How do you transfer money between exchanges?

bitcoin binance

Behind me, I have been in the crypt for a month, I know this world more and more. I learn something new every day. At the beginning I did not hesitate what are the fees for payments with bitcoin and other currencies. A few days ago when I deposited capital on the stock exchange Binance and I invested in Bitconnect, instead of losing a few dozen dollars by transferring BTC from the AbuCoins stock exchange to Binance, I gained 50 $. A lot, not much with time, from such trifles can accumulate quite a nice amount.

Starting from the beginning, I had to buy Bitcoin bit. As I wrote in pierwszym I am buying BTC on the Polish stock exchange AbuCoins. Commission from payment by bank transfer is free, support responds very smoothly. I liked AbuCoins, but only to buy BTC, trade will definitely on Binance - more users, more coins to buy.

I paid the money for the stock exchange, what next?

I checked in table of fees and commissions, what is the cost of paying various crypto currencies on the AbuCoins exchange. I opted for Bitcoin Cash, the commission is 0.0001 BCH, which at the current rate gives $0,3. For comparison, the Bitcoin payment is 0.001 BTC, or $ 15, is there a difference? A good choice fell on Bitcoin Cash, what's next?

I also checked what is currently BitCoin Cash on Binance, fortunately it was bigger than on AbuCoins, I'm lucky. The sooner I made a bid to buy BCH on the AbuCoins stock exchange, unfortunately the stock market has few users and the order was made in 20%. No one else wanted to sell BCH at my purchase price, in the meantime the course on Binance was falling, more and more aligned with the exchange rate on the Polish stock exchange. I decided to wait, I was not under pressure. I have not increased the price I can pay for BCH, and so I was already the first on the list of buyers. The course on Binance grew once, it fell once. Every several minutes, it happened that the percentage of my order was increasing. Due to the fact that the BCH transfer fee is low, just $ 0,3, so I transferred the BCH that I already had in the AbuCoins portfolio to the Binance exchange. After which I immediately sold for profit on the second stock exchange. I have to wait until all my orders to buy BCH on the Polish stock exchange will end. The whole operation, before I bought all BCH on Abucoins and sold on Binance, lasted for 6 hours.

How was my BTC balance before and after the transfer from the stock exchange to the stock market?

AbuCoins BTC balance - 0.18614626
Binance Balance BTC - 0.18999935
Difference - 0.00385309 - $ 56

You do not need to use BCH, check commissions for different currencies. Compare rates on exchanges where you want to transfer BTC, on what you can earn. I managed to get Bitcoin Cashem and instead of losing $ 15, I made $ 56. Little victory, and enjoys 🙂

It does not always work ..

Yesterday I tried again to find something cheaper, but at AbuCoins all the coins were more expensive than at Binance, it's hard. Using other cryptocurrencies, also works when paying for e.g. PANDEX, it is better to choose LiteCoin or Ethereum which have much lower fees than Bitcoin.

Published by: Michał

Geek. Apple and Xiaomi fan. In my free time I run a blog PokolenieSmart.pl