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Author Topic: Outrageous trading fees, should I switch to stocks?  (Read 628 times)
South Park
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September 29, 2020, 04:04:10 PM
 #61

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.



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September 29, 2020, 05:27:34 PM
 #62

Well high fees are only for btc and eth, for many other alts fees are still very low. We can't do much about high fees, after 2017 bitcoin transaction fees went up and somehow we get used to it, choose wallet where you can set up transaction fee, check withdrawal fees before you register anywhere, fees can vary from site to site. For ethereum its the first time we have so high fees, in past months almost everyday we have a record high fees. I am not so much into this defi hype, but as we can see many people don't care about high fees, they are trading and buying, and apparently many are earning good so they can afford to pay high fees.

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September 30, 2020, 04:18:10 PM
 #63

Well high fees are only for btc and eth, for many other alts fees are still very low. We can't do much about high fees, after 2017 bitcoin transaction fees went up and somehow we get used to it, choose wallet where you can set up transaction fee, check withdrawal fees before you register anywhere, fees can vary from site to site. For ethereum its the first time we have so high fees, in past months almost everyday we have a record high fees. I am not so much into this defi hype, but as we can see many people don't care about high fees, they are trading and buying, and apparently many are earning good so they can afford to pay high fees.
Literally people get trapped into the defi hype that is why they are still trading even if the transaction fee is higher than profits they are going to make from a trade but still the fees are under control if they use centralized exchange because the recommended fee went down after a while now into 200 - 300 gwei.But for bitcoin the fees are under control already even 20 sats/bye transactions can get confirmed in 45 mins to few hours.

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October 01, 2020, 06:12:41 AM
 #64

Many exchange site trading fees have increased a lot in the event of market ups and downs. I don't think you should switch to stocks for trading fees because you have to pay trading fees for trading and exchanging currencies in the crypto market. No matter how high the fee investors will not close their transactions but in case of trade you can observe different sites and see where the fee is low there is no need for high fee.
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October 02, 2020, 05:27:43 PM
 #65

Well high fees are only for btc and eth, for many other alts fees are still very low. We can't do much about high fees, after 2017 bitcoin transaction fees went up and somehow we get used to it, choose wallet where you can set up transaction fee, check withdrawal fees before you register anywhere, fees can vary from site to site. For ethereum its the first time we have so high fees, in past months almost everyday we have a record high fees. I am not so much into this defi hype, but as we can see many people don't care about high fees, they are trading and buying, and apparently many are earning good so they can afford to pay high fees.
Literally people get trapped into the defi hype that is why they are still trading even if the transaction fee is higher than profits they are going to make from a trade but still the fees are under control if they use centralized exchange because the recommended fee went down after a while now into 200 - 300 gwei.But for bitcoin the fees are under control already even 20 sats/bye transactions can get confirmed in 45 mins to few hours.
Those people that are not watching the size of their fees do not have any business becoming traders, the fees will be by far one of the most influential factors when it comes to being profitable or not, in fact when I was testing my system I found out that besides the strategy itself and my money management techniques the fees where the most important factor when it came to determine my profits, and it got the the point that if the fees were too high then my simulation will give me losses despite using the same strategy indicating very clearly that at such point it is better not to trade.



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.BIG WINNER!.
[15.00000000 BTC]


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October 02, 2020, 07:01:15 PM
 #66

I did my research and there is only 1 cryptocurrency exchange in Kuwait. As previously mentioned I have no intention of doing KYC abroad so I'm happy to stick with this company in exchange for my privacy.

For those who missed reading through-out the whole post, I changed my mind and already purchased BTC/ETH and happily storing them in my hardware wallet, hoping to gain profits in 2024 when ETH 2.0 is released.

Unless there is something useful to add I see no reason to bump this thread.

Once again thank you everyone for your feedback  Smiley
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October 03, 2020, 04:52:04 AM
 #67

I recommend that you use Kucoin, Binance has always been a great option, but as long as you don't have problems because when it comes to seeking support from their team, they require KYC. The taxes you are talking about are very expensive, you must realize that the Bitcoin market is much better than the stock market, volatility is the ingredient that not everyone can handle and above all take advantage of.

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October 03, 2020, 05:54:03 AM
 #68

I did my research and there is only 1 cryptocurrency exchange in Kuwait. As previously mentioned I have no intention of doing KYC abroad so I'm happy to stick with this company in exchange for my privacy.

For those who missed reading through-out the whole post, I changed my mind and already purchased BTC/ETH and happily storing them in my hardware wallet, hoping to gain profits in 2024 when ETH 2.0 is released.

Unless there is something useful to add I see no reason to bump this thread.

Once again thank you everyone for your feedback  Smiley
Good. At least, you know what is good for you. If you already have your exchange, you can stick with that exchange, and don't use the other exchange if that exchange is not fit for you.

It's better to lock your thread right now since you got your answer.

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October 07, 2020, 06:50:20 PM
 #69

I recommend that you use Kucoin, Binance has always been a great option, but as long as you don't have problems because when it comes to seeking support from their team, they require KYC. The taxes you are talking about are very expensive, you must realize that the Bitcoin market is much better than the stock market, volatility is the ingredient that not everyone can handle and above all take advantage of.
The problem is that he mentioned that there is only a single legal exchange in his country and the fees are abnormally high. I agree that making accounts on exchanges where KYC is not required might work but the truth is that those exchanges might not be legal and you are at risk of losing all your money just to save the 5%. Because any exchange that is legal would usually require you to submit KYC as does Binance and other exchanges and I have not used Kucoin so not sure if they are legit and why don't they require KYC.

