Ultegra134 (OP)
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February 06, 2021, 12:16:37 PM Last edit: February 06, 2021, 06:35:11 PM by Ultegra134 |
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What exchanges are you using? I'm currently using Bitstamp, I have no issues so far, it inspires security to me. However, it only offers a small variety of coins (BTC, ETH, XRP, LTC, LINK, XLM) and a few others, at the same time though, its fees are quite high, at 0.5%.
Looking back and my transaction history, I've spent a respectable amount in fees, which is definitely a waste of money.
I've also used Kraken, but didn't really like its design and layout, I don't remember why I moved my funds to Bitstamp though, long time has passed since then, and I've got no clue.
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rat03gopoh
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February 06, 2021, 03:00:10 PM |
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This is a fee comparison list of several popular exchanges. https://bitcointalk.org/index.php?topic=5079048.0. The last update of the thread is May 2020. Maybe some of them have changed, it is better for you to check the latest fees through their respective sites. Some small exchanges also offer cheaper transaction fees than others. But still, you have to consider the reputation, because the security of funds and data is everything.
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jrrsparkles
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February 06, 2021, 03:06:16 PM |
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which is definitely a waste of money.
So you are expecting a centralized exchange to offer service for free? If an exchange offers for free then its just a scam for sure. There are ways to reduce the transaction fees like when using the native tokens of the exchange and perfect example is holding BNB on Binance exchange can help you to get some disccounts.
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The Cryptovator
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February 06, 2021, 05:03:10 PM |
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Topic title and post description are quite confusing. Title saying transaction fees, means deposit and withdrawal fees. It doesn't make sense to require a fee of 0.5% for withdrawal or deposit. So I am assuming you are talking about trading fees, but still 0.5% is quite high to me where other reputed exchanges require smaller fees. I think Binance fees are quite reasonable which is 1%, and there will be 25% more less using a native coin. So, you might move to some other reputed exchange where fees are low.
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bL4nkcode
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February 06, 2021, 05:25:15 PM |
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I think Binance fees are quite reasonable which is 1%, and there will be 25% more less using a native coin. So, you might move to some other reputed exchange where fees are low.
You mean .1% coz 1% is a really huge fee for trading fees, even for withdrawal fees. Those accounts with VIP level has lesser fees like 0.09% to 0.02%. Mostly, those exchanges with lower trading fees are exchanges with huge 24-hour volume trades which probably the popular one
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Ultegra134 (OP)
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February 06, 2021, 06:40:45 PM |
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This is a fee comparison list of several popular exchanges. https://bitcointalk.org/index.php?topic=5079048.0. The last update of the thread is May 2020. Maybe some of them have changed, it is better for you to check the latest fees through their respective sites. Some small exchanges also offer cheaper transaction fees than others. But still, you have to consider the reputation, because the security of funds and data is everything. I don't disagree, security is the first priority, will go through the other thread too. which is definitely a waste of money.
So you are expecting a centralized exchange to offer service for free? If an exchange offers for free then its just a scam for sure. There are ways to reduce the transaction fees like when using the native tokens of the exchange and perfect example is holding BNB on Binance exchange can help you to get some disccounts. Of course not, it's just that I'm using Bitstamp currently, which has 0.5% fee, at the same time, Binance offers 0.10%, which is a huge difference when trading on a daily basis. I wouldn't consider Binance a sketchy/non-legit exchange. Topic title and post description are quite confusing. Title saying transaction fees, means deposit and withdrawal fees. It doesn't make sense to require a fee of 0.5% for withdrawal or deposit. So I am assuming you are talking about trading fees, but still 0.5% is quite high to me where other reputed exchanges require smaller fees. I think Binance fees are quite reasonable which is 1%, and there will be 25% more less using a native coin. So, you might move to some other reputed exchange where fees are low.
You're right, the title is misleading, I was referring to trading fees. Corrected it, thanks!
