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Author Topic: Bought BTC and changed it to ADA - Total Transaction Cost 10%, so high??  (Read 151 times)
Fanta669
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September 29, 2019, 02:03:04 AM
 #1

Okay, I bought for the first time ADA. So I read Coinswitch is a good cheap option to get ADAs. Unfortunatelly I couldnt see any possibility at Coinswitch to buy directly ADA with UDS (maybe you know any way?). So I bought for 400$ 0.044666 BTC. These 0.044666 BTC I traded then into 9,453.620789 ADA at Coinswitch.

So I went immediatelly to an online converter and checked how much my 9,453.620789 ADA are worth right now. It was 362.26$ !!! So is this normal? I paid almost 10% or 40$ in transaction cost. Is there a cheaper way to get ADAs?

Thanks alot.
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September 29, 2019, 02:19:43 AM
Merited by suchmoon (4), mjglqw (1)
 #2

So I went immediatelly to an online converter and checked how much my 9,453.620789 ADA are worth right now. It was 362.26$ !!! So is this normal? I paid almost 10% or 40$ in transaction cost. Is there a cheaper way to get ADAs?
Have you checked the "spread"?  Spread is the gap between the sell price and buy price.

Since coinswitch is the instant trade platform where you will automatically purchase some cryptocurrency if you only deposit a particular cryptocurrency.
Most of exchange like that is taking advantage on the "spread", so that's why you you lost a lot.

Some of exchange similar to that are taking profits by adding some small amount on the price;
For example,
1 ADA = $0.5 if you will BUY on them.
1 ADA = $0.3 if you will SELL your ADA to them.
the spread there is : $0.5 - $0.3 = $0.2.

So, for example you already bought some ADA with the of price mentioned above and immediately SELL it with them, so you lost $0.2 on each ADA you have, since the buying price and selling price are different.

Is there a cheaper way to get ADAs?
Try some exchange that are listed here :

The exchange that has much volume the better, then you can deposit some of your cryptocurrency or USD there if you want to buy some ADA.
Or you can compare each exchange and compare the buying price of it so you can choose the best price for you.


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September 29, 2019, 04:02:32 AM
 #3

Based on their faqs, Coinswitch only charges up to 0.49% of fees. I used them before to exchange my LTO and can't say I have a good experience. They don't give you the spread, because what this exchange did is basically find the rates from the market and exchange it through one specific exchange (like Binance). But the problem with this instant exchange is that the rate is terrible.

Btw, you should be able to see a list of offers before you execute your trade, have you did that? Try to choose Binance (or as they said, powered by Binance) offer as most of the time it gives you the best rate.

If you want to check other instant swap exchange, here's some of them (DYOR first):
- https://flyp.me/en/#/
- https://changelly.com/ (need to register, and there are some accusations about their services)
- https://shapeshift.io/ (need to register)

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September 29, 2019, 11:07:50 AM
 #4

So I went immediately to an online converter and checked how much my 9,453.620789 ADA are worth right now. It was 362.26$ !!! So is this normal? I paid almost 10% or 40$ in transaction cost. Is there a cheaper way to get ADAs?

Thanks alot.
The Answer is right under your nose. Use an exchange like Binance, sign up, send your BTC, Place a buy order and wait for it to get filled and boom you get ADA at a lower price.

You don't even need to verify for KYC with most good exchanges like binance for transaction less than 2 BTC, so, you can still trade there whilst remaining anonymous.

Coinswitch is convenient but it comes at a cost. If you want to save some money, teach your self how to trade and do it yourself. If you feel lazy or want to do the trade so quickly, go for services like coinswitch but it will be at a cost.

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September 29, 2019, 05:19:28 PM
 #5

Btw, you should be able to see a list of offers before you execute your trade, have you did that? Try to choose Binance (or as they said, powered by Binance) offer as most of the time it gives you the best rate.
THe problem with binance and other exchanges are the withdrawal fees. Depending on the volume, it is better to use some swap service... Therefore, it is also always good to make a research and compare the different swap services (just make a simulation)

Quote
If you want to check other instant swap exchange, here's some of them (DYOR first):
- https://flyp.me/en/#/
- https://changelly.com/ (need to register, and there are some accusations about their services)
- https://shapeshift.io/ (need to register)

I used coinswap and easyrabbit a lot in the past, and never had any problems.

It would be nice to simulate on all those 5 swap services and on binance before buying, to avoid paying 10% in fees/spread, like OP did....

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September 29, 2019, 06:05:05 PM
 #6

So I went immediatelly to an online converter and checked how much my 9,453.620789 ADA are worth right now. It was 362.26$ !!! So is this normal? I paid almost 10% or 40$ in transaction cost. Is there a cheaper way to get ADAs?
Yeah, that's normal to some exchanges like Coinswitch, changelly, shapeshift and etc. For much lower fees, the thing you need to do is transfer your coins on trading sites as mentioned above, but the cons is you need to wait longer times for someone bought it if you set the price in much lower than the actual price. While withdrawal fees from that exchanges will not cost you like $40 or up.

