|
Title: Fiat-to-crypto - what's with the fees? Post by: Mttewndew on November 05, 2019, 02:12:57 PM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.
Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Title: Re: Fiat-to-crypto - what's with the fees? Post by: BlacksmithCorporation on November 05, 2019, 02:22:33 PM I often buy cryptocurrencies in the form of OTC, because the OTC fee is very cheap, only from 0 -1%. OTC is a form of Fiat - Crypto exchange between sellers and buyers, an intermediary platform only plays a role in ensuring transactions. Currently, I have many OTC support exchanges with almost negligible fees like Houbi and OKex.
Title: Re: Fiat-to-crypto - what's with the fees? Post by: CjMapope on November 05, 2019, 02:44:48 PM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? its because FIAT is not for this scene, most people hate it in crypto. Its super complicated to register as a money transmitter and the gov takes taxes So they have to change that high, its sux, but its the same everywhere for fiat :( Just dont use FIAT in this scene man, buy/sell with coinbase, fees are like nonexistant that way Title: Re: Fiat-to-crypto - what's with the fees? Post by: Kahoy01 on November 05, 2019, 03:15:36 PM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. I'm not sure about this but I guess they were trying to give a certain fees on range? like 0-5 or 6- 10 it varies on the amount to convert. Obviously it includes all the thing you need to convert like taxes. That's why I also include the fee on computation every time I convert from crypto to fiat, vice versa.Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Title: Re: Fiat-to-crypto - what's with the fees? Post by: Mttewndew on November 05, 2019, 03:26:44 PM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? its because FIAT is not for this scene, most people hate it in crypto. Its super complicated to register as a money transmitter and the gov takes taxes So they have to change that high, its sux, but its the same everywhere for fiat :( Just dont use FIAT in this scene man, buy/sell with coinbase, fees are like nonexistant that way Why coinbase exactly? They also charge a lot, just using a different scheme. The same rules apply for binance and other platforms. I mean - specific locations, amount of transaction, presence of precise coin, etc. This all looks like a big field of opportunities to mess up with the customer's expectations about the price. Title: Re: Fiat-to-crypto - what's with the fees? Post by: ajiz138 on November 05, 2019, 03:30:45 PM I don't buy crypto too often using FIAT, but I get crypto from the Bounty token that I sell. Most trading capital from bounties. Only a few times to buy Fiat with crypto, but the fee is indeed around% 0.25.
To choose the right platform is to look at security and speed of service. If the speed and security are good and the fee is a little expensive, it is reasonable, because the transaction fee is expensive, it will be faster. If you want a cheap fee, usually the transaction will be slower. Title: Re: Fiat-to-crypto - what's with the fees? Post by: Kunotcoin on November 05, 2019, 03:47:41 PM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. In my country i can buy crypto from crypto Atm's or in a multipurpose wallets, and i think buying with fiat to crypto was charge a little bit higher compare to crypto-fiat i dont know how they calculate the fees or just they have there own setting about fees regarding that matter.Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Title: Re: Fiat-to-crypto - what's with the fees? Post by: DaMut on November 05, 2019, 04:14:25 PM I only do it once or two in a week, I am using a platform to make or redeem the voucher and I do not use the platform directly to make a transaction. I made the transaction OTC, I prefer to buy it from someone I know because it is fast, friendly and cheap because we know each other.
I rarely do the transaction on the platform because it is slow and complicated, the majority of people that I know prefer to do it OTC too. Title: Re: Fiat-to-crypto - what's with the fees? Post by: desticy on November 05, 2019, 04:27:33 PM I don’t buy Bitcoin too often for fiat money, but sometimes it happens, about a couple of times a month.
