Outrageous trading fees, should I switch to stocks?

[Viscore]

That's your choice.

Fees really matter but if we think that investing bitcoin is profitable compared to the stock market, well, I supposed to choose Bitcoin instead. Buy now, then wait for the price to move high and then, sell it. That's it. But if you are thinking about easy money, you might be wrong for Bitcoin because in a certain thing that in never shows like than, we can never say exactly what will happen after we bought it.

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[Salauddin1994]

It is really difficult to give accurate information of crypto market fluctuates all the time so you have to analyze the market well and then choose the right currency bitcoin is a very good investment currency the crypto market is at the top of all. There are many good exchange sites that have very low trading fees so you don't need to switch stocks it is easy to make a profit if you rely on yourself and have good skills about the market.

[Gozie51]

But if you are thinking about easy money, you might be wrong for Bitcoin because in a certain thing that in never shows like than, we can never say exactly what will happen after we bought it.

No free meal found anywhere. Bitcoin is also about being patient. If Op gets more patient on the fees and hodling, in time coming the fees will be okay as price gets stable. Volatile is high because direction is not clear yet.

[South Park]

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. 

It is a shame that you are leaving but after suffering such important losses it is completely understandable, I think that you just got in the market at a bad moment, the market has been rather unstable during the last months and it is obvious that for newbie traders these kind of conditions are very unfavourable since it requires a high level of expertise to navigate them without getting burned in the process, anyway good luck in your future endeavours and I hope you have better luck in the stock market.

[abel1337]

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. 

It is a shame that you are leaving but after suffering such important losses it is completely understandable, I think that you just got in the market at a bad moment, the market has been rather unstable during the last months and it is obvious that for newbie traders these kind of conditions are very unfavourable since it requires a high level of expertise to navigate them without getting burned in the process, anyway good luck in your future endeavours and I hope you have better luck in the stock market.

This is why newbie traders need such knowledge about crypto and how it moves, OP does have the fundamentals because he is a stock trader but the knowledge he has about crypto is very limited since he doesn't last long. I hope this can be a lesson for those newbie seing this thread. Having that kind of loss is not easy but I also hope he recovers in stock market.

[michellee]

I think it is hard for him to go to the centralized exchanges since he is not comfortable filling KYC. Maybe in this situation, he needs to find out the local sellers who lived in Kuwait, best if that seller lived in the same city as him, to arrange a meeting with the sellers. That is what he can do to avoid the fees, besides he needs to pay a high fee. But if he can hold for the long term, I think he doesn't have to bother about the fees because after he bought bitcoin, he can store it on his wallet for some period time.

[imstillthebest]

theres no trader that trading without a loss and how much more if your a newbie on trading . you will experience a losses at first but you can manage that as soon as you evolve  . cryptocurrency exchanges were online and you can use any of them doesnt matter where you live on this planet  .

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?)

thats not new . to the wallet i use they infact charge more than this but im not complaining because i know that they also want to earn but who the heck would buy and then sell at the same time ? makes no sense because you will obviously loss with that move your doing but except if you see the price pump a little where it leads you to earn a profit  .

[South Park]

theres no trader that trading without a loss and how much more if your a newbie on trading . you will experience a losses at first but you can manage that as soon as you evolve  . cryptocurrency exchanges were online and you can use any of them doesnt matter where you live on this planet  .

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?)

thats not new . to the wallet i use they infact charge more than this but im not complaining because i know that they also want to earn but who the heck would buy and then sell at the same time ? makes no sense because you will obviously loss with that move your doing but except if you see the price pump a little where it leads you to earn a profit  .

He is complaining about a concept traders call the spread which is the difference between the buying and the selling price, you can see this everywhere, if you have ever tried to exchange your currency for a foreign one you will see that you are given different quotes depending on if you want to sell or to buy, and without a doubt that spread is simply too high and even good traders will find problems to try to earn money under those conditions and if you have no other place to trade then you should not trade as the circumstances are too unfavourable which is what the OP has decided to do already.

