Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
Kucoin to Binance

Withdrawing My Pennies from Publish0x


Now, for those who are coming across my work for the first time, I am a small scale blogger here on Publish0x.  I mainly write technical tutorial articles, where my goal is teaching really complicated, niché things. Now, this translates to a small number of folks who are interested in my content (which is  fine - my goal is high quality content that is very useful to at least a few people).  What this also translates to is a small amount of money on my Publish0x account, and so withdrawing any profit has to be very well thought out, or else I will simply lose the entirety of my profit to fees.

Therefore, here's my general strategy for anyone who might be facing a similar situation.

1. Anything that I can withdraw to KuCoin, I will, as it might take me a very long time to ever hit the higher, on-chain withdrawals otherwise needed.  Not to mention, I have so few funds here from Publish0x that even if I did manage to get it withdrawn to a personal wallet, I'd expect to have to hold it there indefinitely without the required funds to be able to move it anywhere else.

2. At the time of this writing, I do not have enough iFARM to withdraw, however, based on what I have read about iFARM, my goal is to withdraw as soon as I can to a private wallet and HODL! I'm hoping that the tokenomics of iFARM, combined with the large APY will help those holdings grow all on their own.  In order to benefit from the iFARM growth though, it must be withdrawn to a private wallet, so, here's to hoping I can do that in a month or two!

I do not have a strong presence on KuCoin, beyond the account to receive Publish0x payouts, and so my goal is to get these funds from KuCoin to Binance US as cheaply as possible.  There are a few things to consider here.

1. Fees to sell out of the coins on KuCoin - AMPL and ETH in this case, as sending either of these coins straight to Binance is either too costly or unsupported.

2. Fees to buy into the coin I wish to move.

3. Fees to withdraw from KuCoin - there's a few that have very reasonable or even 0 withdraw fees.

4. If I'm moving a coin I do not wish to hold, I need to additionally pay fees once the coin arrives at Binance, to move into a coin I wish to hold.

For now, I intend on accumulating these Publish0x payouts on Binance, since the dollar amounts are too minimal to do much else with. For now, I'll be holding the payouts in a coin that Binance awards staking awards on, in an effort to grow my holdings 'organically'

This means that for the foreseeable future, my intention is to hold one of these coins on Binance: QTUM, EOS, ONE, VET, XTZ, ATOM, or ALGO.

I have 2 requirements to help me decide which coin is the best, first, is the withdraw fee from KuCoin < ~$0.25 - remember, we're working with a few dollar here, so if the fees are too large, we'll lose our whole earnings to fees.  The second, can I stake a small amount and still earn - meaning, will a $5 investment on Binance earn the staking rewards.

Here's my findings:

COIN:   Cheap Withdraw ( Y | N ) |    Cheap Staking ( Y | N )

QTUM:  Y (< $0.03) | N (> $100)

EOS: N (>$1.00) | N (>$500)

ONE: Y (<$0.20) | N (>$1000)

VET: N (>$3.00)  | Y (<$0.50)

XTZ: - not supported on KuCoin.

ATOM: Y ($0.25)  | N (>$10.00)

ALGO: Y (<$0.25) | Y ($3.00)

This means, of all these coins the only one that checks both boxes is ALGO.  But wait, we aren't done yet.  The real number is that it costs 0.1 ALGO to withdraw from KuCoin, but there is also NEO, with no KuCoin withdrawal fee.  So there's one more calculation that must be done each time we decide what we want to do.  Either way we will pay 2 transaction fees on KuCoin, to sell and then buy the withdrawal coin.  For simplicity sake, we will assume that Binance US charges a 0.1% fee for each buy / sell transaction.  So, for any given amount of money, we can test it with this formula to decide which way we should handle our withdrawal - note, this is only relevant since we are working with very small dollar amounts, and so the exchange fees are so minimal we could win this way (work is shown, a = algo price, p = Publish0x money):

0.1a = 0.2p

a = (0.2 / 0.1) p

a = 2p

This means that if we have enough money to buy 2 ALGO - i.e. our Publish0x money is 2x that of the current Algo price (which right now is ~$3.00), we should directly swap into ALGO and send that.  If we have less money, it will actually be cheaper for us to swap into NEO, send that, and finally swap into ALGO on Binance.

With this knowledge in hand, I fully intend to wait to transfer off of KuCoin until I am doing so in increments of more than 2 Algo, to avoid the other weird thing on Binance where I end up with small decimals of a coin due to how their exchange system works.  From there, I'll be HODL'ing my pennies for awhile with the hopes of earning back my transfer fees.

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Bwvolleyball
Bwvolleyball

I am a software engineer by trade, with 7 years of experience in the industry. I have a Master's degree in the field as well. I love all things technology, from smart home things, to cryptocurrency. If there is code, you will find me there!


Musings of Random Thoughts
Musings of Random Thoughts

This is a general purpose blog, call it a utility blog, for posts that don't fit in with my other topics. You never know what you're going to get here!

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