Trading tips: Coins to use for withdrawal from an exchange (and save on that fees)
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Trading tips: Coins to use for withdrawal from an exchange (and save on that fees)

By CandyNinja | Crypto Candy | 4 Jun 2021


Imagine trading low volumes but still losing out due to high gas fees over the ERC20 network. Most coins these days cost a lot to transfer, and checking your exchanges for which coin would be a good idea to use for deposits and withdrawals is usually inconvenient, especially when you're using multiple exchanges and transferring coins between them.

Thus, I compared fee structures among all major exchanges that I've found useful. If you know me, I usually recommend using coins with the lowest gas fees so that you save maximum money in your transactions. I took care to only list coins here that are generally accepted at most exchanges.

As always, do your own research before investing in any coin. Without further adieu, here's the list with 16 exchanges (most of them Asian), with coins I'd recommend for withdrawing for them. If you're only transferring big volumes, you might not exactly need this list since all coins' fees are basically pennies at that point, though you might still find it useful if you want to save the maximum amount. Also take it as my list of recommended exchanges to use based on your crypto exit strategies (maybe even make one based on the list).

Exchange - Recommended coins for withdrawal - Additional notes


MEXC (formerly MXC) - Many free coins, most notably NEO/WRX, low fees with XLM

Binance - NEO(free)/XLM/ALGO/ONE - Alternatively, free USDT transfer to BPLAY, JEX, WazirX and Tokocrypto

CoinDCX - Trx/Tron - 0 fees

WazirX - XLM - 0.05XLM/About 3 cents - Alternatively, free USDT transfer to Binance

Kucoin - XLM - 0.01XLM/About 0.5 cents

Gate - USDT over TRC20 - 0 fees

Bithumb - VRSC (about 10 cents), LTC (about 20 cents), XLM (about 40 cents)

Phemex - USDT over TRC20 - 0 fees

Bitcoin.com - NEO (free) - Generally cheap since takes network fees

Bitfinex - A lot of useful free coins, notably NEO/DOT/EOS/ALGO/USDT over TRC20/XLM/Solana

BuyUCoin - NEO(free), ONE(<1cent), XLM/MKR(about 20 cents)

OKEx - NEO/XMR(free), XLM/ALGO(cheap) - Generally low withdraw fees

Bybit - XRP - 0.25XRP(about 30 cents) - Honestly, this is only useful when you want to future-trade big volumes, since it has no withdrawal limits

Huobi - NEO(free), XLM/Siacoin(<1cent)

PrimeXBT ($350 bonus for 30 days if you can deposit $850+ on day 1) - COV($3), and ERC20 tokens/BTC (~$20) - This exchange is only for you if you need its non-crypto features. No withdrawal limit.

Latoken - DATA(free)/TRX(1tron fees) - Generally expensive withdrawals for most coins

For some of our American friends who can only really trade via Coinbase:

Coinbase Pro - It takes network fees, so any coin with low gas fees. Look at non-ERC20 coins like LTC and XLM.


General trends

So, what do we notice as general trend in the list? The blockchain networks that are commonly used for cheap withdrawals and wide support include TRC20, XLM, NEO, HarmonyONE, Algorand (useful for extrapolation if your exchange isn't listed).

As a bonus recommendation, since most sites implement the Coinbase Commerce Gateway these days, you can pay via LTC (since the other options are ERC20 anyway) to save max fees. Also, via Solana or MerchantCoin in the future if Hips Merchant Blockchain gets widely used.

On DEXs/Swaps

What if you use an ERC20 swap like Uniswap or Pancakeswap? You're basically out of luck, since trading on them involves paying the fees every time. I'll go through the benefits another day, but your best bet should be using a non-ERC20 swap and bridging your coins, if applicable. Some examples that come to mind are Honeyswap, Quickswap, Stellarterm or an atomic swap (on Lightning Network, a layer-2 project to reduce gas fees) like FixedFloat.

Feel free to suggest edits in the comments if your research uncovered cheaper options than these!

 

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CandyNinja
CandyNinja

Writing hobbyist fiction, and about other stuff I've been learning. Tips will go to fund my trading


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