Excessive price to move XRP

[OupieB]

Hi to all. I am new to this site but felt I needed to get something off my chest that occurred a few weeks ago to me.

I moved approx 740 XRP from an exchange into an online soft wallet that I thought looked reasonable. The reason for moving it was because someone tried to hack my Binance account over Easter Weekend. Fortunately I had nothing in that particular account. This spooked me and I immediately ordered a Ledger Nano X wallet. Due to the current virus it was going to take a week or two to arrive from France to South Africa, hence my decision to move of the exchange to a soft wallet before the Ledger arrived.

Dont know if it would be allowed to name the company so wont right now. Without looking at what it cost me to move the 740 XRP I moved an additional 5000 XRP to the soft wallet. This is when I not5icede that I only received 4950. Checked the frirst transaction and saw they charged 23 XRP  - so to move 5740 XRP to the soft wallet cost 73 XRP !!

This did not sound normal to me as I had moved XRP before and paid 1 XRP - no matter how many I moved. When I confronted them was told " cheaper than traditional bank fees..."

My Ledger X arrived a week later and I moved the 5740 XRP. Imagine my shock when saw they charged me another 320 XRP for the transaction!!

So all in all cost me 393 XRP to hold them in this wallet for a week!!

My question is - is this normal practise that people can charge what they want?Ripples whole theme is cheap payments - this was certainly not.

Some feed back from JoelKatz would be great

[at3n]

Erm, I answered this a couple of weeks ago, 

As mentioned, this was most likely an off-ledger, hosted wallet, so they're able to charge what they like, although if they were a reputable business they should have made that clear upfront.

What I think you were expecting is what happens when sending XRP using the XRP Ledger: it "burns" (destroys) a small amount of XRP per transaction. No-one receives that as payment. This is what would happen if e.g. you sent XRP from your Ledger Nano to another account, as it only uses the decentralised XRPL and doesn't involve a third party company. 

Hosted wallets and exchanges often charge a deposit and/or withdrawal fee, usually cheaper than what you were charged, but it's arbitrary. It's their business, they provide software and trading infrastructure, and they need to be paid in return. In this case, the fees could have been a combination of exchange and wallet fees, or just the wallet. 

There's no problem with mentioning the name of the wallet, unless you have your own legal reasons not to do so. If we know what site it was, we might be able to clarify further. 

Edited May 26, 2020 by at3n

[SquaryBone]

15 hours ago, OupieB said:

Hi to all. I am new to this site but felt I needed to get something off my chest that occurred a few weeks ago to me.

I moved approx 740 XRP from an exchange into an online soft wallet that I thought looked reasonable. The reason for moving it was because someone tried to hack my Binance account over Easter Weekend. Fortunately I had nothing in that particular account. This spooked me and I immediately ordered a Ledger Nano X wallet. Due to the current virus it was going to take a week or two to arrive from France to South Africa, hence my decision to move of the exchange to a soft wallet before the Ledger arrived.

Dont know if it would be allowed to name the company so wont right now. Without looking at what it cost me to move the 740 XRP I moved an additional 5000 XRP to the soft wallet. This is when I not5icede that I only received 4950. Checked the frirst transaction and saw they charged 23 XRP  - so to move 5740 XRP to the soft wallet cost 73 XRP !!

This did not sound normal to me as I had moved XRP before and paid 1 XRP - no matter how many I moved. When I confronted them was told " cheaper than traditional bank fees..."

My Ledger X arrived a week later and I moved the 5740 XRP. Imagine my shock when saw they charged me another 320 XRP for the transaction!!

So all in all cost me 393 XRP to hold them in this wallet for a week!!

My question is - is this normal practise that people can charge what they want?Ripples whole theme is cheap payments - this was certainly not.

Some feed back from JoelKatz would be great

You're confusing 2 things: the XRP burnt for sending from one address to another (dirt cheap, basically free) and the "withdrawal"/"deposit" fee. An exchange, ... can ask whatever they like to steal your money. Ain't crypto great?  way better than the banks with their transparency  

[OupieB]

14 hours ago, at3n said:

Erm, I answered this a couple of weeks ago, 

As mentioned, this was most likely an off-ledger, hosted wallet, so they're able to charge what they like, although if they were a reputable business they should have made that clear upfront.

