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Crypto withdrawal fees

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  • 28-03-2021 8:25pm
    #1
    iAcesHigh
    Registered Users Posts: 447 ✭✭


    Hi,

    Completely new to crypto world, but following some advice here I finally bough a bit of Bitcoin, Dogecoin and ETH, just to check how is the flow, is it simple or complicated, expensive etc. I'm reaaaaaaaally glad I didn't go all-in as I stumbled upon what I feel are 2 quite a big dealbreakers :(
    1. Binance user experience is absolutely appaling, but I'll put that aside now. What I was most shocked with is not the fee one pays when buying any of these (kind of acceptable), but the fee one needs to pay when withdrawing to Hardware Wallet - for Bitcoin I paid something like 5%! Am I missing something here or is this simply the standard?
    2. I also did another "crazy" thing and sent ETH to Ledger using BSC network and now it's in the middle of nowhere - I can only view that chain using MetaMask and trying to send it back to Binance is so much pain (I'll need to buy BNB, send to MetaMask and then use that BNB to pay for gas to send ETH back). I am in the middle of educating myself, but am I right in thinking this happened because I didn't choose native ETH network (which I didn't because fee was once again some crazy amount, 5+%)


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    #2
    Rob2D
    Moderators, Business & Finance Moderators Posts: 2,449 Mod ✭✭✭✭Rob2D


    iAcesHigh wrote: »
    Dogecoin and ETH

    Oooof........OK who's going to tell him?


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    #3
    iAcesHigh
    Registered Users Posts: 447 ✭✭iAcesHigh


    Rob2D wrote: »
    Oooof........OK who's going to tell him?

    Any valuable feedback? :)


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    #4
    Irish_rat
    Registered Users Posts: 2,554 ✭✭✭Irish_rat


    You withdrew eth as a bep-20 and your metamask is setup to receive erc-20 so therefore wont work.

    Dogecoin...

    Fees are part of the network for withdrawing.


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    #5
    SkySter
    Registered Users Posts: 828 ✭✭✭SkySter


    Irish_rat wrote: »
    You withdrew eth as a bep-20 and your metamask is setup to receive erc-20 so therefore wont work.

    Dogecoin...

    Fees are part of the network for withdrawing.

    If you sent your ETH out as BEP-20 you should see your pegged ETH provided you setup metamask for Binance Smart Chain. The BSC address is the same as on the Ethereum blockchain.

    https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain

    You won't see the ETH until you add it as a custom token. You can get the contract ID by looking at your transactions on https://bscscan.com/


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    #6
    myshirt
    Registered Users Posts: 5,245 ✭✭✭myshirt


    The fees are only 5% as you likely invested buttons.

    As long as it is a reputable exchange, keep your coins on it for a few months if you are only buying small amounts. Then withdraw to your hardware wallet. Someone posted a site here before where you can compare withdrawal charges. I think Gemini may be free withdrawals, but BTC is a tad more expensive to buy on it.

    As another poster said, if you withdraw via BEP-20 as you liked the lower fees, then know that what you are getting is a synthetic token or pegged token. In other words it's not real, but it's backed up by a small bag of real coins in case anyone ever wants the real coin. It's extra risk.

    Say there are 100 pegged tokens out there in the market, these will only be backed up by about 20 real tokens, as they know not everyone is going to come in a flood looking for the real bitcoin. Traditional banks do the same. It's creating an artificial market. As to Binance Chain and Binance Smart Chain, it's ok to hold pegged tokens for the top coins, but be careful with the smaller coins. Keep these as real coins would be my take.

    You can see how much is in the back up account for each of these pegged tokens also if you can to search for it.


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    #7
    iAcesHigh
    Registered Users Posts: 447 ✭✭iAcesHigh


    Irish_rat wrote: »

    Dogecoin....

