Network fee is killing my small profit

[erikoy]

This is why trading was being discourage due to high fee when converting cryptocurrency to fiat. Here in our place is just the same. The problem adds up during withdrawals because remittances or banks also will made another deductions. It is just like a double or tripple kill for when one likes to invest again then bitcoin has higher rate when buying and lower rate when selling. Totally one will be having a hard time to earn or to just do trade.

[matan]

Most likely you will have to find another way to earn money, I don't see any other options.

[gentlemand]

Most likely you will have to find another way to earn money, I don't see any other options.

All he has to do is pass on the charge. It's not as if buyers will find a seller who magically swallows the cost on their behalf. This is a fundamental part of how Bitcoin works and there's no avoiding it.

[ttcsalam]

Recently so many network fees have increased.It cannot be imagined.Many small resellers have been forced to quit their jobs due to the increase in network fees.Etherium can grow as they improve their network system.However, in this situation the USDT can still be used as a medium of transaction.

[pilosopotasyo]

Mate, BDT is the fiat currency of Bangladesh. I used to buy sell BTC locally to make some profit since I have both some buyers and sellers. And there's no way you can get rid of the high fee now. Coinbase is better since they use batch payment now and fee is proportionally low but it's very risky to use coinbase for such trades because source of BTC can be illegal too.

I feel you man in my case I cannot transfer Bitcoin I've earned from campaign  to our local wallet without incurring high fees, I have to wait for more coins to come to my wallet, I cannot use my local wallet for my campaign  because they are changing my local address from time to time
i once incurred $4 fees for $5 transfer, really not worth to transfer a small amount.

[metzapp]

You will be able to make real profits only with big deposit, sorry

Which exchange are you using to make your trade ?

[Juggy777]

Mate, BDT is the fiat currency of Bangladesh. I used to buy sell BTC locally to make some profit since I have both some buyers and sellers. And there's no way you can get rid of the high fee now. Coinbase is better since they use batch payment now and fee is proportionally low but it's very risky to use coinbase for such trades because source of BTC can be illegal too.

I feel you man in my case I cannot transfer Bitcoin I've earned from campaign  to our local wallet without incurring high fees, I have to wait for more coins to come to my wallet, I cannot use my local wallet for my campaign  because they are changing my local address from time to time
i once incurred $4 fees for $5 transfer, really not worth to transfer a small amount.

@Little Mouse indeed it’s very risky to use coinbase as they may force you to submit your details for KYC purposes, and that’s why I left them because I was not comfortable revealing my personal information to them.

Also @pilosopotasyo these days bitcoin fees have shot up tremendously as I had to pay $23 in fees for a small transaction, and normally I would have paid just $1 - $3 for the same transaction.

Lastly the only option I can think of saving fees is by setting them manually in the electrum wallet, and hence I’m sharing the guide here in case anyone else is facing similar issue of bitcoin fees being too high.

How to set fees manually:

https://medium.com/@eaie6297/how-to-resolve-the-insanely-high-transaction-fees-in-electrum-wallet-98bc7dc74e64

[supine]

It has been my problem for so long now and that is why I also stop on gambling because even if I am happy with my small profit I would get less because of the high fee.
So I wouldn't feel any profit at all it is just like wasting my time and money for nothing so if I wanted to get a profit I have no other choice but to earn more and that would risk the profit that I already have instead of claiming it I am force to play more or even in trading I would need to do more.

[Rafiqul]

I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth  of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.

Recently the network fee has increased too much. You have nothing to do with this fee increase for small traders like me. So I think the way to get rid of this is to sell at a slightly higher price or impose a part or all of the transaction fee on the customer. If that is not possible then small traders will not be able to survive.

[Mulann2]

Yeah mate, network fee this days is very high, it is very difficult for someone with small capital to transfer or but and sell, even eth that use to he my favourite currency to use has suddenly increase in network fees, there is absolutely nothing anyone can do to change this.

[South Park]

You need bigger fund to make a profit, little money give little profit to none.

It is not that simple, the OP stated that he is doing some peer to peer trades in his country, this means that he doesn't control the size of these trades, the ones that do that are his clients and anyone that has ever traded bitcoin peer to peer knows that for the most part the trades are going to be very small, and with the high fees he is finding out that something that used to be profitable it isn't anymore and he's trying to find a way around it but at least it doesn't seem possible to me.

