Many crypto websites are paying to faucetpay, yet to withdraw to a bank account, the money has to be transferred to an exchange. The faucetpay fees are rather high for withdrawal so how often do you withdraw your money from Faucetpay?
Faucetpay transaction fees
- Thread starter timewo
- Start date
I'm not active on many faucet sites so I don't have much crypto balance on faucetpay, so I rarely withdraw crypto, not long ago I tried to withdraw Bitcoin 5000 satoshi but the transaction was around 6000 satoshi, so I canceled it. Transaction fees for each crypto are different, but in general faucetpay charges a transaction fee of around 2.99%
This rate is reasonably fair. That means that for every dollar, you would only be charged 3 cents The next challenge would be the network fees of the particular cryptocurrency you want to withdraw.
Yes, Doge has lower commissions, or even Solana and LTC have even lower commissions, you can try to withdraw faucetpay directly in these cryptos to try to save on commissions, BTC commissions for example does not depend on faucetpay but on the chain, which is currently expensive.
You are implying that if one gets payments in BTC, the person should swap it to LTC and withdraw to get a reasonably fair fees to be paid. Won't that be double fees for the two operations?
It all depends on the amount of course, I'll explain, if you have $20 in BTC, the swap is 5% more or less of the total amount to be exchanged, if you change $20 to LTC you will get $19 in LTC, and if after this you withdraw LTC to your wallet the LTC network fee is super cheap 0.01$ or less, on the other hand the faucetpay fee for direct BTC withdrawals is 7000 sats, that is 2$, so it would really cost you more than that So change them to LTC and withdraw them that way, but for higher amounts all this changes, since the network rate does not vary and the swap would be much more expensive, ultimately and to summarize, for small amounts swap to LTC, For large amounts, withdraw directly in BTC, sorry for the long explanation but it is tedious to explain.
No, the commissions are really not too high, and in general they depend a lot on the actual commission of the blockchain that you want to withdraw, as has happened with the case of the increase in the fee on the bitcoin network.
I never usually leave there more than $ 100, when more or less I reach that amount I withdraw it to my cold wallet, it is not safe to leave a lot of money in faucetpay in my opinion
You can swap it but first check how much Faucetpay take fee for swap coin. Calculate is it worth swap from BTC in LTC, pay transfer fee and again convert it into BTC. If this is your plan.
Yes, I have never had any problems with faucetpay or anything like that, certainly, leaving amounts up to 100 dollars there could be risky, but well, so far it's been fine and without problems.
Honestly, for me $100 is not a lot of money and for another person it may be, just leave there only what is good for you, when you have something that is substantial for you, withdraw it.
