitstamp. So, what is the lowest fee page that will allow me to transferHello, right now i use bitstamp and binance. They both charge me 0.005 bitcoin fee when i transfer bitcoins from my account to another address. The problem is that i do that regulary with very small accounts and there is no way around it. And basicly paying fee as big as the money im transfering is well, not good. So what are the pages with lower fee ? Maybe 0.001 fee ? This page can either support paypal/credit card buying of bitcoins OR i can just transfer big money from bitstamp. So, what is the lowest fee page that will allow me to transfer bitcoins ? bitcoins ? Also i want them to allow me to transfer about 3€/3$, binance for instance wont allow to transfer such small amounts.

All the exchanges charge a lot for bitcoin transfers.

If you are transferring from exchange to exchange, you might want to convert to something like ethereum or litecoin, make the transfer, and then convert it back. Both are liquid enough so you won't lose out on the spread as long as you exchange back into bitcoin immediately.

As always crunch the numbers first to make sure you are saving money before you go ahead.

[o_e_l_e_o]

I am trying to avoid my own wallet because this seems like a lot of work to do.

Those are your only two options, pretty much. You can try other exchanges, but you will still end up paying huge amounts in fees, even if slightly less than what you are paying currently.

Downloading, verifying, and installing Electrum (for example) can be done in less than 10 minutes, even if you don't know how to verify files and have to follow the step by step guide. Another 10 minutes and you can have set up a new wallet and have your seed phrase backed up on paper. Once you are sending from your own wallet, you'll only be paying a few cents per transaction instead of several dollars. 20 minutes to save $60 seems worth it to me.

[SFR10]

I cannot make smaller withdrawals, there is no way around it.

With exchanges, you can't but with "o_e_l_e_o's suggestion" you can withdraw a lot lesser than that.

I am trying to avoid my own wallet because this seems like a lot of work to do.

It's actually quite the opposite.
- In addition to what "o_e_l_e_o" mentioned above, you can easily group transactions (send to multiple addresses with a single TX) and save even more fees down the road.

[sentinelaeon]

I set up Electrum and now when i try to send coins from bitstamp, it always says invalid address. I even tried the testnet thing and its same there, invalid adress. Whats the problem ?

[TryNinja]

I set up Electrum and now when i try to send coins from bitstamp, it always says invalid address. I even tried the testnet thing and its same there, invalid adress. Whats the problem ?

Let me guess, your address starts with bc1...? This is a new address format which makes your transaction fees cheaper, but unfortunately isn't yet supported by many (lazy) exchanges and websites. Create a new wallet but this type select "Legacy" instead of "Segwit", this will create a wallet with 1... addresses.

[enhu]

This is the reason why XRP is being used by some just to withdraw funds outside and then to their banks because its cheaper it doesn't even cost $1. I guess you can say withdrawing BTC going to your personal wallet for long term holding has a price to pay.

As much as I hate suggesting leaving your coins on an exchange for any length of time, if you are only going to be buying 5 bucks worth of BTC at a time, then withdrawing every 5 bucks separately is going to cost way too much in exchange fees. You'd be better off leaving your coins on the exchange until you have $30 or more and then withdrawing all at once. Another option would be to save your fiat up until you have $30 and then buy the BTC all at once. Either of these options will also prevent you from having a wallet filled with multiple small UTXOs which will cost you more fees to consolidate in the future.

Alternatively, avoid the exchanges altogether and trade peer-to-peer on this forum or a DEX, and then there is no withdrawal fee.

That is what could happen for some of those who are just buying at every dip, until the consolidation ends he can then send his BTC outside which at least he will just do it once.

[sentinelaeon]

Thank you, this was indeed the problem, i didnt choose legacy (program was very helpful by not telling me what to choose and putting the wrong choice first, this is what pisses me off with software everytime). Anyway it would appear that it worked, i sent 0.001 bitcoin from bitstamp and now im waiting for it to appear. Then i will try sending it. If this works, this is going to save me a lot of money.
Sorry for sounding noobish but .. how safe is this ? I dont know why i feel safer when im using bitstamp/binance, now i just use a computer program