As a rule, I use dollars or euros received from my main activity, they are on my credit cards. Previously, I used the site https://localbitcoins.com to buy bitcoin, however, after entering the verification procedure, I refused it. Now I use the Binance exchange, or Cucoin, I buy bitcoin there using a credit card, it suits me perfectly. Title: Re: Fiat-to-crypto - what's with the fees? Post by: josephdd1 on November 05, 2019, 05:44:54 PM The fee is usually only particularly high when you are buying low amounts, most platforms don't actually charge a percentage based fee, but rather a fixed deposit fee.
Similarly, if you use P2P platforms then you'll have contend with the platform fee on-top, which can be substantial. That's why you should buy in bulk, or face to face, since you can avoid most of the fees this way. Title: Re: Fiat-to-crypto - what's with the fees? Post by: InwardContour on November 05, 2019, 06:02:41 PM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. I usually exchange FIAT to crypto by direct P2P purchase from my pals, but the very first time I exchanged FIAT to crypto using an online service was on LUNO and the fees was outrageous. The fees too on KUCOIN and other similar exchanges doesn't really make sense to me hence I don't even try that. Most of these exchanges use SIMPLEX, I think something need to be done about this very high conversion fees. If there is a trusted exchange that gives lower rate, I will like to know so that when I introduce people to crypto, they can easily convert FIAT to CRYPTO with credit card. Well, the goodnews is that there are a few projects promising to provide a lasting solution to this. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Title: Re: Fiat-to-crypto - what's with the fees? Post by: batang_bitcoin on November 05, 2019, 09:13:36 PM Question #1 - how often do you buy crypto with fiat? Not that much this time because as we can see, the market starts to shape up and I don't think buying at this time is an ease for me. I always think before buying and that would be during the greatest dips comes.Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Exchanges that I always use. I don't change the exchange that I use if I'm already comfortable to it. I think about the fees but if the support is great I think of it as an incentive.Aren't you afraid that your personal data may be stolen or sell somehow? Everyone is afraid about this situation that's why as much as possible, we're avoiding KYC exchanges but if you really trust that exchange and you think that they can keep the record well that's not an issue for you and you make them as an exception.Title: Re: Fiat-to-crypto - what's with the fees? Post by: adzino on November 05, 2019, 09:16:32 PM High fees because "banks" are involved. Most of the fee goes to the bank. The rest is kept by the exchange as a form of profit. Some sites truly does have insane/unreasonable amount of fee. Only few trusted sites are out there which provides fiat to crypto and crypto to fiat transactions. Thus they are in an advantage and is able to charge high amount of fee (and people have no other option but to use them). I guess as crypto currencies become more mainstream, the fee will gradually drop.
I use coinbase for fiat to crypto. Easy for me to use. Title: Re: Fiat-to-crypto - what's with the fees? Post by: Eildosa on November 05, 2019, 09:42:31 PM I usually buy crypto in exchangers, or through a bot in a telegram. Sometimes I make transfers on the stock exchange, but I don't particularly like this method. I prefer to buy a crypt without intermediaries.
Title: Re: Fiat-to-crypto - what's with the fees? Post by: tenakha on November 05, 2019, 09:45:36 PM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Why do not you look at the localbitcoin sites instead of paying high fee. Or if you know such a group of locals, you can trade with them without paying a fee. When I need BTC in a hurry and can not find it anywhere, I use exchange. I use CEX (http://cex.io/) at this time, for that they charge 2.99% fee. When the interest of the banks is added, a bigger numbers emerges.Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Title: Re: Fiat-to-crypto - what's with the fees? Post by: Obito on November 05, 2019, 10:17:07 PM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Fees are for maintenance and taxes I guess. Exchanges varies depending on the function itself it could be either crypto to crypto, crypto to fiat and fiat to crypto. Usually the exchanger with low commission fees was designed for traders. Similary to stock exchange fees, traders used to buy shares or derivatives, so, the profit from it was in the continuously changing of rates. Title: Re: Fiat-to-crypto - what's with the fees? Post by: biddicoin on November 05, 2019, 11:53:48 PM Question #1 - how often do you buy crypto with fiat? i rarely to do this, especially when this bearish market coming. Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? The important one is security, i dont wanna lose my money. the others one is "bonuses"Aren't you afraid that your personal data may be stolen or sell somehow? of course we are affraid of it. that's why i just give my data to trusted exchangealthough there is a chance to abuse, but it is a bit. Title: Re: Fiat-to-crypto - what's with the fees? Post by: setialovers on November 06, 2019, 12:20:36 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? I am thankful that in my country there are local exchangers who can deposit using fiat money and are not charged. The fee will be charged only when we will buy crypto at the exchanger and this can be called a transaction fee and the rate is the same as the other exchanger Title: Re: Fiat-to-crypto - what's with the fees? Post by: Aabcde on November 06, 2019, 01:01:30 AM I once bought crypto with fiat, only once or twice not too often. In my country, to buy bitcoin is quite easy and the cost is not too expensive.
