It's not a scam. You just have to choose the right altcoins to move, and then convert them back to the ones you want to keep!
Spoiler Alert : NEO, IOTX, ONE, ONT, ZIL (for those of you who don't want to read the whole article!)
I previously posted an article about Low Transaction Fees. At the back of my mind though was the thought : "Is there a better way?"
My analytical mind mulled it over. I had only researched a few "mainstream" altcoins at that time.
So how do I research the whole market without missing anything?
Selecting an Exchange
First things first, I needed to know which exchanges to move my coins between. I didn't want to choose any coins that I could trade on one exchange but not withdraw to the other.
I have accounts with both Binance and KuCoin, so these were my obvious choices.
It was easy to find a list of transaction fees for each altcoin on Binance (https://www.binance.com/en/fee/depositFee).
I then referenced the withdraw fees against the USD equivalent (using a 9th May 2021 data snapshot from coinmarketcap). This showed how much each withdraw type would cost. A bit of excel trickery and it was in a format I could use. Note that some altcoins can be withdrawn on multiple networks. e.g. ATOM can be withdrawn on it's own network or via BNB or BSC - with differing costs.
I then had a quick tidy up of the top 20 results to remove any obvious altcoins that were on Binance but not on KuCoin. This was a manual tidy, so it may not be 100% accurate. Please double check for yourself if you are going to use any of those altcoins.
The Results
It really surprised me that you could actually withdraw altcoins between exchanges for NO fees.
As per my previous article, remember all you need to do is TRADE on your exchange from your altcoin of choice to the one you are going to withdraw. Then withdraw it to your other wallet / exchange. Then TRADE it back to the altcoin of your choice. If you are doing this real time, the pairing prices shouldn't have changed much for the trades.
The table below shows the cheapest altcoins to withdraw and the most expensive. I have decided not to include the middle bunch (from $0.10 to $19.63). If you would like a copy I can provide one, or if there is a specific altcoin that you want to check please use the links in the article to obtain the data. Why anyone would pay almost $20 for a withdraw for ETH when they can do it for free with a little altcoin work is beyond me!
NEO, IOTX, ONE, ONT, ZIL are all cost free !!!
ONE, ZIL, IOTX (on different networks) , and FTM are all under 1 cent.
I was glad that ALGO was in the top 20, as this was the altcoin that I previously used to withdraw money between exchanges. I'm now swapping to ONE to sweat my assets a bit harder.
You're Welcome!
Note : All of my articles are my own work and relate to my own personal experience. Investing is always at your own risk.
Posted Using LeoFinance Beta
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