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
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Ridwan Fauzi
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February 07, 2021, 12:47:44 AM |
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I'm using binance exchange, there is a binance smart chain network, I always use this network comparing to ETH network because it is already expensive for withdraw fee but with binance smart chain I have to spend 0.04 for fee per transaction.
The fee is very cheap and I can withdraw at any time. Especially for a trader, at least he will withdraw 2 times per week and binance smart chains are very helpful in overcoming the problem of already expensive fees.
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February 07, 2021, 02:38:35 AM |
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So you are expecting a centralized exchange to offer service for free? If an exchange offers for free then its just a scam for sure. But Bitstamp has one of the highest fees of all exchanges. Probably to pay for all the investigations they conduct on verifying their users and to balance their earnings from a lower active user base (compared with Binance).
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Kocret02
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February 07, 2021, 02:07:09 PM |
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for exchange i use binance. I will not mention how much the fee is on Binance, you can find out for yourself on the exchange which is certain for Binance I think the fee is commensurate with the exchange according to the features offered by Binance
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TheUltraElite
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February 08, 2021, 07:10:11 AM |
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Bitstamp has high fees compared to other exchanges that are available. This does not necessarily mean that you must move to a new exchange because the very thought of that makes some users skin crawl. Still if you have options at hand and since this sector is a unregulated mess, you can and should look for alternatives.
Bitstamp also has threads getting posted in this forum about taking long time to verify users and doing background investigations on them. So you might want to move away from them with time. You never know when you get locked out of your funds.
Binance has been suggested here, but there are several other exchanges too. Check with your local user base and what they use commonly and go with the majority. It makes sense to have accounts in more than one exchange, a lot of reasons exist including possible failsafe in case one of them get hacked/downtime and you need to trade something from wallet.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
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Ultegra134 (OP)
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February 08, 2021, 08:28:16 AM |
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Bitstamp has high fees compared to other exchanges that are available. This does not necessarily mean that you must move to a new exchange because the very thought of that makes some users skin crawl. Still if you have options at hand and since this sector is a unregulated mess, you can and should look for alternatives.
Bitstamp also has threads getting posted in this forum about taking long time to verify users and doing background investigations on them. So you might want to move away from them with time. You never know when you get locked out of your funds.
Binance has been suggested here, but there are several other exchanges too. Check with your local user base and what they use commonly and go with the majority. It makes sense to have accounts in more than one exchange, a lot of reasons exist including possible failsafe in case one of them get hacked/downtime and you need to trade something from wallet.
The fees are quite high indeed, it's definitely a hassle to move to another exchange, plus, I don't know how to move my whole funds somewhere else and to avoid excessive withdrawing/depositting fees. I mean, there are other concerns that come to my mind now, what if my account gets blocked on the other exchange after a sudden large deposit, what if I have trouble verifying and so on. I've also read that thread, I had no trouble verifying on Bitstamp a few years ago, their support was solid and prompt when I had lost access to my 2FA. However, looking back at the transaction history and summing up the fees I've paid, well, I got to tell you, it's a decent amount. I've used Kraken and Poloniex in the past, many years ago, in fact, I couldn't even remember that I had an account on Poloniex.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
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jrrsparkles
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February 09, 2021, 02:49:45 PM |
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So you are expecting a centralized exchange to offer service for free? If an exchange offers for free then its just a scam for sure. But Bitstamp has one of the highest fees of all exchanges. Probably to pay for all the investigations they conduct on verifying their users and to balance their earnings from a lower active user base (compared with Binance). When user knows that Binance offers the same service for 5 times lesser than the Bitstamp he is currently using then he can simply switch to Binance if their region allows him to do. 0.5% is high for a day trader or who trade with huge capital but sometimes users are choosing those exchange over the Binance for some reasons which is unknown to me. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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Ultegra134 (OP)
