transfer bitcoin

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transfer bitcoin

Postby JJones » Thu Nov 09, 2017 12:42 am

I want to transfer my bitcoin from an exchange in Singapore to my Ledger Nano S. I understand the mechanics of doing this. My question is how to reduce the fees I will have to pay. Any suggestions? Thanks
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Re: transfer bitcoin

Postby DetroitMuscle » Thu Nov 09, 2017 2:33 am

Fees for transferring from exchange waller to your Nano S wallet? I'm not sure you can but I don't know much about that. Aren't the Tx fees for transferring minimal? Or set up by your exchange? I didn't think there were any major fees for transferring from wallet to wallet. Only for buying and selling/trading coin to coin...
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Re: transfer bitcoin

Postby JJones » Thu Nov 09, 2017 3:07 am

I am new to this. But a while ago I was in a coffee shop in HCMC and playing around with my wallet. I transferred $2 in bitcoin to a guy I was with. He received something like $1.5 We both were using phone app wallets. I am just nervous about the fee issue as I will be sending more that $2 to my Ledger Nano S.
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Re: transfer bitcoin

Postby upstage » Thu Nov 09, 2017 11:08 am

The marketplace you are using probably has a list of fees for this kind of operation

For example with Kraken, transferring BTC from Kraken to a BTC address - BTC withdrawal - costs Fee ฿0.00100 (no matter how many BTC you transfer), it is not something that I can change. These fees cover both the Kraken fees & the fee to miners.

When you transfer from a BTC wallet to another BTC wallet, you decide how much you want to pay for the transaction (in BTC Core wallet app on Windows, you set the fee by yourself)
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Re: transfer bitcoin

Postby DetroitMuscle » Thu Nov 09, 2017 3:30 pm

upstage wrote:The marketplace you are using probably has a list of fees for this kind of operation

For example with Kraken, transferring BTC from Kraken to a BTC address - BTC withdrawal - costs Fee ฿0.00100 (no matter how many BTC you transfer), it is not something that I can change. These fees cover both the Kraken fees & the fee to miners.

When you transfer from a BTC wallet to another BTC wallet, you decide how much you want to pay for the transaction (in BTC Core wallet app on Windows, you set the fee by yourself)


Yeah, id look up fees via your exchange. I think compared to ethereum, btc transfers are more expensive (and slower).
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