Fees?

[gpbgb]

So, I made my first 'day trade' today. I thought I'd done well to get ~ $5 margin from it, but when I went to check the actual profit it, it was only ~ $1. What gives?

I'm using binance and I think it said the fee for spot trading was 0.075%? I checked the order history and it said it had taken around 0.00001120 BTC in fees. Okay, fine but where has the other $3.60 got to?  forgive me if I'm being dumb somehow but that sort of fee seems awfully high for one spot trade.

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[Charles-Tim]

The higher the leverage the high the fee that will be deducted after you close the position. For example, you have $500, you go on 5x leverage, the actual charges may not be more than $2 but if you increase your leverage to 10x, the fee will also increase along which could be $4. Some traders can go for 50x to 125x leverage, this could be the beginning of fast money loss and depression.

Future contract is the riskiest trading on Binance, followed by margin trading. The best about future contract is that you can go on 1x which means no leverage, and you will still be able to go long or short.

[jackg]

Generally it's the market price changing before you confirm the order or it's to do with slippage.

If you sell $1000 in btc at $50k but the two highest bids are:
900 @50k
100 @49.9k
Then you will actually get 999.8k (based on a quick calculation). This can be more profound if the market doesn't have high liquidity.

This only affects market sells and doesn't affect limits though.

[odolvlobo]

So, I made my first 'day trade' today. I thought I'd done well to get ~ $5 margin from it, but when I went to check the actual profit it, it was only ~ $1. What gives?

I'm using binance and I think it said the fee for spot trading was 0.075%? I checked the order history and it said it had taken around 0.00001120 BTC in fees. Okay, fine but where has the other $3.60 got to?  forgive me if I'm being dumb somehow but that sort of fee seems awfully high for one spot trade.

You need to provide more information about the trade if you want a solid answer.

[JeromeTash]

1. Binance charges different trading fees for spot and margin trading depending on your tier. You might wanna check the fee structure - https://www.binance.com/en/fee/schedule
2. What type of order did you use to close your position?
Check your order history and look at the price you used to close your position because it matters a lot.

[Silberman]

So, I made my first 'day trade' today. I thought I'd done well to get ~ $5 margin from it, but when I went to check the actual profit it, it was only ~ $1. What gives?

I'm using binance and I think it said the fee for spot trading was 0.075%? I checked the order history and it said it had taken around 0.00001120 BTC in fees. Okay, fine but where has the other $3.60 got to?  forgive me if I'm being dumb somehow but that sort of fee seems awfully high for one spot trade.

You are not giving us enough information to know what it actually happened, however I agree with the the other user that speculates that this could be because slippage, when you sell your coins the order can take some time to be processed, this is even more true if the market is moving very rapidly so you could have sold for a price lower than what you thought, and if we add leverage to the equation then it is possible the slippage was enough to erase a great deal of your profits.

[Cryptoababe]

Probably, the fee for btc trade is different from The fees for other currencies
Maybe you should check well, because ive been using Binance and the fees have been very okay for me.

[Johnyz]

So, I made my first 'day trade' today. I thought I'd done well to get ~ $5 margin from it, but when I went to check the actual profit it, it was only ~ $1. What gives?

I'm using binance and I think it said the fee for spot trading was 0.075%? I checked the order history and it said it had taken around 0.00001120 BTC in fees. Okay, fine but where has the other $3.60 got to?  forgive me if I'm being dumb somehow but that sort of fee seems awfully high for one spot trade.

Trading that kind of small capital is too good to be true, I mean what you can expect to earn from that? The fees will surely eat that so better to stop trading and just save for some good capital to start with also you can try spot trading first which is less risky for a newbie. You're already on a good exchange, you just need to learn more about trading.

[Hippocrypto]

So, I made my first 'day trade' today. I thought I'd done well to get ~ $5 margin from it, but when I went to check the actual profit it, it was only ~ $1. What gives?

I'm using binance and I think it said the fee for spot trading was 0.075%? I checked the order history and it said it had taken around 0.00001120 BTC in fees. Okay, fine but where has the other $3.60 got to?  forgive me if I'm being dumb somehow but that sort of fee seems awfully high for one spot trade.

When you trade with small amount don't expect too much gain, and of course fees remained fixed there's nothing we can do about it. That's the implemented standards of binance, also with other exchanges it could be much expensive or higher depending on their current status.
However, don't get upset but rather pursue and continue trading as well.

[so98nn]

Generally it's the market price changing before you confirm the order or it's to do with slippage.

If you sell $1000 in btc at $50k but the two highest bids are:
900 @50k
100 @49.9k
Then you will actually get 999.8k (based on a quick calculation). This can be more profound if the market doesn't have high liquidity.

This only affects market sells and doesn't affect limits though.

Yeah, that's why never trade on the market price. Simply choose the limit option and we can always be sure at what price we sold the assets. If you set the price all yourself and also keep the stop-loss open as bak up then your money won't be going anywhere in the hidden charges. It will also get sold at the price which you sat up.

[...]
Future contract is the riskiest trading on Binance, followed by margin trading. The best about future contract is that you can go on 1x which means no leverage, and you will still be able to go long or short.

Good explanation on the futures. But OP may not have traded in the futures since they clearly mentions about the day trading results. This was probably the spot trading and OP literally sold at market price which might have taken time to get filled 100% and by the time it was completed the prices could have different. The volatility is bad stuff in the crypto and that's what happened here. This is best guess.

