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Author Topic: Lowest commissions for trading USD/BTC limit orders?  (Read 725 times)
jasontaylor7
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February 16, 2017, 09:15:46 PM
Last edit: February 20, 2017, 10:27:59 PM by jasontaylor7
 #1

I will update this initial post with the answers in bold people were kind enough to give so others can quickly get them and also know what is still unanswered and we need help on.

I'd like to know where I should be trading bitcoins.  I did some reading.  People here suggested poloniex and bittrex.  But, this contradicts https://en.bitcoin.it/wiki/Comparison_of_real-time_trading_exchanges, which lists neither!!!  Needless to say, I'm confused.  

So let me ask three specific questions:

Q1: If I submit a BTC/USD limit order, and it doesn't get filled before I cancel it, who will charge me the least?  CURRENT BEST ANSWER = all exchanges = 0% (unfilled market maker order)
Q2: If I submit a BTC/USD limit order, and it DOES    get filled before I cancel it, who will charge me the least?  CURRENT BEST ANSWER = bitmex = -0.0250% (filled market maker order), but bitmex is not allowed for usa
Q3: Who allows shorting BTC? ANSWER: bitmex and bitfinex


Also, who has the smallest bid ask spread and/or most liquidity?  I see way different prices on some of the exchanges listed at https://bitcoinwisdom.com/.  Bitfinex seems to have the most volume, so they should have the tightest spread and biggest level 2 order book, correct? bitcoin.it implies that there is a taker and maker fee of 0.2% across the board.  That is messed up to me, but about what I would expect in this somewhat corrupt world.  I know at coinbase one can trade but the sell and buy prices are ~$10 USD different, or about 0.15% fee either way.  Isn't there a sensible exchange in the USA with $10/trade rates like an old-fashion US stock broker?  Do any exchanges allow trading on margin?  EDITED ANSWER: bitfinex and bitmex.

I used bitcoin.it to learn about a few exchanges, but the bid ask spread on them was ~$50 USD, which is way too wide to be going in and out, something I'd prefer to be able to do so long as it doesn't break the bank.  Wink

Thanks.
Jason
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BurtW
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February 16, 2017, 09:54:24 PM
 #2

Do any exchanges allow trading on margin? 

Check out bitfinex.  You can also lend your inactive USD and/or BTC to margin traders at the market rate of interest.

I have used them for years.

Yes, they were hacked an lost a boatload of BTC.  In my opinion they have learned from this epic fail and are now safer than before the hack.

They have been paying everyone back as quickly as they can.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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February 16, 2017, 10:26:03 PM
 #3

I'd like to know where I should be trading bitcoins.  I did some reading.  People here suggested poloniex and bittrex.  But, this contradicts https://en.bitcoin.it/wiki/Comparison_of_real-time_trading_exchanges, which lists neither!!!  Needless to say, I'm confused. 

So let me ask two specific questions:

If I submit a BTC/USD limit order, and it doesn't get filled before I cancel it, who will charge me the least?
If I submit a BTC/USD limit order, and it DOES    get filled before I cancel it, who will charge me the least?


what do you need pair in trading, if you need altcoin trading poloniex and bittrex is the best placed
if you want trading pair bitcoin/USD, bitfinex, btc-e,bitstamp,GDAX is good placed trading
if you want margin trading in BTC/USD bitfinex and bitmex is the best place, if china exchanger not problem, huobi and okcoin is good placed too

jasontaylor7
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February 16, 2017, 10:27:04 PM
 #4

Thanks Burt.  Do you know what their limit order fees are?  

On a separate note, did you ever get your computers back from the government?  Why weren't you able to sue them for attorney's fees?
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February 16, 2017, 10:30:21 PM
 #5

what do you need pair in trading, if you need altcoin trading poloniex and bittrex is the best placed
if you want trading pair bitcoin/USD, bitfinex, btc-e,bitstamp,GDAX is good placed trading
if you want margin trading in BTC/USD bitfinex and bitmex is the best place, if china exchanger not problem, huobi and okcoin is good placed too

Thanks for your answer.

Why do I need a pair in trading?  That is what trading requires.  You trade one thing for another.

You know what, you and Burt say what you think is best, but you fail to cite many of the specific reasons I was looking for.  Please try to answer the questions I asked, if possible, since that is one way I can think of that says the cost.  I know trust of failure is another question.  I know altcoin trading is another question. But those aren't my specific questions here.
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February 16, 2017, 10:48:07 PM
 #6

Thanks Burt.  Do you know what their limit order fees are?  

On a separate note, did you ever get your computers back from the government?  Why weren't you able to sue them for attorney's fees?
I just Googled "bitfinex fees", their web site should have what you are looking for.

https://www.google.com/webhp?sourceid=chrome-instant&rlz=1C1CHWA_enUS614US614&ion=1&espv=2&ie=UTF-8#q=bitfinex+fees

Their fees are all here:

https://www.bitfinex.com/fees

After 9 months of legal haggling they dropped all criminal charges against me and all civil charges against all the seized property for a one time "donation" to the Federal asset forfeiture fund.  So I got all my computers back.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
jasontaylor7
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February 16, 2017, 11:12:25 PM
 #7

Ok, so if you place a limit order that isn't instantly filled, the fee is what they call the "maker fee", which is 0.1% for bitfinex.  That isn't too bad.  It is 1/10th the charge of coinbase and 1/10th the cost of some stock trades.

Burt, how much was your donation, and how did they word that little exchange to you?
aardvark15
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February 16, 2017, 11:15:26 PM
 #8

Poloniex charges a 0.15% fees for the "maker" and 0.25% for the "taker" in a trade. I assume the maker is the one that places a sell order higher than the current buy price or a buy order lower than the current sell order and the taker is the one that accepts that order. These rates are for the lowest tier of traders that don't trade large volumes.

 
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jasontaylor7
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February 16, 2017, 11:51:21 PM
 #9

"Yes, they [bitfinex] were hacked an lost a boatload of BTC.  In my opinion they have learned from this epic fail and are now safer than before the hack.

They have been paying everyone back as quickly as they can."

That means I'd be paying for a past accident.  I am not sure I like this idea.  There is a term for this: damaged goods.  It is like paying a tax you don't need to pay.  If there is another exchange with similar liquidity they should have lower fees or more profit and stability, and I should use them instead.
BurtW
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February 17, 2017, 12:28:17 AM
 #10

In answer to your Q3, you can short on Bitfinex.

In answer to your other questions read www.burtw.com or www.jmwagner.com

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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