Cheapest way to transfer between Bittrex to Binance (only $0.02 in fees) 🤑
When you use several exchanges, or perhaps you want to switch from one to the other, there is one consistent annoyance that everybody faces: high withdrawal fees. It can cost a pretty penny to move your funds! Fortunately, I have found a solution.
HIGH FEES ALL OVER
Withdrawal fees have been around for as long as there have been cryptocurrency exchanges, and they have been the topic of complaint for being high an equally as long time. It's a way for exchanges to make money, but perhaps also a way to 'lock' their customer base in and penalize them for leaving.Nowadays though, withdrawal fees are higher than ever. Most exchanges will charge an average of $10-15 per cryptocurrency that you wish to withdraw. This december fees were in some cases as high as $35 to withdraw a single crypto.
While this cost is easy to swallow if you're a big fish moving thousands of dollars, for smaller traders it can eat up a big part of their portfolio if they move their funds from one exchange to another. If you only invest $100 in an altcoin, you don't want to sacrifice 15% of it just to keep it safe!
Let alone a situation where you own a dozen different cryptocurrencies and you want to move them all to another exchange! You may pay more than $100 in fees just to move from, for example, Bittrex to Binance! Ouch! Sure those low trade fees on Binance are enticing, but that's costly!
HOW TO DO IT CHEAPLY
There is a trick to circumvent the high withdraw fees on an exchange, and that is to look for the crypto that is charged the lowest amount of fees and which exists on both exchanges. Once you've identified a coin that is cheap to withdraw, you sell your crypto's that you wish to move and buy into that coin and then transfer it to the other exchange, where you sell it and re-buy all your portfolio.Most people will tell you to use something like LTC for this purpose. And I'm telling you you shouldn't. LTC is fast and cheaper than most, yes, but it still costs you 0.01 LTC in order to move it from Bittrex. This equals $1.61 at the time of writing (but would be $3 if LTC was at previous highs). That's a lot cheaper, sure, but there are better and cheaper options!
I myself used to use XRP or Dogecoin to transfer between exchanges. XRP nowadays still costs you 1 XRP, so still a dollar or two. Dogecoin is super cheap and I highly recommend using that instead if both exchanges support it. Binance doesn't have Doge though (boo!).
USE VERGE (XVG)!
What both Binance and Bittrex do have however is Verge (XVG) and from what I can tell it's the absolutely cheapest method of transferring funds from Bittrex to Binance.The withdrawal fee for XVG is a mere 0.2 XVG, which equals about $0.01-0.02.
So for a mere cent or two, you could potentially move all your funds from one exchange to another. What you save in withdrawal fees, you can use to make up for any potential losses during the trade/transfer. If you time it well, you may even make a small amount on the trade/transfer too, but you'll still face some trading costs in order to trade into XVG.
For people like me who sometimes cash out some SBD to buy some altcoins this is perfect !
Bittrex is the only exchange I'm on that allows for SBD trading, but Binance has the coins I want! When I have only $10 worth of crypto on Bittrex it's hard to get it to Binance to buy something, but transferring through XVG actually makes it cheap and do-able. I can now cash out $10 and move it for $0.02 and for example buy some IOTA. Normally I would save up to a couple hundred dollars before I was willing to eat the withdraw costs, now I can move my SBD profits to Binance daily instead!
Since I'm very happy to have found this solution I thought I would share it with you all. I know some people feel like they are stuck on an exchange because they have a small stack and don't want to take the withdrawal cost hit to move, but using XVG takes away a lot of the pain in doing so.
Been waiting for a post like this, but need one that's more STEEM-centric. Still haven't figured out a way to remove say $100 in Steem and not get destroyed by commissions, withdrawal fees, spreads and worst of all total shutdown of a crypto (like what Shapeshift did when they removed ability to trade Steem from their approved cryptos).
Plus what's REALLY needed, by people on Steemit, is a way to get Steem into anything else which doesn't require your passport and mother's emergency contact info.
