coin-investor
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December 12, 2019, 04:27:16 AM |
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Part of the article that I find interesting is Poloniex is one that has offered zero-fee trading until the end of the year but it remains to be seen yet if it will continue the practice into 2020. I hope they can continue to do and make it a permanent feature of the exchange, but I have doubt if those industry leaders in exchange will follow suit, because the hacking is a huge issue, and they are securing traders funds in case of a breach.
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maydna
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December 12, 2019, 04:42:55 AM |
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I think the exchanges will adjust their fees with the bitcoin price, and the exchanges will apply reasonable fees for the traders, so traders will not think that the fee is too high. If we check on the fee, poloniex, bittrex, and binance have a low fee, and if we can make a profit bigger than the fee (which I am sure that we can make that profit), then we don't have to think that the fee is too high. If we don't want to pay the fee in bitcoin, we can use the other coin, which is not too high as bitcoin. There is always a way to get a solution to reduce the fee from exchanges, so we still get the money to receive in our wallet.
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carlisle1
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December 12, 2019, 04:48:02 AM |
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not all of them and you can find some that has less fee and legit,just don't use those Big exchange that very confident that they will never lose users even if they charge larger fees,but soon for sure competition will take place as this is an issue for long time and people nbow are getting smarter
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joinfree
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December 12, 2019, 04:54:50 AM |
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This is so true and thanks for bringing the community's attention to this. Most exchanges charge very high prices when it comes to their trading fees and withdrawal fees. What really annoys me is that they charge us individual fees yet send the funds in bulk to save themselves some money out of the fees that was charged on users. Binance exchange is one of the exchanges that charge very high. It's great to see Polonex on this path, i know exmarkets is also an exchange that charges no withdrawal fees.
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Ozero
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December 12, 2019, 05:15:29 AM |
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Only when the network of exchanges is sufficiently developed, and the cryptocurrency is very widely used by the population of the earth and the competition between exchanges is high, then we can have low commission fees. If commission fees are free, then exchanges will have to receive their percentage of our profits for something else. Exchanges will not work completely free. These are commercial structures and they will exist only when they will profit from their work.
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maxreish
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December 12, 2019, 07:00:18 AM |
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It is impossible to follow that zero fees. How can they actually earn and gain if they will not incorporate fees? Though I am in favor of lowering the fees but not to the extent that they will give zero fees. But, looking at this: Poloniex is one that has offered zero fee trading until the end of the year but it remains to be seen yet if it will continue the practice into 2020. If poloniex made it and will continue, I do hope some virtual currency exchanges may capable of if not in zero fees, then reducing the fees. For some reason, when it comes to that matter (fees) I do understant how their business works.
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JeffBrad12
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December 12, 2019, 07:24:46 AM |
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Its really part of the business to earn from charge fees. Of course there are operating expenses to attend to. But of course fees should be standardize so not to abuse the users. The more competitions arising and many exchanging sites to choose from. I guess these exchanges also had their own strategies to attract customers to use there platform. And most likely customers look on the lowest charge fees.
unfortunately even if there's a competiton people will still choose a more reliable and popular exchange over the one with cheaper fee anytime. majority of people that didn't do daily trading and cashing out fewer than once a week don't even care about the existence of these fees. However, I'm in favor of reducing the fee aswell though I'm not really bothered with the current trading fees.
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perla
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December 12, 2019, 02:19:16 PM |
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About fees, there will always pro and contra about it. I think for now exchange's fee still not be a problem. If they are a big problem, maybe a lot of traders wouldn't trade in exchanges. And they are not open for social work, i mean they need operational cost so, i think as long traders still use it, not need to be worry about exchange fees. If me, as long the exchanges really do their work, like security or maybe good services, fees in trading and withdrawal i will follow it.
as long as these costs are incurred and the exchange provides good services, I am also willing to pay. so in my view it is not much different, when they provide good service then they pay workers there to provide services for us, and therefore costs are needed. Yes, and exchanges need a lot of money to maintain their site from all aspects. In my country, there are several exchanges that already closed only because they lack of funds. I know it because i ask my friend who work as staff. They must pay this, pay that, pay employee, anything. Maybe yes, they are new exchanges, but old exchanges will need more money too to maintain their site so people comfort to trade in their site.
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Clement Kaliyar
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December 12, 2019, 02:30:55 PM |
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No fees wouldn't guarantee that it would cause a more loyalty to their investors/traders. Remember that the exchange needs a lot of things to operate, include the server, domain name, etc. They could earn those maintenance cost from the fees coming from their users excluding the mining fees. Lowering to a reasonable amount is still okay, but having no fees is a no-no.
Hope you are aware that the top bitcoin exchanges earn a healthy profit, Binance reportedly earned around a billion dollars in profit last year which is around the same profit earned by some top stock exchanges and you think that they are not benefiting from the services, which industry can claim a billion dollar profit in a fiscal year, so the expense you are talking just pale in comparison when you look at the profit they earn and hence they can reduce the withdrawal fees as some are charging a higher charges for that and that should be avoided.
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BitcoinsGreat
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December 12, 2019, 03:51:49 PM |
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Because. If they want to retain customers and increase their customer base, they need to reduce fees.
I think they will reduce fee only because of competition and the emergence of new exchanges which may give 0% fee in the beginning to advertise their exchanges. The only advantages old exchanges have is that they are trusted and have a lot of volume. They know people will not try out the new exchanges and therefore they charge any amount of fee which is just a burden on the customers.
