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Found 2 results

  1. Hi everyone. I've been searching a lot about converting your bitcoin into litecoin. But there's no post or comments I can find that is detailed. I wanted to withdraw my bitcoin but the fee is expensive and so I want to convert it into litecoin and then withdraw it but I don't know how to convert. If you do know, please explain it to me in a detailed way. I will really appreciate it. 😭
  2. Note: I was considering to create a tutorial about how I minimize the withdrawal fees when operating with BTC and my first option was posting on "Tutorials", but due this is something that is mainly useful regarding exchanges, I finally posted here. Please, mods and admins, if you consider I should move this post, let me know. Greetings, everyone. Since I had to move some funds between exchanges, I started to study the best strategy to make every move the less costly as possible. Here are the results of my research. Some considerations before starting: Exchanges are the best option to earn money active and sometimes passively. Trading provides great profit to those who knows how to make a correct interpretation of the charts, and have enough capital to invest and trade safely (this is, without compromising most of it and only assuming risks on the quantity you are willing to lose and you don't really need for living) Exchanges shouldn't be considered wallets. Most of us have our capitals in exchanges because value volatility (we want to sell when as soon as possible in case the price drops) and this is a common error. There are cases like KuCoin or BitFinex that shows greatly the impact of hackers and cyber-attacks on the exchanges. I suggest you to check some articles about this issue, for instance this cointelegraph magazine one (note it's a bit outdated, due considers KuCoin an unbeaten exchange) Once said this, here we go. As you may know, most of exchanges have features that make them unique. Some are easier (in terms of price, conditions and interface), others offer better advantages, saving and stacking benefits, discount using the exchange currency and multiple promotions, pools, launchpads, etc. Because of this, many times we will need to allocate different funds in more than one exchange and transfer part of our funds from one to another. The problem is, transferring BitCoin (among other coins like ETH) is getting expensive. The fees are fixed in most of cases and I had the problem that fees represented sometimes even a 50% of the quantity I wanted to send. In some cases, if the exchange is not in the top 25, those fees are specially high, as a way to prevent the liquidity leak. A strategy is needed, so first of all; know all the fees from the exchanges you are operating with. I recently found this list, I missed some of my exchanges, but I can tell it's real data. As for me, I operate with Binance, OKEX, Coinbase, YoBit and Crex24. The reason is because some rare coins I hodl can only be found listed in some of them. But I also want to move my crypto to wallets, farms, hodling, casinos or whatever, so the logical steps I found are: Identify the best cash-out platform. Once you get in, you should consider that before putting your crypto out the exchange environment, that exchange would be the platform to send it to anywhere. In my case, as for BTC, is Coinbase. For months, I believed it was too expensive, but then I realize that paying between 1.5 and 2 dollars (depending on the quantity, it can be bigger amount but always according to the volume you are sending) is fair enough to me. If you want to transfer between exchanges OR if the place we are going to send crypto can easily convert from one currency to another, consider some low withdrawal fee options. My personal options are: USDT - If the exchange allows the TRC-20 network, the cost is free most of times. For sending between Binance and OKEx is my option #1: there is no fee. In other Exchanges such Crex24 and YoBit, it's an option I totally discard: prices goes from $5.2 to $6. Ripple - XRP is one of the most popular ways of moving BTC capitals due the low fee of transactions. In my case, sending from Binance or Yobit to Coinbase (due Coinbase doesn't have USDT listed) is the clear solution; fees goes between 0.25 to 0.5 XRP (roughly $0.06-0.12) minimizing costs. EOS - Sometimes, EOS has even cheaper fees than Ripple. It's worth checking which is the best option. Use always trade option and pay the price (trading fees and small price differences). Don't wait too much: once your funds arrive, even if there is a gap on the price (you'll realize between exchanges prices on charts are slightly different) convert it to the destination coin. Yes, if you wait a while and coin is uptrending, you can recover a good part of the fee or even earn some money, but most of times you'll pay higher fee than expected. Try to simplify as much as possible, I had really hard times trying to find the best strategy and finally could made 3 simple steps for reducing fees. I hope it really helps, I was thinking this is maybe too basic and most of you guys have your own ways (with similar steps). If it does, don't forget to leave your feedback and any strategy you think it can be useful or worth considering; the goal is not loosing too much money. Cheers!
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