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Title: What is a typical broker charge for transactions? Post by: Delicieuxz on December 19, 2013, 10:32:31 PM I'm doing a bit of brokering with digital coins, and I'm wondering what I should be charging for it. I also have to add the % fee for the trading sites, too.
Title: Re: What is a typical broker charge for transactions? Post by: skovbitcoin on December 20, 2013, 12:12:29 AM Charge what the market will bear. Friends and family or is this a business? Friends and family might be happy to pay 1-5% to save themselves the trouble. A business would have to be more competitive as to be honest it's not exactly hard for someone to do what you are doing. You will have to price in risk of slippage and risk of not getting orders filled etc...all dependent on how exactly you are managing this. If you are just taking money off people, exchanging it for Bitcoin at whatever price you can get and then transferring it back to them or holding for them...then that would be simple...but serious investors would likely not be completely happy with this relatively simple arrangement. Title: Re: What is a typical broker charge for transactions? Post by: empoweoqwj on December 20, 2013, 01:57:34 AM I'm doing a bit of brokering with digital coins, and I'm wondering what I should be charging for it. I also have to add the % fee for the trading sites, too. If you want a few customers, charge a lot. If you want lots of customers charge a little. Title: Re: What is a typical broker charge for transactions? Post by: JustOne on December 20, 2013, 03:44:49 AM I charge 1% on top of Coinbase's 1% (my primary source). Keeps it simple and is priced above Coinbase and below Cashintocoins.com and Localbitcoin. And customers don't have to do sales at banks with security cameras or give their life history to Coinbase.
It definitely doesn't pay. Barely covers gas and time to meet :) But, on the plus side I make so little the IRS would laugh if I reported earnings. The real value, of course, is connecting with people locally. You'll be surprised how many there are. Title: Re: What is a typical broker charge for transactions? Post by: empoweoqwj on December 20, 2013, 03:50:29 AM I charge 1% on top of Coinbase's 1% (my primary source). Keeps it simple and is priced above Coinbase and below Cashintocoins.com and Localbitcoin. And customers don't have to do sales at banks with security cameras or give their life history to Coinbase. It definitely doesn't pay. Barely covers gas and time to meet :) But, on the plus side I make so little the IRS would laugh if I reported earnings. The real value, of course, is connecting with people locally. You'll be surprised how many there are. Depends where you are located. Sure there are some "hotbeds" of local trading activity. Other people won't find anyone within hundreds of miles. Title: Re: What is a typical broker charge for transactions? Post by: JustOne on December 20, 2013, 04:38:49 AM You never know until you advertise on craigslist or Localbitcoin, or even just bring it up in conversation with someone. Family, coworkers, some guy. So far total I've earned in exchanges is less than a 20 FRN. I hope more hotbeds keep popping up.
Title: Re: What is a typical broker charge for transactions? Post by: empoweoqwj on December 20, 2013, 06:03:31 AM You never know until you advertise on craigslist or Localbitcoin, or even just bring it up in conversation with someone. Family, coworkers, some guy. So far total I've earned in exchanges is less than a 20 FRN. I hope more hotbeds keep popping up. I'm in Thailand, some activity on lbc but btc is not exactly legal here so ..... Title: Re: What is a typical broker charge for transactions? Post by: infinitybo on December 21, 2013, 09:11:26 PM By the way okcoin announced that a 0.3% fee would be charged on each BTC transaction made and 0.2% for LTC transactions.
Title: Re: What is a typical broker charge for transactions? Post by: empoweoqwj on December 22, 2013, 02:55:08 AM By the way okcoin announced that a 0.3% fee would be charged on each BTC transaction made and 0.2% for LTC transactions. Cheaper than gox, but then again, nearly everywhere is cheaper than gox |