Wednesday, February 3, 2021

Cryptos (BTC, ETH, LTC) Transfer Speed and Cost (personal experience)


All along, I am holding most of my major cryptocurrencies (BTC, ETH and LTC) in Coinbase platform and I have been leaving it "dormant" there for quite awhile. As Coinbase no longer support withdrawal of cryptocurrencies via Xfers or local bank account, decided to transfer all my cryptocurrencies to another platform (Binance.sg) which is supporting Xfers (in case I need to transact in the near future).  

At the same time, I am also curious how long will it take for such transfer (it is not instant) and how much will it cost (not all is free) for each of the transfer?

Following are my findings:

1. For Ethereum (ETH) : took 8 minutes and cost me USD0.28 per USD100 (network fee)

2. For Litecoin (LTC) : took 3 minutes and cost me USD0.00 per USD100 (network fee)

3. For Bitcoin (BTC) : took 27 minutes and cost me USD0.13 per USD100 (network fee)

How I track the response time is based on the email notifications from Coinbase (the sending time) and Binance Sg (the receiving time).

From the above experience, the cheapest (free) and fastest crypto is Litecoin, the most expensive transfer is Ethereum (surprise, surprise, surprise) and the slowest is Bitcoin.

Of course, comparing to the traditional international fund transfer like West Union, the speed and cost of crypto transfer is still much cheaper. 

What is your experience of crypto transfer so far?

Cheers!    

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