A complete rip-off

[YellowSwap]

Ethereum completed it's latest update and gas fee is now extremely low but few exchanges failed to readjust their fees, it is a mind burden that some exchange are still charging a high amount for example bybit exchange, this exchange start charge $4 per withdrawal



How come I am one of the few ones complaining or I am the one who isn't seeing others complaining? How is this not bothering others? This is complete rip off.

[OmegaStarScream]

I'm not following ethereum's updates but this is not surprising. For as long as I can remember, exchanges have always done this. When the network is congested for too long, they raise the fees. When it's back to normal, they don't lower it back. A lot of exchanges seem to use withdrawals as a way to make money, and not actually just process transactions for users.

Sadly tho, there isn't much you can do about it. If you don't like it, you're better off trying to find an alternative. I know that back in the day, OKX used to have a bit of flexibility when choosing the fees (at least for BTC), you may want to check that to see if it's still the case.

[BALIK]

Yes i also noticed after the Danksharding and Proto Danksharding upgrade eth's gas fee have decreased significantly. On chain transaction cost are now incredibly cheap after the new upgrade. The network is much more affordable than before.  However the withdrawal fee you are referring to are not eth's fault at all, they are the exchanges own charges, right? Even though network fees have decreased they still charge high fees to fill their own pockets. Some exchanges clearly state these charges in their withdrawal sections thats really good but they should adjust the fee according to the network

I also believe that everyone should raise their voice against this dishonest practice by the exchanges. so, it is a platform policy issue actually, its not a network problem at all. User pressure often forces them to reduce fee

[Odusko]

Exchange are like gas stations over here, the fuel price dropped significantly from the competitive local market the loading prices dropped at the refinanry, but the pump prices is still very high same as it used to be.
Back to the topic.
Cex will always act that way and their fees aside the blockchain fees is what is causing the frustration, this has made all the whole Ethereum network upgrade to seems worthless unless you using the kayer-2 Dex in doing Ethereum related transactions.

[FinneysTrueVision]

That is more than 10x what they are actually paying when they send transfers from their hot wallet. It’s an absurd charge, but maybe this is how they are trying to recoup some of the billions of dollars they lost in the hack they suffered earlier this year.

Since USDT is cross-chain, you can withdraw on a network that has low fees or even zero fees on Bybit, like Plasma, and then use Stargate Finance to bridge to Ethereum.

[Charles-Tim]

Ethereum completed it's latest update and gas fee is now extremely low but few exchanges failed to readjust their fees, it is a mind burden that some exchange are still charging a high amount for example bybit exchange, this exchange start charge $4 per withdrawal

It is worth knowing that the Fusaka upgrade significantly lower the layer 2 transaction fee which will indirectly lower the fee on the main network.

If the fee is actually truly low, the exchange will later reduce the fee.

If you want an exchange with lower withdrawal fee for ethereum, use Mexc where the transaction fee is not up to $0.1.

[TastyChillySauce00]

Each exchange have varying fees. Bybit is on the more expensive side that's why if you really want cheap fee, withdraw it to L2 and bridge it to L1 but you should see the slippage as well and the bridge fee.

Ethereum is a mild case of exchange imposing ridiculously high fee, solana is even worse. No matter where you withdraw it from, every exchange always impose $1 or more for withdrawing your USDC.
One more reason for self custody even in ethereum and solana blockchain. At least you won't need to pay that expensive fee every single time you're sending transaction.

[livingfree]

That is why we've got other network as a choice when we're about to withdraw and we'll certainly choose the one that's cheaper like in BSC(BEP20).

And I think that even with a lot of updates from the Ethereum network, these high fees will never cease. We'll always see them because it's a problem that's existing for all chains.

One tries to solve it and when they're flocked with users, the network will get more traffic that leads to high fees and congestions.

[asriloni]

Ethereum completed it's latest update and gas fee is now extremely low but few exchanges failed to readjust their fees, it is a mind burden that some exchange are still charging a high amount for example bybit exchange, this exchange start charge $4 per withdrawal



How come I am one of the few ones complaining or I am the one who isn't seeing others complaining? How is this not bothering others? This is complete rip off.

If you're willing to withdraw with low fees and often use it regularly, stop use Bybit. This is also my reason why i left. They charge their users with non sense fees. In comparison, i'm still actively using OKX, Binance, MEXC, and Bitget. All of these exchanges are still charging 1 USDT to withdraw your USDT in ethereum blockchain.

Just leave bybit, then use other exchange site. I'd recommend OKX or Bitget for the good.

[noorman0]

Fee adjustments may need to be done manually, and I think Bybit needs to suspend ETH withdrawals for a while to allow this process to happen.
I withdrew ETH on OKx two days ago, and the fee was only ~$0.05. I thought this had been going on for a while, and I didn't know about their network upgrade until I saw this post.

[$crypto$]

Bybit and Kucoin charge high withdrawal fees for ETH networks while other exchanges charge lower fees below $1, it actually depends on the exchange's policy, maybe Bybit is taking advantage of high withdrawals.

My own solution --- not using Bybit but using other exchanges for lower fees, even a few months ago on the Whitebite exchange once tried to withdraw on the ETH network it was charged $0.02.

You can try other exchanges for comparison.

[MAAManda]

You can't call them robbers after you agree to their policies when you register on those platforms. Like some users here, I also haven't been following the recent developments on the Ethereum (ETH) network. So, IDK how cheap the fees actually are on this network. AFAIK, fees on the Ethereum (ETH) network are expensive, causing many L-2 Ethereum (ETH) to emerge. If the update happened recently, it may take some time for the CEX platforms to readjust the fees.

[Hispo]

I think they will eventually drop the fees, as they will considered to lack competitiveness when compared to other exchanges which offer better rater for withdrawals.
Sadly, this is nothing new: there are exchanges which see withdrawals as a way to do business; having too many people withdrawing all their money off exchanges is not for exchanges, so they use some psychological cues to discourage users from withdrawing and keep their money deposited, even to encourage them to do their transactions off-chain (within the exchange itself).

This is just another reason for people to move their money out decentralized exchanges into their own wallets and learn how to use Uniswap and other providers of liquidity which will allow us to use whatever fee we see suitable for our transactions. 

[M47AK16]

Exchange are like gas stations over here, the fuel price dropped significantly from the competitive local market the loading prices dropped at the refinanry, but the pump prices is still very high same as it used to be.
Back to the topic.
Cex will always act that way and their fees aside the blockchain fees is what is causing the frustration, this has made all the whole Ethereum network upgrade to seems worthless unless you using the kayer-2 Dex in doing Ethereum related transactions.

Exchanges are like a market and the cryptos are their product. It was the fees are like a gas, and then there is a site called as gas station to track the fees in real time. If we are a long time user of CEX, then indeed these things should not surprised us anymore but even on their decentralized counter parts fees are also left and right when making each movement. There might still be platforms that only has lesser fees but maybe the platform with higher fees still had some advantages over them, so it can still be worth it.