Withdrawing USDT.ERC20 questions

[Followlix]

Say you're withdrawing to Binance. You go Deposit, and you choose ETH or USDT. They have different addresses.

Not really, if you deposit on the same blockchain you'll have the exact same deposit address.

Important: You must have 0.02 ETH in the same address as your USDT.ERC20 in order to pay the gas to send it. Not just in your account balance but in the same address; if needed you can do a withdrawal of ETH to your USDT.ERC20 address.

I don't understand if this is a reminder or a requirement.

Is the platform you're using reminding you that after you receive the USDT on Ethereum you'll need ETH to actually transfer it, or is the platform requiring you to have 0.02 ETH in order to withdraw? (Immense sum by the way, simple transfers on Ethereum at the moment cost ~0.000945 ETH.

 

[Seo Captain]

Better option is convert to a coin that has less transfer fee. You have to calculate total fee and conversion cost in each case.

 

[kalpana007]

Different exchnages have different fees. It also differs based on format of coin being transferred.

 

[sunil0021]

You can send ETH as well as USDT.ERC20 to the same address.

Example: 0x8xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx80 (you can send eth and usdt.erc20 on this network, the network will distinguish between your eth coin and usdt.erc20 coin automatically).

 

[Scorpion Ghost]

So here's what happened with this.



I also contacted Crypto.com about it, because the last thing I want in this world is to lose crypto/money because of some bullshit technicality!

They told me the following:


"Please note that your Crypto.com USDC crypto wallet can be used only to transfer USDC, you may view the Wallet address from your Crypto.com App."

Okay, why are you mentioning USDC? I'm asking about USDT. Why my little monkey, why you torture me?

The support person asked me for a screenshot of my convo with Coinpayments. I sent the screenshot that I shared above.

Then they told me:

"I would encourage you to request that they send you the Fees and Limits section so you can review them. Unfortunately, I can not advise on third-party applications or exchanges"

So basically, I have no idea what to tell you, so take this generic crap.

It seems I'm gonna have to YOLO this one. None of the answers are satisfactory. If I lose my money, well, I tried. Yeah, crypto adoption for the masses right? Yeah, no...

 

[Scorpion Ghost]

Ok.

So Coinpayments tells me to send 0.02 ETH to my USDT.ERC20 address on Crypto.com, and then I can send my USDT.ERC20 to my USDT.ERC20 address.

On Crypto.com they tell me, "Your USDT wallet that is in your Crypto.com App can be used only for USDT deposits".

That's a contradiction.

Ufff.....

 

[Rakzs]

Ok.

So Coinpayments tells me to send 0.02 ETH to my USDT.ERC20 address on Crypto.com, and then I can send my USDT.ERC20 to my USDT.ERC20 address.

On Crypto.com they tell me, "Your USDT wallet that is in your Crypto.com App can be used only for USDT deposits".

That's a contradiction.

Ufff.....

Since you mentioned earlier you have kucoin, you can try withdraw to kucoin instead since it's clearer to deposit (when you choose USDT they will mention the network, I assume you're unsure of the crypto.com network). Then just send from kucoin to your crypto.com with whichever coin has the lowest fee.

 

[Scorpion Ghost]

Oh for fucks sake. I just checked, and my ETH and USDT.ERC20 address is exactly the same on Crypto.com

So, oh for fucks sake...

Ok now this makes more sense.

I was pissed but had a big LOL now so I feel better

Here, LOL with me, you cocksuckas

Anyway fuck it. I'm gonna send some ETH to my Crypto.com address, then USDT.ERC20 cocksucker to the same address. And may god help us.

In fact, I'm gonna leave my 0.016 ETH in Coinpayments, and I'm gonna send 0.02 ETH to my Crypto.com from elsewhere. I want to have ETH both in the sender and receiver accounts, because I have no fucking idea where the fee is gonna be taken from. Fucking bullshit!

 

[Thousand Bytes]

ETH is the native token used by the Ethereum blockchain (ERC20) and network as a payment system for verifying transactions.
USDT is a token. USDT.ERC20 means USDT token on ETH blockchain.

An ETH wallet can accept all tokens in ERC20. This means you can send USDT, USDC, and ETH to your same wallet.
For a transfer, you should pay the gas fee. But you need to pay the fee with the blockchain's native token.

So you can send USDT to another wallet but you will pay the gas fee with ETH. That's why you need ETH when you do transfer USDT.

And here is a screenshoot for your exchange.

 

[Scorpion Ghost]

ETH is the native token used by the Ethereum blockchain (ERC20) and network as a payment system for verifying transactions.
USDT is a token. USDT.ERC20 means USDT token on ETH blockchain.

An ETH wallet can accept all tokens in ERC20. This means you can send USDT, USDC, and ETH to your same wallet.
For a transfer, you should pay the gas fee. But you need to pay the fee with the blockchain's native token.

