Bitcoin Forum

Coinbase is super expensive. How much Exchange fees is OK to pay?

NEXTHASH is an exchange that is about to go live in a couple of weeks. You can tell them what exchange fees you prefer on their telegram group.

Join their community here on Telegram: http://t.me/nexthash

They support all the major coins & tokens & are open to listing more EC20 compatible tokens if you post your request on their telegram chat.

They are not doing an ICO but saying that there will be a lot of traders from day 1.
Join their community here on Telegram: http://t.me/nexthash

Usually, 0.1% is the decent amount of fee you should find, look at binance

In my opinion, we should try to accomplish a 0% fee and only pay miner fees or whatever else would be absolute required. There exists the possibility of decentralized exchanges, and through a decentralized exchange it would make sense that 0% fees would be a regular occurrence. This would be my preference moving forward, I do not think that the crypto world needs more unregulated centralized exchanged that do as they please. They frequently get hacked, disappear, hold deposits and withdrawals; the list of problems with exchanges aside from the exchange rate is long. I would like to see more companies pushing in the direction of open-source decentralized exchanges as the norm.

yes Binance grew very quickly from 3million to 5 million to 7 million users (recently). I think they took about 5 months to jump from 3mil to 7mil users. Part of their success, imho, is because of the BNB token

The 0.1% rate seems to be the consensus mostly across the world. But 0.1% should also pay for a good user experience on the platform

that should include user on boarding, deposits, withdrawals, liquidity, quick transactions, resolution center etc

yes! DEX is the future & there are some good exchanges. But technically, they are not yet perfect. Things can still go wrong on a DEX, although rare & people are working to fix these short comings.

Ultimately, complete DEX will be workable if there is still a way to obtain a successful resolution on an error that happened outside your control. would you agree?

What sort of errors that are outside of my control are likely to occur on a DEX? The protocol(s) should have enough security and proof built into them that errors are prevented. Centralized authorities to reach resolutions are only necessary if there is dispute about what has been exchanged. This can be avoided altogether if done properly. I believe I disagree, but I am willing to hear more specifically what kinds of errors and resolutions you speak of.

I have observed increase in fees charged by cryto wallets and exchanges which were previously very low and sometimes even free. For me, the fees charged now are exorbitant and discourages small amounts of transactions to be carried. The fees in these case might totally wipe out small amounts.

risk of bugs in smart contracts, or bugs introduced through future upgrades: as a user, if you get affected on a trade, how do you resolve this on a Dex in the current prevailing support system?

what would be a fair amount in your opinion?

Right now for exchanges probably 10-25k satoshi would be good. The only reason they do 50k+ and most do 100k satoshi is because they want to make sure the transactions go through and customers don't complain. Completely unnecessary and it just raises the amount up for the rest of us. I have been transacting at 10-20 cents lately, that number would be 1-5 cents if exchanges did it correctly imo.

Coinbase has been around for a long time. They are very popular and professional among investors, no wonder they charge expensive fees. But 0.2% fee seems to considerable for me to start with. Try binance, you can buy their BNB to get 50% off fee.

The Coinbase transaction fee is not too high and you can trade internally on Coinbase without any charge. I also regularly use Coinbase to store bitcoin and I am quite happy about its quality. Coinbase is a long and prestigious trading site, I quite trust it.

Totally agree with your opinion. When looking for other solutions you see even higher prices or websites that you can't trust. Imho Coinbase is a perfect trading platform with normal fees. Over time I believe prices will drop as mass adoption is coming. Besides that they need to stay competitive, new platforms are popping up rapidly. So to keep their advantages they will probably lower their prices a little bit.

I think binance fees are just right. I know some are giving 0% like simple fx but the spread is too much. Also if it is a new exchange and they are offering 0% in trading fees i would worry puting my coins on that exchange it might be scam. Unlike with stocks robin has 0% but with the regulation with the stock market you arr at least secure that it wouod not run away unlike with crypto they may scam you because it lavks law that protect the investors.

the 0% is covered by the spread & also by the high interest rates on the margin trades

Yes, I think you should try Binance, so that they have their own coins( BNB ), and if you try to trade with BNB, you get a 50% discount on the fee, which is the cheapest of the fees than other exchanges. You should also search for yourself, maybe you will find better than Binance. And don't deposit money any exchanges which you don't know, because your money can be dissappear.

did any money disappear from exchanges based in US or UK?

