Best time of day to send crypto from ledger to exchange?

[JamesDaniel90]

I have just gone to send some crypto from my ledger to Coinbase but have noticed the fees are almost 4 times more compared to when I last did this.

I last sent 0.005 BTC from my ledger to Coinbase and the fee was £1.52 - I have just gone to do this again and it is £6.20!

It was on a Saturday at 10am (UK time) when I was charged £1.52 and it is now Wednesday 7.40am where I am being asked to pay £6.20.

Is it best to send on weekends or something or a certain time of day to avoid paying high fees?

[Charles-Tim]

You can try and set the fee rate to 30 sat/vbyte.

Mempool are less congested during weekends almost all the time, one of the best time to make low fee transactions with faster confirmation.

Mempool observer to know the fee rate to use for faster confirmation:

For beginners: https://mempool.space
For advanced users: https://jochen-hoenicke.de/queue/

[AbuBhakar]

Always check the mempool status for the transaction fee rate before you send. A 6.2£ transaction fee is so high though because I don’t remember that fee goes that high recently. Do you check the gas fee if it’s on high priority because you might accidentally choose that option that makes the fees this high.

Actually, there’s no definite time that transaction fee is low since it’s varies everyday. Bitcoin is being use globally which means there’s no dead time for the transaction volume goes low.

[Charles-Tim]

A 6.2£ transaction fee is so high though because I don’t remember that fee goes that high recently.

The mempool got to 140 sat/vbyte yesterday and today. But better to use lower fee rate like 25 to 30 sat/vbyte which are getting confirmed as well.

Actually, there’s no definite time that transaction fee is low since it’s varies everyday. Bitcoin is being use globally which means there’s no dead time for the transaction volume goes low.

Mempool is less congested during weekends. Not all the time but almost all the time if compared to weekdays.

[pakhitheboss]

In my experience whenever the market takes either a big dip or a big rise there is always congestion in the network. Try avoiding these periods for any Bitcoin transaction. Weekends are generally good but it is highly unpredictable due to the volatile nature of Bitcoin. Transaction fees are comparatively very high since the beginning of this week. Memepool is still showing a 10sat/vb fee is still being processed but it will consume a lot of time to reach its destination.

[o_e_l_e_o]

If you want to understand fees better, then I would suggest actually reading and understanding the responses you got when you posted a thread about fees previously: https://bitcointalk.org/index.php?topic=5437047.msg61679766#msg61679766

As I said to you before, measuring a fee in a flat amount of fiat currency is absolutely meaningless. It could be a huge overpay or a tiny underpay, and no one can tell you otherwise based on this information alone. You should be measuring fees in satoshis per virtual byte, or sats/vbyte.

The cheapest time to send a transaction is generally between around 0200-0600 UTC on the weekend. There is no need to wait for this to broadcast a transaction though, you can easily send it with a lower fee now and then just wait for it to be confirmed. If you make sure to enable RBF, then you can always bump the fee at a later date if you get tired with waiting.

If you are in a hurry, then right now a fee of 30-40 sats/vbyte is likely to be confirmed soon. If you are not in a hurry, then I would personally set it around 15 sats/vbyte and wait.

[Helena Yu]

AFAIK ledger had a terrible fee measurement, so make sure you're need to customize your own fees rather than trusting the ledger's suggestion.

Weekend is the best time to send your coins, it's already happen on many times where the network is slowing down on the weekend.

Nowadays Bitcoin fees is quite high, you can consider to use lightning network in order to pay cheaper fees All Lightning Network Threads In One Place

[Outhue]

Keep an eye on the mempool status like you are told, sometimes I noticed this too when I want to make transaction from my Bitcoin wallet to an exchange but when such thing happen I will just ignore the transaction for an hour or few and the fee will reduce again, some wallets have transaction fee adjustment, you can check that out too.

Though I will like to tell you to get ready, and embrace yourselves for what's coming, we are in a bear market right now and low transaction fee is one of the benefits of a bear market, but things will get even uglier when the bulls take over.

[masulum]

For now we need to wait for the effect of BRC-20 on transaction activity on the Bitcoin Blockchain. Because it is reported that currently market activity has increased and the BRC-20 token & NFT market cap has increased by more than 600%*. If BRC-20 activity keeps increasing, I think it will be more difficult to determine when is the best time to send BTC. From Mempool's records ^{(at time of writing this post)}, there are currently more than 200,000 pending transactions, so those who wants to buy BRC-20 tokens & NFTs will continue to increase fees to make their transactions are faster to confirm.

^{* Source: https://www.benzinga.com/markets/cryptocurrency/23/05/32161181/bitcoins-brc-20-token-explosion-market-cap-skyrockets-682-in-just-one-week}

[cryptomaniac_xxx]

I have just gone to send some crypto from my ledger to Coinbase but have noticed the fees are almost 4 times more compared to when I last did this.

I last sent 0.005 BTC from my ledger to Coinbase and the fee was £1.52 - I have just gone to do this again and it is £6.20!

It was on a Saturday at 10am (UK time) when I was charged £1.52 and it is now Wednesday 7.40am where I am being asked to pay £6.20.

Is it best to send on weekends or something or a certain time of day to avoid paying high fees?

No best time though, used to do that as well in the last couple of months, but I will say that it really depends on the mempool activities. You have to check it first before you do any transactions. And if you wanted to know what the reason behind the network being clogged again: If Bitcoin Ordinals endlessly spam the Bitcoin mempool to the brim, what next?!

You may also want to follow this thread by @LoyceV  [May 2023] Fees not low! Wait for opportunity to Consolidate your small inputs.

