Currently the fee to withdraw bitcoin from bittrex is 0.001BTC or 2.607$, money is money and you don't want to pay such high fees to transfer your bitcoin to another exchange.
Don't worry you can pay less then a cent to transfer those bitcoins to another exchange, or better yet, you can actually make money on the transfer.
It's really simple!
First you find the cryptocoins in common between the two exchanges, you can use coinmarketcap to find them.
For this example we're transferring from bittrex to yobit(maybe you've gone insane idk):
The coins should have at least more then 1% volume.
Now we compare the prices between the coins:
In this example we are transferring 1 BTC.
1.Ethereum:
- Prices:
- On yobit: 267.01$
- On bittrex: 264.83$
- Difference between the two: 267.01$ - 264.83$ = 2.18$
- 1 BTC = 9.84 ETH
- Transfer fee: 0.005 ETH (1.32$)
- Total price of transferring to yobit: (2.18$ * 9.84) - 1.32$ = 20.13$
2.Waves:
- Prices:
- On yobit: 4.47$
- On bittrex: 4.50$
- Difference between the two:4.47$ - 4.50$ = 0.03$
- 1 BTC = 579.16 WAVES
- Transfer fee: 0.001 WAVES (0.03$)
- Price of transferring to yobit: (0.03$ * 579.16) - 0.0045$ = 17.37$
3.Dash:
- Prices:
- On yobit: 208.12$
- On bittrex: 208.12$
- Difference between the two: 208.12$ - 208.120$ = 0.0$
- 1 BTC = 12.52 DASH
- Transfer fee: 0.002 DASH (0.41624$)
- Price of transferring to yobit: (0.0$ * 12.52) - 0.41624$ = -0.41624$
3.Litecoin:
- Prices:
- On yobit: 52.29$
- On bittrex: 52.52$
- Difference between the two: 52.29$ - 52.52$ = -0.23$
- 1 BTC = 49.62 DASH
- Transfer fee: 0.002 dash (0.105$)
- Price of transferring to yobit: (-0.23$ * 49.62) - 0.105$ = -11.5176$
Obviously the amount of coins directly influences the profit, the mathematical expression is a simple linear function (y=mx + b):
(PRICE_DIFF * N_COINS - FEE) = PROFIT
Ok, so the highest profit seems to be etherum at 20.13$, so now what you do is:
- Buy ether on bittrex
- Send it to yobit
- Sell on yobit
And there you go, you actually made money instead of losing money changing exchanges!
I reckon a bot could do this and make decent money transferring between exchanges.
That will be all, peace out.
Interesting...indEED!
You are turning this into the art :-)
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Hallo, We have an interesting project on
money transfer, take a look please