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 kraken.com, until now I received my money within 5/12 hours), then you buy bitcoin (fee $0,10 on kraken.com) 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!
Thanks.

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