Fiat-to-crypto - what's with the fees?

[Opekin]

Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.

Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.

That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion

Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
Aren't you afraid that your personal data may be stolen or sell somehow?

There are many exchanges right now that has an OTC offered exchange with this the fees are much less than the common way of buying bitcoins

For the question #1 - i'm not not buying crypto with fiat. I started ways and luckily earned from bitcoins and other stuffs until now i'm not buying bitcoins or any altcoins using fiat.
Question #2 - First the platform should be known and trusted by its users or common way to exchange. all of your listed question is a must to have we want to exchange without any problems to experience that can delay our transaction .

[adaora2323]

Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.

Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.

That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion

Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
Aren't you afraid that your personal data may be stolen or sell somehow?

Exchanging Crypto to fiat on most exchanges can be expensive and sometimes it takes an experienced user to exchange Crypto to fiat and vice versa.

For your question #1, I buy Crypto with fiat almost every day because I don't trust the telegram escrow groups I always prefer to my my Crypto with fiat to avoid stories with my funds.

For your #2, what I decide before choosing the exchange is the security of the exchange, I have been using Changelly for sometimes now. The services have been top-notch. Another thing I consider is the fee, speed and UI. When it comes to those, I think Atomic Wallet gives the best. So what I do now is, I use my card on the Atomic wallet to buy whatever Crypto I want to buy. The transaction is fast enough, and the transaction % is very minimal compared to others that I have used. The Atomic wallet is secured and trust me, your funds are guaranteed and safe.

[DabsPoorVersion]

Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.

Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.

That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion

Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
Aren't you afraid that your personal data may be stolen or sell somehow?

Exchanging Crypto to fiat on most exchanges can be expensive and sometimes it takes an experienced user to exchange Crypto to fiat and vice versa.

For your question #1, I buy Crypto with fiat almost every day because I don't trust the telegram escrow groups I always prefer to my my Crypto with fiat to avoid stories with my funds.

For your #2, what I decide before choosing the exchange is the security of the exchange, I have been using Changelly for sometimes now. The services have been top-notch. Another thing I consider is the fee, speed and UI. When it comes to those, I think Atomic Wallet gives the best. So what I do now is, I use my card on the Atomic wallet to buy whatever Crypto I want to buy. The transaction is fast enough, and the transaction % is very minimal compared to others that I have used. The Atomic wallet is secured and trust me, your funds are guaranteed and safe.

This can be expensive if you are directly buying bitcoin to exchanges due to fees/charges.
If there is some financial services like in our country, you can buy bitcoin anytime. No exchanges fee needed to pay, and we can directly buy bitcoin, eth, xrp and even bch using fiat currency.
If there will be no such thing in your country, it's better to buy in exchanges and pay fees than to risk your money buying in telegram channel, even using escorw, if it was me, I won't risk my money.

[acdc]

Question #1 - how often do you buy crypto with fiat?

I don't usually buy crypto with fiat, because I don't want to invest too much in this market. This is a risky market and most likely we will suffer heavy losses. The majority of my cryptocurrencies come from bounty or aridrop sources, some from my profit on exchanges.

Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?

The first criterion for me to choose the platform is reputation, then speed and accompanying services. I will not choose platforms where supporters take too long to respond to customers.

[huu78]

Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.

Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.

That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion

Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
Aren't you afraid that your personal data may be stolen or sell somehow?

#1 - I rarely buy crypto using fiat because it is more of a promotion and other event prizes that I can use for trading or anything else.
#2 - I chose a high volume platform and crowded with its community where the platform has a lot of features and good innovations for them there. Do not be afraid of the platforms that really already have offices in their country because it can be guaranteed safe. The affairs system could be in the hack because there is no system is safe.

[albrots]

I have several times bought crypto using FIAT. Very easy to buy it. I only need to make a deposit on the exchange with a free deposit fee, and when I want to buy bitcoin there is a fee for each transaction. it doesn't matter to me, as long as the purchase process runs smoothly.
I choose the exchange platform based on its popularity. Exchange like binance I am very interested because many are used by other people and the fees charged are in my opinion standard and the process is fast.

[michellee]

Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
Aren't you afraid that your personal data may be stolen or sell somehow?

#1. I often buy crypto with fiat.
#2. I use my local exchange to buy the crypto, so when the price of the coin can increase in a short time, I can sell it, and it's automatically converted into my local fiat. The amount of fee is not too big to compare to the profit I made because if we talk about a 0.25% fee, that is not too big. The security and all of your question are good for me because I trade on the local exchange which I know where the office so if something wrong I can contact somebody to help me to get them.

I always try to be careful from the thief, but I cannot get 100% secure because the thief will always search a way to steal the customer data. And if that is related to the exchange I used, then I should know that they can be trusted, so I don't have to worry about anything.

[Convery]

Thanks to bounty campaigns I do not have to buy crypto with fiat money. But I know that there is a big problem with high fees when you are buying crypto, especially with a credit card. But when you think about it, price is growing and you want to buy right now, right here you rather pay higher fees for the transaction than buying more expensive Bitcoin, right? Some people solves this problem by trading cryptocurrencies only, they buy a position not a cryptocurrency.

