So I goofed up and it cost me money. I’m somewhat new to crypto. I understand how most crypto works. However, what I don’t understand is the fees and how I would calculate the fees that would be subtracted for sending coin from one wallet to another. I had put money in ETH at Crypto.com and sold it before it crashed. A lucky call. However, I couldn’t withdraw the money I made because I’m having trouble adding my bank account to the app. Plaid keeps telling me that the 2FA code is incompatible for my bank. Which is weird as my bank announced that they data partnered with Plaid. I had no problem with adding my account to Binance.US as they allowed to manually do it. So I had the bright idea of buying USDC and sending it over to Binance to withdraw it. Big mistake! When the funds arrived it was $30 or so short. I’m guessing that’s a rookie mistake. I’m only guessing BTC probably would have been better to use to transfer. So I guess it’s time for an education. So what is the best resource to calculate the cost of each coin to transfer from one wallet to another?
Also fairly new & I have not made that mistake yet, but could have…. Thanks for posting the question. Looking forward to learning from the replies!
The USDC you used is a ERC20 token based off the Ethereum blockchain, the reason it came up short is because I’m assuming they took that chunk of tokens to pay for the ETH fees which right now from what I have seen has the highest fees of any other blockchain, you will need a wallet like Metamask or Trustwallet so you can adjust your gas fees and gwei. the lower the gas and gwei the slower the transaction and a higher chance of the transaction failing. Apps like cryptocom, abra and so on use the most current up to date fees and you cant adjust them. That’s why if I deal with any ERC token or ETH itself, I only go through Trustwallet or Metamask, same with any BEP20 token or BSC itself, any other token I use cryptocom. Now if you used the USDC BEP20 token or any other token based on the Binance Smart Contract (BSC) chain, your fees would have been WAYYYYYY cheaper. For me to send an ERC20 token and I don’t changes gas fees, I’d be paying the $30 eth fees just to send $10, but to send a $10 in a BEP20 token it’d be like $0.50 in fees
I personally use the Crypto.com app and I love to use it. I have not had any issued with it. If you are wanting to save on fees when trasfering a crypto outside of the Crypto.com app, then I would first transfer it all to LTC because LTC is one of the most common Cryptos and have one of the lowest transfer fees. It would have been less than 2 USD to transfer LTC. The transfer fee for LTC currently in the app is 0.001 LTC when USDC is 25.
agree with you on the LTC, i’ve done that many times, another conversion to look into for lower fees is XLM, last i checked, fees were less than LTC’s