How do you avoid high withdrawal fees from exchanges?

[Aveatrex]

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

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[Vispilio]

Try converting to a liquid and not highly volatile altcoin that is high enough in value that you won't be penalized significantly % wise if you cross the spread,

and still low enough in satoshi terms that the withdrawal fees will be economical.

One example is TRX, its fast transactions also insure that the risk of market fluctuation will be minimal...

[Strongkored]

The question has already been answered by you, and besides the method you have mentioned, I don't think there is any more.

My question is whether there is still an exchange that imposes a fee of that size?, as far as I know the current WD fee is in the range of 0.0005BTC.

If you find exchange with that high fee better to avoid to trader there.

[hello_good_sir]

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

If you're looking for yobit in particular, I think LTC is the cheapest that you can do.

Exchange your BTC into LTC, then convert it back to BTC on a site like Changelly or Changenow(despite the fact that they're somewhat shady in their own right) which charges less withdrawal fee. That way you're able to circumvent the 0.0016 BTC withdrawal fee.

You could also potentially use XRP as a means, but that market has lower liquidity afaik.

[mk4]

Vispilio's solution can work if you're willing to hold altcoins(which I'm personally not ok with).

If you're fine with submitting AML/KYC information, you might want to try out Bitfinex, as they've already integrated Lightning. Hence now you can deposit and withdraw your bitcoin fast and cheap: https://www.bitfinex.com/posts/440

[Gozie51]

I think I don't look at all that by trying to beat the process because I see it as waste of time by converting to altcoin and recovering back again and most times, the difference is insignificant.
I'm just scared I might miss out something and my coins are gone

Therefore, what I do is to compound my withdrawal amount. I manage or plan my withdrawal to when I should withdraw a reasonable amount.

[gabmen]

Try converting to a liquid and not highly volatile altcoin that is high enough in value that you won't be penalized significantly % wise if you cross the spread,

and still low enough in satoshi terms that the withdrawal fees will be economical.

One example is TRX, its fast transactions also insure that the risk of market fluctuation will be minimal...

Yeah or doge. The transaction time of cheap alts are considerably faster and a while lot cheaper. Though for withdrawals, i don't think a lot of wallets have trx or doge to dollar conversions. I use ripple for that. Withdrawing in btc of course is expensive and a lot of traders avoid using btc to usd for transfers and withdrawals.

[Casdinyard]

You could also potentially use XRP as a means, but that market has lower liquidity afaik.

Yup, this what I'm using and it cost like 0.5xrp for the withdrawal however I'm talking about Yobit hence not sure from the other exchange sites but pretty sure that work also the same way.

Before I'm using eth for withdrawal but xrp is a way more cheaper.

[iram3130]

I check with alts which have very low withdrawal fees and buy them, send it to where I want and then sell them. I dont think there is a better way to get out of an exchange cheaper than this.

[Shimmiry]

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

If you're looking for yobit in particular, I think LTC is the cheapest that you can do.

Exchange your BTC into LTC, then convert it back to BTC on a site like Changelly or Changenow(despite the fact that they're somewhat shady in their own right) which charges less withdrawal fee. That way you're able to circumvent the 0.0016 BTC withdrawal fee.

You could also potentially use XRP as a means, but that market has lower liquidity afaik.

For being a long time in cryptocurrency most of the time when I earned all of my money to my hard work, I invest it half of it into the cryptocurrency because I see the potential of the coin that will give me a good profit for the next coming year. Still, now it does not show any kind signs of gain before the year ends. After I invest my money and making trading and gambling those earnings help me to buy my needs in real life, one of the major problems in having a cryptocurrency is converting it into another currency or convert into fiat. Still, before I got my desired money, it takes a transaction so that I need to pay a lot of money for the transaction fee. The thing I need to do is to trade again to another coin that has a low market value and transaction fee, so when I cash out this does not give me too many expenses to withdraw.

[Bohxz M4p4gm4h4l25]

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

It's a good idea to just convert it into altcoin instead and then withdraw it. If you want a low withdrawal fee, you may convert it into XRP and then if you would want to convert it into fiat, you may use local exchange and if it's not available for them then you may select other altcoins then which is rare since mostly ETH and XRP are the most prefered alternatives for Bitcoin.

[el kaka22]

It is not just the problem in yobit exchange or for their signature campaign participants but it is like a shame some service providers are making use of withdrawal fee as another income source whereas they are getting plenty of commissions out of their actual business. I mean even network fees are too low (thanks to segwit), few service providers (in few categories like exchange and gambling, I noticed) still look for earning in the name of withdrawal fee. They are taking fee while trading or gambling still keeping withdraw fee higher than 0.001 BTC is really ridiculous.

Those service providers indirectly enforce people to adopt some other coins and preventing people to transact in BTC even bitcoin tx fees and time of first confirmation are much improved in preferable manner in recent times.

[kolonel_x]

If I make a withdrawal from the exchange I never use Btc but altcoin is cheaper and faster in its transactions.
Because it will make it easier for you in the cost is not large and it can be exchanged back to btc but only a little difference.
But there are still many altcoins that are cheaper in transaction costs but I prefer TRX.

[longyenthanh]

On Yobit withdrawal fee for bitcoin is  0.001, which is very high. I wait until I have sufficient no of bitcoin that can overcome this  0.001 bitcoin fee. Else I convert to LTC or xrp and withdraw as they have less withdrawal fee.

[Rodeo02]

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

you can use other crypto such as XRP this one i use for low transaction fee the cos for me is only 0.045 $ . You can also other but for me xrp is better because ofbtransaction speed the only problem here is how you can convert into fiat if you want or into BTC.

[Landak]

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

Well, I usually avoid it by converting it into cheap coins with low withdrawal fees such as XRP, XLM, Waves.
although this method is actually not very profitable but it is good to reduce the fee of withdrawing btc which is getting higher/more expensive.  for example, I did this method on yobit to withdraw the payment of this signature campaign, convert from btc to xrp.

[notblox1]

If you are going to convert Bitcoin to withdraw and reduce fee then use Ethereum.
It is listed on every exchange and  it is second coin in market cap.
Or just avoid using exchanges that have high fees.

One nice topic with exchanges fees:
https://bitcointalk.org/index.php?topic=5079048.0

[gweedo]

Sup guys,

Nowadays the fees to withdraw from exchanges are getting higher and higher, 0.001-0.002 BTC per transaction which is outrageous for a day trader with small trading capital.I'm asking the most experienced of you,do you have any tricks to avoid these fees? I thought of converting the BTC to another altcoin with low withdraw fees and then use another instant changer like SimpleSwap to reconvert again,but is it really sustainable? You tell me.

Trying to move it to altcoin has cheaper withdrawal fees. Personally, I usually withdraw money via ETH, according to my calculations, it only takes 0.005 ETH per withdrawal. Also you can use Dogecoin and withdraw money with it. But the liquidity of this altcoin is not so much so I rarely use it

[MURONDI]

when making withdrawals I used to change to LTC, I'm not sure if it can reduce the cost of withdrawals, when changing to altcoin there will be an exchange fee and a price difference, maybe you can calculate for yourself whether it's comparable.

[pajak666]

DOGE has been the kind of moving money so far. Sometimes I pay flat fee of 2 DOGE or smth similar which is just ridiculous xD Some options may be even cheaper and you simply have to do research on exchanges you use. BTC is usually one of the more expensive possibilities. Another reason is they are dead fast. 10min is enough to move between exchanges even if they require a few confirmations. For BTC that is likely 3-4 times that long i most cases.