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How to calculate the handling fee for withdrawing currency from iToken cold wallet to the exchange

Johnathan Smith

Sep 26, 2024 pm 07:14 PM

BlockchainBitcoincryptocurrencyEthereumBinanceexchangecold wallet

How to calculate the handling fee for withdrawing currency from iToken cold wallet to the exchange

Calculation of handling fee for withdrawing currency from iToken cold wallet to exchange

Calculation of handling fee for withdrawing currency from iToken cold wallet to exchange involves the following aspects :

1. Blockchain network fees

When you withdraw coins from a cold wallet to an exchange, you need to pay blockchain network fees. This fee is charged by the blockchain network to verify and process transactions. Fees vary between different networks, for example:

Bitcoin (BTC): approximately 0.00002-0.0005 BTC
Ethereum (ETH): approximately 0.0005-0.005 ETH
Binance Smart Chain (BNB): About 0.0001-0.001 BNB

2. iToken cold wallet handling fee

In addition to the blockchain network fee , iToken cold wallet will also charge its own currency withdrawal fee. This fee covers the cost of maintaining and operating the cold wallet platform. The withdrawal fees for iToken cold wallets vary according to different cryptocurrencies, for example:

BTC: 0.0005 BTC
ETH: 0.001 ETH
BNB: 0.001 BNB

3. Exchange fees

When you withdraw cryptocurrency from the iToken cold wallet to the exchange, the exchange may also charge A handling fee is charged. These fees are usually based on a percentage of the withdrawal amount. Each exchange has different fees, so be sure to check their fee schedule before withdrawing your coins.

Calculating handling fees

To calculate the total handling fee for withdrawing coins from iToken cold wallet to the exchange, you need to combine the blockchain network fee and iToken cold wallet handling Fees and exchange fees are added together. For example:

Withdraw 0.1 BTC from iToken cold wallet to Binance exchange:
- Blockchain network fee: 0.00005 BTC
- iToken cold wallet handling fee: 0.0005 BTC
- Binance exchange handling fee: 0.0005 BTC (assumed to be 0.5%)
- Total handling fee: 0.00105 BTC

It should be noted that the handling fee may vary depending on network congestion and the exchange’s fee policy. It is always recommended to check the latest fee information before withdrawing coins.

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