My first post on LeoFinance ;)
Sometimes you need to transfer your digital wealth between different exchanges: it usually happens when only one of them has a pair you really need at the moment.
Most people are trading on main pairs - BTC/USDT, ETH/USDT etc. Transferring these can be (and usually is) rather expensive. There are also different networks you can use to withdraw USDT, which may also be confusing and lead to costly mistakes.
My favourite way to transfer my digital monies is using Lumens (XLM) from https://stellar.org/
There are several reasons for this:
- Transfers are super cheap - right now Binance charges 0.02 XLM for withdrawals using Lumen network (which translates to ~0.007$ (0.7 cent) right now
- Transfers are very fast - I believe internal marketplace delays in processing are longer than the transfer on the network itself
- XLM is quite popular and most marketplaces have it on one or two pairs
- Volumes are decent (in most cases), so you don't have to wait for ages to have your order fulfilled
Unfortunately there are also some cons:
- It requires few extra steps - ie if you want to transfer USDT but there is only XLM/BTC pait it means you need to trade USDT->BTC and then BTC->XLM at the source and USDT->XLM in the receiving end
- There are trading fees involved in the process so if you are trying to send huge amount of money, it may be cheaper to send coins directly
So next time you have to do a costly transfer, please consider doing some XML jiggling to save a bit of money :)
Thanks for reading!