I did not really choose many criteria for the exchange, the important thing is safe and is a local exchange. Because it's definitely easier in the transaction and complaining and we are better able to understand according to our own language. Title: Re: Fiat-to-crypto - what's with the fees? Post by: hello_good_sir on November 06, 2019, 01:22:08 AM Crypto to crypto is fairly easy, your comparing 2 coins/items in the same market which makes things pretty easy.
Crypto to fist is a different story, and I have no idea why you are being charged such fees, I've never paid 7 percent to cash out ever. Use localbitcoins - they only charge you 3 percent spreads for transactions, or try set up your own fees and pay nothing in fees, and possibly even make some money. Title: Re: Fiat-to-crypto - what's with the fees? Post by: Opekin on November 06, 2019, 01:31:48 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. There are many exchanges right now that has an OTC offered exchange with this the fees are much less than the common way of buying bitcoinsOk, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? For the question #1 - i'm not not buying crypto with fiat. I started ways and luckily earned from bitcoins and other stuffs until now i'm not buying bitcoins or any altcoins using fiat. Question #2 - First the platform should be known and trusted by its users or common way to exchange. all of your listed question is a must to have we want to exchange without any problems to experience that can delay our transaction . Title: Re: Fiat-to-crypto - what's with the fees? Post by: adaora2323 on November 06, 2019, 04:32:28 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Exchanging Crypto to fiat on most exchanges can be expensive and sometimes it takes an experienced user to exchange Crypto to fiat and vice versa. For your question #1, I buy Crypto with fiat almost every day because I don't trust the telegram escrow groups I always prefer to my my Crypto with fiat to avoid stories with my funds. For your #2, what I decide before choosing the exchange is the security of the exchange, I have been using Changelly for sometimes now. The services have been top-notch. Another thing I consider is the fee, speed and UI. When it comes to those, I think Atomic Wallet gives the best. So what I do now is, I use my card on the Atomic wallet to buy whatever Crypto I want to buy. The transaction is fast enough, and the transaction % is very minimal compared to others that I have used. The Atomic wallet is secured and trust me, your funds are guaranteed and safe. Title: Re: Fiat-to-crypto - what's with the fees? Post by: DabsPoorVersion on November 06, 2019, 04:46:02 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Exchanging Crypto to fiat on most exchanges can be expensive and sometimes it takes an experienced user to exchange Crypto to fiat and vice versa. For your question #1, I buy Crypto with fiat almost every day because I don't trust the telegram escrow groups I always prefer to my my Crypto with fiat to avoid stories with my funds. For your #2, what I decide before choosing the exchange is the security of the exchange, I have been using Changelly for sometimes now. The services have been top-notch. Another thing I consider is the fee, speed and UI. When it comes to those, I think Atomic Wallet gives the best. So what I do now is, I use my card on the Atomic wallet to buy whatever Crypto I want to buy. The transaction is fast enough, and the transaction % is very minimal compared to others that I have used. The Atomic wallet is secured and trust me, your funds are guaranteed and safe. If there is some financial services like in our country, you can buy bitcoin anytime. No exchanges fee needed to pay, and we can directly buy bitcoin, eth, xrp and even bch using fiat currency. If there will be no such thing in your country, it's better to buy in exchanges and pay fees than to risk your money buying in telegram channel, even using escorw, if it was me, I won't risk my money. Title: Re: Fiat-to-crypto - what's with the fees? Post by: acdc on November 06, 2019, 05:22:27 AM Question #1 - how often do you buy crypto with fiat? I don't usually buy crypto with fiat, because I don't want to invest too much in this market. This is a risky market and most likely we will suffer heavy losses. The majority of my cryptocurrencies come from bounty or aridrop sources, some from my profit on exchanges.Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? The first criterion for me to choose the platform is reputation, then speed and accompanying services. I will not choose platforms where supporters take too long to respond to customers.Title: Re: Fiat-to-crypto - what's with the fees? Post by: huu78 on November 06, 2019, 05:34:54 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. #1 - I rarely buy crypto using fiat because it is more of a promotion and other event prizes that I can use for trading or anything else.Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? #2 - I chose a high volume platform and crowded with its community where the platform has a lot of features and good innovations for them there. Do not be afraid of the platforms that really already have offices in their country because it can be guaranteed safe. The affairs system could be in the hack because there is no system is safe. Title: Re: Fiat-to-crypto - what's with the fees? Post by: albrots on November 06, 2019, 09:05:50 AM I have several times bought crypto using FIAT. Very easy to buy it. I only need to make a deposit on the exchange with a free deposit fee, and when I want to buy bitcoin there is a fee for each transaction. it doesn't matter to me, as long as the purchase process runs smoothly.
I choose the exchange platform based on its popularity. Exchange like binance I am very interested because many are used by other people and the fees charged are in my opinion standard and the process is fast. Title: Re: Fiat-to-crypto - what's with the fees? Post by: michellee on November 06, 2019, 09:29:09 AM Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? #1. I often buy crypto with fiat. #2. I use my local exchange to buy the crypto, so when the price of the coin can increase in a short time, I can sell it, and it's automatically converted into my local fiat. The amount of fee is not too big to compare to the profit I made because if we talk about a 0.25% fee, that is not too big. The security and all of your question are good for me because I trade on the local exchange which I know where the office so if something wrong I can contact somebody to help me to get them. I always try to be careful from the thief, but I cannot get 100% secure because the thief will always search a way to steal the customer data. And if that is related to the exchange I used, then I should know that they can be trusted, so I don't have to worry about anything. Title: Re: Fiat-to-crypto - what's with the fees? Post by: Convery on November 06, 2019, 09:33:37 AM Thanks to bounty campaigns I do not have to buy crypto with fiat money. But I know that there is a big problem with high fees when you are buying crypto, especially with a credit card. But when you think about it, price is growing and you want to buy right now, right here you rather pay higher fees for the transaction than buying more expensive Bitcoin, right? Some people solves this problem by trading cryptocurrencies only, they buy a position not a cryptocurrency.
Title: Re: Fiat-to-crypto - what's with the fees? Post by: Menawi12 on November 06, 2019, 09:34:37 AM I often trade crypto using fiat money or vice versa. In my country, there are local exchangers who provide transactions using local currency and deposit directly from a bank account without using a credit card. For personal data, I think that every exchanger is bound by regulations and they cannot carelessly spread information about their customers
Title: Re: Fiat-to-crypto - what's with the fees? Post by: Genemind on November 06, 2019, 12:10:42 PM I haven't tried buying crypto using fiat but I'm planning to do it next week. I would have a good amount of fiat and I'm planning to buy Bitcoin. However, I have noticed a 2% transaction fee and it's quite high for me. My friends advised me to buy BTC through our local banks. I guess fees are necessary as a service charge since they're offering a good service.
