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RE: A Word of Caution for Poloniex Users and Traders
Have you compared them to the Blocktrades fees? I haven't withdrawn much from Poloniex yet, as I've only been using it for trading. But I do use Blocktrades for my withdrawals to fiat. I honestly haven't checked the rates lately because it's mostly just a convenience thing for me. It's really simple to use and you don't even have to log into anything.
I've used blocktrades before, but I haven't tried using them for this. Whatever their fee is, it is likely less than bittrex.
I should note that my fiat conversions are actually sent to a debit/credit card and not directly converted to dollars in a bank account.
Yeah I have a bitpay credit card... which I was sending steem/sbd to poloniex... trading for BTC.
Clicking add funds on bitpay and then withdrawing that amount of BTC + the fee to charge up my card.
I believe I may be able to just use steem -> btc sent directly to bitpay to make that more streamlined using something like blocktrades.
Main reason I used poloniex as it seemed to have the lowest fee, but that is not particularly beneficial at the moment.
That fee is not worth waiting 22 hours for my money.
Yeah, that's exactly how it works. You send the STEEM/SBD to Blocktrades, Blocktrades converts it to BTC, and then they send the BTC to your Bitpay card's address. Once you sign the transfer in your Steem wallet, it takes a few seconds for Bitpay to receive it...unless it's underpaid - then it takes up to 6 BTC confirmations, which is about 3.7 years, currently.
I must have been lucky; no problems with trading Steem for ETH on Polo and sending that to Kraken to trade for Euros that go to bank account.
Using BTC for fund transfers is so 2017. Oh wait ...
Yeah I just sent $61.50 worth of SBD to my bitpay card using blocktrades and it worked fine. Not sure what the fee was. It is not very clear about that.
That's exactly what I'm doing!