CEX Should Remove One: Convert or Selling or Sending Fee.

[DiMarxist]

I was moving around in one of the cities in Nigeria and I saw a billboard with Sabinu and the advertisement was from one of the exchange in Nigeria and was about "Free Withdrawal and Free Sending of all cryptos and I was like I mo need all these but what I need is free conversion of coins and nothing more.

Everyone get weti dem want CEX do, some people here go say na free sending dem want, and some go say na free selling but me I only need free conversion of coins.

About weti I don tok which of you want di exchange do?

[Antotena]

I was moving around in one of the cities in Nigeria and I saw a billboard with Sabinu and the advertisement was from one of the exchange in Nigeria and was about "Free Withdrawal and Free Sending of all cryptos and I was like I mo need all these but what I need is free conversion of coins and nothing more.

Everyone get weti dem want CEX do, some people here go say na free sending dem want, and some go say na free selling but me I only need free conversion of coins.

About weti I don tok which of you want di exchange do?

What conversion are you talking about? If you convert coin A to coin B, there is nothing difference from trading. Instead of you selling using limit order or other available options, the exchange helps you trade the coin at prevalent market price and they might still charge some fee for doing conversion unless the campaign at that particular times says it's free. They may also have minimum requirement before you can be able to convert some coins.

[Charles-Tim]

About weti I don tok which of you want di exchange do?

Exchanges are earning money from trading and withdrawal, so both are good. I do not mind to see both on an exchange. What I go for is the exchange to have good reputation and the fee should not be too much but it should be comparable to other reputed exchanges.

What conversion are you talking about?

I think he is referring to trading, be it convert or spot.

[Nwada001]

When we talk about how much fee exchange them they charge for withdrawal and the fee then they charge for trading for me withdrawal fee high pass and I go prefer and like make them better give free withdrawal which is almost impossible because eh they part of where them they earn from,

That advert way you they talk about and sabinus I never really understand them because how them explain am eh be like nah just something way concern off chain transaction, or them go charge you higher fee for trading to cover up that expense.

And you see exchanges way they offer free conversion their rate and normal market rate no be same thing..

[Bright0515]

All these CEX are different groups of companies that provide their services in the crypto space, if you want to exchange from BTC to USDT you have to pay for it because these companies pays to promote their service so it is not supposed to be free of service.
For example, if you want something and you no fit get am by yourself, you fit send person and that person fit tell you to pay am before en do waytin you tell am to do.

Even for casinos website, if you win and win withdraw yuur money you go also need to pay fee, even some of them wey dey allow their customers to swap their coins also dey collect fees when you won swap.

[Wiwo]

I really fine it hard to understand what you are saying mate,  but if i can get anything out atleast you trying to point out free conversion like converting USDT to Bitcoin or from bitcoin to Naira whichever ways, well like others said already those local exchanges have there way of operation and most generates and spend alot of money and revenue most made from those fees their are changing users of their exchange.

If you see anyone thaz promises such low or zero fees, you should know that their are new and just looking to build their customers base and as time goes on their will introduce fees into their services.

[DiMarxist]

What conversion are you talking about? If you convert coin A to coin B, there is nothing difference from trading.

To convert coin is purely different from trading. All those people una don come again
 I no get strength to argue with una abeg make una leave me for where I dey. How can you say to convert na di same with trading where did you get that one from? Check the image.
Charles-Tim I am not talking about Convert in trading but convert in exchange app. You can check the image. When you convert bitcoin to USDT or the other way round.

Nwada001 everything there na self explanatory.

[Charles-Tim]

I no get strength to argue with una abeg make una leave me for where I dey. How can you say to convert na di same with trading where did you get that one from? Check the image.

Spot trading and to convert are the same thing. Just that some exchanges have spot trading and convert differently but they are still the same thing. Trading in spot market means to convert from one coin to about. Even do not be surprised that the convert is still spot market.

If you say conversion, it still mean to use spot trading or convert. But if you mention convert, we will understand you.

[CryptSafe]

OP, I no think say all these CEX go gree put anything free for their exchange matter be it conversion or withdrawal. If them put those stuffs to be free how them want use make their profit to take run their business and to pay their staff. No forget say them they pay government tax too so with all these billings, them no go gree do any of those conversion, withdrawal or trade for free. But if na for p2p, I fit say them dey try for that one as na wetin dem know say traders they look out for so them go do p2p for free make dem for take gather or get traffic to their platform.

As for the sabinus advert you dey talk about, I never see any off such before, na only gambling platform advert I dey see am dey do well well before him start him skit.

Lastly, nothing go carry me go join Naija exchange platform, Lai Lai I no make that mistake because the day e go enter government head, Na then you go know how far. We all know as our government dey behave sometimes. Every regime with their own policy and different blueprint wey no dey always get head.

[Antotena]

What conversion are you talking about? If you convert coin A to coin B, there is nothing difference from trading.

To convert coin is purely different from trading. All those people una don come again

You don't have to necessary write the last sentence you know right? You clearly see I put a question mark to clarify what you are asking even though I'm still telling what it is.

I no get strength to argue with una abeg make una leave me for where I dey. How can you say to convert na di same with trading where did you get that one from? Check the image.

Spot trading and to convert are the same thing. Just that some exchanges have spot trading and convert differently but they are still the same thing. Trading in spot market means to convert from one coin to about. Even do not be surprised that the convert is still spot market.

