RE: Cheapest way to transfer between Bittrex to Binance (only $0.02 in fees) 🤑
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).