[Doan9269]

I have just gone to send some crypto from my ledger to Coinbase but have noticed the fees are almost 4 times more compared to when I last did this.

By now you should have been more used to the already ongoing bews with the bitcoin ordinals which is the main reason why the bitcoin transaction fee has increased, there's a way you can target this charges to be more lesser than expected if you can track the mempool to know when it's less busy, you can also adjust your transactions fee rate to the lowest priority if you're using a wallet that supports RBF function.

I last sent 0.005 BTC from my ledger to Coinbase and the fee was £1.52 - I have just gone to do this again and it is £6.20!

Try to check mempool.space to see the various categories of transaction fee priority and find the lowest range or wait the the depth is reduced.

Is it best to send on weekends or something or a certain time of day to avoid paying high fees?

Weekend transactions aren't that busy on mempool as they got confirmation very fast, that's another reason and advantage to take.

[Peanutswar]

When making a transaction I always check the

Code:

mempool.space

This gives the number of block for the transaction fees every time I make a transaction I'm using the advance setting for my electrum or trezor and check in the mempool if ideal to make a transaction for now or not because it has a adjustment so I can manage how does it takes before I received or before they received the funds I send. I often transact in the evening depends on your timezone.

[OcTradism]

You can send your coins from any wallet to exchanges, not only from Ledger.

Best time of day for sending your coins will be decided by mempools which relate to demand of people for on-chain transactions. You have to research at what timezones, there are more demands for transactions.

It is USA. time and European time. You will have cheaper transaction fee if you avoid making transactions with USA. and EST (European) time zones.

Transaction fee will be cheaper in weekends too.

Here are the best and worst times of the day to use Ethereum
When is the best time to send Ethereum transactions?
Ethereum: how to save even more on gas price with a weekly plan

Below information is for Ethereum chain but similar demands on Bitcoin blockchain. You can apply the same time zones for Bitcoin transactions.

The chart shows that, on average, the Ethereum blockchain is busiest from 1 PM UTC to about 6 PM UTC, corresponding approximately to the early U.S. trading session between 8 AM EST and 1 PM EST. This is likely no coincidence, as during this time window both Europe and the U.S. are fully awake and at work.

By contrast, the least busy period is between 9 PM UTC and 11 PM UTC. This also makes sense — The U.S. workday is coming to a close, Europe is getting ready to sleep, while in Asia it is still very early in the morning. In addition to lower average values, the evening UTC period also sees fewer outliers.

[JamesDaniel90]

I just sent 0.01 BTC from my ledger to Binance using the advance option on Ledger.

This allowed me to choose the sats per byte - I selected 40 as this was the same as what I was given this time last week.

How does this work now as 40 is a lot lower then the 3 options I was being offered without using the advanced option am I expected to have to wait a while now?

[o_e_l_e_o]

This allowed me to choose the sats per byte - I selected 40 as this was the same as what I was given this time last week.

Why do you keep posting when you consistently ignore all the advice you are given? You have been told multiple times in this thread and your other one I linked to before that you should use something like https://mempool.space/ to select an appropriate fee. Picking the same fee you used before is in no way an appropriate way to select a fee.

How does this work now as 40 is a lot lower then the 3 options I was being offered without using the advanced option am I expected to have to wait a while now?

Correct. You will be waiting an unknown amount of time given the current mempool. Could be a few hours, could be two weeks and your transaction doesn't confirm at all.

Did you enable RBF as previously suggested? I suspect not.

[JamesDaniel90]

I am very new to all this all my crypto is on ledger never heard of mempool.

It has been an hour now and it is still showing as unconfirmed , no rush.

[Porfirii]

I am very new to all this all my crypto is on ledger never heard of mempool.

It has been an hour now and it is still showing as unconfirmed , no rush.

Don't worry JamesDaniel90, this is something that we all had to learn at some point, and this is what this Beginners & Help section is intended for.

Another thing you will notice is that, apart from a little decongestion during weekends that not always happen, fees fluctuate quite randomly and differences are huge: some days you can send your coins in seconds for just a few cents, while others it will take several hours or days even if you pay a few dollars, like in the last days.

Next time you plan to make a deposit somewhere and you are not in a hurry, take a look at the mempool and decide whether the price convinces you or you prefer to wait. Additionally, you can always send your transaction with low fees at any moment and activate the RBF feature (Replace By Fee) in your wallet that allows you to increase the fee in the future if you eventually decide to complete the transaction faster. I hope this helps.

[JamesDaniel90]

Hi Porfirii,

So as I have selected 40 sats per byte when the lowest I was being offered was 140, I should expect to wait a few days for the transaction to complete?

[Porfirii]

Hi Porfirii,

So as I have selected 40 sats per byte when the lowest I was being offered was 140, I should expect to wait a few days for the transaction to complete?

Right now, the estimate time for a transaction with 40 sats is more or less 9 hours. Take into account that this estimation fluctuates and, if in the next hours the network gets more congested, the transaction may take longer, and vice versa.

Fees are very high right now: the wallet I usually use suggests me a fee as high as $20 for fast transactions, but I have done this a few weeks ago for a few cents. You'll get used to it.

[hatshepsut93]

Is it best to send on weekends or something or a certain time of day to avoid paying high fees?

When there's a fee spike due to higher demand for transactions caused by increased trading activity or some NFT hype, it can last for many days if not weeks, including on weekends. You can send your transactions with a moderate fee and use RBF to increase the fee if you will need to change your plans and get it confirmed ASAP.

High fees are annoying, but you need to look at a bigger picture. If Bitcoin suddenly went up and you want to dump it, it's better to pay a high fee (like $5-10) and get high profit than to wait for lower fee and risk the price crashing and your lost opportunity being higher than the saved fee.