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Pete
With the greatest respect to the platform, which I have loved using, this new system on the order book is just plain incorrect. It will drive away users and I am fairly sure this is already happening, I have seen very limited trading going through on the doge market compared to previous days since this system was implemented. No other exchange in the crypto world or the standard financial instrument implements their fees this way. This effectively makes fees exorbitantly high, on doge for example fees at 135sats that I have to trade at 136 becomes 0.74%. If we take Earthcoin as an example it gets worse, say 19/18=5.5%. This is fundamentally broken.
The system must be adjusted such that a flat fee of x.x%, for example 0.1%, is charged on the total value of each trade. Even if this had a minimum value, it would be acceptable.
If you stick with the current system, you will lose customers rapidly as they realise this is not just a temporary bug and is in fact a deliberate error of judgement.
As I stated, I want to keep my business here, but if this isn't resolved in a matter of days I will be forced to take my business elsewhere. I cannot live with this flawed system.
Kind regards
Mark
EDIT: Since I wrote this I read above and discovered this system works down to exchange rates of 50sats only, so my EAC example is wrong. I still think the system is fundamentally flawed though, as on a 50sat coin we have a 2% trading fee. If you wanted to maintain a maximum of 0.1% you would need to remove fees from any coins with an exchange rate lower than 1000sats. Otherwise the fee % rises rapidly to a ridiculous rate. Doge is one of the biggest volume markets, but you will kill it on CoinedUp. Having said this, even if the fees were not exorbitantly high for these low value coins, the system is still just massively uncomfortable for any user and is contrary to the fee systems customers are happy with. So this change alone would not allow me to continue my business here.
With the greatest respect to the platform, which I have loved using, this new system on the order book is just plain incorrect. It will drive away users and I am fairly sure this is already happening, I have seen very limited trading going through on the doge market compared to previous days since this system was implemented. No other exchange in the crypto world or the standard financial instrument implements their fees this way. This effectively makes fees exorbitantly high, on doge for example fees at 135sats that I have to trade at 136 becomes 0.74%. If we take Earthcoin as an example it gets worse, say 19/18=5.5%. This is fundamentally broken.
The system must be adjusted such that a flat fee of x.x%, for example 0.1%, is charged on the total value of each trade. Even if this had a minimum value, it would be acceptable.
If you stick with the current system, you will lose customers rapidly as they realise this is not just a temporary bug and is in fact a deliberate error of judgement.
As I stated, I want to keep my business here, but if this isn't resolved in a matter of days I will be forced to take my business elsewhere. I cannot live with this flawed system.
Kind regards
Mark
EDIT: Since I wrote this I read above and discovered this system works down to exchange rates of 50sats only, so my EAC example is wrong. I still think the system is fundamentally flawed though, as on a 50sat coin we have a 2% trading fee. If you wanted to maintain a maximum of 0.1% you would need to remove fees from any coins with an exchange rate lower than 1000sats. Otherwise the fee % rises rapidly to a ridiculous rate. Doge is one of the biggest volume markets, but you will kill it on CoinedUp. Having said this, even if the fees were not exorbitantly high for these low value coins, the system is still just massively uncomfortable for any user and is contrary to the fee systems customers are happy with. So this change alone would not allow me to continue my business here.
Hello,
This is Pete from CoinedUp.com
Great feedback on this issue. It's clear that the situation we have now will not stand.
Our original concern was that most of our markets are under 1000 satoshis, so we're not collecting any fees for a significant portion of trades.
Our current fix is to enforce the '1 satoshi fee rule', which is also not the correct solution mainly for reasons stated above.
We've been working hard on support for mBTC based markets, which is not only a better currency base for most altcoins, but will also solve the 'fee' situation. With mBTC based markets, there is much more resolution in the trading price since you have three more digits to work with. For 'fees', even 1 satoshi can have a 0.1% fee on it because of the extra resolution.
Right now, I don't want to go into a technical explanation of how we are able to support mBTC markets. There were a few technical hurdles we had to cross, but the solutions we came up with are working well in our test arena. One thing I'll mention is the 'under 1 satoshi' dust that can build up. The solution there was to simply track it and let it build up into 1 satoshi amounts, which with then be available for withdrawal.
We will remove the '1 satoshi fee rule' within 24 hours, and the mBTC based markets should be live in 48 hours or less.
Thanks,
Pete