Still searching...
but totally appreciate defining which cryptos work best from Steemit to Bittrex to Binance, dogecoin makes a lot of sense vs the others.
XRP scares the living crap out of us, litecoin gives us the ebee-jeebies.
Dogecoin scares us a bit too, simply bc it's a coin that was made up almost as a joke.
What's really funny to us, is a new site like Scorum which extols Graphene-Network-themed cryptos (like Eos, Steem, etc...) but still doesn't plan on accepting any of those for its ICO. STRANGE. If someone uppity on Graphene cryptos won't accept them, who will?
The other big problem, coming down the road, is how to get into dollars and out of crypto if the need arises. There's BitShares virtual USD, but their withdrawal fees are exhorbitant we've found. Tether isn't exactly a favored option this week! Coinbase? Go Fee Yourself!!
Yeah, so anyone in crypto who wants to make a lot, create a way to get into USD thats secure and private and without major fees. Sheesh, no wonder the establishment is going hard after poor BitFinex. How dare they provide a way to stash into USD without going thru the Fed's bitch Coinbase!
Here's two big questions with your method:
#1 Withdrawal fee?
Bittrex doesn't charge an exit fee? We respect you're mostly talking about mining fees, but Coinbase for instance seems to charge 4.0% just to move money out, and we're not even sure that's AFTER mining fees for the crypto you're sending. OpenLedger gateway to BitShares exchange, for instance, we found was charging like 8-20% withdrawal fees for like around $100 moving out (like if you tried to withdraw steem from bitshares back to Steemit wallet)
#2 Bittrex Account
What does Bittrex require to have an account, and do they do the traditional KYC stuff if you're like over $500 or whatever? After all, this is crypto, isn't it supposed to be private and cheap and seemless? Seems this stuff is anything but these days. Satoshi would be turning in his grave.
Well it all depends what you want to turn that STEEM into. If it's dollars you want, I can't help you much because I have never cashed out a single dollar yet. If it's a different crypto, then my method described in this post may still offer a solution although at a slightly higher cost.
See you can first send your STEEM/SBD to Bittrex. Then you sell it and turn it into, for example, Dogecoin which has a low withdrawal fee.
Once it's as Dogecoin, you send it over to https://shapeshift.io/ (they accept Doge!) and just select the crypto of your choice that you wish to receive.
Shapeshift does charge their own fee, which is similar to a trading fee on an exchange so not that much, but you do avoid the $15 withdraw fee. I think using this method you may have less than $1 fees as long as you turn it into something reasonable (Bitcoin is still likely more than $1 in costs)
When you say exit fee, i think it's the same as when I say withdrawal fee.
As for bittrex accounts, yes they do require the regular KYC stuff. So no, it's not anonymous unfortunately. I do not know of any other way than Bitshares to trade STEEM anonymously (BTS is only pseudonymous I think).
Interesting. Haven't gotten to the withdrawal phase of being on the platform yet. But good to know there are ways to do it pretty cheap :) Thanks for sharing!
Using this way, it takes away the hurdle by a lot!
Taking away the barriers to get your money, always a good thing, hehe.
Would love to try this all, but bittrex won't let me verify my account.....
Ack! Yes that sucks :(
You could try poloniex too, they (used to anyway) also have STEEM/SBD trading and probably also have XVG.
Although Binance now also has STEEM for trade...but not SBD.
edit: also I recommend making a bunch of accounts on several exchanges.. just in case. When the time comes that you need it, the signups will be closed and you'll be happy to have the account!
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nice
thanks for this tip.. resteemed!
I'm with @tenhanger here. I'm trying to sort through the maze of moving coins/money from exchange to exchange as cheaply as possible. This is a great start!
Wow. That's why doge coins are still alive. The name creeps me out. Kind of dodgy but yeah you avoid the fees.
wish I'd of read this about an hour ago, I just transferred some LTC from bittrex to binance, was about $5 in fees
Ouch!!
But LTC is at least a lot cheaper than some other actions.. could be a lot worse (BTC)