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Hey!
So I got extremely frustrated that a game I wanted to download was sitting at 10kb/s or some stupid number like that (even though everything else I do runs at normal and high speeds), and after trying all the guides, I finally figured out the actual way to fix it with every detail covered. Most of the guides were good, but lacked crucial steps.
So here it is:

1. Don’t have the launcher open.

2. Locate C:\Users\You\AppData\Local\EpicGamesLauncher\Saved\Config\Windows (or whatever it looks like for you, you might need to <show> the hidden folders like AppData if it isn’t there)

3. Open the Engine.ini file (it will only be here if you’ve downloaded and opened the launcher at least once before)

4. It should be empty, and either way, paste in (as the only text in the file):

[HTTP] HttpTimeout=10 HttpConnectionTimeout=10 HttpReceiveTimeout=10 HttpSendTimeout=10

[Portal.BuildPatch]
ChunkDownloads=5
ChunkRetries=20
RetryTime=0.5

5. Save

6. Right click the Engine.ini, properties, enable Read-only, apply, close

7. Now, reboot your pc

8. Open Epic Games Launcher, and test if it helped (both for the launcher updates themselves, and for game downloads and updates).

I’ve already had a couple other people tell me they had this slow download speed issue, and that this exact thing fixed it for them, so I hope it helps someone else out there equally frustrated.

The one thing I was missing in the beginning was to reboot my PC, so remember that.

Any questions are welcome. I am by no means a tech wizard, but goddamn do I get determined to fix things that inconvenience me!
(Not sure what flair to use, so it’ll just be up for discussion 🙂

Edit: I re-uploaded this post with better formatting and to hopefully reach more people who search for it. https://www.reddit.com/r/EpicGamesPC/comments/sl671s/an_actual_fix_for_the_insanely_slow/