[hahay]

If you continue to worry about fees for the reason of buying and selling at the same time, I think it would be better if you leave the cryptocurrency market, because buying and selling at the same time will always incur different fees on each exchange. I'm just wondering, why would you trade without a time frame to finally make a sale to make a profit, because even though you are looking for an exchange with the lowest fees but you continue to buy and sell at the same time, then of course you are trading will always lose.

[milewilda]

theres no trader that trading without a loss and how much more if your a newbie on trading . you will experience a losses at first but you can manage that as soon as you evolve  . cryptocurrency exchanges were online and you can use any of them doesnt matter where you live on this planet  .

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?)

thats not new . to the wallet i use they infact charge more than this but im not complaining because i know that they also want to earn but who the heck would buy and then sell at the same time ? makes no sense because you will obviously loss with that move your doing but except if you see the price pump a little where it leads you to earn a profit  .

He is complaining about a concept traders call the spread which is the difference between the buying and the selling price, you can see this everywhere, if you have ever tried to exchange your currency for a foreign one you will see that you are given different quotes depending on if you want to sell or to buy, and without a doubt that spread is simply too high and even good traders will find problems to try to earn money under those conditions and if you have no other place to trade then you should not trade as the circumstances are too unfavourable which is what the OP has decided to do already.

You can really decide to stop if you do see it unfavorable on your side which is really just a right call for someone to do so.There are lots of factors that do really affect out when it comes to fees yet we've been living on different countries which would means that we do have different currency value and when it comes to conversion then it would really vary from time to time.For taker and maker fees then there are lots of exchangers who do have less, he hadnt just able to explore into those platforms who do offer less, its just odd on having those 5% and 3% for buying and selling which i can really say that it is really too much.
Out of frustration then i cant blame him if he would decide to turn his back and go to stocks.

[Yamifoud]

Now, I believe that you know already and finds your comfort zone. Cryptocurrency isn't your's destiny ( that was very unfortunate) but an opportunity to try. It somehow you had a bad experience that changes your mind and thinks about the stock market, well, we have the options also and even me, I choose the investment that will give me a favor that is why I choose Bitcoin rather than on the stock market.

[MCobian]

Everyone is free to choose where to invest, and you feel disadvantaged by investing in Bitcoin. The reason is because the trading fees
exchanges you use are quite large, and you don't want to trade anywhere else. because your country's currency is not available. My advice
if you want to trade Bitcoin at low cost, try trading using USD pairing. But in the end you decide to go back to the stock market, if you feel
comfortable in the stock market it's your choice.

[aceboy44]

Thank you everyone for your support. This is a great community.

Actually I have given this some thought and want to re-invest in cryptocurrencies. I also introduced BTC to my supervisor at work   I'm waiting for the price to fall a little bit before I buy some coins. Any recommendations for good coins?

Indeed I'm uncomfortable filling KYC in foreign countries, so no matter how much you guys walk/talk me into it I just wont do it Furthermore, I found out that there was not much of a price difference between buying BTC using my local exchange, and using my Ledger Nano wallet (the price difference is less than 1%.)

This time I want to HODL (for 10+ years)

Do you recommend that I buy Billfold (steel seed recovery phrase)  for my long-term investment using ledger nano wallet, despite that I will have tiny (but long-term) amount of cryptocurrencies in my wallet?

[o_e_l_e_o]

Do you recommend that I buy Billfold (steel seed recovery phrase)  for my long-term investment using ledger nano wallet

No.

The Billfodl is one of many steel designs for backing up your seed phrase. It uses a "tiles in a template/holder" design. Like all devices which use this design, it is very susceptible to both fire and crush damage, and even fairly minor damage or warping to the outside case is enough to allow the tiles within to move around or fall out, resulting in catastrophic loss of your seed phrase.

Have a look at the stress tests performed by Jameson Lopp on these devices.
The full rankings are here: https://jlopp.github.io/metal-bitcoin-storage-reviews/
The Billfodl performance is here: https://jlopp.github.io/metal-bitcoin-storage-reviews/reviews/billfodl/

By far and away the best performing devices (and also the cheapest) are the ones which involve engraving or stamping your seed phrase directly on to either a titanium or stainless steel plate. You can either buy such a device, or you can easily buy such plates at a home hardware store and make your own.