    It was just a "technical" test evaluating silly differences between apps (as Dogecoin uses significantly smaller one that any other). Not sure why buying it would be an issue :)
    SkySter wrote: »
    If you sent your ETH out as BEP-20 you should see your pegged ETH provided you setup metamask for Binance Smart Chain. The BSC address is the same as on the Ethereum blockchain.

    https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain

    You won't see the ETH until you add it as a custom token. You can get the contract ID by looking at your transactions on https://bscscan.com/

    Yep, "found" it :) Which is good. Bad thing is that if I want it back on Binance as ETH (I hope) I need to buy BNB and send that to MetaMask to "pay" for the transfer (at least that's what I found online). Good that I'm learning that with not so much cash involved :)
    myshirt wrote: »
    The fees are only 5% as you likely invested buttons.

    As long as it is a reputable exchange, keep your coins on it for a few months if you are only buying small amounts. Then withdraw to your hardware wallet. Someone posted a site here before where you can compare withdrawal charges. I think Gemini may be free withdrawals, but BTC is a tad more expensive to buy on it.

    As another poster said, if you withdraw via BEP-20 as you liked the lower fees, then know that what you are getting is a synthetic token or pegged token. In other words it's not real, but it's backed up by a small bag of real coins in case anyone ever wants the real coin. It's extra risk.

    5% is not low, it's huuuuge for a volatiliy of this kind in "financial markets".

    Originally, I wanted to invest a bit and leave it there, but I got heavily attacked on this forum where number of users was laughting at me stating that's just stupid and that anybody really wanting to keep this for a while (which I do) should simply withdraw it to hardware wallet. I'll look at what are withdrawal fees elsewhere as 5% would be dealbreaker IMO

    Lastly, thx for the explanation on BEP-20, I do get it now, but what I don't is - if I send it "back" to my Binance account now, will it land in my ETH wallet or will it end up somewhere else?


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    #8
    Irish_rat
    Registered Users Posts: 2,554 ✭✭✭Irish_rat


    SkySter wrote: »
    If you sent your ETH out as BEP-20 you should see your pegged ETH provided you setup metamask for Binance Smart Chain. The BSC address is the same as on the Ethereum blockchain.

    https://academy.binance.com/en/articles/connecting-metamask-to-binance-smart-chain

    You won't see the ETH until you add it as a custom token. You can get the contract ID by looking at your transactions on https://bscscan.com/

    The address being the same is something I didn't know. That's is incredibly lucky the OP can retrieve the eth.


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    #9
    iAcesHigh
    Registered Users Posts: 447 ✭✭iAcesHigh


    Irish_rat wrote: »
    The address being the same is something I didn't know. That's is incredibly lucky the OP can retrieve the eth.

    indeed, it was actually super easy to find it using bscscan, once I knew what I'm looking for that is :)


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    #10
    Atlas_IRL
    Registered Users Posts: 1,857 ✭✭✭Atlas_IRL


    Hi all,

    So I used to have a **** load of random crypto before selling it all in the last crash, I am just checking a few accounts and finding some holdings here and there.

    https://etherscan.io/address/0x497752AF77F6C589057FD5412947851eEFA01592

    I can see that I have some crypto here from doing random airdrops but when logging into metamask its giving absurd fees to try convert to eth.

    What is the best way of getting this out of MM? or from this ether wallet?


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    #11
    iAcesHigh
    Registered Users Posts: 447 ✭✭iAcesHigh


    iAcesHigh wrote: »
    It was just a "technical" test evaluating silly differences between apps (as Dogecoin uses significantly smaller one that any other). Not sure why buying it would be an issue :)


    taking into accound buying and current price, I should have "tested" with more money ;)


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    #12
    Stevo11
    Registered Users Posts: 196 ✭✭Stevo11


    I hope you held on to your Dogecoin :-)


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    #13
    iAcesHigh
    Registered Users Posts: 447 ✭✭iAcesHigh


    Stevo11 wrote: »
    I hope you held on to your Dogecoin :-)

    of course, can't be bothered to move back to binance to cash in just yet, will have to be a huge jump for that :D


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