Bitcoin withdrawal fee is damn high in exchanges!

[bryant.coleman]

I also don't get this thing when I try to withdraw my coins that why do they ask us that huge amount when they don't even send half of what we paid them in fee? Is it not a way for them to make money? I can go for altcoins but then, what is the use of Bitcoin? Why can't we have 5k satoshis in fee instead of 50k or 100k? The alts we choose to withdraw, need buyers in real world too to sell these to them directly without finding a way to convert it back to BTC or Eth.

There is not much that we can do about it. The exchanges are not legally bound to have an upper threshold on the withdrawal fee that they charge. And that means that they can charge whatever they like. In the end, it is up to the users to make the decision. If they don't want to pay such high fee, then they have two choices. The first one is to use an exchange with lower fee. There are thousands of exchanges out there, and it is not that difficult to find one with lower fee. The second option is to first convert your BTC to BCH or ETH and then convert it back to BTC after the withdrawal. If the amount is not that large, this is the method that I use.

[1715693030]

1715693030

[ScamViruS]

It depends on the whole exchange. In fact, it is another way of revenue. They will take the trading fees and also withdrawal fees. However, not all exchanges are the same. Depending on which exchange you use. Many exchanges have seen withdrawal fees asking 0.001 BTC, while many others have 0.0005 btc. So first see which exchange offers better benefits. Must you need to choose a reputed exchange. I have many exchange offer low fees but they are shady exchange.

[gundala]

That's the price we deserve from a better, quicker, and private system. That's worth it for security services, right? after all the fee depends on the price set by each exchanger and the amount of withdrawal. This is a list of fee comparisons in BTC and eth of some of the top exchanges.

Is exchange decentralization a solution to this transaction fee? not necessarily, surely there are other issues related to trading security and volume and comfort in trading, so it's worth it. Is not it a problem of high fees but you get a satisfying service?

[qwertyup23]

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

Unfortunately, the less miners we have the higher the transaction fees go. It also depends on the exchange that you are using.

Generally, international exchanges have higher fees compared to local exchanges that are available in your country. Preferably, you should check whether you have a local exchange in your country and try withdrawing your BTCs there. If your country does not have one, then I would suggest withdrawing your BTCs in one transaction to avoid high and continuous fees.

It is not an issue, just like us, they also has families to feed, bills to pay up, and other personal needs. We just have to be wise when using exchanges, in my case, if I really needed the money as soon as possible, I will convert my bitcoin in a token that has lower transaction fee when you are withdrawing it our from your wallet in a certain exchanger to your cryptocurrency wallet.

Examples of that tokens are XRP and ETH. But if you are going to hold your bitcoin and you need to transfer it somewhere safe, I guess the transaction fee is worth to be paid.

This is actually very useful! Converting your bitcoins into other tokens can potentially lessen your fees but you should look for an exchange that has the best rates in order to maximize the value.

[btcholder]

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

It's not a lacking of bitcoin. I can agree with that trader or normal bitcoin user suffer because of huge transaction fee. But i think it's exchange demand. And in many way it's right also. They giving us  some benefit like multiple trade system in one exchange, security for your asset etc. So they can offer you some fee whatever it's low or high. After all they are running a business.

There is couple of ways that you can reduce your transaction fee. Buy some popular altcoin like XRP or ETH and withdraw altcoin where you want to transfer, then after transfer use altcoin to buyback your btc. It'll save some dollars. Other hand if you don't want those mess then try to use those exchange whom provide low transaction fee than others. You can see more details here.

[magneto]

Unfortunately, this kind of behaviour is quite rampant in the cryptospace.

Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.

Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.

[Google+]

Unfortunately, this kind of behaviour is quite rampant in the cryptospace.

Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.

Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.

although the bitcoin withdrawal fee is only 0.0005 BTC but when the bitcoin price conditions at the exchange place, the value will be very expensive, because when the bitcoin price is already expensive the costs will not change precisely and the place of exchange that implements cheap fees is still very little, many of them they have very expensive withdrawal fees, it is better when making inter-exchange withdrawals using cheaper and faster altcoin.

