Don't you just hate high gas or transaction fees?
When you are trading in relatively specialist altcoins, such as WAX, you may need to move your funds between exchanges. But they all want a piece of the action.
Low Fees
For the newbies out there (like me!) there is a way to get lower fees. It involves a little more effort than just withdrawing from your "ETH" or "BTC" wallet on one exchange and moving it to another exchange.
First of all you have to find an altcoin that has LOW transaction fees, but that is also common enough to be on both (or all) of your exchanges.
For me the choice was ALGO.
Conversion
This is the time consuming bit. For this example I am going to want to buy WAX, and I normally trade in USDT/ETH or USDT/BTC on Binance.
1) Trade USDT to ALGO on Binance
2) Withdraw ALGO from Binance to KuCoin
3) Trade ALGO to USDT on KuCoin
4) Trade USDT to WAX on KuCoin
Fees
Each trade on an exchange normally costs a maximum of 0.1% of the value (although it can be a lot less than this if you trade a lot of volume).
Example 1 - BTC withdrawl Binance to KuCoin = £0.22 Fees (via Binance Network)
Example 2 - ETH withdrawl Binance to KuCoin = £0.22 Fees (via Binance Network)
Example 3 - Trade USDT to ALGO ; Withdraw ALGO Binance to KuCoin ; Trade ALGO to USDT = (2 x Trades @ £105) + Fee = £0.21 +£0.01 = £0.22 Fees
In all cases you would still have to trade BTC/ETH/USDT to WAX on KuCoin.
As you can see, for any amount UNDER £105, shuffling it via ALGO is the cheaper option. This is assuming that you can use BNB or BSC as your transfer network to your exchange (which KuCoin can do). Otherwise it works for anything under £20,000 / £10,000 if done via the BTC / ETH networks!
As you are doing this almost "realtime" (maybe over a 5 minute period), then you are buying / selling at market rates so you shouldn't loose out on the market going up or down in between each trade.
I hope that this helps you to keep your fees low. There may be other better options than ALGO for you. If you find anything better, please let me know as it would help me and the rest of the community. Thank you.
Note : All of my articles are my own work and relate to my own personal experience. Investing is always at your own risk.
