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Most cost effective way to transfer bitcoin from binance to coinbase?

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by COINS NEWS 46 Views

I've just learned that my account is being shutdown soon and that I have a deadline to transfer all of my crypto off binance to another wallet by June 22nd. I have a Coinbase account, or a Ledger Nano S, that I can transfer it to. I'm finding that wants to charge a crap ton in fees. I recognize that the Bitcoin protocol itself has fees, but they couldn't possibly be this high. Binance is clearly adding a huge fee on the top.

Is it cheaper to convert the Bitcoin to another coin first? I've found that I can convert it to LTC for free on Binance. If I convert it to LTC first and then transfer the LTC to Coinbase, will the fees be lower? I'd want to convert it back to BTC after it arrives at Coinbase. Or would it be better converting to a different coin like XLM or something else?

I worry about the tax implications as well. I believe, if I convert it to another coin, or maybe to USDT then it creates a taxable event.

What are my best options?

submitted by /u/dutsnekcirf
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