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Author Topic: How to make Ethereum transactions for free  (Read 215 times)
Josefjix
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February 21, 2021, 10:18:53 PM
Merited by BIT-BENDER (2), Charles-Tim (2), yurez (1), ancafe (1), OcTradism (1)
 #1

I've quite seen a couple of times people complain of high gas fee from the Ethereum network. That's why I brought this little discovery I've made.

1. Creat an account with FXT Exchange. Set up and bind your account with 2FA authenticator.
2. Deposit any coin that has low withdrawal fees to your wallet on FXT E.g TRX,XLM,LTC and the rest.

After you just have deposited any of the coins; now convert to ETH for the value of the coin.
1. 
2.


Now you can withdraw your ETH for free, no fee will be charged.

Note: Do not use an exchange ETH wallet, only use anyone from Truswallet, Imtoken or any ERC-20

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February 22, 2021, 03:46:41 AM
 #2

But it won't help with tokens. I think the majority of people is using Ethereum for transferring tokens to different wallet. I think that's one of the major issue here, not transferring Ethereum itself. That little discovery of yours won't really help much. In fact, you can do that to almost every exchange. I don't know what that exchange is but I personally use Kucoin to avoid paying high fees.

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February 22, 2021, 04:04:51 AM
 #3

It should be noted if that should not exceed the total daily trading. I think that it's not all of users can use this feature

https://help.ftx.com/hc/en-us/articles/360034865571-Blockchain-Deposits-and-Withdrawals#:~:text=There%20are%20no%20fees%20on,fee%20of%20up%20to%200.10%25.

FTX already published that recently if ftx will be paying the blockchain fees for the withdrawal. That's very interesting to see that and I may try to use this exchange site soon. This feature is only supporting some coins.

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February 22, 2021, 04:19:02 AM
 #4

Quote
Fees

There are no fees on deposits and withdrawals.  FTX pays the withdrawal blockchain fees.
It is crazy when FTX provides free deposit and withdrawal when transaction fee on Bitcoin and Ethereum network are highly expensive. They waive the fee and don't have any minimum limit on withdrawal value. I know they can do batch transactions for withdrawal requests from users but waive the fees is amazing.

They will attract more users from this generosity with fees. They don't lose much money from fees with many altcoins. Only Bitcoin and Ethereum withdrawals will take money from the exchange. They do it for good in the future, not now.

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February 22, 2021, 05:12:38 AM
 #5

Quote
Note: Do not use an exchange ETH wallet, only use anyone from Truswallet, Imtoken or any ERC-20

Haven't try this but can we send that converted eth to any gambling sites that has eth wallet address?
Also, may I know if how much is the convertion fee if I will gonna convert trx to eth?

And seems kyc is needed on that exchange, too to increase daily transaction limits.

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Josefjix
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February 22, 2021, 06:58:44 AM
 #6

Quote
Note: Do not use an exchange ETH wallet, only use anyone from Truswallet, Imtoken or any ERC-20

Haven't try this but can we send that converted eth to any gambling sites that has eth wallet address?
Also, may I know if how much is the convertion fee if I will gonna convert trx to eth?

And seems kyc is needed on that exchange, too to increase daily transaction limits.
To the best of my knowledge only exchange wallets are not supported. I don't know about gambling sites. Conversion within the exchange is totally free. You can easily convert TRX to ETH without hassle, there is no hidden charges except for volatility of cryptocurrencies.

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February 22, 2021, 07:12:40 AM
 #7

I've quite seen a couple of times people complain of high gas fee from the Ethereum network. That's why I brought this little discovery I've made.

This will work if you are going to acquire Ethereum, but if you are going to transfer your Ethereum or your Ethereum based altcoins to another wallet or exchange, that's where the issues come in, you have to spend $10 to $30 fees, you will need to transfer a huge amount of tokens if you are going to transfer, Ethereum is not suitable for small traders, even bounty hunters and developers are having issues on the distribution of their rewards.


