What are the “good” fees for buying crypto on Market ?

[AZ youbrand]

What would be considered to be an acceptable fees to pay % commissions on p2p market?
I see some sellers place up to 20% interests… do really people pay that much?

I can see, that Binance has got the best deals… but what if One is located in country that is in Binance’s excluded list of regions? Are there any work arounds?

Any subjective opinions are greatly appreciated.

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[jackg]

I'd say anything up to about 5% is probably reasonable but I haven't done p2p trades recently and those were direct deposit into a bank account so it might vary depending on the method you're using.

I think I've seen people in the past charge a flat fee too (eg $100-1000).

Fees might be higher now too though also to factor in price movements/volatility so that might be something to consider if you're wanting to do multiple trades.

[mk4]

I've seen premiums as low as 3% in average. I really don't think we have any reason to overpay more than that, unless there's literally no reputable buyers/sellers that sells at that percentage.

I can see, that Binance has got the best deals… but what if One is located in country that is in Binance’s excluded list of regions? Are there any work arounds?

Use no-KYC exchanges and probably use a vpn.

https://localcryptos.com/
https://hodlhodl.com/
https://bisq.network/

[DarkDays]

What would be considered to be an acceptable fees to pay % commissions on p2p market?
I see some sellers place up to 20% interests… do really people pay that much?

Seems like some people are prepared to pay that much - not me though - why pay those ridiculous fees when there are options else where. Also, it depends on which exchanges are used, DEX or CEX.

I can see, that Binance has got the best deals… but what if One is located in country that is in Binance’s excluded list of regions? Are there any work arounds?

I agree, Binance does have the most competitive rates around. As for gaining access perhaps use a VPN. I didn't test this it myself so I'm not sure if it will work but worth a go.

[leea-1334]

I always believe localbitcoins is the standard to follow from country to country. Traders there know they have to compete with exchanges so they always offer the best rates. Just check trades on localbitcoins and see the price they sell/buy. It is around 3 to 5% if not sometimes even better. Then compare that to your exchange and see if it is not far from it,,, too far and you should look other places.

[LeGaulois]

I can tell you people are ready to pay a premium price 20% above the market and still think it's "reasonable".

It depends a lot on the payment methods used to trade. For example, the 20% rate is quite a standard when Paypal is used. With the risks it includes (chargeback, dispute, unauthorized access to the account) people try to cover a potential loss.
Secondly, some people have no other choice to use Paypal, so they accept almost anything and the others parties know it.
It's the game of supply and demand.

Difficult to say what fees are acceptable to me since it depends a lot on the service provided and others things.
For example, buying BTC with a credit card: I would refuse to use it if the fees are 5% but I may be interested to pay 10% if the service doesn't bother me with a daily limit or the KYC verification. It could be OK to pay 10% to receive a transfer using Western Union but I will refuse for sure if it's about receiving it on my current bank account.

There are many parameters to take into account when considering what the ideal rate would be, but it shouldn't be different than the centralized exchange rate. There is no reason for it. At present, if this is the case, it is only the result of speculations from people looking to make money doing (almost) nothing

[leea-1334]

To add to what LeGaulois said this is true actually and something I forgot to think about,,, we do not really use Paypal here but we have tons of other options and if you check local traders, they are even offering to buy or sell btc in loads of other digital currencies, including even mobile gaming cash, but the commissions will be very high OR the fee is 20/30% higher but people actually are willing because either that currency is hard to cash out (like mobile gaming) or they feel they can earn more by gaming.

As he said,,, supply and demand.

[Charles-Tim]

I can see, that Binance has got the best deals… but what if One is located in country that is in Binance’s excluded list of regions? Are there any work arounds?

Maybe if you are using direct p2p, it is possible the interest can be up to or more than 20% depending on the agreement between you and the buyer or the seller. If you are not bothered about your personal information, Binance can be the best option for you if you want to exchange bitcoin for fiat because it is zero trading fee. If you move to a country Binance is not supported, you will have to make use of another exchange, no option than that until you returned back to your country, or you can contact Binance customers care first to know if VPN will be allowed in such case.

[hugeblack]

All transfers that involve a high amount of risk borne by the sender whenever he asks for more fees so that he can run the business as he pays more taxes and the bank may ask him to provide more documents for that. PayPal transfers, especially from trusted members, require about 20% fees Transfers.
In addition, problems happen a lot with new members and then you can lose more money either by scam or as fees without exchanging your crypto to cash

[mk4]

I can see, that Binance has got the best deals… but what if One is located in country that is in Binance’s excluded list of regions? Are there any work arounds?

I agree, Binance does have the most competitive rates around. As for gaining access perhaps use a VPN. I didn't test this it myself so I'm not sure if it will work but worth a go.

If I remember correctly, Binance's P2P arm does require AML/KYC, so a VPN isn't going to do you any good because they'll see your country of residency anyway.

But yea, Binance P2P sure does have good liquidity despite the KYC requirements. The masses trust Binance's brand a bit too much I'm afraid.

