Can it be true ?

[Smoothontop]

OK - I must have misunderstood something major here.

As I understand it - I buy BITCOINS where I lose 6% of my money right off the bat...

I place my trade and hopefully I close with a profit...

I sell the BITCOINS I have for USD.

Now I look for another entry - assuming I am trading...When I enter - I lose another 6%


How can one ever make any money with these charges ?


Any help greatly appreciated !



Andy

[1714681386]

1714681386

[1714681386]

1714681386

[mk4]

How can one ever make any money with these charges ?

What exchange are you using? Did you lose 6% because of bitcoin's price fluctuations or because of exchange fees?

How do you make money with those charges? If you're trading, then don't buy or sell unless you're going to make more than 6% profit. Simple as that. Do your calculations and make sure to do them correctly before pressing the trade/exchange button.

[Vivisector999]

For the most part unless you are using a really REALLY bad exchange the only time you should be taking a large hit like 6% is if you are going from Fiat to BTC originally, or taking back out to Fiat currency.  Aside from that, so long as you are remaining in the Cryptocurrency world, you shouldn't be hit with much aside form transfer fees and smallish trading fees. 

That being said, BTC is not meant to be traded in small amounts.  Or yes the fees will eat you alive.     

[cucuadam]

All of transaction have fees

[A1exander]

OK - I must have misunderstood something major here.

As I understand it - I buy BITCOINS where I lose 6% of my money right off the bat...

I place my trade and hopefully I close with a profit...

I sell the BITCOINS I have for USD.

Now I look for another entry - assuming I am trading...When I enter - I lose another 6%


How can one ever make any money with these charges ?


Any help greatly appreciated !



Andy

Commissions for trading on exchanges are much lower, about 0.2% or so. Fiat deposit and withdrawal fees maybe be large, although they usually are below 4%, not 6%. BTC deposits are free, BTC withdrawal fees are usually 0.001 BTC, less than $6 by the current rate. But if you are trading, you do not need to deposit and withdraw after every trade.

[mobilezz]

OK - I must have misunderstood something major here.

As I understand it - I buy BITCOINS where I lose 6% of my money right off the bat...

I place my trade and hopefully I close with a profit...

I sell the BITCOINS I have for USD.

Now I look for another entry - assuming I am trading...When I enter - I lose another 6%


How can one ever make any money with these charges ?


Any help greatly appreciated !



Andy

Yes, it's true, any transaction has its own commission, if you can not cover them, it's better not to start at once, but 6% is something much, for holding the fiat it can still and even then hardly. And do not often sell and buy after each transaction.

[Jonashe]

You don't lose bitcoin, you lose FIAT !

[AdolfinWolf]

You don't lose bitcoin, you lose FIAT !

Not true, if you buy 100$ worth of bitcoin on some shady exchange, ( which is ~ 0.02BTC), and they have a standard fee of 0.001, which is ~5.5$ (5.5% in fees) currently, you lose both bitcoin AND fiat.

Either find another exchange where you can choose the fees yourself, or, buy more Bitcoin  


Which exchange are you currently using ? Coinbase? I might know some better exchanges, depending where you are from.

[Bitfort]

6% fee? You must have been purchasing BTC using creditcard ... thats not the cheapest way.

The fees are around 0.2% when you are "trading". Higher fees are usually charged for deposits/withdrawals ( constant depositing and withdrawing is not how trading works)

[ChainSmoker]

OK - I must have misunderstood something major here.

As I understand it - I buy BITCOINS where I lose 6% of my money right off the bat...

I place my trade and hopefully I close with a profit...

I sell the BITCOINS I have for USD.

Now I look for another entry - assuming I am trading...When I enter - I lose another 6%


How can one ever make any money with these charges ?


Any help greatly appreciated !



Andy

Please mention which services you are using to buy bitcoin and what payment method you are using.6% fee is very high for every trade.Most popular exchanges have very less fees(0.2% to 0.3%) on every trade so it's not hard to make money by bitcoin trading.How else do you think whales are making so much money by investing in bitcoin?  

[Smoothontop]

OK - So it seems that all is not as bad as I thought...

But if I buy BTC or part of and enter into a trading platform like BITREX - then when I trade using - let's say my 1 BTC,
I open a Buy order on BTC/USD and close....is my account then 1BTC plus $200

When I have traded markets in the past I buy stock with USD in my broker account...The stock either makes or loses money and I close the position leaving my liquid USD up or down....

If I buy BTC and the value goes up above the price I bought the coins at I can transfer to an ALTCOIN - like say Litecoin...but that too is constantly moving in terms of price...

Thanks for your help thus far !



Andy