Wallet with lowest fees (Online and/or iOS)

[zizou11]

Hi everyone!

I am looking for the best wallet, online or iOS-friendly, for numerous transactions.
By now, I am using Freebitco.in which is not really a wallet... but I didn’t find a wallet with lower fees.
As I am writing, I pay 1772 Satoshi for slow transaction (~6hours) and 7532 Satoshi for fast transaction (~15 minutes).

Do you know of a more balanced wallet for transactions ?
Can you write your transaction fees at the very moment you answer?

Thank for sharing your experience !

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[Bitcoin_Arena]

Try out Trustwallet for iOS. Fortunately the iOS version is open source. You have the ability to adjust the transaction fee to your own liking  just before you send out the transaction by clicking on the settings button on top of the confirmation page.

Official website: https://trustwallet.com

[mk4]

For a Bitcoin-only wallet for mobile, Blockstream's Green Wallet is decent in my opinion. It's open source, non-custodial, and you're free to pick your own fees. Especially if you're not in a rush and you want a really cheap transaction, just set the transaction fees to 1-5 sat/byte.

iOS link: https://apps.apple.com/app/id1402243590

As for fees, you can check out this tool to have an idea on what fee you should be paying when you were to make a transactions some time in the future: https://jochen-hoenicke.de/queue/#0,24h

[pooya87]

your bitcoin wallet doesn't receive the fee! it is received by miners and the bitcoin network determines how much it is based on the number of transactions that are in the memory pool and the amount of fee per weight they are paying.

don't get confused about fees that a centralized service charges you with the bitcoin transaction fees. for instance your freebitco.in account takes a slightly smaller fee compared to a transaction's fee because they are paying a lot of users at once in one transaction which would decrease the size by a little bit so it decreases the total fee they have to pay compared to if they created individual transactions for each user. and it goes up like anything else because it still has to broadcast those transactions to the network so it has to increase the fee as the number of transactions and their fee grow.

[o_e_l_e_o]

but I didn’t find a wallet with lower fees.

Wallets don't have fees. Transactions have fees. You should find a wallet which lets you pick your own fee, and doesn't dictate a fee to you.

for instance your freebitco.in account takes a slightly smaller fee compared to a transaction's fee because they are paying a lot of users at once in one transaction which would decrease the size by a little bit so it decreases the total fee they have to pay compared to if they created individual transactions for each user.

I'm not sure I follow you here. What do you mean they take a "slightly smaller fee compared to a transaction's fee"? They are charging 1772 sat for a withdrawal in 6 hours. Given that even without batching a withdrawal would be a simple 1-input 2-output transaction of around 220 bytes, 220 sat would probably be enough to confirm within 6 hours. Almost all centralized services overcharge for withdrawals because they have to cover the costs of consolidation transactions which happen in the background, as well as take a bit of profit.

[pooya87]

~
I'm not sure I follow you here. What do you mean they take a "slightly smaller fee compared to a transaction's fee"? They are charging 1772 sat for a withdrawal in 6 hours. Given that even without batching a withdrawal would be a simple 1-input 2-output transaction of around 220 bytes, 220 sat would probably be enough to confirm within 6 hours. Almost all centralized services overcharge for withdrawals because they have to cover the costs of consolidation transactions which happen in the background, as well as take a bit of profit.

they always use the "high priority" fee not the minimum amount. which means if the transaction size were 220 bytes then they have to currently pay 8800-9900 satoshi (40-45 satoshi/byte according to https://jochen-hoenicke.de/queue/#0,24h) which makes the current withdrawal fee of 2251 satoshi a lot smaller than what you would have paid for an individual transaction. keep in mind this is the slow (batched) withdrawal. there is another option to withdraw fast and in one tx without batching and that charges the correct individual tx fee value for a high priority tx (close to value above around 9000).
the 6 hour thing is for their system to accumulate all the withdrawals then paying all in one or two tx. sometimes you could get lucky and get paid very fast.

[NeuroticFish]

I am using Freebitco.in which is not really a wallet... but I didn’t find a wallet with lower fees.

