If you have ever had to transfer funds quickly between exchanges for whatever reason I did a test recently. I had some Stellar Lumen (XLM) that I transferred from Bittrex to Binance. The reason behind this was that I wanted to try and save money on trade fee's where Binance is definitely cheaper but Binance also has its own peculiarities some that I personally did not like. Here is what I found.
- I was bored one day and decided to transfer funds from Bittrex to Binance as all my funds were on the former.
- I did a sample transfer, being it was my first time ever transferring funds from one exchange to the other.
- My first transfer did not go so well, I put some info in the memo field on the Bittrex transfer field "Bittrex to Binance"
- The transfer did not complete but took less than a minute to perform.
- Being I put incorrect data in the memo fields my transfer got stuck in limbo good thing I did a small amount.
- I could see my transaction in limbo at stellar.io as I kept a screen shot of my transaction it was fairly easy.
- The problem that I had was self inflicted always use the memo info on the deposit side of the transaction.
- The memo data on the deposit side of the transaction is there when you look at the deposit address.
- The process for getting transfers out of limbo is time consuming to the point of weeks and possibly months.
- Once I realized what I had done, being irritated at myself, I did a full balance transfer using memo info from Binance.
- I had successfully transferred my entire remaining balance and it took about 2 minutes total.
- The cost per transfer was .00001000 XLM so being I did 2 transfers my fee's were .00002000 XLM very reasonable.
- I was transferring funds for the first time and also trying Binance for the first time.
- I found the transfer a bit of a hassle at first because I just didn't read anything. I thought how hard could it be.
- ****** I received all of my funds but it was a very time consuming ordeal it took me close to 3 weeks ******
- So having transferred my XLM holdings from Bittrex to Binance I tried to work with Binance it seemed awkward.
- I had been on Bittrex since entering crypto in February 2017 and became accustomed to it's intricacies.
- The glaring abnormalities on Binance were obvious on my first trade.
A. First off Binance does not deal with dust (the 8 positions to the right of the decimal point).
B. You have to trade in whole numbers, which is weird especially if you make multiple trades on different coins.
C. There are tons of small trades and no way to subvert your way around it.
D. So to fill a large buy order is a daunting task, you basically have to hope nobody drops in with a higher price.
E. Same with filling a large sell order you have to hope nobody drops in with a lower price.
F. Being each line represents a new price you don't have to have a drop in if the buy/seller is stubborn.
G. Filling a large order is kind of difficult and by large I am saying 500 coins of XLM which doesn't seem large to me.
F. As example on Bittrex I was used to just finding a price I liked and someone with the amount to fill and hit buy.
H. You cannot do that on Binance. - After playing with Binance for a while I decided it wasn't worth the time to learn a new exchange, I didn't like it.
- I transferred all my funds back to Bittrex using the memo info that was provided on the deposit address screen.
- Transferred all my funds back to Bittrex with no problems and was back to a familiar platform.
Anyway I just wanted to let you all in on the speed of transferring funds from one exchange to another. I would buy XLM and transfer them to the exchange of your choice, always remember to use the memo field on the deposit address screen. Your transfer will go extremely fast and cost you the same every time 0.00001000 of XLM total no matter if you transfer 500 xlm or a bitcoins worth. That is extremely cheap for how fast it is. Even if you don't trade in XLM you can do what others say with lite coin. Buy XLM transfer and Sell XLM, you will have successfully made your fund transfer for as cheap as possible and as fast as possible.
If anyone can prove a faster cheaper method of transferring funds I will send you 10 XLM but you have to like my post and follow me and I will follow you. Of course I will have to test your method as well but knowing Stellar's network is the fastest currently I know this is the fastest way. Prove me wrong and take down some free XLM.
Thanks for reading this post!
Happy 4th of July 2018