[Menawi12]

I often trade crypto using fiat money or vice versa. In my country, there are local exchangers who provide transactions using local currency and deposit directly from a bank account without using a credit card. For personal data, I think that every exchanger is bound by regulations and they cannot carelessly spread information about their customers

[Genemind]

I haven't tried buying crypto using fiat but I'm planning to do it next week. I would have a good amount of fiat and I'm planning to buy Bitcoin. However, I have noticed a 2% transaction fee and it's quite high for me. My friends advised me to buy BTC through our local banks. I guess fees are necessary as a service charge since they're offering a good service.

[sangjoewara]

I often trade crypto using fiat money or vice versa. In my country, there are local exchangers who provide transactions using local currency and deposit directly from a bank account without using a credit card. For personal data, I think that every exchanger is bound by regulations and they cannot carelessly spread information about their customers

Means it's almost the same as in my country, because in my country also has a local exchange that can deposit local currency directly into the exchange and can directly use it to transact within the exchange, if I may know which country you are from?

[Mttewndew]

In my country i can buy crypto from crypto Atm's or in a multipurpose wallets, and i think buying with fiat to crypto was charge a little bit higher compare to crypto-fiat i dont know how they calculate the fees or just they have there own setting about fees regarding that matter.

Do you see the fee on your screen?
Could you also tell how exactly do you buy crypto from ATM?

[tulpe123]

Localbitcoins is one of the best variant to buy/sell crypto. Sometimes you could get better price than market

[landoffaucets]

Changelly is well known for its high fees but it is because they provide you very fast way how to buy cryptocurrencies, without registration or KYC.
If you would like to use similiar exchange, look at Coinbase for example.

[supercanada1]

Changelly is well known for its high fees but it is because they provide you very fast way how to buy cryptocurrencies, without registration or KYC.
If you would like to use similiar exchange, look at Coinbase for example.

The amount of fee is related to the quality of service. If a good service is provided then the fee charged is also relatively a bit higher. There will always be a trade-off among priorities. It someone desires fast transactions then he will have to pay more. Different exchanges give different options. One should choose his exchange according to his requirements. Coinbase is pretty fair with the fee and services.

[Zionatin]

Can't you do it the other way around? Ask to be paid in crypto then sell as much as you need for fiat and keep the rest? Both reducing your risk and fees?

Changelly is well known for its high fees but it is because they provide you very fast way how to buy cryptocurrencies, without registration or KYC.
If you would like to use similiar exchange, look at Coinbase for example.

The amount of fee is related to the quality of service. If a good service is provided then the fee charged is also relatively a bit higher. There will always be a trade-off among priorities. It someone desires fast transactions then he will have to pay more. Different exchanges give different options. One should choose his exchange according to his requirements. Coinbase is pretty fair with the fee and services.

That's not true. I have seen $1-$4 very cheap fee withdraw fee just as good as $6-$10 over prices fee. Coinbase is not too bad I agree. I think finding an exchange in your country is the best idea.
Maybe if you know who runs it or at least can speak to someone if something ever happens.

[BartS]

Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.

Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.

That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion

Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?

its because FIAT is not for this scene, most people hate it in crypto. Its super complicated to register as a money transmitter and the gov takes taxes
So they have to change that high, its sux, but its the same everywhere for fiat
Just dont use FIAT in this scene man, buy/sell with coinbase, fees are like nonexistant that way

And there are even more factors why fiat to cryptocurrencies transactions are very expensive, one of those factors is that the one that is accepting fiat is taking all the risk because those that buy with fiat may try to perform a form of fraud and that makes the fees higher since any business that accepts fiat in exchange for cryptocurrencies is never going to accept a loss.

And it is one of the factors why we have stable coins which you can easily exchange for cryptocurrencies for a very low fee.

[BlackFor3st]

Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.

Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.

That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion

Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
Aren't you afraid that your personal data may be stolen or sell somehow?

Yes exchanging fiat into crypto currencies cost more if we are going to compare it in exchaging crypto currencies into crypto currencies only. In my case,we have local exchange that I am using in exchanging fiat to crypto currencies and vice versa.

Of course a platform is very important, first is it available in our country. Do we have options that we can easily cashin and cashout, as it is the most important in every platform that you need to choose. And with fees, as long as it is reasonable then I have no problem with it.

[joseyphil82]

Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.

Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.

That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion

Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
Aren't you afraid that your personal data may be stolen or sell somehow?

If you are experiencing high fee when using fiat to buy crypto then its the service you are using, i use luno and i deposit fiat from my bank account into the platform and insta swap into ETH or BTC, the percentage is from 0.20% and highest is 1% depending which country you are from.

[tinyteapot]

Question #1 - how often do you buy crypto with fiat?

I normally do this once or twice in a month depending on the BTC market conditions.

Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?

I prefer local currency trading compare to online, it often help me to reduce cost, risk of identity theft and save my waiting time also.

Aren't you afraid that your personal data may be stolen or sell somehow?

Local traders dont often request for personal documents.