I give my permission to flog me verbally for the amount of mistakes I made. . So Here goes:
Opened an account on CoinTiger because I heard a hot tip about a certain coin and CoinTiger was one of the only exchanges that allowed trades. So I threw a couple of hundred dollars at it and low and behold it went up. (This is not investment advice). I cashed out and converted the coin to Tether.
Now, I couldn't figure out how to turn Tether into US dollars and get it into my bank account from CoinTiger because the website is so confusing (to me) and the help desk was.....less than stellar. So I decided to transfer the Tether to my coinbase wallet. Well long story short, I sent the tether on the BNB network (BEP20 I think) instead of the ERC20 Network that CB is on. BUT, I can see the money in my coinbase wallet. It says my balance is on the BNB Chain Network.
When I try to transfer the Tether to my CB account from my CB wallet, I get an error saying that I need ethereum to process the trade. Okay...so I move some ethereum ($215 US dollars worth) into the wallet. Now I get an error saying the Network fee is $0.16. .
Question 1: (I think I already know the answer to this) The network fee is 0.16% of 1 Ethereum, correct? Currently, Eth is trading at $3000 us dollars, so that would be 3000 x 0.16 = $480
Question 2: Is there a way around the fee, or do I just need to keep trying at odd hours to see if the fee drops?
Question 3: If I am successful in getting the Tether into my CB account from my wallet, will I have to pay the high fees again?
Thanks ahead of time for the advice.
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