How to reduce withdrawal fees in Exchanges?
withdrawal fees in exchanges

How to reduce withdrawal fees in Exchanges?

By Makingdigital | makingdigitals | 28 Dec 2020


It is likely that if you are involved in the world of cryptocurrencies and some of your operations take place in the main exchanges, you have suffered high commissions for withdrawing your earnings.

This inconvenience is something that we have to deal with, necessarily, especially if you work with Bitcoin or Ethereum. These cryptocurrencies sometimes have high and abusive transaction fees, intolerable for small pockets.

The rise in the prices of these two patterns is loading and greatly inflating the penalties generated by all cryptocurrency trading, mining, custody or buying and selling platforms.

If you want to save yourself this setback, the smartest thing to do is exchange, within the exchange itself, your bitcoin or ethereum fractions for smaller altcoins, as is the case with Tron and Dogecoin.

In Binance for example, once we are clear that we want to withdraw our profits to our wallet, we can go to the market and buy Tron or Dogecoin with our amount of BTC. In the long term, it would be strange to do this, since Bitcoin tends to grow in price, however, if you want to avoid withdrawal fees, you have no alternative.

This technique is usually the most used for those who want to convert their cryptocurrencies into Fiat money. An interesting crypto bank is Uphold, which gives us the possibility of taking all cryptocurrencies to Euros, Dollars or Argentine Pesos, for example, to our bank account without incurring commissions.

Let's take an example:

Imagine that you have earned 300,000 satoshis on Binance, for Staking, selling tokens or having taken an opportunity in the market. We know that Binance is going to take a portion of these Satoshis from us if we wish to bring them to Uphold. The best thing is to go to the BTC / TRX pair. Once here, we execute a Tron buy order using our entire amount.
Now all the TRX obtained we withdraw them to Uphold. The commission that Binance will apply to us in this case for withdrawing Tron will be ridiculous compared to Bitcoin. It is normally between 1 and 20 Tron.
At Uphold, all these Trons are automatically withdrawn to our national bank account, without the need to do a Swap. Uphold does this automatically and does not charge us a withdrawal fee.

That said, it should be clarified that this practice is useful if you want the money in your bank account. The power of cryptocurrencies lies in their continued storage in the hope that they will increase in price over time.


Makingdigital
Makingdigital

Entrepeneur, writer and Cryptolover


makingdigitals
makingdigitals

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