Transferring crypto between different exchanges is something that most investors will come across sooner or later in their crypto investing journey. If you’re looking for the best crypto to transfer between exchanges, you should choose a cryptocurrency that is accepted by a large number of cryptocurrency exchanges and has low transaction fees. Some of the best examples of such cryptos are XRP and Solana.
In this article, we’ll highlight the best cryptocurrencies to transfer value from one exchange to another quickly while keeping transaction costs low. Thankfully, there’s quite a few such cryptocurrencies on the market, and using them will help you avoid the high fees associated with Bitcoin and Ethereum transactions.
The best cryptocurrencies to transfer between exchanges
Without further ado, let’s explore the 5 best and cheapest cryptos to transfer between exchanges.
| Cryptocurrency | Description | Avg. Transaction Fee | Transaction Speed | Market Cap |
|---|---|---|---|---|
| XRP | A cryptocurrency with extremely fast and efficient transfers | < $0.001 | 5 sec | $23.3 billion |
| Solana | A high-performance scalable blockchain for smart contracts | < $0.001 | 3-5 sec | $7.8 billion |
| Stellar | Highly efficient blockchain with support for custom assets | < $0.001 | 3-5 sec | $2.3 billion |
| Dogecoin | The biggest meme coin on the market | < $0.10 | 1 min (assuming 1 confirmation) | $9.8 billion |
| Litecoin | A faster and more efficient counterpart to Bitcoin | < $0.05 | 2.5 min (assuming 1 confirmation) | $6.3 billion |
XRP – A cryptocurrency with extremely fast and efficient transfers
XRP is one of the biggest cryptocurrencies on the market, and it’s known in the crypto space for its large and dedicated community of supporters. XRP was launched in 2012, which makes it one of the most established cryptocurrencies in the industry.
XRP is arguably the best cryptocurrency to transfer between cryptocurrency exchanges, as it has some of the lowest transaction fees among all cryptocurrencies. In addition, XRP is accepted by practically all major cryptocurrency exchanges. Sending a transaction via the XRP Ledger will cost you less than $0.001, and you can expect the transaction to be completed in about 5 seconds.
The XRP Ledger is efficient enough that the fintech company Ripple uses it to reduce costs for cross-border payments through their On-Demand Liquidity (ODL) product. If you’d like to move funds from one exchange to another, XRP is one of the most efficient and fastest cryptocurrencies for the job.
Note that on many cryptocurrency exchanges, you’ll need to add a memo to your XRP deposit transaction for the deposit to complete successfully. Adding a memo to a transaction is simple, as every XRP wallet will give you this option when you’re making the transaction. Please check with the exchange you’re using if they require a memo for XRP deposits.
Solana – A high-performance scalable blockchain for smart contracts
Solana is a blockchain platform that’s looking to address the scalability limitations of existing smart contracts blockchains. Solana achieves this with a high-performance architecture that includes Proof-of-Stake consensus and a unique Proof-of-History mechanism.Â
Solana currently has a market capitalization of $7.8 billion, and it is accepted by most cryptocurrency exchanges, which makes it a good candidate for transferring between exchanges.
Compared to blockchains like Ethereum, Solana is blazing fast and very cheap to use. A typical Solana transaction will cost you less than $0.001 in fees, and will be completed in between 3 and 5 seconds.
We must point out that the Solana network has unfortunately experienced several outages in recent years. However, these outages were fixed relatively quickly and user funds remained safe. While Solana hasn’t quite delivered the rock-solid reliability and uptime we expect from blockchains, it’s still an impressive platform and one of the best choices for transferring value between exchanges.Â
Stellar – Highly efficient blockchain with support for custom assets
Stellar is a very efficient cryptocurrency that launched in 2014. The design of Stellar has a lot in common with XRP, which is not too surprising given that its co-founder Jed McCaleb was a part of the original trio that created XRP. However, McCaleb left the XRP project in order to focus on Stellar.
In terms of transaction efficiency, Stellar is very similar to XRP. Transactions are usually completed in between 3 and 5 seconds, and the fees are almost negligible (under $0.001).
The native coin used on the Stellar blockchain is called XLM, but it’s sometimes also referred to as Lumens. Unlike XRP, the Stellar blockchain allows users to create custom tokens, for example stablecoins. These tokens can be traded trustlessly through Stellar’s built-in decentralized exchange (DEX) functionality.
Similarly to XRP, many exchanges require XLM deposit transactions to have a message in the memo field. Your Stellar crypto wallet will give you the option of including a memo with any transaction you send. Make sure to check with your exchange if they require a memo to be included with XLM deposits.
Dogecoin – The biggest meme coin on the market
Dogecoin might be a meme coin, but it’s no joke when it comes to transferring crypto between exchanges. DOGE has a market capitalization of $10 billion and is accepted by practically all cryptocurrency exchanges. This, combined with its low transaction fees, makes Dogecoin a suitable option for low-cost cryptocurrency transactions.
Dogecoin is simple to use and the network has been operating reliably since its launch in December 2013. Despite the project’s lighthearted approach, Dogecoin is one of the most widely used coins in the cryptocurrency community.
On average, you’ll be paying less than $0.10 per Dogecoin transaction, and your transactions will be completed within minutes. However, Dogecoin transaction fees can fluctuate quite significantly depending on market conditions, so make sure to check the current fees before committing to a transaction.Â
Litecoin – A faster and more efficient counterpart to Bitcoin
Litecoin is another great option if you’re looking to transfer coins between different exchanges. Litecoin, which is often described as “the silver to Bitcoin’s gold” is one of the most efficient Proof of Work cryptocurrencies on the market.Â
Litecoin is similar to Bitcoin in many ways but differs in key parameters. It uses a different encryption algorithm, and features a faster block size and a larger supply. Litecoin is considerably faster and cheaper to use than Bitcoin, as transactions typically cost less than $0.05 and are completed within minutes.
If you’re already comfortable with using Bitcoin, switching over to Litecoin for your exchange-to-exchange transactions will be very simple. Litecoin is among the top 20 biggest cryptocurrencies by market cap and is listed on almost all major crypto exchanges.
The bottom line – You can save a lot of money on crypto transaction fees by choosing the right coin
If you’re looking to send crypto between different exchanges, it’s a good idea to consider using a coin with low transaction fees instead of Bitcoin or Ethereum. For example, you can convert Bitcoin to XRP on exchange 1, send XRP to exchange 2, and convert it back to Bitcoin there. In a lot of cases, this process will actually be cheaper than just sending Bitcoin from exchange 1 to exchange 2.
By choosing a cryptocurrency with low transaction costs and efficient transactions, you will be able to transfer value between different exchanges with a much lower cost. This approach will come in especially handy when there’s a lot of congestion on the Bitcoin and Ethereum networks.
FAQs
The cheapest crypto to transfer between exchanges is XRP. However, the differences in transaction fees between the most efficient cryptocurrencies are almost negligible. If you’re looking to transfer crypto between exchanges cheaply, you should consider XRP, Solana, Stellar, Dogecoin, and Litecoin.
The fastest crypto to transfer between exchanges is Solana, as it can complete transactions in as little as 3 seconds. However, there’s also several other cryptocurrencies that offer very fast transactions, including XRP and Stellar.
The best way to transfer crypto between exchanges is to use a cryptocurrency with very low transaction fees, for example XRP on Solana. These cryptocurrencies are also widely accepted, so there’s a high likelihood that the exchange you’re using will support them.
About the Author: Dave N. Clarke