What I think you were expecting is what happens when sending XRP using the XRP Ledger: it "burns" (destroys) a small amount of XRP per transaction. No-one receives that as payment. This is what would happen if e.g. you sent XRP from your Ledger Nano to another account, as it only uses the decentralised XRPL and doesn't involve a third party company. 

Hosted wallets and exchanges often charge a deposit and/or withdrawal fee, usually cheaper than what you were charged, but it's arbitrary. It's their business, they provide software and trading infrastructure, and they need to be paid in return. In this case, the fees could have been a combination of exchange and wallet fees, or just the wallet. 

There's no problem with mentioning the name of the wallet, unless you have your own legal reasons not to do so. If we know what site it was, we might be able to clarify further. 

Tks for the feeddback. Sorry I did not go through all the threads to see previous topics.

I saw someone recomend TOAST WALLET and while looking for them saw XRP.io - this immediately caught my attention and decided to go this route. There was nothing posted concerning costs that stood out - not that I looked really hard as expected all transactions to be around 1 XRP. I tried to negotiate with Stefan but to no avail.

[OupieB]

8 hours ago, SquaryBone said:

You're confusing 2 things: the XRP burnt for sending from one address to another (dirt cheap, basically free) and the "withdrawal"/"deposit" fee. An exchange, ... can ask whatever they like to steal your money. Ain't crypto great?  way better than the banks with their transparency  

sense a little sarcasm squarebone. 

[at3n]

15 minutes ago, OupieB said:

I saw someone recomend TOAST WALLET and while looking for them saw XRP.io - this immediately caught my attention and decided to go this route. There was nothing posted concerning costs that stood out - not that I looked really hard as expected all transactions to be around 1 XRP. I tried to negotiate with Stefan but to no avail.

You may have realised by now, but Toast is completely different. You run Toast software on your own device, instead of accessing it through a website, and it generates its own address and secret key for you to use. You can tell that its your own personal wallet because you have the secret key. Even so, you should always test with a small transfer in and out of a new wallet first to make sure that your secret key is correct.

No, doesn't look like they mention fees in the xrp.io website, which is misleading. It doesn't look like many people use it though, by the stats on their front page. I'd suggest only depositing your XRP with the really established services, like the big exchanges, or projects that you really know and trust. But the big boys screw up sometimes too. 

Edited May 26, 2020 by at3n

[SquaryBone]

14 hours ago, OupieB said:

sense a little sarcasm squarebone. 

Sarcasm? Me? :p /s

[OupieB]

On 5/26/2020 at 4:35 AM, at3n said:

Erm, I answered this a couple of weeks ago, 

As mentioned, this was most likely an off-ledger, hosted wallet, so they're able to charge what they like, although if they were a reputable business they should have made that clear upfront.

What I think you were expecting is what happens when sending XRP using the XRP Ledger: it "burns" (destroys) a small amount of XRP per transaction. No-one receives that as payment. This is what would happen if e.g. you sent XRP from your Ledger Nano to another account, as it only uses the decentralised XRPL and doesn't involve a third party company. 

Hosted wallets and exchanges often charge a deposit and/or withdrawal fee, usually cheaper than what you were charged, but it's arbitrary. It's their business, they provide software and trading infrastructure, and they need to be paid in return. In this case, the fees could have been a combination of exchange and wallet fees, or just the wallet. 

There's no problem with mentioning the name of the wallet, unless you have your own legal reasons not to do so. If we know what site it was, we might be able to clarify further. 

Tks for the feeddback. Sorry I did not go through all the threads to see previous topics.

I saw someone recomend TOAST WALLET and while looking for them saw XRP.io - this immediately caught my attention and decided to go this route. There was nothing posted concerning costs that stood out - not that I looked really hard as expected all transactions to be around 1 XRP. I tried to negotiate with Stefan but to no avail.

[OupieB]

Tks - no more sudden impulses. Will stick to the recomended routes. Much obliged