Having said that, even more important that than is having more than one back up. Having your seed phrase engraved on a plate is all well and good, but what if there is an explosion or earthquake, and you can't find your metal plate in the rubble? What if there is a flood or tornado, and your metal plate gets carried 20 miles away? I have my seed phrase simply written down on paper. I am not too concerned about it being destroyed in a disaster, because I have a second copy in different physical location which I can use to replace my lost copy.

[lixer]

Try to do more research, there might be plenty other exchanges that you’re not yet aware of. Doesn’t all these big exchanges work in your country, like Binance and the rest of them? You should try checking them to see if they work. And you can also check out decentralized exchanges/peer-to-peer, you will be lucky to find rates that would work better for you.

I have been into a situation like this before, I was always busy and kind of lazy to do research and look for better exchanges than the one I was using then, and I was making huge losses due to the fees, till I was kind of fed up and decided to look deeper and found an exchange that has the best rates, it only works in my country though.

[DarkDays]

Whether you opt for crypto or stock market the risk associated with investment is not going to dilute. Investment is about risk and if you were to ask a successful investors how they got to where they are they'd most probably tell you 'diversify'.

So the point I'm trying to put across is that it is best to be involved in both worlds, let you sole dependency on either crypto or stock market wear away. Here, is an article addressing the exact same issue, should one look at investing in BTC and crypto market in general or switch their attention to stocks.

In the end, it doesn't matter what one decides if they consider it is the best for them. However, one must be properly equipped before making a decision, so a guide could be a consideration of the pros/cons of crypto over stocks and vice versa. Should you wish to read more about it, you can do so here.

[semobo]

Crypto currency isn't a traditional asset, this is just an asset which have value from real supply and demand.Different exchanges got different fees structure but the transaction fee depends on the blockchain traffic it will be higher when the market is in bullish trend and as far as we compared the returns from Stocks is no where when we take the returns of cryptocurrencies.

[South Park]

Actually I have given this some thought and want to re-invest in cryptocurrencies. I also introduced BTC to my supervisor at work   I'm waiting for the price to fall a little bit before I buy some coins. Any recommendations for good coins?

Be very careful about recommending cryptocurrencies to other people, I am not saying to not do it but we must understand that the majority of people do not have what it takes to succeed in such a volatile market and if your supervisor decides to invest and losses who do you think he is going to blame?

Indeed I'm uncomfortable filling KYC in foreign countries, so no matter how much you guys walk/talk me into it I just wont do it Furthermore, I found out that there was not much of a price difference between buying BTC using my local exchange, and using my Ledger Nano wallet (the price difference is less than 1%.)

A difference of 1% may not seem like much but it can be the difference between a profitable system and an unprofitable one however if you have decided to become a long term holder then that point becomes moot.

[pokeronlinestatus]

You are living in a country where there is only one crypto exchange or you haven’t taken your time to check whether there are other exchanges there are? And if you’re referring to local exchanges , why don’t you check out other big exchanges that are functioning globally?

There might be a better option for you. Or you can still try to ask around with locals that are also into trading cryptocurrency and know how things are working out for them, try to ask them about the exchanges they are using and the fees they have to pay, it’s always good to connect with people in your locality and know what they are into, it’s really going to help you.

[South Park]

You are living in a country where there is only one crypto exchange or you haven’t taken your time to check whether there are other exchanges there are? And if you’re referring to local exchanges , why don’t you check out other big exchanges that are functioning globally?

There might be a better option for you. Or you can still try to ask around with locals that are also into trading cryptocurrency and know how things are working out for them, try to ask them about the exchanges they are using and the fees they have to pay, it’s always good to connect with people in your locality and know what they are into, it’s really going to help you.

There may be other exchanges but that does not mean that you should use them because they may have a bad reputation and you do not want to give your coins to an entity like that, in this case most likely the only exchange with a good reputation is leveraging its position in the market and charging huge fees knowing they are a monopoly, as such the OP had no choice but to give up cryptocurrency trading for now and decide to trade other markets for the time being.