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.

[ZeroVinsonN]

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

This is a smart method that will be staring alot of people in their face but they might still end up spending too much on withdrawal because they couldn't think of this, rather than withdrawing directly your bybit or bother you can always just convert to USDT and then have the whole thing withdrawn to to finance or even kucoin, I think kucoin also works in a similar way, and from there you can just convert it back to Bitcoin and have it moved to any other wallet of your choice for holding.

[PostQuantumBTC]

This is a smart method that will be staring alot of people in their face but they might still end up spending too much on withdrawal because they couldn't think of this, rather than withdrawing directly your bybit or bother you can always just convert to USDT and then have the whole thing withdrawn to to finance or even kucoin, I think kucoin also works in a similar way, and from there you can just convert it back to Bitcoin and have it moved to any other wallet of your choice for holding.

I think you want to write Binance and not finance.

Kucoin fee is one the highest. I stopped using the exchange because of that.

Yes, you can withdraw it on Binance. The fee on Mexc is also small, just $1.

[EluguHcman]

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.

I concur to all you have said. When we talk about transaction fees in the exchanges, due to regulatory differences they tend to charge differently. So obviously transaction fee values differs due to exchange majorly operating off-chain where fees are cheap and as a matter of fact, transactions is being settled by an intermediary while in the Bitcoin or Ethereum networks do charges higher fees according to mempool scaled activities and congestion network. It just depends on miners fees while verifying the transaction blocks.

As a matter of fact, exchange is nice on cheap transmission fees but reduces your custody rights of the our funds while risk of the government to control your funds there is undeniable while using the traditional Blockchain networks such as the unregulatable networks enhances your security and Privacies with transaction fees higher than the exchange.

[Judith87403]

This reminder is a good one for everyone and a strong observation.

Bitcoin fees move with the demand of network, not the size of transaction. If activity of mempool is low, fees sharply drop, and this is the reason why withdrawals are less expensive presently when compared to last year. SegWit assist equally helps by reducing the effective weight of transaction, therefore exchanges can batch and reduce cost further. This builds a good window for transferring money out of centralized exchanges without having to feel the pain of fee.

Self custody takes away risk of counterparty and offers you complete control, which is the total point of Bitcoin. If fees are low, there's really lesser excuse to the reason of delay. Making use of calm network periods to make withdraw is simply hygiene of smart Bitcoin.

[Asiska02]

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

When it comes to conversion into any kind of cryptocurrency from an exchange, Binance is mostly one of the cheapest you can use as they provide the cheapest price possible to take on the transaction. Binance is the cheapest to use for Bitcoin transactions, when you're using any other exchange asides binance for transaction, just have in mind that binance will give you a lesser price for transaction fees than the exchange will give you.

Converting from BTC to USDT before transaction and then converting back again to BTC after transaction will not save you time, it is better to focus on using the exchange with the least possible price. Having alternatives are good and in this type of situation, it'll really help you a lot.