Commissions on exchanges and wallets: are they the same?
Commissions on exchanges and wallets. Is there a difference between sending cryptocurrency from an exchange and from a wallet?
Few people think that transaction fees on exchanges and wallets in any network may differ. That is why it is worth knowing for sure how it is better and more profitable to make cryptocurrency transfers. And are there networks on which the commission is nowhere and does not differ in any way?
Commissions on exchanges and wallets: is there a difference
In fact, in almost every network, there are differences in fees between sending a coin from an exchange or sending a coin from your hot wallet. And it even sounds logical.
The exchange as an organization takes an additional payment for the use of its services. You can consider this as an additional commission. However, it is important to understand that the fee may vary depending on the exchange and network.
On some exchanges, there can be a huge difference, for example, with a regular transaction on the Ethereum network. And if you want to send cryptocurrency over the TRON network, then the difference will be minimal. But still she is. As a result, we can say unequivocally that it is cheaper to send cryptocurrency from wallets than from any exchange.
Where is the best place to ship?
However, in some cases and networks, the difference in the amount of the commission is not critical, and it can be neglected. For example, networks such as Solana, BSC, Avalanche and TRON have extremely low commissions on their own (literally up to $1). And on popular exchanges like Binance, you won’t feel much of a difference.
The most popular sending unit is USDT on the TRON network. You can safely work with this network on exchanges. After all, the commission will be the same everywhere – 1 USDT.
You need to be careful with the ether network – ERC-20. There is a really big difference in commissions here. If, for example, you want to send the ether itself through the Metamask wallet, then you will pay a commission of up to $ 5-10, depending on the network load. But if you want to do it from the Binance exchange, then you will have to pay a fixed amount of $20+. regardless of network load. But what if you really need to send an ERC-20 token from Binance to your wallet, but want to save money?
Commissions on exchanges and wallets: a life hack on how to send an ERC-20 token from the Binance exchange cheaper
In order to send Ether or any other ERC-20 token from Binance, for example, to a Metamask wallet, you need to do the following.
- Select an asset, for example, it will be USDT stablecoin on the Ethereum network.
- Register on the FTX exchange, create an account, go through verification and copy the USDT replenishment address on the TRC-20 TRON network!
- On the Binance exchange, select USDT, insert a wallet, select the TRC-20 network. Send funds from one dollar fees on the Tron network.
- Once the funds are in your FTX exchange, you can withdraw them to your wallet via the ERC-20 network at a much lower fee.
Thus, you make one transaction more, but at the same time you save more than $15.