Noob question on Bitfinex fees

[Enjorlas]

I have a question on how the Bitfinex fees work. They have a .01% maker fee and a .02% taker fee. So am I correct to think that placing an order will cost me .01% of the amount I order? And when that order is carried out I then have to pay .02% of the amount that I ordered? So in total I will have paid .03%?

[alyssa85]

I have a question on how the Bitfinex fees work. They have a .01% maker fee and a .02% taker fee. So am I correct to think that placing an order will cost me .01% of the amount I order? And when that order is carried out I then have to pay .02% of the amount that I ordered? So in total I will have paid .03%?

No, if you are the maker you only pay 0.01% of the order. The person who takes your order (the counter party to your trade) pays 0.02%.

[Tzupy]

Fees start at 0.1% for maker and 0.2% for taker. To get lower than 0.02% (actually 0%) maker fees you need to trade at least 7.5 million $ per month.

[DannyHamilton]

You're not going to understand the difference between a "maker" and a "taker" unless you understand the differences in how the following order types that are available at Bitfinex are filled:

• Limit
• Market
• Stop
• Trailing Stop
• Fill or Kill
• One Cancels Other
• Post Only

Some examples:

A "Market" order will be immediately filled against the existing order book at whatever the best rate available is.  It will ALWAYS pay the "taker" fee, since it is always taking orders off the order book.

A "Post Only" order will be canceled if it can be filled against the existing order book (and therefore pay no fee at all). If it can't be filled against the existing order book then it will be placed on the order book.  When filled it will ALWAYS pay the "maker" fee, since it is always taken off the order book by some other "taker".

A "Limit" order will immediately fill against the existing order book as much as it can.  If there isn't enough available on the order book to completely fill the order, then any unfilled portion left over will be placed on the order book to wait to be filled later.  The potion that was filled against the existing order book will pay the "taker" fee, since it is taking orders off the book.  The remaining portion will pay the "maker" fee when it eventually fills, since it is taken off the order book by some other "taker".