How to avoid high fees when withdrawing USDT from Binance, Kucoin etc. exchanges?

[abduraman]

Currently, Binance and Kucoin cut 6 and 10 USDT respectively because of the congestion on Ethereum network. I’ve found a solution to decrease these fees: Using another exchange

As of now, Gate.io cuts 2.5 USDT for withdrawals. If you have USDT in Binance, Kucoin or similar exchanges with high withdrawal fees, first withdraw your USDT to Gate.io in Tron network with zero fee. This transaction is quick. Then, you may withdraw your USDT to Incognito in a cheaper way.

If you find some other exchanges which accept Tron deposit and have low withdrawal fee, please share here.

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12 MONTHS LATER

Here is my latest solution:

How to avoid high fees when withdrawing USDT from Binance, Kucoin etc. exchanges?

Hey everyone, Since the exchange owners are smart people , this does not work anymore as we expect. Here is my new solution: “Stake 25 FTT in-exchange and use FTX exchange” FTX provides in-exchange FTT stakers with some really good benefits. One of them is this. When you stake 25 FTT, you have a free withdrawal right for ETH/ERC20 tokens per day. So you will transfer Tron USDT from your exchange to FTX and then shield your ERC20 USDT assets to Incognito. That’s all. If you love my soluti…

[Mike_Wagner]

@abduraman

If you have USDT in Binance, Kucoin or similar exchanges with high withdrawal fees, first withdraw your USDT to Gate.io in Tron network with zero fee .

Interesting. I know USDT is available on TRON as a TRC20 token. But aren’t Binance and Kucoin trading USDT as a ERC20 token on Ethereum? Is Gate.io converting deposited USDT-ERC20 to USDT-TRC20? Or does one need to trade USDT-ERC20 for USDT-TRC20 on Binance or Kucoin before withdrawing?

[Chucky]

I believe he is referring to TRC-20 USDT, in this case if you have ERC-20 USDT you have to swap it for TRC-20 USDT, send (free and fast) to gate.io and than change it back to ERC-20 USDT and withdraw (which is only a 2.5 USDT fee compared to binance)

[abduraman]

@Mike_Wagner @Chucky No need to swap. The exchanges handle it internally. You may deposit ERC20 USDT and withdraw TRC20 USDT. Or vice versa. Some exchanges support different networks such as EOS, ALGORAND too.

Half-off-topic: In fact, I had suggested similar thing to Incognito a few months ago but they didn’t respond yet Currently, there are two BUSDs (one for ERC20, one for BEP2). However, there is only one trading pair PRV-BUSD (ERC-20). If the team did the same thing as the exchanges do, our deposit cost for BUSD would be so low. Binance cuts a negligible fee for the withdrawal of BEP2 BUSD.

[Chucky]

Oh interesting, i did not know that. Good looking out!

[Mike_Wagner]

Thanks for the clarification.

@abduraman

The exchanges handle it internally. You may deposit ERC20 USDT and withdraw TRC20 USDT. Or vice versa. Some exchanges support different networks such as EOS, ALGORAND too.

That is quite handy. It should be noted that Binance.com and Gate.io are not available to US citizens. I believe Binance.us only supports USDT-ERC20.

Here is a list of exchanges which support USDT-TRC20.

[abduraman]

Btw, welcome to the club

[Revolve]

Also if you didn’t know you can do this with Coinbase and Coinbase Pro using USDC, or any other coin they support for that matter.

Coinbase Pro covers all withdraw fees, including the standard coin transaction fee (to put the transaction on the blockchain). So if you want to send coins without a coin transaction fee , you can deposit your Coinbase holdings into Coinbase Pro, instantly, free of charge. Then withdraw from Coinbase Pro to the address you were trying to send the coins to. I mean usually those fees are pretty small, but it’s funny you can get around paying them using Coinbase Pro.

[abduraman]

I know this but I do not use Coinbase as my primary vault.

[Jared]

Oh thank you for this! I never knew coinbase pro would eat the fees. I usually use coinbase to get usdc over to Incognito. Fees for usdc lately are too high so you just saved me some money.

[Jerry_Watson]

Well, giving that a try, and it’s free???

[Jerry_Watson]

Nevermind, Pro doesn’t have my credit union available and when I tap “link manually” then the page just drops down and goes away.
Dang it!

[Katoshicoins]

@abduraman

As of now, Gate.io cuts 2.5 USDT for withdrawals.

Gate.io requires KYC for USDT withdrawals so i don’t know if is so good

[abduraman]

My account is unverified.

[Katoshicoins]

that’s unfair i put 150 usdt bought some coins and when i tried to withdrawal USDT with tron network they asked me KYC. Strange , anyway i shared my experience.

[Revolve]

Damn, that’s unfortunate. Glad that you use a credit union. I try to convince everyone I know that credit unions are just better. Not in this instance though

[Jerry_Watson]

Facts, when I’m back home tomorrow evening I’m gonna see if on the computer Coinbase Pro will work properly connecting my bank; since I already have my bank set up on regular coinbase it should work, then I can transition back to the Pro app. there is apparently a few days wait time for the deposit to go through, but I’m fine with that if there are zero fees

[Revolve]

There are fees when converting from fiat to coin though. Just not on withdraw

[Jerry_Watson]

Oh, interesting. Welllll the way around that is to buy free of charge on Coinbase Pro, withdraw to incognito for free, then withdraw from incognito to regular coinbase because it is free to withdraw to my paypal.
Boom, did we just wreck da system?

[Revolve]

Nah, cause when you deposit in coinbase it’s still fiat. You cant withdraw fiat into incognito. You have to convert it to a crypto first. Then coinbase takes their exchange fee. However if you have usdc and you send it to you coinbase account, you can send it to coinbase pro for free, and then from there you can withdraw to any address completely for free. No sending fee.