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xiboothrezi
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December 12, 2019, 07:00:28 PM Last edit: December 12, 2019, 07:19:57 PM by xiboothrezi |
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No fees wouldn't guarantee that it would cause a more loyalty to their investors/traders. Remember that the exchange needs a lot of things to operate, include the server, domain name, etc. They could earn those maintenance cost from the fees coming from their users excluding the mining fees. Lowering to a reasonable amount is still okay, but having no fees is a no-no.
It is true. I do not mind that, if the fee is comparable to the quality offered by the exchange, including the security and speed of the transaction, that makes me comfortable doing the exchange. After all, we give the fee for using the exchange service, nothing is really free right in this world? so this is a symbiosis of mutualism. And the most important thing here is the excellent service provided by the exchange, with a good system support, responsive to any obstacles, that's what I need the most. After all, we can choose the exchange we want, moreover, the fees are dynamic, so we can choose which is the most effective. I still prefer high fees but good service, rather than free fees but it takes hours to complete each transaction.
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Lizzylove1
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December 12, 2019, 08:46:11 PM |
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I usually do avoid exchanges with high fee, but look at this: If you have less traders with low fee, then they may not last much in the business. Centralized exchanges are very expensive to maintain, they need to be on the latest technology to meet up with security, except they have large volume of trades. But I hate exchange with high fees like LUNO is super expensive in my country.
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X-ray
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December 12, 2019, 10:27:34 PM |
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Because. If they want to retain customers and increase their customer base, they need to reduce fees.
There are many exchanges mostly a new exchange that are trying this method to gather as much user as they can but also still failed. It's not just because the fee is cheap people will just switch exchange there are too many factors that need to be considered before switching exchange and the legitimacy of the exchange itself and the proof that they are licensed under the government is one of them. This method of reducing fee to attract customer is not the most efficient method.
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sana54210
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December 13, 2019, 07:16:53 AM |
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Zero fees? Nah I don't really see that happening. Maybe exchanges will agree to cut their fees by, let's say, half, but to make it a zero fees? That's not going to happen. What you have to know is that these fees are like a source of income for exchanges and they need the money to be able to continue their operation. If they stop the fees and start charging zero for their services, then I wonder where they will get the money to pay their workers and maintain their sites, pay engineers and all that. So they are not going to agree with such an idea. But the truth is that, whatever you're looking for here , you will always find it. If you need zero fees, since poloniex is offering that, then you should go for it and leave other exchanges. Or if it need fees that is moderate, with better services and security, then there are also those that offer that.
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Initscri
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December 13, 2019, 07:42:01 AM |
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It's a free market. If you find an exchange that has their fees dropped. Use it. It will incentivize other companies to do the same.
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nutella_11
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December 13, 2019, 08:01:26 AM |
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Not going to happen to other exchanges. They need another source to in order to provide profit that the trading fee has. Also, greed will always take them. As long as people are content with the fees, they will still have it since having zero fees doesn't really mean that more users will use it and they will have more profit that way.
I fully agree with that. Every cryptocurrency exchange need to be profitable for its founder. But I'm really grateful that some crypto exchanges give a lot of various opportunities for their users which lower fees. Like for example CoinDeal where having some CDL Tokens could lower your fees, this is huge superiority for users in my opinion.
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Eugenar
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December 13, 2019, 10:49:43 AM |
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I think what they aim when some exchanges impose higher fees on lower volume trades is that they force such traders to go higher. In the business sector, you could see that whenever you buy huge, the prices become lower. Such as when you buy items in wholesale/bulk, you get discounts and lower item price than when you buy in smaller amounts. Same principle is applied to their exchange.
Basically, the fees mostly are depending on the rate they've provided no matter how much is the amount that the trader wants to trade. In this case, you can barely see the loss if you are trading a little amount of money rather that utilizing a huge amount of funds, wherein the transaction fees seems to be smaller. In the end, these exchanges still earns allot from traders and I think if we don't want their system, there is allot of exchanges available for us to choose from.
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Rodeo02
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December 13, 2019, 03:45:05 PM |
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It's a free market. If you find an exchange that has their fees dropped. Use it. It will incentivize other companies to do the same. And the owner of that exchange know how much will be enough fee for them to earn and attractive to users to get more traders. There are exchnage with low fee bur the questions is if the volume of exchange is enough and how secure that exchange is.
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vintages
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December 13, 2019, 03:51:26 PM |
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I hate to say this but I have to; it is not about all about splashing the fees. Though I am a big advocate for lower transactions fee in exchange trading and all that but it's a pity that most exchange with lower fee has the worst service; they most likely use lower TX fee to attract customers. So as a user, you will come to realise that you need a good service after all more than lower fee.
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Lauren Smith
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December 14, 2019, 01:05:51 AM |
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It's a free market. If you find an exchange that has their fees dropped. Use it. It will incentivize other companies to do the same. And the owner of that exchange know how much will be enough fee for them to earn and attractive to users to get more traders. There are exchnage with low fee bur the questions is if the volume of exchange is enough and how secure that exchange is. Why would the volume matter? It has nothing to do with trading or withdraw fees. You don't need high volume to trade on an exchange. That's not how it works. You only need volume when its the entire market. A small exchange can do well with a low volume of they give good customer care and run smoothly.
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