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Furious 7
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February 22, 2021, 07:26:04 AM
 #8

Quote
Fees

There are no fees on deposits and withdrawals.  FTX pays the withdrawal blockchain fees.
It is crazy when FTX provides free deposit and withdrawal when transaction fee on Bitcoin and Ethereum network are highly expensive. They waive the fee and don't have any minimum limit on withdrawal value. I know they can do batch transactions for withdrawal requests from users but waive the fees is amazing.

They will attract more users from this generosity with fees. They don't lose much money from fees with many altcoins. Only Bitcoin and Ethereum withdrawals will take money from the exchange. They do it for good in the future, not now.
It's almost a month that it's a shame to use FTX to send fees anywhere because this exchange provides free fees without doing anything, and it looks like the minimum free withdrawal is 0.002 that's what I like where when gas is expensive this exchange provides services that are meaningful to us all.

I don't know if this started from their market launch or not and hopefully in the future nothing changes and it stays like this so that users will use more FTX exchanges in the long run.

.
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February 22, 2021, 07:36:46 AM
 #9

I've quite seen a couple of times people complain of high gas fee from the Ethereum network. That's why I brought this little discovery I've made.

This will work if you are going to acquire Ethereum, but if you are going to transfer your Ethereum or your Ethereum based altcoins to another wallet or exchange, that's where the issues come in, you have to spend $10 to $30 fees, you will need to transfer a huge amount of tokens if you are going to transfer, Ethereum is not suitable for small traders, even bounty hunters and developers are having issues on the distribution of their rewards.
That is exactly what I'm looking for. Maybe we can't have to find a way to solve this issue but just to wait until ETH will drop( that is a long, though). I have some altcoins (ERC20 tokens) that I have to trade but unfortunately, I'm not able to make a transfer them. It just valued only $100 and neet to pay $10-$20, that be crazy. I'd better hold it than to make a sacrifice.



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February 22, 2021, 07:55:39 AM
 #10

I also heard that ethereum transactions on FTX have no fees, but I've only heard about it, but have never tried it.
besides, it is a shame for those who have coins on MEW, or other wallets, because it also requires ethereum to send the tokens they have on FTX. but this is useful information.

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February 22, 2021, 03:12:10 PM
 #11

It is crazy when FTX provides free deposit and withdrawal when transaction fee on Bitcoin and Ethereum network are highly expensive. They waive the fee and don't have any minimum limit on withdrawal value.

It's crazy but they follow what their slogan is: "By the traders ,For the traders". Though they have a minimum withdrawal limit but it's so much lower as compare to other exchanges and that's not fixed like others as well. Actually, we can withdraw min $5 worth of ethereum as less than $5 of withdrawal won't be suitable to cover. But it's true that zero fess on any withdrawals whatever cryptos users want to withdraw. TBH, FTX is the best innovative exchange in this industry with great potentials.

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February 22, 2021, 03:20:29 PM
 #12

we can withdraw min $5 worth of ethereum as less than $5 of withdrawal won't be suitable to cover. But it's true that zero fess on any withdrawals whatever cryptos users want to withdraw. TBH, FTX is the best innovative exchange in this industry with great potentials.

This exchange site is not greedy enough like another exchange site and i guess FTX was using some revenue from the operation of the exchange site to cover the gas or fees for withdrawal.

besides, it is a shame for those who have coins on MEW, or other wallets, because it also requires ethereum to send the tokens they have on FTX. but this is useful information.
You should not blame anything before tried to know what mechanism that already used by the platform. FTX has active income from its platform while MEW and another wallet has small revenue and it will not be enough to do like FTX does right now.

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February 22, 2021, 03:24:51 PM
 #13

I also heard that ethereum transactions on FTX have no fees, but I've only heard about it, but have never tried it.
besides, it is a shame for those who have coins on MEW, or other wallets, because it also requires ethereum to send the tokens they have on FTX. but this is useful information.
I think the obstacles experienced are still the same. OP's writing does not provide a solution for those who want to sell tokens that are in MEW to be sold on FTX. token and ETH transaction fees are still very high at the moment. the solution has not been found since last year.