So you can send USDT to another wallet but you will pay with ETH the gas fee. That's why you need ETH when you do transfer USDT.

And here is a screenshoot for your exchange.

View attachment 227920

Okay, where do I need the ETH?

The sending address, the receiving address, or both?

Thank you

 

[Thousand Bytes]

Okay, where do I need the ETH?

The sending address, the receiving address, or both?

Thank you

Sender wallet. Sender wallet should pay the fee if it wants to do a transfer. Your receiver wallet can be empty.

 

[Scorpion Ghost]

Sender wallet. Sender wallet should pay the fee if it wants to do a transfer. Your receiver wallet can be empty.

Okay, fuck it. I'll withdraw $50 to Kucoin.

I have 0.016 ETH in my Coinpayments account. I have 0 ETH in my Kucoin account.

Someone in this thread said ETH transactions are like $0.80 cents, so I'll live with doing an extra test transaction.

I'll do it now. Let's see what happens.

 

[Ndiqi]

If you’re on exchange they will cover any fees incurred but charge you fees on your USDT that you want to withdraw.

If you’re on your own wallet you’re gonna need to have the base coin in order to send tokens.

In your case USDT is a token stored in ERC20 Network which runs with ETH.

USDT is a multi network token.

If you have USDT in Solana then you will need a SOL to withdraw that USDT, same if you have this USDT on TRC20 then you will need a TRX (Tron) to withdraw it.

 

[Scorpion Ghost]

I checked my deposit history on Coinpayments, both my ETH and my USDT.ERC20 arrived on the same address.

I checked the addresses on Kucoin. Both ETH and USDT.ERC20 have the same address.

What could go wrong...

 

[sunil0021]

ETH and USDT.ERC20 address is exactly the same on Crypto.com

You can send ETH as well as USDT.ERC20 to the same address.

Example: 0x8xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx80 (you can send eth and usdt.erc20 on this network, the network will distinguish between your eth coin and usdt.erc20 coin automatically).

You can stretch this as long as you want.

 

[Scorpion Ghost]

You can stretch this as long as you want.

I'll stretch it all the way, and then more

So the transaction says completed on Coinpayments.

I had 0.01627636 ETH

Now I have 0.01200978 ETH

I received $50 on Kucoin.

When I withdrew the $50, Coinpayments took out $50.08

So my fee for the whole thing was $0.08 cents to Coinpayments, and 0.00426658 in gas fee (about $5.76). So my total gas fee was $5.84.

I thought someone said the gas fee was $0.80. Eh...

 

[Scorpion Ghost]

So now the question becomes, is the gas fee proportional to the amount I'm sending?

If the gas fee was 0.00426658 for sending $50, is the gas fee going to be 0.04 if I send $500?

@sunil0021 @Ndiqi @Thousand Bytes @a11s @Daemon Targaryen @indianmojojojo @bluematter

 

[Scorpion Ghost]

When I try to send 0.02 ETH from Metamask, the gas fee is:

$0.59

0.000436ETH
​

When I try to send 0.10 ETH from Metamask, the gas fee is:

$0.56​

0.000417ETH
​

So it would stand to reason that the gas fee is not proportional to the amount being sent.

But of course, you never know with crypto. If you knew, it would be more widely adopted

So I'm gonna send a bit of ETH to my Coinpayments, just to make sure I have 0.02+ in my account. Just in case, so that there's no fuck ups when I'm withdrawing my USDT.

For fucks sake. I can't wait to get rid of this stupid fucking ERC20 shit. I wouldn't be having these problems with Litecoin and Matic and Cardano, Solana, Tron, shitcoin one (unless ETH based), shitcoin two (unless ETH based).

Ethereum suck my balls

 

[Ndiqi]

So now the question becomes, is the gas fee proportional to the amount I'm sending?

If the gas fee was 0.00426658 for sending $50, is the gas fee going to be 0.04 if I send $500?

@sunil0021 @Ndiqi @Thousand Bytes @a11s @Daemon Targaryen @indianmojojojo @bluematter

One thing is certain that the fee would be cheaper compare to the fee from exchanges.

I try to avoid Ethereum cause of their ridiculous fees too. But they have the market dominance so…

 

[Scorpion Ghost]

I withdrew another $500.

For some reason they defaulted to $500.000242, and they charged me $500.601. I tried twice, both times the same.

My starting ETH is 0.03200978 ETH

My ETH after the payment was sent is 0.02774401 ETH

So the fee this time is $0.60, plus gas fee of 0.00426577, which is $5.77. So total fees paid $6.37

It seems the gas fee was more or less the same for the $50 and for the $500 transaction.

Anyway, I'm gonna withdraw the rest of it to Kucoin and consider the matter closed. Fucking bullshit fees.