Outrageous trading fees, should I switch to stocks?

[so98nn]

That is enormous fee for trades I guess.

Why dont you select some local exchangers ? I mean that would probably reduce your charges way lot than this.



This is the reason why I like the local exchangers a lot. 5% fees are 25 times more than the local fees inhere.

All you loose here is just 0.4% in total.

Thats ridiculous. You dont need to leave the crypto for this reason, all you have to do is just get new home to trade. 

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[justdimin]

I get that crypto could sometimes be not worthy of your time because it is not what people made you believe what it is, everyone talked about how bitcoin is the new money but you look at it and you see it taking about an hour to come to your wallet and you had to spend 10 bucks for it, and I get that it could be frustrating to have something like that, however that doesn't mean that it would be like that all the time.

You want faster transactions? Withdraw altcoins instead of bitcoin itself, you want cheaper? Use the coins that costs the least amount when withdrawing in the fee structure. You want to actually use it? Find what you want to use it for and check if there is any altcoins specific to that industry. There are tons of ways you could avoid high fee's without going to fully fiat route.

[whyrqa]

I believe that in some cases, the situation with high commissions may change if a trader uses their own coins of the cryptocurrency exchange itself, which gives very high advantages for the trader. In addition, some cryptocurrency exchanges make it possible to reduce the amount of commissions if the user passes full verification on the site.

[allahabadi]

Can you not use coinbase there? https://www.coinbase.com/places/kuwait

Not sure if pro.coinbase.com is available there but if you can do a bank transfer on to it then you'll pay 0.5% (I think) per trade...

I actually have an account there but it wont let me purchase anything before identity verification (I don't feel comfortable giving my personal info. to companies that are out of Kuwait.)

It wont even show me the price of purchasing/selling 1 BTC in KWD before identity verification...... Thus discouraging me from even thinking of uploading my ID card.

Can you pay in your country's currency with coinbase? And how secure is my personal information in that company? It seems much cheaper than the company I deal with.

Coinbase is one of the securest companies that r der in cryptospace.

U don't trust companies outside Kuwait with your info?? Which email id do u use? R u on fb or twitter?

[LbtalkL]

I suggest to find a p2p platform that is available in your area, you can get a fair rate about close to market price. If you want to make some profit why not register to centralized exchange and do buy and sell without any huges fees. I don't know if some exchanges has retriction in your country but that is your task to find out. Check binance first if it is available in your country and also they have p2p too but on limited countries.

[jrrsparkles]

If your country having a crypto exchange means you also have traders on LBC like p2p trading platforms so you can try to buy bitcoins using p2p where 1% fee for advertisement and no fees if you are buying or selling to someone, which is better compared to 5% fee.

[jossiel]

Those adjustments that you're seeing to the only exchange in your country is the allowance or space that they have for buying and selling rates. It's very common if that exchange is providing you to cash out and has other features to offer.

But this doesn't mean you must be discouraged with those fees. We also cater fees but we have an option to hold or look for a better exchange that offers lower fees which is favorable to what you think is a cheap fee. If you turn back to stocks, leave your bitcoin and hold it.

[South Park]

Hello everyone

I'm new to the cryptocurrency world and recently started trading (at a loss of course.) I live in a country where there is only 1 cryptocurrency exchange company. However, the fees they charge are outrageous (5% for buying, 3% for selling.) However, I must admit the online tools are amazing (compared to other exchange companies.) I will give you an example. If I purchase 1 BTC NOW I pay $12,255 USD, and if I want to sell at the same moment I receive $11,111 USD (how can I make profit with this?)

I have found another company that accepts my local currency but read horrible comments on Trustpilot (not to mention the lengthy account verification which includes a live video of me saying certain characters.) I read many comments that even after providing the necessary personal information your account gets locked (but they charge 1.5% fees on buying/selling, which is acceptable for me.)

I thought about using exchange companies in the US but when I pay/withdraw money for bitcoin transactions I'm paying in $USD (I lose money both for buying and selling bitcoin since the bank transfers the money from local currency to $USD and vice versa.)

I'm extremely disappointed at this. Should I just sell all my BTCs and switch to my country's stock market? Or is there a better option for me that I'm missing?

One of the most important things that many people never understand is that the fees you are charged are critical for your success, in your case the fees are outrageous, only the best traders will be able to get profits with that kind of handicap so forget about using them, but it is also a bad idea to use an exchange that sooner or later will lock your account and maybe even scam you from your coins, so if you have the money I do not see anything wrong with switching to the stock market and trying to make money that way.