Title: Re: Fiat-to-crypto - what's with the fees? Post by: sangjoewara on November 06, 2019, 01:13:36 PM I often trade crypto using fiat money or vice versa. In my country, there are local exchangers who provide transactions using local currency and deposit directly from a bank account without using a credit card. For personal data, I think that every exchanger is bound by regulations and they cannot carelessly spread information about their customers Means it's almost the same as in my country, because in my country also has a local exchange that can deposit local currency directly into the exchange and can directly use it to transact within the exchange, if I may know which country you are from?Title: Re: Fiat-to-crypto - what's with the fees? Post by: Mttewndew on November 11, 2019, 11:22:48 AM In my country i can buy crypto from crypto Atm's or in a multipurpose wallets, and i think buying with fiat to crypto was charge a little bit higher compare to crypto-fiat i dont know how they calculate the fees or just they have there own setting about fees regarding that matter. Do you see the fee on your screen? Could you also tell how exactly do you buy crypto from ATM? Title: Re: Fiat-to-crypto - what's with the fees? Post by: tulpe123 on November 11, 2019, 12:11:59 PM Localbitcoins is one of the best variant to buy/sell crypto. Sometimes you could get better price than market
Title: Re: Fiat-to-crypto - what's with the fees? Post by: landoffaucets on November 11, 2019, 02:11:44 PM Changelly is well known for its high fees but it is because they provide you very fast way how to buy cryptocurrencies, without registration or KYC.
If you would like to use similiar exchange, look at Coinbase for example. Title: Re: Fiat-to-crypto - what's with the fees? Post by: supercanada1 on November 12, 2019, 05:14:31 PM Changelly is well known for its high fees but it is because they provide you very fast way how to buy cryptocurrencies, without registration or KYC. The amount of fee is related to the quality of service. If a good service is provided then the fee charged is also relatively a bit higher. There will always be a trade-off among priorities. It someone desires fast transactions then he will have to pay more. Different exchanges give different options. One should choose his exchange according to his requirements. Coinbase is pretty fair with the fee and services.If you would like to use similiar exchange, look at Coinbase for example. Title: Re: Fiat-to-crypto - what's with the fees? Post by: Zionatin on November 14, 2019, 02:36:36 AM Can't you do it the other way around? Ask to be paid in crypto then sell as much as you need for fiat and keep the rest? Both reducing your risk and fees?
Changelly is well known for its high fees but it is because they provide you very fast way how to buy cryptocurrencies, without registration or KYC. The amount of fee is related to the quality of service. If a good service is provided then the fee charged is also relatively a bit higher. There will always be a trade-off among priorities. It someone desires fast transactions then he will have to pay more. Different exchanges give different options. One should choose his exchange according to his requirements. Coinbase is pretty fair with the fee and services.If you would like to use similiar exchange, look at Coinbase for example. That's not true. I have seen $1-$4 very cheap fee withdraw fee just as good as $6-$10 over prices fee. Coinbase is not too bad I agree. I think finding an exchange in your country is the best idea. Maybe if you know who runs it or at least can speak to someone if something ever happens. Title: Re: Fiat-to-crypto - what's with the fees? Post by: BartS on November 14, 2019, 02:53:08 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? its because FIAT is not for this scene, most people hate it in crypto. Its super complicated to register as a money transmitter and the gov takes taxes So they have to change that high, its sux, but its the same everywhere for fiat :( Just dont use FIAT in this scene man, buy/sell with coinbase, fees are like nonexistant that way And it is one of the factors why we have stable coins which you can easily exchange for cryptocurrencies for a very low fee. Title: Re: Fiat-to-crypto - what's with the fees? Post by: BlackFor3st on November 14, 2019, 06:44:43 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Yes exchanging fiat into crypto currencies cost more if we are going to compare it in exchaging crypto currencies into crypto currencies only. In my case,we have local exchange that I am using in exchanging fiat to crypto currencies and vice versa. Of course a platform is very important, first is it available in our country. Do we have options that we can easily cashin and cashout, as it is the most important in every platform that you need to choose. And with fees, as long as it is reasonable then I have no problem with it. Title: Re: Fiat-to-crypto - what's with the fees? Post by: joseyphil82 on November 14, 2019, 07:07:02 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. If you are experiencing high fee when using fiat to buy crypto then its the service you are using, i use luno and i deposit fiat from my bank account into the platform and insta swap into ETH or BTC, the percentage is from 0.20% and highest is 1% depending which country you are from.Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Title: Re: Fiat-to-crypto - what's with the fees? Post by: tinyteapot on November 14, 2019, 07:34:02 AM Quote Question #1 - how often do you buy crypto with fiat? I normally do this once or twice in a month depending on the BTC market conditions.Quote Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? I prefer local currency trading compare to online, it often help me to reduce cost, risk of identity theft and save my waiting time also.Quote Aren't you afraid that your personal data may be stolen or sell somehow? Local traders dont often request for personal documents.Title: Re: Fiat-to-crypto - what's with the fees? Post by: VanDeinsberg12 on November 14, 2019, 07:47:56 AM In my country i can buy crypto from crypto Atm's or in a multipurpose wallets, and i think buying with fiat to crypto was charge a little bit higher compare to crypto-fiat i dont know how they calculate the fees or just they have there own setting about fees regarding that matter. Could you also tell how exactly do you buy crypto from ATM? Im not sure if we can buy crypto through ATM and i never heard about that. what i have been hearing if people can deposit to their exchange site's account or buy bitcoin through bitcoin atm. At this moment it looks like that is not true we can buy crypto through ATM. i have bought bitcoin so many times through use transfer payment system and crypto debit card. Im also feeling curious about what kind of service that has already used by him. This is interesting to watch. Title: Re: Fiat-to-crypto - what's with the fees? Post by: alt-fire on November 14, 2019, 08:27:58 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Answer #1 Usely I am not buying crypto with fiat. But I know platform where it can be exchanged easey and fast Answer #2 Everytimy I used Kuna exchange platform where I can Exchange and withdraw crypto even without comissions thanks telegram Kuna bot. I even can receive more than I ordered to withdraw because deal happens withoud medium. Title: Re: Fiat-to-crypto - what's with the fees? Post by: TheClownSong on November 14, 2019, 08:48:56 AM Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto. Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake. That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat. But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion Question #1 - how often do you buy crypto with fiat? Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service? Aren't you afraid that your personal data may be stolen or sell somehow? Yes exchanging fiat into crypto currencies cost more if we are going to compare it in exchaging crypto currencies into crypto currencies only. In my case,we have local exchange that I am using in exchanging fiat to crypto currencies and vice versa. Of course a platform is very important, first is it available in our country. Do we have options that we can easily cashin and cashout, as it is the most important in every platform that you need to choose. And with fees, as long as it is reasonable then I have no problem with it. In my country, people can deposit using fiat money and directly transact with cryptocurrency. I don't know whether our local exchangers have been regulated or not, but it seems that bitcoin or crypto have become commodities so we can trade with fiat money more easily and cheaply Title: Re: Fiat-to-crypto - what's with the fees? Post by: mrdeposit on November 14, 2019, 09:16:20 AM Answer #1 Usely I am not buying crypto with fiat. But I know platform where it can be exchanged easey and fast For a long time, I have been looking for an exchange where I can withdraw money by paying a lower fee. I looked at Kuna and it charges 1% of withdrawal money. How reliable is this exchange? The volume is almost around $300k. Does it work anywhere in the world? Answer #2 Everytimy I used Kuna exchange platform where I can Exchange and withdraw crypto even without comissions thanks telegram Kuna bot. I even can receive more than I ordered to withdraw because deal happens withoud medium. Title: Re: Fiat-to-crypto - what's with the fees? Post by: slaman29 on November 14, 2019, 10:36:29 AM 7% fee will be charged when you buy from credit card but if you are using bank transfer then the fee will be 1% for that you can use coinbase or binance exchange.The fee is high because they are providing service to us so they will ask for money. No, you completely missed the whole point. Commissions and fees are what they charge as a payment for their service, fine. But the reason bank transfers are only 1% and credit card is 7% is because of two reasons. First big reason is bank transfer is cash. Actual money you own. Credit card uses credit, meaning you are borrowing money from the bank to pay the exchange. Second big reason is it is impossible almost for bank transfer to be fraud or to be reversed. But credit card online is high chance for fraud, and can have reverse transactions. You are paying for the risk the exchange has to bear for that. Title: Re: Fiat-to-crypto - what's with the fees? Post by: youdacapt on November 14, 2019, 10:42:18 AM I mostly use OTC, and for fiat / crypto it doesn't matter because it only requires normal trading fees. For withdrawals to Fiat, I choose an exchange that only charges 1%, and is accustomed to large amounts so the cost doesn't always seem too expensive. KYC obligation for reputable exchanges: No problem, the most important is the smooth transaction.
