Exchange now collects slightly above a dollar for Bitcoin withdrawal

[Sticky Bomb]

I processed a withdrawal to my non-custodial wallet yesterday to hold and was surprised that it only cost a bit above a dollar in fees for such transaction. It was very impressive since a lesser value of transaction cost me a little over $3 to complete late last year. It seems the low fees has prompted exchanges to further reduce their withdrawal fees.

This is good, I don't know about other exchanges that support segwit. I just wanted to share with everyone the cheap fees so no one has any excuse to keep holding funds in a centralized exchange. It's always better holding in a self custody wallet and it costs almost nothing to withdraw funds now, especially if you've been consolidating on Binance.

[PostQuantumBTC]

If the fee is 0.000015 BTC, that is slightly more than $1 if bitcoin price is now $76,800. After I multiplied 0.00001 with 76,800, it gave $1.152 as the fee.


That is Binance, this is the fee on Binance:



The fee on Bybit is around $8.

So it depends on the exchange.

Bitcoin network fee has been around 0.00000023 BTC which is around $0.02 on noncustodial wallet if the input is 1 and the output is 1.

[Sticky Bomb]

If the fee is 0.000015 BTC, that is slightly more than $1 if bitcoin price is now $76,800. After I multiplied 0.00001 with 76,800, it gave $1.152 as the fee.


That is Binance, this is the fee on Binance

Thanks, I mistakenly calculated with 0.0000115 instead of 0.000015

The fee on Bybit is around $8.

So it depends on the exchange.

Bitcoin network fee has been around 0.00000023 BTC which is around $0.02 on noncustodial wallet if the input is 1 and the output is 1.

Bybit doesn't support segwit withdrawal, same with bitget. They're only supporting legacy address and I can't try withdrawing on such exchanges. It's better to convert your BTC there to USDT and withdraw through BSC to exchange like Binance, convert back to BTC before proceeding with withdrawal to your non-custodial wallet to save on fees

[Barikui1]

Things like this always boils down to the exchange in question because every exchange operate differently. We have seen how some exchange put their minimum deposit on the higher side while some is on the lower side, so I believe that when talking about how much they might charge as fee, it may varies from exchange to exchange. But what am very sure about is that fees are way cheaper when using other networks that aren't Bitcoin or ethereum. Some are even below $0.10, but if truly that the fees of Bitcoin is below a dollar, that would really be encouraging for those that will buy and wanting to move it to a self custodian wallet.

[Charles-Tim]

Bybit doesn't support segwit withdrawal, same with bitget.

Exchanges charging $8 for bitcoin transaction now is too much. Sending from legacy to legacy address with 1 input and 1 output with 0.2 sat/vbyte is less $0.04. Segwit has low withdrawal but do not let exchanges let you think they charge as high as $8 because they are using legacy addresses. It is a lie but I did not see the exchange say anything like that.