[Mahanton]

Those adjustments that you're seeing to the only exchange in your country is the allowance or space that they have for buying and selling rates. It's very common if that exchange is providing you to cash out and has other features to offer.

But this doesn't mean you must be discouraged with those fees. We also cater fees but we have an option to hold or look for a better exchange that offers lower fees which is favorable to what you think is a cheap fee. If you turn back to stocks, leave your bitcoin and hold it.

There are indeed lots of options thought, it does really need up some bit research and those are indeed ridiculous fees but not really an enough reason for you to leave just because of that one
where you can eventually find much more better places that do get lesser which had been mentioned by some users about taker and maker fees. Well, he do still have the
full rights if he would decide to go back to stock but at least he should have some consideration on what people do say on here and he might able to listen up. It seems op is doing day trade?
You cant just expect for making profits on almost instant manner. 

[aceboy44]

Thank you everyone for your support. However, I'm officially done with cryptocurrency (after investing in 2.25 BTC & 6 ETHER within 1 month.) After the immediate downfall of prices I immediately panicked and sold all my currencies (I sort of feel I made a mistake that now prices are going up.) I even tried to use bitcoin and payed my phone bills using BTC, and I also considered bitcoin to pay for my amazon purchases. However, the transaction fees were much higher than those of paying with a credit card (so why the heck would I hold on to my BTC?)

I will be moving to stocks now since it's safer there (not to mention they pay out dividends too.) I may return to Bitcoin in the future, but at the mean time I will focus on stocks until we can have a clearer picture of bitcoin's future.

My loses are estimated to be approximately $6k USD, including the purchase of ledger nano x, and the extremely high buy/sell commission fees.

Once again thank you everyone for your support. 

[Shasha80]

In my opinion, it is huge for exchanges costs of 5% for buying and 3% for selling. My advice is not to trade on that exchanges,
Unfortunately if you want to trade BTC / KWD, it is indeed difficult to find exchanges that support that pairing. Better to convert
your KWD to USD, and trading with the BTC / USD pairing. With this makes it easier to find exchanges with cheaper fees.

But if you end up feeling more comfortable and find it easier to make profits in the stocks market, that is your decision. Feel free
to move your Bitcoin to the stocks market.

[GreatArkansas]

(....)
 If I purchase 1 BTC NOW I pay $12,255 USD, and if I want to sell at the same moment I receive $11,111 USD (how can I make profit with this?)
(...)

Correct me if I am wrong, what the most people called about this scenario is the spread, the difference on the buying price and selling price.
It's really difficult to use that kind of exchanges, it's also like in our country, there are some exchanges that you can directly buy or sell Bitcoin directly to Philippine Peso (PHP).
What I am using before and now, when I buy Bitcoin using our national currency, I am transferring it to some exchanges and I will trade there.

[pawanjain]

Dude that's some insane amount of fees to buy/sell BTC. Since you are struggling so hard to buy/sell BTC you should consider doing KYC at one of the most reputable exchange and then use it for regular trading if that's your goal. If you are willing to hold your coins for a long term then you can buy BTC from a known person or may be some on this forum or you can also try a P2P platform like Localbitcoins.

Localbitcoins link

[o_e_l_e_o]

After the immediate downfall of prices I immediately panicked and sold all my currencies (I sort of feel I made a mistake that now prices are going up.)

This is the same trap that a lot of users who are new to cryptocurrency fall in to, especially if you are used to the more gentle movements of stock markets. 10-20% swings in price is not an uncommon occurrence for bitcoin, and it is something you just learn to put up with once you've been involved for a while. I barely even pay attention to the price these days. As far as I am concerned, 1 bitcoin equals 1 bitcoin, and I'm fairly confident that over enough time the price of bitcoin in relation to the ever inflationary fiat is always going to go up.

I even tried to use bitcoin and payed my phone bills using BTC, and I also considered bitcoin to pay for my amazon purchases. However, the transaction fees were much higher than those of paying with a credit card (so why the heck would I hold on to my BTC?)

Again, this sounds either like you've chosen poor sites to use, or perhaps there just aren't enough/any sites serving this market in your country. I pay for Amazon purchase via gift cards I've bought with bitcoin regularly, and between the price being slightly cheaper and some gift card merchants offering a rewards program, I often get it for around 3-5% cheaper than paying with fiat directly.

I may return to Bitcoin in the future, but at the mean time I will focus on stocks until we can have a clearer picture of bitcoin's future.

A shame that your first experience of bitcoin was a negative one. We'll still be here to help out in the future if/when you return!

