Hi, shall i transfer Litecoin instead of bitcoin from Coinbase to Binance and then use those Litecoin to trade for Bitcoin on Binance and then use the newly bought Bitcoin to trade with altcoins? this way will enable me to get cheaper " sending" fees by Coinbase?
I came across some people saying that sending Bitcoin directly from Coinbase to their Binance would charge very expensive fee. but sending litecoin is much cheaper. is that true? some said they sent 50USD worth of bitcoin to Binance and Coinbase charged them 15 - 20USD of sending fee! come on, thats crazy. hope you guys are keen on helping me! and no i cannot use GDAX. it requested for my driver license or sign up as business which i dont have either other than my passport
This is because bitcoin transaction fee at the moment is really high, unlike other tokens that have a very low transaction fees. I just read about one that uses DOGE for transferring to the exchanges because DOGE has a low-cost transaction fee rather than bitcoin. If you want to use litecoin, it's really up to you to save some money in the transaction, but on our case, Philippines at the moment only accepts bitcoin so we really need bitcoin in order to cash out.