[Strongkored]

We can only guess what happened to your trade, If you feel disadvantaged why not contact their contact support and include a screen shot of your trade history, I have never been in contact with fees issues, but I think this is a better way to address your issues and get the right answers.

[leea-1334]

I checked the order history and it said it had taken around 0.00001120 BTC in fees. Okay, fine but where has the other $3.60 got to?  forgive me if I'm being dumb somehow but that sort of fee seems awfully high for one spot trade.

No one pointed out so sorry if I am wrong.

According to my estimate, 0.00001120 BTC in fees is roughly $5, and maybe at the time you did it if it was a few days ago, judging from price, it could be actually closer to $4.

So could the simplest answer be that your $5 ++ profit became $1 after the $4 fee in BTC?

[gpbgb]

Thanks all for the advice. I've come to the conclusion I don't understand this well enough to continue right now with the knowledge and funds I have, so I will withdraw my funds and endeavour to learn more before trying again.

I may have come across as though I was annoyed at this outcome, but actually I was more just confused and didn't know how to find the explanation myself. I'm glad I tried and learned some more, even though I may have actually lost a small amount of dollars  I now realise I just need to do a lot more research.

Thanks again for the replies, and for anyone still interested in a newbies first foray into trading, here is some more info from the trades:

Date   Pair   Type   Side   Average   Price   Executed   Amount   Total   Trigger Conditions   Status   
2021-09-02 15:46:19   BTC/USDT   Limit   
Buy
49556   49556   0.01123   0.01123   556.51388 USDT   _   
Filled

exchange-TradeOrdersTable-TradingTotal:

556.51388 USDT
Order No.
7392814677
Date   Trading price   Executed   Transaction Fee:   Total   
Role
2021-09-02 15:57:00   49556.00   0.01120   0.00001120 BTC   555.02720000 USDT   Maker
2021-09-02 15:57:00   49556.00   0.00003   0.00000003 BTC   1.48668000 USDT   Maker
2021-09-02 14:35:47   BTC/USDT   Limit   
Sell
50205   50205   0.0111   0.0111   557.2755 USDT   _   
Filled

[tranthidung]

here is some more info from the trades:

You should edit your post, and hide details. Nobody need such full details of your trade.

• Amount to sell.
• Price to sell
• Maker or taker order.

That's enough details.

Check Taker/ Maker fee on exchanges: https://www.cryptowisser.com/exchanges/

[odolvlobo]

Thanks again for the replies, and for anyone still interested in a newbies first foray into trading, here is some more info from the trades:
...

I looked at the transactions and here is a summary:

The first problem is that the times don't make sense. It appears that you sold the BTC before you bought it. Assuming that those are the appropriate transactions, I guess we can ignore the times.

The next problem is that you only provide the transaction details for the buy transaction and not the sell transaction.

So, after paying the 0.00001123 BTC fee for the buy, you have 0.01122 BTC. However, the net sale of 0.0111 BTC implies that you paid a fee of 1% on the sale. You don't provide transaction details of the sale.

In the end, it appears that your gain before fees is only 1.3%, but your fees are roughly 1.1%, leaving you with a profit of only about 0.2%

Moral of the story: most day traders eventually lose all of their money to fees.

[Zilon]

Bitcoin was bullish although today except for few hours of bearish moments I guess you pulled out of the market too early. Always have this in mind if your analysis is right stick to your trade avoid pulling out too early. Congratulations $1 on your very first trade it is encouraging for a starter can't wait to make you pull out more $ from the market.

[Rengga Jati]

So, I made my first 'day trade' today. I thought I'd done well to get ~ $5 margin from it, but when I went to check the actual profit it, it was only ~ $1. What gives?

I'm using binance and I think it said the fee for spot trading was 0.075%? I checked the order history and it said it had taken around 0.00001120 BTC in fees. Okay, fine but where has the other $3.60 got to?  forgive me if I'm being dumb somehow but that sort of fee seems awfully high for one spot trade.

Are you sure you are using Spot trading?
Or was it margin trading or futures?
I am using Spot trading in Binance so far and I don't find any issues about the fees so far, and the fee of Spot trading is small enough.
But, if it is about margin and other tradings in Binance, it will be different
See this:
https://www.binance.com/en/fee/trading

[kapalmabur]

We can only guess what happened to your trade, If you feel disadvantaged why not contact their contact support and include a screen shot of your trade history, I have never been in contact with fees issues, but I think this is a better way to address your issues and get the right answers.

That's right when there is a problem and you can't solve it yourself it's better to contact them,
I think it's the right step so that the problem can be resolved immediately,
but indeed they need time to be able to provide a solution or solve the problem so have to be patient

[faithupgrade]

Dont make your trades last more than a day. Some trades eats a lot of trading fee especially if theres no volatility.
A friend of mine trades only on spike and makes a 100x leverage, he puts a target profit and once it hits, he stop trading. He reads the chart and wait for another opportunity.

[crzy]

The only way to answer you question is to ask the customer service if you really care about those fees, you just have to look for it. I'm using Binance and no problem so far, maybe the fees the time you trade was at its peak so better not to trade small again so your fees might be more worth it. Day trader also spend a lot of money on the fees, how many times you executed this trade? Better to look at your trade history.