in

$23 fee to send $17 ETH to an external wallet. That’s a -$4 send. My money is stuck on Luno.com

I’m an artist. I’m looking to make and sell cryptoart. I discover that I need about $10 to get started, which I can barely afford. I managed somehow.

I search recommended exchanges, I pick [Luno.com](https://Luno.com) because I’m African and Luno.com was recommended. I purchase the ETH, now I need to send that ETH to an external wallet. I’ve chosen an external wallet recognized by the cryptoart website I’m looking to use.

And well, you’ve read the title. I’ve been unable to find a means to email, or query on the [Luno.com](https://Luno.com) website. I am currently trying to contact them using their “I want to report a bug” feature.

Obviously, I’m a noob. Where did I go wrong?

Edit: Spelling



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18 Comments

  1. You did not look into fees unfortunately. It takes eth to move funds over the network, and with the high volumes the prices are 100x last year. Unfortunately it’s the price to pay for awhile.

  2. The ethereum network is tragically congested right now and gas fees are out of control for the foreseeable future.

    Its unfortunate, but if you’re going to transact in ETH, its going to get expensive.

    If you’re looking to make nfts cheap, there’s other blockchains you can use for pennies compared to ETH, harmony and algorand off the top of my head, and there’s plenty of other options too, just less exposure to potential buyers than youd have with ethereum

  3. The fact is, these are the fees now for Ethereum transactions, due to massive demand for and limited supply of ETH block space. Soon major Ethereum NFT markets will integrate with the ImmutableX zkRollup, which is a highly secure Ethereum L2 solution:

    [https://twitter.com/opensea/status/1377352145666641923](https://twitter.com/opensea/status/1377352145666641923)

    Fees for registering and trading NFTs on the ImmutableX zkRollup will be free or less than $0.01.

    In the meantime, Luno and other exchanges really need to integrate with existing Ethereum L2 chains like xDai Chain. It costs $0.01 in fees to withdraw ETH to xDai Chain.

    BitMax has done that for example:

    [https://twitter.com/xdaichain/status/1358428687062867969?s=20](https://twitter.com/xdaichain/status/1358428687062867969?s=20)

    Ramp as well:

    [https://www.xdaichain.com/for-users/get-xdai-tokens/buying-xdai-with-fiat/ramp-network](https://www.xdaichain.com/for-users/get-xdai-tokens/buying-xdai-with-fiat/ramp-network)

  4. I swapped my MOONS to xdai. Tried $25 and then did the rest ($50) back in Feb. So two transactions.

    They are now sitting on the bridge because it would cost me $76 to transfer $50.

    Any smart contract interaction right now is a fortune. Even just a wallet > wallet transfer is $10 these days.

  5. Should use stellar or litecoin. They have almost no transaction costs. Most of the time you can transfer that into other crypto again on the other exchange. Highest price doesn’t mean beet project.

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