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September 29, 2019, 07:04:26 PM
 #7

While buying, you could've checked the spread or price slippage. I noticed the same thing while transacting on Bancor where there was a percentage charge for a given amount of mo ey being transacted. The $40 might not be really charged for transactions cost but for price slippage.
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September 30, 2019, 01:07:12 PM
 #8

THe problem with binance and other exchanges are the withdrawal fees. Depending on the volume, it is better to use some swap service... Therefore, it is also always good to make a research and compare the different swap services (just make a simulation)

I think you misunderstood me. What I'm trying to say to OP is to choose the Binance offers instead of another offer so they can get the best rate (unless the price tells otherwise) in Coinswitch. Other offers usually have a worse rate because their liquidity is terrible. You could get around 1-5% difference, and in extreme case, up to 30% (or more) difference. This is not Coinswitch fault per se, as they don't control market liquidity.

We do not give a spread for the exchange, because we want to make it beginner friendly, and for those who are new to trading. We provide an option to our users to select which exchange they want to select for trading.

Yeah, I understand your POV. But it would be great if you can provide a better rate. IIRC my last trade has a difference around 20-30 LTO or so compared to if I trade directly at Bitmax. So, I believe you can improve the coding to make sure the rate-lock does not differ that much even though it might be a problem if the market itself has low liquidity.

Btw, please don't do a double post. That broke forum rules and your post will get deleted eventually.

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September 30, 2019, 01:44:37 PM
 #9

If you can wait, use a proper exchange with enough liquidity, check that there is a high enough volume and both buy and sell orders. Then you set a buy order somewhere in the middle, or just below the first one, whatever is your preference.

Then wait. Set it too low and you will wait a really long time, or the order may never fill. Set it in the middle of the spread and someone will fill your order quickly. Set it in between some other orders and you just have to wait. Give it a few hours or just check it the next day.

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September 30, 2019, 02:53:42 PM
 #10

Okay, I bought for the first time ADA. So I read Coinswitch is a good cheap option to get ADAs. Unfortunatelly I couldnt see any possibility at Coinswitch to buy directly ADA with UDS (maybe you know any way?). So I bought for 400$ 0.044666 BTC. These 0.044666 BTC I traded then into 9,453.620789 ADA at Coinswitch.

So I went immediatelly to an online converter and checked how much my 9,453.620789 ADA are worth right now. It was 362.26$ !!! So is this normal? I paid almost 10% or 40$ in transaction cost. Is there a cheaper way to get ADAs?

Thanks alot.

its becouse some exchange charge flat deposit commision and when you process they will charge exchange fee too .you said you just brought it best way to reduce the fee is just put buy order and wait it will prevent you from charging spread.that can be nearly 2%
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September 30, 2019, 04:17:20 PM
 #11

I think you misunderstood me. What I'm trying to say to OP is to choose the Binance offers instead of another offer so they can get the best rate (unless the price tells otherwise) in Coinswitch. Other offers usually have a worse rate because their liquidity is terrible. You could get around 1-5% difference, and in extreme case, up to 30% (or more) difference. This is not Coinswitch fault per se, as they don't control market liquidity.

I was not disagreeing, just adding more information.
Even with better rates on Binance (1-5% cheaper), it may be more expensive to use binance  because they have a 0.0005 BTC withdrawal fee (https://www.binance.com/en/fee/schedule). It is a cheap fee, other exchanges have much higher fees (like gate.io, 0.001)

It may be small, but if he is exchanging like 0.01 btc, it is a 5%-10% fee. If it is 0.005 , withdrawal fees are 10-20%!

So, for low volume, a swap service may be better even with worse exchange rates.

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October 01, 2019, 07:58:51 PM
 #12

I have never heard of Coinswitch to be sincere. If you want a direct exchange service I'd recommend Changelly or Shapeshift. I know that Changelly supports ADA transactions. I don't know about Shapeshift. But these 2 services are the biggest in the sector.

The fees are like 0.25%/tx on Changelly and 0.50% on Shapeshift. Remember that you can always buy ADA from established exchanges like Binance or Bittrex. If you organise your stuff good enough you might get cheaper fees if you go through an exchange.

 
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October 04, 2019, 09:51:19 AM
 #13

Okay, I bought for the first time ADA. So I read Coinswitch is a good cheap option to get ADAs. Unfortunatelly I couldnt see any possibility at Coinswitch to buy directly ADA with UDS (maybe you know any way?). So I bought for 400$ 0.044666 BTC. These 0.044666 BTC I traded then into 9,453.620789 ADA at Coinswitch.

So I went immediatelly to an online converter and checked how much my 9,453.620789 ADA are worth right now. It was 362.26$ !!! So is this normal? I paid almost 10% or 40$ in transaction cost. Is there a cheaper way to get ADAs?

Thanks alot.

BTC network fees are quite low right now, you can even get away with sending transactions with 10sat/byte fees.

So I doubt that your issue with fees is on the bitcoin network. As other people suggested, it is likely that the service that you used took a significant amount in commissions and/or spreads within the transaction.

Why don't you sign up to an exchange like Binance? I wouldn't recommend instant exchangers for high amounts above $200 or so. Binance doesn't require identification and IIRC they charge around 0.2% for both maker and taker orders on their orderbook. They also have the most liquid altcoin markets which means that spreads are going to be much lower than if you went with an instant exchanger.

 
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