Exchange rates - crypto to fiat

[Scrypton]

Hey. I sold for my first time some crypto a few hours ago. I was surprised to find out that by selling crypto  in a fiat currency I always lose some money. The homescreen of the app was showing that I have a certain amount of money but when I sold it was less by 10euro. Can someone explain why? Are there ways to avoid of? Also I live in the uk so I bought crypto in pounds. But when I want to exchange it back into fiat I  have to use. euros. And everytime you move money like this u loose some. Are there some ways to calculate these exchange rates?I would really appreciate if u jave some beginner tips.

[Bravehash]

Exchanges have different Fiat rates, what exchange are you using? I'm from Nigeria and I change usdt, btc, ltc to naira through Luno and binance most times but their rates are different, I find P2P to be better choice because you can choose rates you want to sell your coins to Fiat for, presently some are buying naira at 490, 494 and even 510, mind using binance P2P?

[Poker Player]

The company that provides you with the service has to earn something, otherwise it would have to close and could not provide you with the service. That is why every time you make a currency exchange they will charge you a commission.

On the other hand, if you are trading amounts of about 10 euros, I would recommend you to be quiet. 10 euros is a pittance and if you are trading you will be eaten up by commissions. Worry about accumulating more capital and then you will think about trading. Try to buy every week or every month 10 euros of Bitcoin, or more if you can. Don't touch it, don't trade it, don't sell it. You will see how in the medium-long term it will be very profitable.

[Scrypton]

Thanks for your answer. I exchange 50000holo worth 360£. And around 10£ was Crypto app comission. I thought I would make 80£ profit but I ended up 66£. How long would you suggest to wait untill you can look at selling?

[tranthidung]

I was surprised to find out that by selling crypto  in a fiat currency I always lose some money.

You will lose fee for a service on which you do your exchange (from crypto to fiat).

Which exchange do you use?
Do you read their fee schedule?

• Search with Google and keywords: name of exchange + fee schedule
• Search in their main page or FAQ page: keyword is fee.
• Also you can check here: cryptowisser.com

The homescreen of the app was showing that I have a certain amount of money but when I sold it was less by 10euro

I don't know which exchange you used for that trade but 10 euro is a small amount. On Binance, the minimum trade is $10. You can not set an order with value less than $10.

Basically, the smaller your trade or your transaction (withdrawal) is, the bigger proportion of loss will be spent to exchange fee or transaction fee.

[Lucius]

Scrypton, no one provides the service of selling or buying cryptocurrencies free of charge, because the various fees they have are what they generate income from. I think you should study well the part about the fees of the application you use, and if you think those fees are too high you should look for an alternative.

Even though you think the fee is too high, or you lose money on every transaction, you need to know that you would surely pay a lot more to perform such a transaction on crypto ATMs which have probably the highest fees when it comes to buying/selling cryptocurrencies.

There is a way to sell your crypto directly to someone for cash (if you would find such a person), but it is always a risk because you come into personal contact and work with strangers. Security and simplicity of service always come with a price, and if you have no other choice you have to pay that price.

[BIT-BENDER]

Exchanges have different Fiat rates, what exchange are you using? I'm from Nigeria and I change usdt, btc, ltc to naira through Luno and binance most times but their rates are different, I find P2P to be better choice because you can choose rates you want to sell your coins to Fiat for, presently some are buying naira at 490, 494 and even 510, mind using binance P2P?

I use peer 2 peer also, but am not carried away by the high amount buyers offer to buy cryptocurrency in there advert, I know how risky peer2peer can be especially in peer2peer deal when no escrow is mediating/handling the deal, so I use my trusted peer2peer partner, so also you should, bianance isn't bad in peer2peer, but I haven't tried using them yet.

[pakhitheboss]

Every exchange will charge you some percentage for using their platform. This how they earn money and maintain their platform.

In general when you trade crypto with crypto the charge a makers fee and takers fee which is different for different exchanges.

Conversion of crypto to fiat is always cost you more than the trading fee. You will find all these information in their FAQ section or you check with their support.

For Binance the fee structure can found here - https://www.binance.com/en/fee/schedule

[Yurkov]

This is not something that happens in crypto but in other markets also. Like if you are sending money to your friend in other country through Western union then you will get a different exchange rate. WU also gets there commission through variations in exchange rate.

[Rengga Jati]

Every exchange has its own rate of transaction fee. Commonly it is on a certain percentage of the total amount of our trading volume.
In some big exchanges, the fees may be zero or until 0.5%.
However, if it is about 10Euro from 360£, I think that it is a high rate of exchanging or trading. Or, did the amount of the coin decrease after selling or after withdrawing from the exchange to your bank account?
Once more, every exchange has a different rate of exchanging or swapping. ANd here, what exchange did you use?
I suggest you learn at first the fee rate of depositing, trading, and also withdrawing in the exchange before doing transactions there.
 

[manul888]

That's right, it seems like it's important to find a platform that offers the most favorable exchange rate terms, but it's not easy to find a place that satisfies me. 

[Insanerman]

Hey. I sold for my first time some crypto a few hours ago. I was surprised to find out that by selling crypto  in a fiat currency I always lose some money. The homescreen of the app was showing that I have a certain amount of money but when I sold it was less by 10euro. Can someone explain why? Are there ways to avoid of? Also I live in the uk so I bought crypto in pounds. But when I want to exchange it back into fiat I  have to use. euros. And everytime you move money like this u loose some. Are there some ways to calculate these exchange rates?I would really appreciate if u jave some beginner tips.

There are so many times that I suggest this method to other users that wants to lessen the fees of transferring BTC, ETH, and other notable coins: Use XRP/EUR instead. If you hold BTC right now, trade your BTC onto XRP, then Trade XRP onto the fiat of your choice, then the withdrawal fees would still apply depending on what platform you use. This method only applies to lessening the fees of withdrawing with the use of BTC to your wallets, and fees would still vary depending on various factors such as your card provider etc. If ever that you have someone near you that can agree for a P2P exchange, then better use it. It would both lessen the fees and fasten the transaction.

[GreatArkansas]

Additionally, there are some mobile applications that are using different exchange rates or there are somewhere you can set by on your own, like this particular coin, where it should be based on exchange price (e.g. Binance price, FTX price, etc.)
And additional is the TRADING FEE where you sold your crypto for fiat, some exchanges got a very huge trading fee it can be sometimes pain in your wallet