[el kaka22]

First of all, do you think stock market is fee free? You are going to pay certain amount of trading fee there that is unheard of in crypto, I have seen as high as 2% there, it is seriously horrible because you are going to start with negative the moment you trade, it is not like crypto where you can do 0.05 or so, even lower in many places.

Moreover, you do not have to use bitcoin, that is one thing people are forgetting about, sure right now withdrawing bitcoin is not something you should do because it is very expensive but if you go ahead with some other small coin you could actually withdraw for almost free. This means if you think about high fee's on stocks and low fee's on altcoins, there is seriously a huge gap between them and you could stay here for longer.

[cheezcarls]

Hello everyone

I'm new to the cryptocurrency world and recently started trading (at a loss of course.) I live in a country where there is only 1 cryptocurrency exchange company. However, the fees they charge are outrageous (5% for buying, 3% for selling.) However, I must admit the online tools are amazing (compared to other exchange companies.) I will give you an example. If I purchase 1 BTC NOW I pay $12,255 USD, and if I want to sell at the same moment I receive $11,111 USD (how can I make profit with this?)

I have found another company that accepts my local currency but read horrible comments on Trustpilot (not to mention the lengthy account verification which includes a live video of me saying certain characters.) I read many comments that even after providing the necessary personal information your account gets locked (but they charge 1.5% fees on buying/selling, which is acceptable for me.)

I thought about using exchange companies in the US but when I pay/withdraw money for bitcoin transactions I'm paying in $USD (I lose money both for buying and selling bitcoin since the bank transfers the money from local currency to $USD and vice versa.)

I'm extremely disappointed at this. Should I just sell all my BTCs and switch to my country's stock market? Or is there a better option for me that I'm missing?



 

Which cryptocurrency exchange are you preferring that has "outrageous" trading fees? I honestly think that centralized exchanges are the most preferred platforms for day trading since transaction fees are very low and speed is unquestionable. I may not recommend DEXs for day trading because the transaction process is kinda slow and the fees are a bit high.

The advantage of these DEXs is that they don't have the custody of the coins and tokens you hold. But centralized exchanges like Binance, Huobi, KuCoin, OKEx and others worked fine with me.

[abel1337]

First of all, do you think stock market is fee free? You are going to pay certain amount of trading fee there that is unheard of in crypto, I have seen as high as 2% there, it is seriously horrible because you are going to start with negative the moment you trade, it is not like crypto where you can do 0.05 or so, even lower in many places.

Moreover, you do not have to use bitcoin, that is one thing people are forgetting about, sure right now withdrawing bitcoin is not something you should do because it is very expensive but if you go ahead with some other small coin you could actually withdraw for almost free. This means if you think about high fee's on stocks and low fee's on altcoins, there is seriously a huge gap between them and you could stay here for longer.

Yah, There are different exchange to choose from and their trading fees differs from each other. In my perception trading fees in some crypto exchanges are quite fair, and you can possibly earn that trading fee % in a short time vs a long time you wait for your stocks to accumulate profit.

I will give you an example. If I purchase 1 BTC NOW I pay $12,255 USD, and if I want to sell at the same moment I receive $11,111 USD (how can I make profit with this?)

There are many ways to make a profit out of it since you have a whole btc in your posession. I am assuming that you are a stock trader, You should already know that there are ways like holding your btc to gain some profit or some trading techniques you are comfortable doing.

The trading fee's would not be your problem since you know how to market works and how to gain some profit.

[crzy]

The trading fees is too much and it always happen every time the market pumps so if there’s a chance for you to use another exchange to trade bitcoin then much better. The decision is yours, you can sell your bitcoin and trade on stock market which you think is best for you. If you can’t afford the fees on trading with bitcoin then you can choose to hold until bitcoin goes to peak again.

[Ryker1]

Well, this question by the OP is will depend upon you. Stocks are not highly volatile in the market and I think the chances of getting profit perhaps also reduce not just like a cryptocurrency that you can invest now and perhaps a month ago the price will surge back into the market, but there is no assurance about this. Still unpredictable but if you are not willing to risk your money, and then cryptocurrency is the best for you. However, the fee that we are suffering now perhaps it is temporarily and it will back down later.

[rexxarofmoknathal]

I'm extremely disappointed at this. Should I just sell all my BTCs and switch to my country's stock market? Or is there a better option for me that I'm missing?

There's a reason people are putting up with the high fees and remaining in the crypto market rather than moving to the stock market, and do bear in mind that even with the stock market you'll incur fees.
The reason people prefer crypto over the stock market is because the former can lead to much higher returns in a shorter time than the latter can provide. As such, it depends on personal preference and risk taking if one should overt from crypto for the more traditional method.