Poloniex and bittrex are by far most used websites for cash withdrawals here on Steemit. When today I wanted to take some SDB out I checked Poloniex and i noticed:
Poloniex doesn't accept neither Steem dollars or Steem! Don't try to send them your anything or you may wind up waiting for your money to arrive for 3-4 weeks or more!
Well that's not the end of the world. I also have bittrex account so I decided to send it there. I ddi everything like always but then when I want to send $$ to my wallet this is what I noticed:
TXfee = 0.001! It's like 2.5$ for one transaction!. I didn't want to pay that much for 1 withdrawal so I started to think how to lower costs. It may be irrelevant if you want to take out some big cash but for me, and probably most Steemians it's quite a deal at this point.
So I came up with a solution.
1. Transfer your SDB / STEEM to bittrex
If you don't know how here is a nice link with instructions how to do it:
https://steemit.com/bittrex/@blocktalk/how-to-send-steem-dollars-from-steemit-com-to-bittrex-exchange
2. Exchange your STEEM or SDB to BTC.. and then To Litecoin!
You will only have to pay small transaction fee for this exchange. It's nothing compared to what would you have to pay if you wanted to transfer directly from bittrex.
3. Send your Litecoins to Poloniex
You will have to go to Deposits & Withdrawal section of Poloniex. then next to Litecoin click Deposit a a randomly genenerated string will appear to you. Copy it and save it for a time. Go back to bittrex and Click on the minus sign next to your Litecoins. There will message appear prompting you to provide an address. Paste your Litecoin address from Poloniex.
4. Receive your Litecoins on Poloniex and exchange them one more time for BTC
Once again you will have to pay this minimal fee ( I think 0.25% ) and when you are done you have your BTC on your Poloniex.
Now you can easily withdraw your BTC to your wallet and instead of paying 0.001 BTC fee you will have to only pay 0.0001 BTC / thats about 2.25$ Saved :)
Hope I could help someone with this one!
Upvote and resteem if you found this info usefull
nice post many thanks for sharing information
You are welcome!
In total you will have to pay 0.75% fees for all the exchanges your doing, that means once your over about 333.33$ that is already more than 2.5$. Not including the 2 withdrawal fees. Also you always have to watch all the current exchange rates on the different exchanges and beware since they may go down during the transaction time.
So I dont think its worth it.
What you wrote is exactly the number when you get a wash - everything below is worth it and above not. I don't think I can reach anyone who is just casually withdrawing +333USD from account ( I was doing just 10 SDB ) so it was aimed for anyone trying to get out let's say 10 - 50 USD in which case is Very worth it.
Nonetheless thanks for comment :)
Thanks for the useful post! I was wondering how to do it :)
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STOPGood analysis. Thanks for your tip.
Thanks!
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