If you say conversion, it still mean to use spot trading or convert. But if you mention convert, we will understand you.

"All these people una don come". . Thank you sir for the correction.

[DiMarxist]

What conversion are you talking about? If you convert coin A to coin B, there is nothing difference from trading.

To convert coin is purely different from trading. All those people una don come again

You don't have to necessary write the last sentence you know right? You clearly see I put a question mark to clarify what you are asking even though I'm still telling what it is.

I no get strength to argue with una abeg make una leave me for where I dey. How can you say to convert na di same with trading where did you get that one from? Check the image.

Spot trading and to convert are the same thing. Just that some exchanges have spot trading and convert differently but they are still the same thing. Trading in spot market means to convert from one coin to about. Even do not be surprised that the convert is still spot market.

If you say conversion, it still mean to use spot trading or convert. But if you mention convert, we will understand you.

Thank you sir for the correction.

If you don't understand the content just say you don't, which correction, whom did he correct? What Timi said is an addition to what I said so I don't know where the correction is coming. Guy please I am not ready for this please.

[I_Anime]

I was moving around in one of the cities in Nigeria and I saw a billboard with Sabinu and the advertisement was from one of the exchange in Nigeria and was about "Free Withdrawal and Free Sending of all cryptos and I was like I mo need all these but what I need is free conversion of coins and nothing more.

Everyone get weti dem want CEX do, some people here go say na free sending dem want, and some go say na free selling but me I only need free conversion of coins.

About weti I don tok which of you want di exchange do?

I have use many exchanges Bybit conversion fee is higher compared to that of binance that’s why i usually use binance to convert my token or coin to usdt before sending it out most time .

But the fees are still preferable compared to the fee you need to pay just to send some coin out of their exchange like for instance usdt bep20 in binance does not requires any fee Aslong it are transferring $10 and above , but In Bybit you will see something like $1 fee , so every exchange with their own ways of operating.

[NurseHub]

The problem na manipulation, some people don't know how to manipulate the CEXs to the way they want it, if you dey convert na still another trading but within the circumference of the exchange.

Weytin dey there be say make sending from one place to another because free, conversation can still be done when you sell if you sell the currency you hold in exchange for another currency na still trade so nothing dey too different there, na for you to Sabi use the tools wey dey exchange.

Op @Nwada also dey correct na you dey misunderstand weytin him dey talk.

[Asiska02]

I no get strength to argue with una abeg make una leave me for where I dey. How can you say to convert na di same with trading where did you get that one from? Check the image.

Spot trading and to convert are the same thing. Just that some exchanges have spot trading and convert differently but they are still the same thing. Trading in spot market means to convert from one coin to about. Even do not be surprised that the convert is still spot market.

If you say conversion, it still mean to use spot trading or convert. But if you mention convert, we will understand you.

Convert is just like spot trading because every other features that you can get on spot trading like ‘limit’ can also be set on your convert and when the limit is reached, it will be converted. So spot trading and convert are the same thing. I make use of that mostly on my binance but I don’t know if other exchanges have it and work same way as I haven’t used convert there before. I can’t remember when last I used spot trading to convert my coins to USDT, I have this feeling for the times I’ve checked in the past that this fees are higher on spot trading than it is when you use convert. To even bypass the fees sometimes if you’re wanting an actual amount conversion in your exchange wallet, you can just set limit order on your convert and it gets it done when the limit is reached.

[Josefjix]

You should be talking about Dantown platform where Sabinus is their Brand Ambassador, where they promised free withdrawal and deposits, something like that, I don't trust them with that advertisement with such statements, it's a word that'll lure users into downloading the app and start seeing high charges in every transactions. Never check on the app though.

Nothing should really be free to me, everything should be charged, if it's free how do you think company will be running the business, pay workers and even upgrade the platform with latest technology and software.

I don't use conversion anymore since I noticed the charge is higher than using Buy/Sell trade button. It's the same coin swapping thing but different charges apply.

[promise444c5]

Conversion doesn't just happen like magic , you sell your coins to he exchange then exchange  credits you your requested coin.. while it might be off-chain at first , transactions will still be carried out later  somehow( someone can correct me on this) so there's fee nvolved and you have to pay it not the exchange...

[Sticky Bomb]

What conversion are you talking about?

I think he is referring to trading, be it convert or spot.

I think exchanges make more money when you convert coins than when you trade them, convert lets you change the coins at prices less than its value while on spot trading, you convert at the required price and the exchange takes a little fee. When converting a little sum, you might overlook it but when you're converting a large sum, let's say $3k+, you'll see that the exchange shorted you so much and that's why I prefer spot trading anytime any day over converting.

[DiMarxist]

You should be talking about Dantown platform where Sabinus is their Brand Ambassador, where they promised free withdrawal and deposits, something like that, I don't trust them with that advertisement with such statements, it's a word that'll lure users into downloading the app and start seeing high charges in every transactions.

Exactly. My main purpose of creating this thread was to discuss weti we the users of the exchange need and want them to do but some of the replies here just disorganized the smoothly arranged discussion. If dem want to discuss spot, convert trading they can create thread for day den we discussed that one. Well when I see di advert, I saw instead of free withdrawal and deposit why can't dey use free conversion because that is what most crypto users need. I am still looking for an exchange that I can make a conversion free be a decentralized exchange or centralized exchange.

And if any of the Nigerian cryptocurrency exchange get the free conversion option, dem go get customers well well.