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February 09, 2021, 06:25:17 PM |
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So you are expecting a centralized exchange to offer service for free? If an exchange offers for free then its just a scam for sure. But Bitstamp has one of the highest fees of all exchanges. Probably to pay for all the investigations they conduct on verifying their users and to balance their earnings from a lower active user base (compared with Binance). When user knows that Binance offers the same service for 5 times lesser than the Bitstamp he is currently using then he can simply switch to Binance if their region allows him to do. 0.5% is high for a day trader or who trade with huge capital but sometimes users are choosing those exchange over the Binance for some reasons which is unknown to me. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) I'm aware of that, Binance has 0.10% if I remember correctly, and may have further reductions after some modifications (such as Referrals, BNB). I am not dealing with huge amounts of funds, but it's a decent amount. Actually, I'm considering on moving to Binance but haven't done it yet.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
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Bitcoin_Arena
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February 09, 2021, 11:53:11 PM |
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0.5% is so high a fee. I wouldn't use such an exchange to carry out day trading. There are a number of sites which provide aggregate information of fees in an exchange (Trading and withdrawal) and help you make a comparison and see exchanges with the most pocket friendly fees. Check out this blog by https://www.cointracker.io/blog/2019-crypto-exchange-fee-comparison. The information was last updated on January 1, 2021, that should be good enough since it wasn't so long ago Another one is https://www.cryptowisser.com/exchanges
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Ultegra134 (OP)
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February 10, 2021, 10:25:19 AM |
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0.5% is so high a fee. I wouldn't use such an exchange to carry out day trading. There are a number of sites which provide aggregate information of fees in an exchange (Trading and withdrawal) and help you make a comparison and see exchanges with the most pocket friendly fees. Check out this blog by https://www.cointracker.io/blog/2019-crypto-exchange-fee-comparison. The information was last updated on January 1, 2021, that should be good enough since it wasn't so long ago Another one is https://www.cryptowisser.com/exchangesGreat list, thanks! Found many exchanges that I had never heard about. I've settled with Binance for now, verified my account successfully and got a friend as a referral too (Will have 10% off fees, that's good). Also tried using Coinbase, had an old account but I'm having trouble verifying it.
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▀▀▀▀▀▀▀██████▄▄ ████████████████ ▀▀▀▀█████▀▀▀█████ ████████▌███▐████ ▄▄▄▄█████▄▄▄█████ ████████████████ ▄▄▄▄▄▄▄██████▀▀ | LLBIT | │ | CRYPTO FUTURES | | | | | | | │ | 1,000x LEVERAGE | │ | COMPETITIVE FEES | │ | INSTANT EXECUTION | │ | . TRADE NOW |
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Bitcoin_Arena
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February 16, 2021, 10:26:52 PM |
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There are many types of fees taker and maker fees that are not a problem 80% platforms ask for fees less than 1%.
It doesn't seem like a big deal until you look at the detail. Let's say an exchange charges 0.5% on taker and maker fees and I have $10,000 in my spot account. So i try to make some profits by buying low and selling high for a week and let's say I make 20 traders in the process (both buy and sell orders filled) Exchange trade is taking a 0.5% hit on my account and by the end of the 20 trader. I have already lost $1000 in fees ($10,000 x 0.005 x 20) At least if an exchange charges 0.1%, that's 5 times lower and a little reasonable Scam Exchanges give you lowers fees. avoid them
That why it's good to stick with popular exchanges that don't have issues. Most still charge less fees compared to other
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magneto
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February 16, 2021, 11:45:41 PM |
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What exchanges are you using? I'm currently using Bitstamp, I have no issues so far, it inspires security to me. However, it only offers a small variety of coins (BTC, ETH, XRP, LTC, LINK, XLM) and a few others, at the same time though, its fees are quite high, at 0.5%.
Looking back and my transaction history, I've spent a respectable amount in fees, which is definitely a waste of money.
I've also used Kraken, but didn't really like its design and layout, I don't remember why I moved my funds to Bitstamp though, long time has passed since then, and I've got no clue.
