[Ethereum] Transaction fees in ether transfer from coinbase to bittrex

coinbasetransactions

I have transferred 0.1 ether from Coinbase to biitex and was charged 0.00042 ETH as transaction fee so ended up paying 0.10042 ETH.

Just now I have checked my balance in bittrex and found that I have only received 0.09308775 ether. Are there any other transaction fees that I am not aware of ?

Best Answer

From Bittrex FAQ

Deposits - Please be aware that some coins require us to move your funds to another address before we credit them. This means the coins network will charge you the normal transaction fee for this send. This is not something we can avoid.

You can read here for a breakdown of why you have been charged that fee, as follows,

So the way bittrex eth wallets work is that they have you send money to the wallet and then they move the money to the bittrex wallet via a smart contract. So that's already 2 transactions. An ethereum simple transaction costs 21000 gas and at 70 Gwei gas price, which is high (normal is 20GWei), that comes to 0.00147 ether for the first transaction. The second transaction is sent to a smart contract, which can tell the difference between ETH and ETC, so it is a little more expensive to run, but also the cost is indeterminate, so they reserved 135546 for gas for the transaction, but only used 34470. The transaction cost 0.00258525 Ether based on gas price of 75 GWei. The reserved (unused) gas is still in the bittrex wallet ((135546 - 34470) * 75 GWei = 0.0075807). which accounts for all of the missing ether. Fortunately, the 0.0075807 is still yours, but you need to contribute more to the wallet to get it. The flat cost of contributing any amount of ETH will be about 21000 * first gas price + 34470 * second gas price ether, and there will always be an unclaimable amount around 101076 * second gas price ether. I see the same thing for my contributions (albeit I had a lower gas price). The higher the gas price, the faster it actually gets processed, so the exchanges keep them high and adapt to the size of pending transactions. That all means that if you contribute small amounts of ether, you are gonna pay 5%+ and if you contribute large amounts, you will see trivial amounts of ether missing.

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