[Bitcoin_Arena]

What would be considered to be an acceptable fees to pay % commissions on p2p market?
I see some sellers place up to 20% interests… do really people pay that much?

I can see, that Binance has got the best deals… but what if One is located in country that is in Binance’s excluded list of regions? Are there any work arounds?

Any subjective opinions are greatly appreciated.

It's usually because of low liquidity, so people have no choice but to buy or sell using the available rates. I have used localcryptos several times and in some countries you find buyers advertising buying and selling crypto at very abnormal rates, but some traders still open the trades because they have no choice

BINANCE p2p has very good rates because there is high liquidity in the p2p marketplace.

What is funny and annoying is that platforms that noncustodial platforms don't require KYC like localcryptos and bisq have very poor liquidity and abnormal rates whereas custodial KYC demanding platforms like Localbitcoins, paxful, binance have so many good deals and traders too.

[The Cryptovator]

The problem would happen only if you live in a country that isn't crypto-friendly and very strict about cryptocurrency. That's why you found unrealistic exchange ratings on peer-to-peer exchange. For me, 5-7% is enough for peer-to-peer exchange. I won't go more than 5% if there isn't any urgency. Most probably you can't find solutions easily to high exchange rates, it depends on where you are living. The centralized exchange has an issue with KYC, and the decentralized exchange has a liquidity issue. This problem will exist forever. So choose depends on needs and capacity, either avoid high fees or proceed.

[Subbir]

The problem would happen only if you live in a country that isn't crypto-friendly and very strict about cryptocurrency. That's why you found unrealistic exchange ratings on peer-to-peer exchange. For me, 5-7% is enough for peer-to-peer exchange. I won't go more than 5% if there isn't any urgency. Most probably you can't find solutions easily to high exchange rates, it depends on where you are living. The centralized exchange has an issue with KYC, and the decentralized exchange has a liquidity issue. This problem will exist forever. So choose depends on needs and capacity, either avoid high fees or proceed.

Yes i agree with you,  There are some countries where you will face this kind of problem also had a lot of problems while transacting but now many countries are legalizing cryptocurrency. I think this problem will gradually decrease. Apart from certain cryptocurrency circumvention people now prefer cryptocurrency. My opinion is that it would be better to transact from person to person and it would be better if he is in bitcointalk forum. Because there are a lot of people at bitcointalk who can help you if you belong to their own country.

[Ziskinberg]

5-10% is acceptable for me but if they can offer lesser than that, it could be much much better. Maybe to consider paying beyond 10% if the amount to transfer is huge but if that is small, it is not worthy, it is a need to look for other services who could give that.
But for some countries that only have limited options, this could be a big problem and have no other choice but to deal with them.

[Johnyz]

P2P are too expensive on my country, the conversion is really that low when you sell and very high if you are going to buy so this is why I stopped using P2P for now. 10% might be a good rate already but still depend on you especially if you just have a limited money to transact on P2P.

[palle11]

I think the fee shouldn't be above a few dollars like 2-3 dollars depending on the size of the coin usually with P2P transactions and not in percentage.

However, you can get a more information from localbitcoin but P2P should afford an easy bargain for both seller and buyer.

[AakZaki]

Binance is the best place to buy Bitcoin with a P2P platform, competitive prices and no extra fees. Many official merchants to choose from.
for some countries that are not supported by binance can't use a VPN, because it's useless. Binance implements KYC which will know where you live.

If you have to buy elsewhere, choose a place with a normal rate, 20% is too high just for a fee.

[el kaka22]

I have done things between 5-10% back in the day but I would never pay more than 10% if the amount is a lot. This depends on the amount a lot, like if you are doing $100 then it is normal to expect the other side to have a high fee because it really doesn't worth their time to do a business for 5 bucks, hell the fee will be higher than that so it is really not reasonable to expect them to pay for it.

However if you are doing 1000 then suddenly 10% looks reasonable and even maybe a lot depending on where you live, in USA it is reasonable but in Nigeria or places like that? People would be willing to do a lot less. When you reach to that 10k or so levels, I have seen less than 1% as well working properly, tons of people do that just to get a lot of business because rich people who do that much amount could repeat action and that is why 1-2% is not bad fee.

[Scripture]

If you’re living in a country that is restricted with Binance, don’t try anymore to withdraw or deposit or else you’ll just experience a problem. Fees are different on every network, paying with huge fees is not ideal for small investors well some seller or buyer in P2P offers a huge interest, so I rare use this services because for me its not worth it to pay for higher fees.

[OcTradism]

What would be considered to be an acceptable fees to pay % commissions on p2p market?
I see some sellers place up to 20% interests… do really people pay that much?

20% commission above market price is too high. Do you think if you are those people, would you are readily to pay 20% higher than market price for your trade?

It is very unrealistic because trading has the ultimate goal is profit. Buying 20% above market price means you have to accept initial 20% loss. I would be mad if I am readily this instant loss.