Advice on exchange fees when buying and selling

[rabidverse]

Hi All

I am totally new here and still trying to get my head around several things.

I have bought a few altcoins on the Binance and IDEX exchanges and I am trying to work out how much these coins would need to go up to cover fees when selling. That way I can factor this into if i will actually make anything from selling them.

I have tried to work this out several times and keep getting a different answer with my results...  So I was really wondering what a good rule of thumb would be in general? What other people might use as a strategy, percentage etc.  when buying and selling as a beginner?


RV

[Lakai01]

Hi and welcome to the forum!

I am not sure if I understand your question correctly, every exchange lists in detail what the fees are for a single transaction. You just have to add this on top of the amount you invested?

[pooya87]

open an Excel document and fill it like this:

buy_price	|	###
volume	|	###
fee	|	0.2%
cost	|	=(B1*B2)+(B1*B2*B3)
profit	|	%###
sell price	|	=(B4+(B4*B6))/(B2*(1-B3))

'###' are variables, you should fill in each time. for example buying 100 (vol) of some coin at 0.00001000BTC (price) will (cost) 0.00100200BTC.
if you want 5% (profit) you need to sell it at 0.00001054BTC

if you want the bare minimum price to sell at and that you just get your money back with no profit just set the profit to 0% and in the example above you get 0.00001004BTC as the price you should sell at.

now you just have to decide how much % profit you want out of each coin that you sell.

[rabidverse]

open an Excel document and fill it like this:

buy_price	|	###
volume	|	###
fee	|	0.2%
cost	|	=(B1*B2)+(B1*B2*B3)
profit	|	%###
sell price	|	=(B4+(B4*B6))/(B2*(1-B3))

'###' are variables, you should fill in each time. for example buying 100 (vol) of some coin at 0.00001000BTC (price) will (cost) 0.00100200BTC.
if you want 5% (profit) you need to sell it at 0.00001054BTC

if you want the bare minimum price to sell at and that you just get your money back with no profit just set the profit to 0% and in the example above you get 0.00001004BTC as the price you should sell at.

now you just have to decide how much % profit you want out of each coin that you sell.

sell price =(B4+(B4*B5))/(B2*(1-B3))

Thanks so much for the information... exactly what I was having trouble with  =^_^=

[wvizmanos]

What does B in B1, B2, etc stand for?

Knowing this will surely help the mathematically challenged people  like me know when to sell even at breakeven. Thanks

[pooya87]

What does B in B1, B2, etc stand for?

Knowing this will surely help the mathematically challenged people  like me know when to sell even at breakeven. Thanks

if you open an Excel spreadsheet you will understand it a lot easier.
these are cell locations. for example B1 means the second column first row. when using Excel and you want to write a formula that uses other cells values you have to give it their "address" like this.

[nitrocryptonitro]

Hmmm, I'm surprised noone mentioned the fact that trading fees, most of the time, depends of how you trade.
You have taker and maker fees, and they are different.
A market taker is someone who fills already existing trade orders and doesn't create its own (ie if you "take" an already existing buy order of 0.253 BTC at 7846 $, in fact you sell 0.253 BTC at 7846 $). In this case, trading fees are the highest.
A market maker is someone who creates it own trade orders, and waits for someone to fill them (ie if you "make" a buy order of 0.253 BTC at 7846 $, you are indeed selling 0.253 BTC at 7846 $, and the taker will buy it. In that case, you have the lowest trading fees, and in some exchanges, it's not a fee that you pay, but you earn a little bit of money everytime you are the trade maker. This earning comes is a fraction of the taker fee that the exchange reverse to you. The reason is because you bring liquidities and volume to the market.

In some exchanges, there aren't taker and maker trade fees. No matter you are the maker or the taker, you will pay same fee everytime you trade.

[vphasitha01]

I think this comparison of crypto exchange sites in coinparator will be helpful when you're trading . Use this site as reference with what "pooya87" has been suggested.