* You should read about custodian wallets and wallets where you own your private keys.

* You should read about transaction fees and try to understand that where you don't own your private keys you pay more a service/withdrawal fee than transaction fee.

* You should read about wallet security and understand that the coins are not in a wallet, they are still "on the network" and if you are not careful what wallet (and other software) you install and how careful you are with creating the wallet and keeping your private key (or seed) you may end up with your money stolen without somebody touching your wallet.


When this is done you should have a better image of what you want. Then you can go to https://bitcoin.org/en/choose-your-wallet and choose a wallet.
Also keep in mind that if you always pay the minimum fee, sooner or later will come here crying that your transaction is unconfirmed for longer than you expected.

[o_e_l_e_o]

-snip-

Ahh right, you are comparing the fee they actually charge against the fee they could charge for a "high priority" transaction.

However, if you compare the fee they charge for the time you have to wait, compared to the fee you would pay yourself for the same wait time, then you will almost always be better using your own wallet. Sure, you could pay 2000 sats, be lucky that your transaction is the last one to be included in the batch waiting list, and have it broadcast and included in the next block. But more likely is that you will pay the fee and have to wait several hours for other people to request enough withdrawals for your transaction to be broadcast. Meanwhile, you could have made your own transaction at one tenth of the fee and already have been confirmed.

[pakhitheboss]

I have been using MyCellieum wallet for all my Bitcoin transactions. It is available for both Android and iOS. The fee depends on the network and can be different everytime as it depends on the time taken to confirm a transaction. I generally use the 30 minutes trasfer where the fee is less. There are different time mode and accordingly the fee is charged by the wallet.

You can download the iOS version and give it a try.

[hatshepsut93]

If you want to optimize your fees, you need any wallet that allows you to select fee manually, then you need to look at the current state of mempool, for example on https://jochen-hoenicke.de/queue/#0,24h and then select the lowest fee that will have a good chance to get accepted in next blocks. Or maybe you will decide to delay your transaction until the fees become lower, this is totally viable for non-urgent transactions, and with Bitcoin's price always rising, you might save a good amount of money in the long run.

[alik111]

I am looking for the best wallet, online or iOS-friendly, for numerous transactions.
By now, I am using Freebitco.in which is not really a wallet... but I didn’t find a wallet with lower fees.
As I am writing, I pay 1772 Satoshi for slow transaction (~6hours) and 7532 Satoshi for fast transaction (~15 minutes).

Do you know of a more balanced wallet for transactions ?
Can you write your transaction fees at the very moment you answer?

According to my analysis the best wallet for the security and the lowest transection fees can be Electrum wallet.Here you can easily set your preferred transection fees and it's offering the lowest fees per block for transections.Its my recommendation and I am also using this.

Again There are some Exchange wallets where you need to pay zero fees to make any transaction for some coins.They are Bitstamp exchange and Ftx exchange.But they are not my recommendation.Because exchange wallets are oftenly being hacked.

So For you Electrum Wallet will be the best option Undoubtedly.

[OmegaStarScream]

I have been using MyCellieum wallet for all my Bitcoin transactions. It is available for both Android and iOS. The fee depends on the network and can be different everytime as it depends on the time taken to confirm a transaction. I generally use the 30 minutes trasfer where the fee is less. There are different time mode and accordingly the fee is charged by the wallet.

You can download the iOS version and give it a try.

The iOS version is not being updated anymore and if you check their Reddit, you will see that a lot of people are having a problem with syncing.

[witcher_sense]

For better start in cryptocurrency space, I suggest new users visit https://bitcoin.org/en/choose-your-wallet and choose bitcoin wallet based on certain criteria.

Bread wallet is a good choice for iOS users https://bitcoin.org/en/choose-your-wallet?step=5&platform=ios&important=control,fees&features=legacy_addresses,segwit

It gives full control over your bitcoins (no third party involved) and full control over your fees ( you can choose any fee rate).