Don't use Bitstamp. They've got a notorious reputation for draconian KYC as well as being super nosy about proof of income and stuff like that which are usually not assessed in normal KYC/AML. 0.5% fees are also absurd imo. It doesn't make sense to pay that much unless a) this is your only way of getting fiat into BTC and b) you are definitely planning on holding BTC for the very long haul. If you are day-trading then consider moving to a derivatives platform like Deribit where makers actually get fee rebates (things like this add up in the long haul) - just don't use any leverage on your positions. If you're acquiring coins to hold in your own privkeys then consider using Binance or even creating your own ad on LBC.
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Darker45
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February 17, 2021, 02:23:53 AM |
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If you are an active day trader making numerous bid and ask orders just in a single day, that 0.5% will really hurt you a lot. Imagine making 10 orders in a day, you are already charged 5% all in all with that. That's too high.
But Bitstamp does not charge a standard 0.5% trading fee for all traders. The larger your trade volume, the lower your fee.
However, another concern if you are an active day trader on Bitstamp is that they are only offering very limited pairs. They don't even have XMR pairs in there.
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Ultegra134 (OP)
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February 18, 2021, 10:26:18 AM |
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What exchanges are you using? I'm currently using Bitstamp, I have no issues so far, it inspires security to me. However, it only offers a small variety of coins (BTC, ETH, XRP, LTC, LINK, XLM) and a few others, at the same time though, its fees are quite high, at 0.5%.
Looking back and my transaction history, I've spent a respectable amount in fees, which is definitely a waste of money.
I've also used Kraken, but didn't really like its design and layout, I don't remember why I moved my funds to Bitstamp though, long time has passed since then, and I've got no clue.
Don't use Bitstamp. They've got a notorious reputation for draconian KYC as well as being super nosy about proof of income and stuff like that which are usually not assessed in normal KYC/AML. 0.5% fees are also absurd imo. It doesn't make sense to pay that much unless a) this is your only way of getting fiat into BTC and b) you are definitely planning on holding BTC for the very long haul. I never had any issues with verification and so on, I remember verifying with my ID/Driver's license only and wasn't asked anything else since then. However, I've heard about harsh KYC measures and other incidents from other members here. I wouldn't be really happy if it ever happened to me. I have these coins since 2014, I can't even remember how I got some of them, if they ever ask me. If you are an active day trader making numerous bid and ask orders just in a single day, that 0.5% will really hurt you a lot. Imagine making 10 orders in a day, you are already charged 5% all in all with that. That's too high.
I know, I hadn't thought about it till I opened my transaction history. I'm not a daily trader, but depending on the circumstances, I'll trade 3-4 times a week, if we take into account 0.5% for every trade, it's a tremendous amount I could have saved if I was in another exchange. (for 0.01 BTC which costed somewhere around 370€, I'd have to pay approximately 2 + 2 euros to buy and sell. It might not seem excessive at first, but if you totalize your 10,20,30 transactions, multiply it by 2 Euros it would be 20,40,60 Euros respectively.
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sheenshane
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February 18, 2021, 04:20:58 PM |
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I know, I hadn't thought about it till I opened my transaction history. I'm not a daily trader, but depending on the circumstances, I'll trade 3-4 times a week, if we take into account 0.5% for every trade, it's a tremendous amount I could have saved if I was in another exchange. (for 0.01 BTC which costed somewhere around 370€, I'd have to pay approximately 2 + 2 euros to buy and sell. It might not seem excessive at first, but if you totalize your 10,20,30 transactions, multiply it by 2 Euros it would be 20,40,60 Euros respectively.
If this your problem, why not you didn't transfer your fund into another exchange that has the lowest fees compared to the one that you've said it has terrible fees upon per trading. An exchange that supports hundreds of coins, security, transaction speed, high volume per coin, and most of all the cheapest fees. I didn't have any experience from the exchange that what you've said, but if feel uncomfortable while in trading it's better to transfer into a good one. You can try to have a look at this article, an exchange that has the cheapest fees. "Cheapest Cryptocurrency Exchange"
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