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Author Topic: Trade places - Fees  (Read 353 times)
joeyjoe
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August 16, 2011, 12:34:12 AM
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I want to code a bot to automatically trade bitcoins, ive made a huge deposit to britcoin.co.uk since they dont have any fees, but most other sites do. Are the fee's included in the transaction with the other trade sites? or does the 0.3% fee (for example) get added after?

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Stephen Gornick
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August 16, 2011, 02:43:29 AM
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Are the fee's included in the transaction with the other trade sites? or does the 0.3% fee (for example) get added after?

They occur at the same time as the trade transaction.  Some exchanges list them as separate transactions in the history, and others include a fee column but all exchanges charge the fee when the trade is made.

Some exchanges subtract the fee from the proceeds of the trade.  For example if buying 1 BTC at $10 and there is a 0.3% fee, you will be charged $10 but will only receive 0.997 BTC. 

Others add the fee to the purchase price.  For example, to buy 1 BTC at $10, the amount charged is $10.03.  The fixed-rate exchanges would normally be the ones that function this way.

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August 16, 2011, 02:55:07 AM
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Ah that sounds alright. I plan to make a bot at some point, wasnt sure if I had to deal with the fee's seperatly or go by their bid prices.

Thanks!

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