How to Avoid High Service Fees

How to Avoid High Service Fees

By PRC1 | Crypto Projects and Stradegy | 22 Apr 2021


Transfer fees while not being as high as gas fees or as in previous years can, can still take a big toll on your profit margins. Taking care of a crypto portfolio usually means having different exchanges and wallets and sending different coins through them. However, most of the time it's more profitable to convert your coins into ones that have cheaper fees.

This is especially important right now as BTC fees have risen, and ETH fees have been pretty high as well. This is why I recommend converting your coins to XRP or Nano as they offer cheaper fees when transferring between wallets. 

For example, let's say I'm trying to get BTC from coinbase to finance. It will cost me around 10$ to transfer 200$ worth of BTC. (last week)

If I convert that BTC to XLM through coinbase Pro there is relatively no fee (if I don't buy at the market), and then use that same XLM and send it back to coinbase and then to Binance, at a practically free fee of 0.00001XRP, which at XRP current price of $1.28, the fee is practically free.

Then all you have to do is exchange it for BTC in finance again, even if you do it at market price the fee is sometimes still lower than what it would have cost you if you had sent it as BTC.

 

 

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PRC1
PRC1

Been working with crypto since 2016, working in different cloud mining projects to my own investments.


Crypto Projects and Stradegy
Crypto Projects and Stradegy

I will go over my crypto portfolio holdings and different strategies I use to save money while investing.

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