[semobo]

I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth  of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.

All you can do is stop stop selling and buying until the network clog gets cleared because there is no way to make profits from trading such small amount when the trading fee is very high, maybe you can start trading for stable coin pair so you no need to move your funds to your wallet and there will be no transaction fee until you withdraw it.

[Anna138]

I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth  of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.

Unfortunately, the situation with the sale and purchase of bitcoin is becoming more and more complicated every year. Commissions really grow very much and resale and arbitrage becomes simply impossible. Many of my acquaintances have left this business. I think you need to look for something else, since Bitcoin arbitrage will soon become completely impossible.

[wack slacker]

Crypto transaction costs for small amounts are less profitable due to the high cost of intermediaries. If the order is bigger then the cost is the same, but you will see a larger winnings. You should have better plans for higher profits.
For small amounts you should stay away from decentralized exchanges because deposit and transaction costs are very large, slippage rates are also high. Currently the Ethereum network has a huge number of transactions and the costs for exchanging currencies on decentralized exchanges as well as sending money are higher.

[verita1]

The same thing happens to me when I exchange Bitcoin to my local currency at this time. But to ease the burden of fees a bit, I exchange it only twice a month and do it to cover my daily needs.
As you do work as a trader that is a big problem because you lose your profit. We are experiencing difficult times, high fees and inflation in the economy.

[Om.monata]

I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth  of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.

sometimes in some exchange fees are very burdensome but we have to keep going, it looks unfair but it is the truth. but still there are many options for exchanges that have low fees and high levels of security, so it doesn't kill small profits

[Kelvinid]

The same thing happens to me when I exchange Bitcoin to my local currency at this time. But to ease the burden of fees a bit, I exchange it only twice a month and do it to cover my daily needs.
 

That is the wisest thing to do, it is supposedly why not if have that option and think about saving rather than accumulating these fees.

Always there is a way, only we need to find it. It is to understand that once the market does such pumps, fees will actually rise. This can't be avoided and just us to limit cashout transactions if that is the only way we can save. In fact, we all have suffered this thing and we have nothing to do but accept how these changes affects us in regards.

[Ayiranorea]

I have started to buy BTC and sell them in a higher price (in BDT). For example, imagine I have purchased $100 worth  of BTC @86BDT per USD and sold them instantly @87BDT per USD. This is a good business even if you take 1BDT per USD profit. I was having some good profits each day.
But now after the fee has increased, it has been impossible to get profit. There's a transaction cost which I can not avoid and it is very high. I trade small amount like $50 even (To make a strong hub). In such cases, I have no profit almost unless I'm dealing $300 or over. That's a pain to pay such fee but I have no way because I do not make a bad relation with buyers and sellers.

sometimes in some exchange fees are very burdensome but we have to keep going, it looks unfair but it is the truth. but still there are many options for exchanges that have low fees and high levels of security, so it doesn't kill small profits

Just think of a small level trader, he just holds small funds in the wallet. Out of the difference in the price between time one might get to earn few dollars. If the same gets charged during withdrawal what's the profit the user gets out of the trade. Most of the users don't withdraw from the exchanges regularly, and based on the trading we've made will be the fee levied. This way high volume traders were levied with low fee than the small traders.

[bayu7adi]

Don't ever withdraw or transfer funds when your profit is still small. Make your transactions as efficient as possible so you can get profit.
Bitcoin or other currencies only charge a fee for those who make transactions, but for a trader who has little capital, what's wrong if you make a few more small trades without having to WD
That way, your profit will be more pronounced and your assets will increase. When assets increase, of course the capital to buy BDT coins will be even more and if you take a small profit, of course it will be more than you have a little capital.

[Insanerman]

The other day when I'm planning to do a cash out because I have done some trading coin and to take profit. To my surprise the fees is really high which killing most traders now. When btc becomes high it's value the fees it does increase. Well for that if there's any exchange could offer small fees it is good for us who can enjoy better profit.

Does all of each exchanges withdrawal fees? I mean, if you use bitcoin for your withdrawal on a particular exchange, it is also the same equivalent amount to USD or any fiats?
If not, try exchanging your funds on other cryptocurrencies. Ripple (XRP) has one of the lowest transaction fee, and also it is one of the fastest. It's based from my experience.
I heard, Litecoin also does have small fees (on some exchanges).
Try it