-snip- Also mentioned "0.5mBTC additional fees. Had I pressed "ok" to transfer 0.1121 BTC from one wallet to another, it would have cost me 0.57424 BTC ($27,500)! I also tested to send 0.1btc to Binance: 693% transaction fee + 0.5 BTC! Tried all wallet options and each time the transaction fee would wipe out my stack!
You must be using a
2FA wallet because of the "
additional fee", that also explains the insane total fee since MultiSig transactions are way larger in size compared to
standard SegWit or even legacy transactions.
Here's the info about the additional fee:
https://api.trustedcoin.com/#/electrum-helpThe average mempool size is getting lower by the hour so you may be able to send a lower-fee transaction.
You can also opt-out from the additional 5mbtc fee by disabling 2fa by simply restoring a new 2fa wallet using your seed phrase and selecting "
disable".
But if you do that, you may as well create another Standard wallet and consolidate all your funds there by sending max to save fees in the future.
Take note that by opting-out from using 2fa, you'll have to be extra aware of your machine/wallet's security.
Most importantly, your post has some inconsistencies in the unit of Bitcoin, were you supposed to send 0.1BTC to Binance and sent 0.1mBTC instead in your "
test"?
That will surely have a higher fee than the sent amount. You can select 'BTC' in the "
Tools->Preferences" 'base unit' if you don't want to use mBTC.