[Leonardo7]

Not exchange charge this high, for example, the Binance exchange currently charges 0.0004BTC, which is about $3.9 they actually reduced the transaction fee. Exchanges are equally doing this for business purpose, they have a lot of expenses too.

[Irvinn]

Unfortunately, this kind of behaviour is quite rampant in the cryptospace.

Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.

Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.

Of course, many trading exchanges charge a fairly high percentage for the transaction, and many cryptocurrency users are unhappy with such greed, especially if the trader appeals with a very small amount of Bitcoin for withdrawal.  Such situations significantly deplete the trader, If you too often withdraw Bitcoin in small volumes.  But we must also take into account the fact that the legalization of cryptocurrency and taxation of trading exchanges in any case will be an occasion to increase the commission for withdrawing Bitcoin and this amount may increase several times.

[abel1337]

Unfortunately, this kind of behaviour is quite rampant in the cryptospace.

Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.

Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.

Of course, many trading exchanges charge a fairly high percentage for the transaction, and many cryptocurrency users are unhappy with such greed, especially if the trader appeals with a very small amount of Bitcoin for withdrawal.  Such situations significantly deplete the trader, If you too often withdraw Bitcoin in small volumes.  But we must also take into account the fact that the legalization of cryptocurrency and taxation of trading exchanges in any case will be an occasion to increase the commission for withdrawing Bitcoin and this amount may increase several times.

We can't do about it since as you said that they do have other fees that they are paying. The fact that we are storing our coins into their websites because we are avoiding the high fees for withdrawal.

Some website does have a higher fee on withdrawing bitcoin and much lower fee's on some alt-coins, That's why some people smart-out exchanges by withdrawing altcoins rather than bitcoin to avoid high withdrawal fee.

[DevilSlayer]

It is just the reality after all and that is why I considering all of the fees including the withdrawal fees before I opened an account in a certain exchange. Most of the reputable exchanges have a high withdrawal fees and there is nothing we can do about it. I'm a day trader and I following my plan first before I withdraw my coin. In order for me to save money, I only withdrawing monthly basis where I have limit of 1 withdraw every month.

[btcholder]

Unfortunately, this kind of behaviour is quite rampant in the cryptospace.

Since this is a third party exchange that you are talking about, they are able to set their own withdrawal fees as opposed to adhere to the current average fees that are actually needed to get confirmations on the BTC network.

Most exchanges if you dispute this figure will likely tell you that there are costs associated with processing deposits as well as withdrawals, which is why their fees are beefed up. This is true to a certain degree, but when you see exchanges charge 0.0005 BTC when the average fee is in the 1k sats, it's certainly not fair for the users.

although the bitcoin withdrawal fee is only 0.0005 BTC but when the bitcoin price conditions at the exchange place, the value will be very expensive, because when the bitcoin price is already expensive the costs will not change precisely and the place of exchange that implements cheap fees is still very little, many of them they have very expensive withdrawal fees, it is better when making inter-exchange withdrawals using cheaper and faster altcoin.

Yeah, that's make sense to me. In Kucoin exchange bitcoin withdraw fee is 0.0004 satosi. It's really a small amount for 1 bitcoin if we are not convert as a FIAT money like dollars. But when we convert 0.0004 satosi to dollars then it's going to around 4$. Actually BTC price condition is the main fact in this situation.

Other hand if we see again in Kucoin XRP withdraw fee is 0.1 XRP (More than BTC withdraw fee when we see as a asset). Which means 0.027$ if we convert to USD. Per bitcoin right now 10k and per xrp is 0.27$. So clearly the main fact is price condition. Our problem is we are not able to use BTC like FIAT money (not at this moment). When we'll use BTC like FIAT money it'll never be a problem like this.

[mdzahed134]

Absolutely right only btc withdrawal fee is too much high in the all exchanges. Yobit exchange taken 6$ for withdraw 20$ it’s really damn high. If i had no need to btc than i always go with eth payment to avoid high fee. I think coinbase is very lower fee in btc withdrawal form other wallet or exchanges. On the other things here you can withdraw by using mail without no fees.            

