Dumb newbie, help please!

[Broncos99]

Hi Folks,

I"m brand new to crypto so please bear with me!

I was trying to withdraw my btc to another market place account from OKEx exchange and was incorrectly using the "send" function.

I was trying to move 0.0013 btc. The options that came up were send to a friend with a link or send to someone on OKex.

Think I clicked the link option. I didn"t send the link to anyone though so assumed it was an aborted transfer.

Later I saw that 0.0013btc had gone from my balance and in the history it said "Sent red packet". I can't have sent as know no 9ne on OKEx and didn't input an email address.

What is this, a phrase for a gift to someone? Will that amount bounce back to my balance soon? When do you think?

Customer support say they are looking into it but can't  see its destination.

Totally befuddled 🤔

Cheers.

[janggernaut]

I'm using Okex as well, but never heard about that "Send red packet" thing. For my experience, most of exchange sites need us to transfer/move our money from trading activity to main wallet first before we can withdraw our money. Or we can transfer/move our money to Lending / staking if we want to lend/stake our money on an exchange.

What is this, a phrase for a gift to someone? Will that amount bounce back to my balance soon? When do you think?

Could you please post the image of that thing so i can look ot more clearly what actually happened

[Findingnemo]

Most of the exchanges allows the traders to do internal transfers for free or with very little fee since this is an off-chain transactions. But since you incorrectly selected send to another OKEX exchange the transaction shouldn't be proceeded without actually entering the enough details, check yout withdrawal history and find what or where it went to, if there is no log regarding that 0.0013btc then the balance will more likely will reflect into your wallet which you have to deal with the exchange's customer support team.

[Broncos99]

Hi guys,

Thanks for the kind and informative response.

It's  sorted now. I raised a ticket with CS and they re-credited the account with the missing btc in about 12 hrs.

No real explanation about what happened but the transaction was logged in the history as an outgoing RedPacket function. That Ted packet thing is just a euphemism for giving an OKEx friend a gift of btc. As I screwed up trying to send to an external account instead of withdrawal to it I think I created a live link, but didn't send it, inadvertently.

This logged the transaction as a pending payment and debited my wallet balance. Of course it was never received so just lay in limbo until CS intervened.

Live and learn!

Quite high transfer fee tbh. I may look elsewhere for a different wallet provider, any suggestions?

Thanks again sports.

🤪

[Lucius]

Quite high transfer fee tbh. I may look elsewhere for a different wallet provider, any suggestions?

If you mean withdrawal fee from exchange, as far as I can see you have much better choices if you choose Binance or Coinbase Pro. Of course if you want to control the fee the way you want, the only logical choice is to keep the coins in a non-custodial wallet (desktop or hardware wallet).

I don't want to post any direct links to websites that compare such fees, but if you use a search engine with the keywords "bitcoin, exchanges, withdraw fees" I'm sure you'll find everything you're interested in.

[noorman0]

Quite high transfer fee tbh. I may look elsewhere for a different wallet provider, any suggestions?

For certain coins, almost centralized exchanges/wallets have been imposing expensive withdrawal fees recently due to increased blockchain traffic. The solution, change to other altcoins that offer lower withdrawal fees, and you should check them one by one on the withdrawal page (most people use coins that support the TRC20 or BSC network). Choose the exchange and withdrawal times when the market price tends to be stable to avoid depreciation. You can exchange it back into BTC as soon as your balance is credited on your destination exchange/wallet.

[Broncos99]

Hey,

Good info lads. Yes I was referring to the withdrawal fee. I had a wee look around at other wallets/exchanges. Good Idea to convert from altcoins to Btc.

Will look into it. I found 'Fixedfloat' 0% fees, but it seems to be an exchange not a wallet.

Cheers.

[khaled0111]

Quite high transfer fee tbh. I may look elsewhere for a different wallet provider, any suggestions?

Most exchanges, if not all of them, don't allow their customers to customize the withdrawal fees and charge them a flat fee which is higher than what's actually needed. Besides, you can't withdtaw small amounts since they usually set a minimum withdrawal limit.

If you are not interested in trading your bitcoins or want to exchange them then you should avoid keeping them on exchanges or on web wallets. Better move them a non-custodial wallet which gives you full control over your coins.

[Broncos99]

Quite high transfer fee tbh. I may look elsewhere for a different wallet provider, any suggestions?

Most exchanges, if not all of them, don't allow their customers to customize the withdrawal fees and charge them a flat fee which is higher than what's actually needed. Besides, you can't withdtaw small amounts since they usually set a minimum withdrawal limit.

If you are not interested in trading your bitcoins or want to exchange them then you should avoid keeping them on exchanges or on web wallets. Better move them a non-custodial wallet which gives you full control over your coins.

Thanks for the pointers mate. Useful knowledge, I'm  kind of just diving in head first and assimilating the tactics contemporaneous.

Cheers

😁

[Lucius]

...but it seems to be an exchange not a wallet.

The difference between a crypto exchange and a non-custodial wallet is that you can set the fee yourself when you want to send a transaction - and more importantly, in such wallets you have complete control over your private keys - which means that you, and only you are the owner of what is in that wallet.

If you want a desktop wallet for Bitcoin, I definitely suggest you take a look at Electrum (just be careful with fake versions), and if you want more security, you have a choice of several hardware wallets, among which the most famous are Trezor and Ledger.

[joniboini]

Thanks for the pointers mate. Useful knowledge, I'm  kind of just diving in head first and assimilating the tactics contemporaneous.

If you're looking for a new wallet (where you control your own private key etc), make sure to prioritize an open-source one with lots of good community feedback, such as Electrum, Bitcoin Core, etc. There's a lot of non-custodial wallets out there where you can't verify the code, which increases the risk of a backdoor and privacy issues.

[Broncos99]

Thanks again for all the kind advice.👍🤓

[hugeblack]

Hey,

Good info lads. Yes I was referring to the withdrawal fee. I had a wee look around at other wallets/exchanges. Good Idea to convert from altcoins to Btc.

Will look into it. I found 'Fixedfloat' 0% fees, but it seems to be an exchange not a wallet.

Cheers.

Zero fees means a lot of hidden fees or an exchange rate below the market rate.
I feel more afraid when I hear a trading platform saying zero fees more than a platform that gives you details of fees.

Search carefully and you will find a lot of fees hidden with the phrase "zero fees."

Generally, you can use my signature below to find some platforms and compare the fee rates between them.

[pugman]

Hey,

Good info lads. Yes I was referring to the withdrawal fee. I had a wee look around at other wallets/exchanges. Good Idea to convert from altcoins to Btc.

Will look into it. I found 'Fixedfloat' 0% fees, but it seems to be an exchange not a wallet.

Cheers.

I would really just recommend you to stick to binance or coinbase pro, in contrast to any other exchange, at least right now. Every other exchange sucks ass and I mean that not in a good way.

Also be careful when converting between, some altcoins are rather more complicated as they have multiple dependencies such as "tags" and what not along with address, so be really really careful.

And oh, welcome to crypto world baby!

[examplens]

I would really just recommend you to stick to binance or coinbase pro, in contrast to any other exchange, at least right now. Every other exchange sucks ass and I mean that not in a good way.

it is very rigid to say all other exchanges ^{except Binance and Coinbase} suck ass. it's all a personal matter and who likes which exchange. For example, I don't like Coinbase even if their registration is one of the first for me, since 8 years ago. I have much better experiences with some other exchanges, and I prefer to use them rather than Coinbase.
it can always be dangerous when it sounds like you’re giving advice