You can also study the analysis done by Veriphi and choose your wallet upon criteria you like the most. https://docs.google.com/spreadsheets/d/1aZ1zbaUEzCo9NCctN8-eL2VLIiSdY009tTJvRXDUWEw/edit#gid=0

[SpanishSoldier]

Do you know of a more balanced wallet for transactions ?

Use https://coinb.in offline

Can you write your transaction fees at the very moment you answer?

Follow https://mempool.space

[nakamura12]

According to my analysis the best wallet for the security and the lowest transection fees can be Electrum wallet.Here you can easily set your preferred transection fees and it's offering the lowest fees per block for transections.Its my recommendation and I am also using this.

Again There are some Exchange wallets where you need to pay zero fees to make any transaction for some coins.They are Bitstamp exchange and Ftx exchange.But they are not my recommendation.Because exchange wallets are oftenly being hacked.

So For you Electrum Wallet will be the best option Undoubtedly.

I have tried using electrum on android since I have android phone but never tried for ios and I think there is no ios version of electrum yet. Searched many times and never found one that is for iphone devices. As far as I know about electrum is that the lowest transaction fee is 3sat/byte and it's within 25 blocks.

[hosseinimr93]

As far as I know about electrum is that the lowest transaction fee is 3sat/byte and it's within 25 blocks.

Click on "tools" at top of the window and then go to "preferences".
Check "Edit fees manually". After that you will be able to change the transaction fee to lower amounts.

[BitMaxz]

Have you heard about the BRD wallet or bread wallet? It supports IOS devices and you have full control of your transaction fees.
So you can manually set how much you want to pay fees but the transaction confirmation speed will still depend on your fees and the network.

You can find it here https://tunes.apple.com/app/brd-bitcoin-wallet/id885251393


There is no wallet that will give you an instant confirmation when you pay low fees. You're thinking that you can pay less fee when you transfer to other wallets?

It's not like that most of the wallet fees are changing which are based on the current network so fees from a wallet app will change depending on the network.

[HCP]

Do you know of a more balanced wallet for transactions ?
Can you write your transaction fees at the very moment you answer?

Just find a wallet that lets you specify the fee rate to be used.

If you want an iOS one, I'd also recommend "BRD" wallet.


Note that there can be a natural variance of the total fee paid depending on the the data size of the transaction you are sending... it's not dependent on the BTC value being sent, but the number of inputs and outputs being generated.

It is entirely possible to send 2 transactions, both of which send the same amount of BTC... to have wildly different total fees... even if you set both to use a fee rate of 1 sat/byte.

Example:
- TransactionA, has 1 (legacy) input and generates 2 outputs... it'll be around 226 bytes in size... and at 1 sat/byte, would have a fee of 226 sats.
- TransactionB, has 100 (legacy) inputs and generates 2 outputs... it'll be around 15000 bytes in size... and even at 1 sat/byte, would have a fee of ~15000 sats.


The exact numbers are a little different with SegWit and "weight" and virtualBytes etc... but generally, the more inputs you need to use, the larger your transactions data size, and therefore it's total fee, will be.

[zizou11]

Thank your everyone for your answers and such goodwill ! 
I hope it may help other Bitcoin newcomers !

TBH I already tried Green and mycelium but not satisfied  Electrum is not available on iOS 

I will take a good look at Bread wallet and bitcoin.org choose your wallet to help my choice.

your freebitco.in account takes a slightly smaller fee compared to a transaction's fee because they are paying a lot of users at once in one transaction which would decrease the size by a little bit so it decreases the total fee

To give more accuracy in this topic, this answer makes me realize that is exactly this kind of online wallet or service that I am looking for.
Meaning an online service that regroup its users’ transactions and results in a fee reduction or cancellation.

[Nalbo]

Electrum is my wallet on the go for bitcoin transaction. With electrum, you are in full control of your fees. They are available for almost all platforms and can be accessed the same wallet from multiple devices. I use it for all kind of transaction and you can speed up by increasing the fee when you need them deposited quick and go with the lowest option if you don't care when they arrive.