The Commission for the withdrawal of cryptocurrency varies from exchange to exchange, so to know how you can save when such operations will not be excess. Some exchanges charge a small percentage — often 0,001-0,002 BTC as Stocks.exchange or Bittrex. Some services, rent for their services and even less, Poloniex, for example, the Commission is only 0.0005 BTC. A good percentage is removed and for transferring between the exchanges, therefore, to know how and where to save in such cases, can be very useful.
To use Bitcoin to make small translations of the pretty reckless, because the number of unprocessed transactions in recent years only grows, so they will have to pay a fee, so will have to wait a few days until the next transfer.
How can that be? It’s very simple: exchanges sell not only Bitcoin, therefore, always remains a sufficient number of options, allowing almost free to translate a small (several thousand dollars) amounts of money. If we are talking about serious amounts, sometimes it makes sense to calculate a Commission and see whether it would be cheaper to pay Commission to the stock exchange for the withdrawal?
For the transfer of a small amount should look for the exchange with minimal Commission for withdrawal of cryptocurrencies.
For example, you want to withdraw of 0.01 BTC on a cold wallet with Bittrex exchange that takes for the transaction of 0.001 BTC, which is almost ten percent of the amount withdrawn. In such cases you should look for another solution… for Example, from the exchange Poloniex can be output with a much smaller Commission of 0.0001 BTC, which is much nicer.
Good tone is to have accounts on different exchanges and do not forget to compare the fee for every transfer, because the cost of this operation may from time to time to change.
So, transfer the money from Bittrex to Poloniex.
First select the currency for translation. She must meet the following criteria:
- To be cheap. The more “coins” you can buy for your money, the better the Commission for the withdrawal.
- The difference between the price of orders for purchases and sales on both exchanges (spread) should be minimal.
- Large volume of trades. The higher amount is on the purchase and sale, the less likely that the transfer rate will begin to change for the worse.
Perfect coins, which are best used for translation — Doge or Bytecoin. Both meet our requirements, but the transaction is first confirmed much faster.
What’s next? Change BTC to DOGE, and then the helmet on the Poloniex wallet, paying for two coins of the transfer fee.
The sale of the transferred assets on the final exchange
There are two options how to do: to sell everything at the current sales price or current purchase price — choose.
Currency Doge is often used for transfers between exchanges, so it has a very large turnover and a lot of orders for the purchase and sale. If you place an order at the sale price, coins are usually sold for 1-12 hours. So if you want to save the maximum, should wait a bit.
Buy DOGE for BTC 0,01023405, helmet with Bittrex, an hour later have on the balance 0,01019278 Poloniex BTC (the fee for the transfer between the exchanges is 0,00004127 BTC = ~56 cents), and then bring them to a cold wallet for 0,0001 BTC (~1,4 $). In the end, the savings on the fee is 0.001-0,00014127=0,00085873 BTC (or almost 12 $).