The cheapest way to transfer your bitcoins to other exchanges (from $6,13 to $0.132).steemCreated with Sketch.

in #bitcoin4 years ago

The cheapest way to transfer your bitcoins to other exchanges (from $6,13 to $0.132).
The bitcoin value is at the highest level ever, that’s a good thing, but because of this the transaction costs are also unrealistic high. For a simple transaction you pay around 0.001 bitcoin (e.g. kraken, Bittrex) so today it’s like $6,13 for one simple transaction.

Schermafbeelding 2017-10-21 om 16.10.17.png

This made me think of searching for other ways to transfer my bitcoins to other exchanges.

And I found out the following (please read the whole story first).
Sell your bitcoin temporary for Dogecoin where the fee costs are only 2 Dogecoin (this is like $0.0020). After transfer to another exchange you can buy your bitcoins again (0,25% on Bittrex) and you save around $6.00 for each transaction.

Almost all big exchange has Dogecoin.

For example, if you want to transfer or buy 50 dollar bitcoins:
If you live in Europe (like me) you can use SEPA to transfer your money (without fee) to an exchange (like, until now I received my money within 5/12 hours), then you buy bitcoin (fee $0,10 on and afterwards to Dogecoin (fee $0,00) now you transfer your bitcoins to other exchange like Bittrex (fee (2 Dogecoin) $0.0020) and sell your 50 dollar Dogecoin on Bittrex (fee 0,25% is like 0.000022 bitcoin and $0.13 dollar).

So without buying bitcoins you pay around 0.132 (for 50 dollar) - $0.0020 (transfer Dogecoin) + $0.13 (sell Dogecoin) = $0,132 dollar
And with buying bitcoins you pay around 0.232 (for 50 dollar) - $0,10 (buying bitcoin) + $0.0020 (transfer Dogecoin) + $0.13 (sell Dogecoin) = $0,232 dollar

Schermafbeelding 2017-10-21 om 16.11.04.png

Withdrawal bitcoin fee exchange
Kraken 0.001 = $6,13
Bittrex 0.001 = $6,13
Bitfinex 0.0005 = $3,06
Poloniex 0.0001 = $0,61 (but the first time you need to deposit your money by another exchanges)

Withdrawal Dogecoin fee exchange
Kraken 2 Dogecoin = $0.0020
Bittrex 2 Dogecoin = $0.0020
Bitfinex 5 Dogecoin = $0.0050
Poloniex 5 Dogecoin = $0.0050

Btw if your exchange doesn't support Dogecoin you can choose another low value coin with the best fee for withdrawal.

Let me know what you are thinking about this!


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