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Author Topic: FOOD4THOT: How truly EXPENSIVE are trading fees?  (Read 213 times)
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August 30, 2017, 08:34:16 PM
Last edit: August 30, 2017, 08:53:00 PM by Nuvie

so yeah, this one's new, but Binance?

Almost rhymes with finance.
Binance got me thinking about one question that always been at the back of mind. And i'm sure i'm not the only one're probably  thinking it too.
Who else noticed this new exchange? Or rather, who else noticed that not-so obvious, but stark piece of fact that separates this crypto exchange from all other crypto exchanges?
It's the white elephant in the room. What traders everywhere are prattling on about.

60% off?

Whoa! Very much welcomed indeed. And long overdue in this crypto nation, 'cos if you've ever heard of the joke of the high school student & the middle grader, then this slash in trading fees will begin to make sense.

Ok, lemme break it down. Joke goes like this. There's this rich high-schooler who picks on the poor middle grader on the block. Every day, on their way home from school (or as much as he had the opportunity), this high-schooler will make a joke out of this middle grader by saying (to his buddies), 'yo that kid can't even tell the difference between a $1 note and this $10 dollar note. He’s such a numbskull."
The sad thing was, he could easily prove it too, just by getting in the way of the middlegrader and having the poor boy pick his choice from the pair!
And this continued, everyday so to speak, that one day, one of his buddies just got sick of the teasing and so follows this middle grader home to unveil the truth about all that was happening.

'next Friday,' he says, 'I want you to pick the other note; the $10 note, okay?'

But now, and strangely, the boy asks why.

'Because it's bigger that's why,' he snaps. “you get way more money when you pick this note. And some pride too.”

'No,' the middle grader replies politely. 'Look, i bought my first bike off the show-off, then it broke. I'm saving for a second one off the dollar a day i'm making off the dimwit, so if I go ahead and collect $10, he stops joking and 10 bucks is all I make. I'm now this close to 500 dollars, and I need a Nintendo. So please don't butt in. Sorry.'

Hehe. Wink Get it?

The joke might be funny, but it brings to the surface what's going on with our all crypto exchanges. Yours! Mine! They all are making a killing off of us, profiteers and losers alike. But who gets it?
Like please...please! please someone tell me, what 0.25% is off like let’s say on a daily average 36,000 users? Or to throw more light, off like a million transactions a day?

Or better still, what is 0.25% out of your first 100 transactions? Dude, that's 25% total off your gains, or off your capital (or, and here's the kicker, off your losses)...muhahahaha. That's some crazy profit for these cross-border exchanges, don’t you think? And lemme guarantee, you (or the trader in you) will personally make at least  500/1000 transactions every three months. And that’s alone! All by yourself! Bummer! Double bummer when you consider some of these exchanges don’t even follow through with proper customer support!
Well, my guess is, Binance is the game changer. They take, now wait for it, 0.1% for trading fees. Smiley Go search it out. That my friend is a 60% cut!

Great right?

Gets even better, Binance takes 0.05% when you trade leaving the option to use their specialized BnB utility coin open. That's a whopping 80% off when compared to exchanges around the world. It’s little wonder their stock jumped from an estimated 10 million market cap to over 200 million on coinmarketcap (and climbing) in just the space of a month.
You don't see North America's ever so popular Bittrex or Polo, or even Hitbtc Europe, Russia’s Yobit, or Australia's Cryptopia, and I mean the rest of the lot out there, offering such a considerate slash in fees.

I never even mentioned bots. Or the traders who use them for micro gains. Wink

My opinion, I think Binance is the game changer. And i'm gonna request they add all my favorite coins on their 'Vote Your Coin a Month Campaign' Smiley

Good luck folks. And all the best with your investments and trading!

Just my two cents.  Grin

"It is not that fear that grips him...only a heightened sense of things."
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