Useful Tip to avoid expensive fees and slow transactions from Bitcoin. Works on any exchange !
Hey guys,
I have many friends who asked me why Bitcoin takes so long to arrive and why they can't use their Bitcoin directly after sending them from exchange A to B.
Well easy reply as everyone knows : the Bitcoin Core is saturated and slow AF and you paid a F lot of money for nothing.
From the beginning that I started to trade, I was always looking for the cheapest and fastest coins to send to play on different exchange.
And this is a game changer. Instead of paying high fees to receive your Bitcoin in 6 hours or more, you pay few cents and receive your coins after few seconds/minutes.
One thing to check it out also is the withdrawal fees as they could be some times expensive.
One coin that I like to send and that I use most of the time is Ripple.
I use Bitshares too (but not on all exchanges). There are others options like Verge and Cardano that are cheap and fast.
Here how it works :
- With your Bitcoin, instead of sending them straight away, buy any of the coins mentioned
- Withdraw them to the exchange you want to trade with
- Once the coins are deposited into the exchange, you just need to sell them back to BTC
- Here we go, you have your BTC available to trade and you avoid high fees and slow confirmations.
If you have other coins that do the job let me know =)
That's great tip, thank you. I use Litecoin most of the time, but I may try other that you say. I have registered to Binance (using your link) and waiting for verification).
Thank you very much Mike, I really appreciate your thought :)
Litecoin was a good alternative but still too expensive for me (around 6$)
You can find sometimes fees for around 0.1$ more or less :)
Happy trading my friend
Excellent and simple advice @jlcrypto! You might add that it's good to have a predetermined plan for using trusted exchanges a trader/investor may need in the event their preferred exchange has a problem or doesn't list a coin of interest. Preemptively setup accounts before the day comes. For example it could take time to get verified on Coinbase. A proven exchange where a person can move from crypto to cash if needed in an emergency. Personal experience: I was following a coin and had made a decision to purchase. During the time it took to find and research exchanges that listed the coin it moved 300%. At that point I decided not to purchase but still setup an account with one of the exchanges that listed it. The researching effort wasn't a complete waste of time but I missed the trade.
Yes
You are totally right my friend
So that's why on my side, I have account on most exchanges
It's easy for me then to chase any coins I want
Definitely right to say to set up account among different exchanges
Thanks for the heads up
Also be careful the different exchanges have different fees. Poloniex was $1 two weeks ago and is $8 now.
Yes that's why you need to check withdrawal fees, and network fees on different coins.
But I don't use Poloniex, too expensive lol
Thanks for the advice man. I was looking for a way to avoid those ridiculously large fees but wasn't sure how to, but after reading your explanation it seems so easy now haha cheers
All good thank you for the comment !
So what currencies have you experienced with low fees, other that ripple and?
Anyway thanks for the tip! Im gonna do some research on this.
Most of the time Ripple
I did Bitshares, Verge and Cardano but not all exchange support those coins
Basically I tried to get a cheap coin with a fast network
Aah i see. But anyway.. I am expecting the fees too rise higher for the main currencies such as bitcoin, as the trading frequency and focus/interest is getting so big atm...
Might be a good idea to work around the Bitcoin, and focus on some other currencies with lower fees in general, insted of always looking to get the bitcoin.
And it's an easy win-win
Low fees, fast transactions and you get your BTC straight
If you're lucky in the mean time, the coin pump 5-10% in few minutes and you make even a little profit
Yeah completely true!
That is a good idea though.
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