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February 22, 2021, 03:40:14 PM
 #14

Try to imagine when GWEI is high, even reaching $25, FTX exchange is able to provide free transaction services I don't know how this exchange calculates I'm sure there will be many hundreds or even thousands who do like this. Is this exchange not losing?

I have also made 1x transaction here and indeed my control is that the gas is expensive if sending from a personal wallet will cost 2x, therefore FTX is now a solution for those who want to send ETH without fees.
But still sending tokens will be more expensive than usual, this is still a problem for us at this time.

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February 22, 2021, 04:12:07 PM
 #15

Try to imagine when GWEI is high, even reaching $25, FTX exchange is able to provide free transaction services I don't know how this exchange calculates I'm sure there will be many hundreds or even thousands who do like this. Is this exchange not losing?

I have also made 1x transaction here and indeed my control is that the gas is expensive if sending from a personal wallet will cost 2x, therefore FTX is now a solution for those who want to send ETH without fees.
But still sending tokens will be more expensive than usual, this is still a problem for us at this time.
that's the problem. although there are free transaction fees on the exchange it cannot be directly integrated with MEW or other ethereum wallets. it means that sending tokens or other coins will still require high transaction fees.

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February 22, 2021, 05:11:52 PM
 #16

the fees for the transactions on the eth blockchain are unacceptable i just knew that they could be reduced on the loopring of this possibility at 0 gas / fee on ftx i was not aware, thanks, but ftx requires kyc for withdrawals? however there remains the problem of moving the various tokens and liquidity on the defi i refuse to pay a fee of $ 30

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February 22, 2021, 07:35:13 PM
 #17

Of course, I can understand that everyone is looking for a way to get around the high commission fees, but if there was such a universal way, everyone probably already knew about it.
I understand that it is profitable for the Ethereum team to receive money and, apparently, the problem of astronomical commissions worries only the average market participants.

Perhaps the ETH developers will appreciate the migration of their users to the Binance Smart Chain network as a motivation for more active efforts to implement Update 2.0. I see only one way to save on transactions - not to conduct them. Embarrassed

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February 24, 2021, 11:55:24 AM
 #18

Perhaps the ETH developers will appreciate the migration of their users to the Binance Smart Chain network as a motivation for more active efforts to implement Update 2.0. I see only one way to save on transactions - not to conduct them. Embarrassed
CZ might be joking the other day with his tweet, it doesn't really make me to understand why the whole ETH developers would dump the network for a fast growing Binance Smart Chain, ETH has grown already, let's see what the development of ETH 2.0 has when the engineers  on it sit on top of their game.

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February 24, 2021, 12:05:33 PM
 #19

Perhaps the ETH developers will appreciate the migration of their users to the Binance Smart Chain network as a motivation for more active efforts to implement Update 2.0. I see only one way to save on transactions - not to conduct them. Embarrassed
CZ might be joking the other day with his tweet, it doesn't really make me to understand why the whole ETH developers would dump the network for a fast growing Binance Smart Chain, ETH has grown already, let's see what the development of ETH 2.0 has when the engineers  on it sit on top of their game.
You can imagine this dude,

when people are feeling disperate with ethereum fees and they will be dumping their tokens to trade the new token that migrated to the binance chain. This could affed the demand on their project too.
It's not always how loyal you are with the chain that you have used it before but it's about how to protect the demand.
people didn't wanna pay more than $100 tx fees for only $70 transaction.

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February 24, 2021, 12:14:18 PM
 #20

But it won't help with tokens. I think the majority of people is using Ethereum for transferring tokens to different wallet. I think that's one of the major issue here, not transferring Ethereum itself. That little discovery of yours won't really help much. In fact, you can do that to almost every exchange. I don't know what that exchange is but I personally use Kucoin to avoid paying high fees.
This is also one of my problems right now I was using MEW to store most of my erc20 tokens but the transaction fee to move those tokens are way too high,
I should just hold them in exchange if only I knew that this was going to happen to avoid paying for a high fee just to sell those token.
But anyways I still appreciate OP's help for those who want to make an ETH transaction for free.

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