There had always been a considerable debate over whether to invest in bitcoins or not. If at all to invest, then what should be the amount? More than everything else, there had been a considerable discussion on transaction fees while cashing out bitcoins. So come, let’s look at how to avoid withdrawal fees, especially with crypto coins, moving funds to another exchange.
Following are the sites from where one can cash out bitcoins at lower fees:
- Binance
Binance is the most popular out there. Binance will charge 0.0004 for any bitcoin withdrawal & that bids around 3$. But if one is not investing an immense amount in cryptocurrency & dealing with a small amount that might mean many amounts for an individual.
The withdrawal fee initially was 0.0005, which was 390 INR. It’s beneficial for more transactions weekly. If we are going for ten transactions, then we may save 4000. But one is moving crypto from one exchange to another like a crypto.com or coin base.pro, then that may cost a bit cheaper.
- FTX
In FTX, whatever withdrawal we make, whether it’s thorium, bitcoin, UST, USD, transaction fees of no matter how much token or coins one invest, the transaction fee is 0. If we talk about other exchanges, 0.00005 sums up to 5$. Here we get lots of scope for trading.
After registration in RTX, & fulfilling all the steps for login in RTX & identify verification, one can increase their withdrawal limit. It’s given over their 1000 USD lifetime; to grow that, one needs to click on ‘increase withdrawal limit,’ a Dropbox will open.
It’s mentioned to complete level 1 KYC and then apply for institutional KYC, where one can withdraw 2000-9000 USD daily without KYC. Only needs to increase its withdrawal limit, then one needs to submit their identity proof.
- CoinbasePro
Here one needs to have a regular coinbase account. But here also 1.49% fees are charged. Example: If someone wants to cash out 500$, then it will cost out 493 USD. This fee is how coinbase makes money.
They make money from buying & selling bitcoins by an individual. Now there’s another alternative, though complicated one. This alternative is the company which coin base owns is GDAX. Hereafter having one’s account, one needs to bring that said amount of bitcoins from coinbase Pro to GDAX.BTC Address is where one can send bitcoins from anywhere or any wallet or blockchain to GDAX.
If one wants to bring 500 bitcoin from coinbase to GDAX, the first step is to get bitcoins converted into cash into a bank account to ‘create a sell order.’The only way to avoid the transaction fee is to click on the ‘limit.’ Now, when we click on ‘limit,’ we gave instructions to GDAX to sell Bitcoins within a specific limit & not exceed beyond that.
The last process of ‘sell order’ lies in the ‘execution part. There, one needs to click on ‘post-only’ instead of ‘allow taker.’ But most importantly, one needs to fill the last trading price at their limit price. Now to disburse that amount into a bank account, click on ‘withdraw funds’ & click on to the bank account, whichever is linked. Now in this process, 0% transaction fee cost.
Bitcoins are a huge trend nowadays in the international market and the domestic financial world. Many prominent business people, investors are trying their luck out in bitcoins or other foreign investments. Knowing all the negative & positive niches, everyone is also ready to get their financial stability.
Final verdict
One needs to remain cautious while investing; cashing out whether converting in any international or foreign exchanges from foreign to any local currency requires an individual to be brainy. Though the process appears complicated, the websites mentioned above do offer a 0% transaction fee. The method may involve the 2 step process of buying bitcoins in one website & then selling into another site without allows a 0% transaction fee.
So stop hesitation in buying bitcoins & don’t worry about cashing out or converting as the page offers complete information on hassle-free transactions from any part of the globe to any corner of the world.