Trying to save the 5% or 3% fees might force him to use an illegal exchange which ultimately eats all the coins so forget bout the fees just trade as legal as possible and if the sell/buy fees are high just trade in longer windows like holding for longer periods and then sell to cover the 3% fees.

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October 07, 2020, 08:18:46 PM
 #70

It cannot be denied that local cryptocurrency exchanges in various countries apply different fees...
but what I see right now is that large exchanges have applied cheap fees to overcome the difficulties of users around the world, but for withdrawal fees, you can't seem to complain about that because not all exchanges accept exchanges with your country's currency. If you object to the fees that are applied when making withdrawals in your country's currency then you should HODL your token for a long time until the policy on fee changes.

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October 07, 2020, 08:34:53 PM
 #71

Unfortunately, in some countries fees are very high due to local exchanges policy. It's not fair but some exchanges make extra profit on traders. There is no use in complaints because they will probably not change their policy so try to access to some respectful legitimate exchange outside your country.

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October 07, 2020, 09:41:42 PM
 #72

Presently, I prefer doing Forex trading and it is where I find FreshForex the best place to go. I find it simpler with the excellent structure that they have having low spreads, bonuses and various such stuff. I also enjoy 300% Bonus that they have currently for users.
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October 08, 2020, 06:07:18 AM
 #73

For those who missed reading through-out the whole post, I changed my mind and already purchased BTC/ETH and happily storing them in my hardware wallet, hoping to gain profits in 2024 when ETH 2.0 is released.
That is good but it saddens me a lot to see a guy who wanted to be a trader has been forced to change his mind and turned into an investor because of some absurd trading fees from the only exchange present legally.

I wanted to suggest you that you might want to use VPN and register on exchanges where they do not require ID proofs or anything. In fact Binance does not require verification for around 2 BTC withdrawal limits daily and if you plant o trade small that is a good option I guess. But that said on a second thought, VPN might get you in trouble too so just avoid it and do what you are doing.

Unless there is something useful to add I see no reason to bump this thread.
True but it helps others understand as well the problems that exists in crypto trading and the possible solutions, we as a community look to understand and learn every day so I don't think there's any problem adding valuable information by anyone Smiley.

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October 08, 2020, 10:51:15 AM
 #74

5% seems pretty high, Binance overs 0.1% and I found that Uphold is doing commission free trades now:
https://www.finextra.com/pressarticle/81281/uphold-introduces-commission-free-cryptocurrency-trading

It looks like on the right platforms you can get similar rates to stocks which also have commission free platforms.

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October 09, 2020, 01:52:19 PM
 #75

For those who missed reading through-out the whole post, I changed my mind and already purchased BTC/ETH and happily storing them in my hardware wallet, hoping to gain profits in 2024 when ETH 2.0 is released.
That is good but it saddens me a lot to see a guy who wanted to be a trader has been forced to change his mind and turned into an investor because of some absurd trading fees from the only exchange present legally.

I wanted to suggest you that you might want to use VPN and register on exchanges where they do not require ID proofs or anything. In fact Binance does not require verification for around 2 BTC withdrawal limits daily and if you plant o trade small that is a good option I guess. But that said on a second thought, VPN might get you in trouble too so just avoid it and do what you are doing.


In my opinion, most likely we are not talking about high commissions of cryptocurrency exchanges, which seem to cut off most of the earnings, but about the lack of good experience for a trader in order to get a really decent income from their activities. At least in my situation, all my attempts to trade boiled down to the fact that I reviewed all my assets and directed them to investing in the top-rated cryptocurrencies. My decision is due to the fact that I cannot catch the wave that most traders in the cryptocurrency market are on. I always fail and that's all Apparently because I do not have the skills. And I believe that the current situation is the same for the opponent. But you shouldn't give up trading altogether, because you can always train and practice for future trading with the help of demo versions.

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October 09, 2020, 03:03:05 PM
 #76

Hey OP, you’re still new to cryptocurrency trading, before you start talking about outrageous fees and whether you should switch to stock trading, do you know anything about stocks trading and do you fully understand how it works?

You shouldn’t just jump into anything, you might be regretting later. And moreover, why don’t you mention the name of the one cryptocurrency exchange there is in your country? So that we can be able to recommend other exchanges. There are so many other exchanges, and I can’t believe that it’s only one that is available in your country, maybe you just haven’t checked.

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October 10, 2020, 07:06:52 PM
 #77

Stocks are not really good because of trading fee, they are good because they are usually calm and smaller gains compared to bitcoin, so people who are not great at trading in crypto just moves to stocks and that is how they make their money, but if they are not afraid of playing with crypto a bit, they would only focus on making money on crypto. Obviously I am not saying one is better and the other one is worse, they are both very good and I am fine with both of them, the trouble is not that one of them is better or worse, the trouble here is that they are different stuff.

So, if you find fee here a lot and you want to go to stocks, you are basically leaving one something different and moving to something totally different, just because they are investments doesn't mean they are the same thing.

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October 10, 2020, 08:43:30 PM
 #78

If there is an alternative option to buying cryptocurrencies, you can buy any other altcoin and convert it to BTC on crypto exchanges. The trading fees are set by brokers which makes money with the outrages trading fees and there should be another way around to avoid paying high trading fees. You can use local P2P exchanges or top up your wallet for buying cryptocurrencies on coin swap websites. In stocks shares trading, the fees are not trader friendly too. In all trading platforms, the trading fees should be covered by maker/taker sides.

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