[rajsimran]

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

Many exchanger have their own withdrawal fee.But most of the exchanger withdraw fee is high, only few reputed exchanger withdraw fee is low.Hitbtc,yobit and many exchanger charged more than 0.0012BTC,which is more than 12$.Thats why I love to trade in kucoin,binance.there withdrawal fee is lower,around 0.0005BTC.But I always try to exchange my btc to ltc,to avoid higher fee.you can also try this method.But Nothing to do about higher fee,because they will not reduce the withdrawal fee.Otherwise you should avoid those exchanger that ask higher withdrawal fees.

[Yamifoud]

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

Many exchanger have their own withdrawal fee.But most of the exchanger withdraw fee is high, only few reputed exchanger withdraw fee is low.Hitbtc,yobit and many exchanger charged more than 0.0012BTC,which is more than 12$.Thats why I love to trade in kucoin,binance.there withdrawal fee is lower,around 0.0005BTC.But I always try to exchange my btc to ltc,to avoid higher fee.you can also try this method.But Nothing to do about higher fee,because they will not reduce the withdrawal fee.Otherwise you should avoid those exchanger that ask higher withdrawal fees.

Yeah, it is really disappointing to see but if you don't have any choice, you'll going to sacrifice some bucks for this thing. Anyway, it won't get bothered if we will transfer a huge amount but if that just of a small amount, it feels not right and not really acceptable to our end.

https://bitcoinexchangeguide.com/lowest-cryptocurrency-exchange-trading-fees-list/

Fees could be sometimes considerable and traders would like to save some rather than to pay fees. But it also important to look for reputable exchanges rather than to consider most for a withdrawal fee.

[Baoo]

Unfortunately yes,  there is a high value of Bitcoin fees in all the exchanges except few, but remember that the owners of these  projects want to secure their financial income, and that is a  necessary step to be honest, trust me if you are in their place then you  will definitely do the same. In fact, the value of trading  fees are so high especially in Binance exchange, it is certain that the  trader who is affected has the smallest profit especially the newbies in my opinion. We need to deal with it, there is always many ways to make money no matter  how hard the situation is. Giving excuses will never help you in order to reach your goal.

[Rengga Jati]

It is a very common problem of BTC, high fees. Well, BTC is the most precious crypto. Every exchange can earn more money from this coin. We know that everyone loves Bitcoin and willing to have the coin even by withdrawing them.
To cover this situation, commonly I will convert the BTC to other coins that have low fees for withdrawal. then, converting it again after on the other exchanges. However, if it is sent to your wallet, that will be the risk, the high fee to be included.

[LbtalkL]

Some exchanges already lower the fees on withdrawal considering bitcoin price is increasing this year, adjustment is needed and needs to be done enable to balance the fees. But I guess some traders are not using BTC to transfer their assets across exchanges they are using altcoins with cheaper fees but if you are withdrawing it in your cold wallet you need to accept the fees. In 2017 I encountered a $20 fee just to transfer a bitcoin.

[kaneki007]

Not exchange charge this high, for example, the Binance exchange currently charges 0.0004BTC, which is about $3.9 they actually reduced the transaction fee. Exchanges are equally doing this for business purpose, they have a lot of expenses too.

Means that if the exchange gets bigger, what I mean is that if the exchange has a large volume, the withdrawal fee will be smaller? if like that, most exchanges only charge around 50k satoshi to 100k satoshi as far as I know. I rarely use bitcoin and mostly use altcoin so I ask about this

[btc78]

The only lackings I see in bitcoin is its too high withdrawal fee. Almost every exchange takes such a huge fee for bitcoin transactions. I tried in several exchanges and was shocked because they all are asking 9-12$ withdrawal fee! What do you think about this issue guys? Why are they asking this high fee?

that is very exaggerated words about Bitcoin mate because  we have options upon withdrawals and exchanges,you can find some fees rate in this site

Cryptocurrency Exchanges

in which you can choose between their Fees rate.

also you can visit this thread though it was written in local but you can use google translator to understand the topic.

https://bitcointalk.org/index.php?topic=5152422.0