I do not think coinbase is expensive, transaction fees are reasonable when their security is very high. It is difficult for hackers to break into personal accounts to steal money.
NEXTHASH has just been established and it can not be compared to Coinbase. You should have more persuasive words to introduce more merchants to NEXTHASH.

Its about $10 per transactions in an exchange but sometimes it can be like 0.1% of the total withdrawal which can be expensive when you are withdrawing a big amount.

coinbase is very good exchange and very trust worthy so its taking charges of its services that it offers to customer. try binance its also good exchange no kyc needed upto 2btc per day

Coin base transcation fee is not much high now.I don't know how you consider this.I had pay 0.000007 for the transaction of 0.007 bitcoin.This value is 1/1000 of the transaction.Due you think this is high transcation fee??
I agree previously the transaction fee was high before the lightning effect. Now it's fine.

Yes using decentralized exchanges, is a good solution for avoiding exchange fees. But it has a problem also. sometimes don't work properly and these are only in eth platform. But it is sure that all decentralized will be more developed and also be more popular in recent future I think.

0.25% is ok I think. And the exchanges should do away with the withdrawal fees as they can batch the withdrawals and reduce the cost of the withdrawals tremendously. But if the exchanges are sticking with the withdrawal fees than 0.1% trading fees is ok.

Binance has the lowest trading fee, it effectively comes down to 0.05% if BNB is used/enabled as fee deduction source.


Decentralized exchanges aren't perfect now, but in few years we'll all be using a fully functional rich featured dex. atomic swap is also is a thing, we would be able to exchange tokens/currencies between blockchains, exciting things are ahead for us. ;)

People should have the option to choose whichever withdrawal option they want to make use of. In case they require the transaction to confirm as soon as possible, one single output should be allowed. Exchanges batching transactions wait till they accumulated enough withdrawal requests, which can take a few minutes, and then send out the funds. I am not really a fan of that, and for that reason I am happy to see that Coinbase allows instant/single output cashouts. At the end of the day, centralized exchanges can ask whatever they want as fees, because people use them, and that directly means they agree to all terms. It's a bit silly to sign up, buy/sell, and then say that the fees are high -- that's something one could have figured out before signing up....

There are several exchanges that have different rates for transaction fees with coinbase being the highest of them all. Many people consider it not too hogh though but in reality it is. You can see the price was too high when BTC was at a surge. While the optimum fee should be 0.1% as many other traders have already said, I think it would be much better if people had options to decide their own fee structure. For example if we could choose whether to withdraw in batch or by paying customized or optimum fees.

Binance just started too.. its only been a few months, it is secure & cheap. So the thought model of expensive = secure doesn't win any more?

Indeed, there are issues that need sorting out now. Volume & liquidity is a problem that can be easily sorted out.
However, bugs are a persistent problem. It needs more work

I agree with you that users may pay in exchange for a benefit.

which exact feature would you be ready to pay a premium for? and how much would you think is reasonable for such a premium.

I prefer 0.1%, 0.2% fee seems a-okay to me as well. It's not like I'm moving a ton of money anyway. I trust Coinbase completely. I'm not a shill or anything like that. Just wanted to put it out there. Newcomers may find this helpful.

Trust is absolutely essential

If I’m right, there are times when Bitcoin transactions were made with just 0% fees right? But starting around 2016/2017 transaction fees were made available. But if they were available before, maybe I just didn’t notice them cause I can remember that I can even send someone $1 and no fees will be charged. Another thing then was that transactions were confirmed quickly.

I don’t know why things changed now. I also stopped using Coinbase because of their high fees, then I tried to use Xapo, but it seemed to be the same, before I went for Blockchain.info wallet.

Please explain more about blockchain.info wallet vis-a-vis Coinbase