Title: Re: Fiat-to-crypto - what's with the fees? Post by: Patrix_1 on November 14, 2019, 10:44:46 AM Sure, because exchanges do need to integrate fiat payments to make it easier for users to purchase crypto, but it costs much more to make a bank transfer instead of exchanging LTC to ETH by paying just a small fee of 0,025 percent (in most cases)
Title: Re: Fiat-to-crypto - what's with the fees? Post by: zhekinsp on November 14, 2019, 06:29:35 PM 7% fee will be charged when you buy from credit card but if you are using bank transfer then the fee will be 1% for that you can use coinbase or binance exchange.The fee is high because they are providing service to us so they will ask for money. No, you completely missed the whole point. Commissions and fees are what they charge as a payment for their service, fine. But the reason bank transfers are only 1% and credit card is 7% is because of two reasons. First big reason is bank transfer is cash. Actual money you own. Credit card uses credit, meaning you are borrowing money from the bank to pay the exchange. Second big reason is it is impossible almost for bank transfer to be fraud or to be reversed. But credit card online is high chance for fraud, and can have reverse transactions. You are paying for the risk the exchange has to bear for that. I feel localbitcoin will be best for someone who want to convert fiat into crypto and vice versa since it has only 1% fee for the advertisers and no fee for responder. Title: Re: Fiat-to-crypto - what's with the fees? Post by: tbterryboy on November 16, 2019, 07:06:46 PM For the last part of the statement which is your own concern, I believe that everyone is aware of that since we are not running a decentralized exchange, so centralized exchanges may not really be able to guarantee us full security, but at least the reputable ones can try their best to meet up to the standard which is why you see us always talking of using exchange that are listed as the top exchanges in the market.
I buy crypto with fiat virtually every month because that is when I invest in bitcoin, but in doing so, I make sure that I consider using exchanges that has the lowest fees in the market of which the bets exchange that offers that for now is binance, I know that changelly and other exchanges has low fees also, but not as low as binance exchange. Title: Re: Fiat-to-crypto - what's with the fees? Post by: Darlingtona on November 16, 2019, 07:28:44 PM Some really charges lower while some charges more but in general it is fair enough .
Title: Re: Fiat-to-crypto - what's with the fees? Post by: TheGreatPython on November 17, 2019, 03:46:28 PM It's normal, they will always charge you higher fees for fiat and lesser fees cryptocurrency exchange. There are some exchanges that would charge you 1.50% for fiat and 0.20% or more for cryptocurrency trading. Exchanges vary, I know some really good exchanges that would charge you less and still offer excellent services like those that are charging more. When there are good exchanges like this, then there is no need to go for the one's charging way too much. Some exchanges will even charge nothing, like the one I know that is in the EU and charges no fees for fiat exchange for those that are living in the EU.
You should just find the right exchange for you and that's the best way. Exchanges in your locality will charge less for every cryptocurrency and fiat exchange you make. |