Topic: [ANN] KRAKEN.COM - Exchange with USD EUR GBP JPY CAD BTC LTC XRP NMC XDG STR ETH - page 211. (Read 628889 times)

I did not intend to question the €0.09 fee. Since the reason for the fee lies in fidor API usage fees (kraken pays Fidor), I was ratther wondering: is that the reason why the kraken payment bot only checks fidor playments once/hour? That translates into: is the fidor API usage fee a flat fee or a per usage fee?

That's reasonable. IMHO an amount of 9 cents is not worth to discuss...

My understanding is that with the bank fees we just pass along the per transfer fees that we are charged by our partner banks or payment providers. We have other costs associated with the payment options we provide, so there is no profit in the bank fees. All the bank fees do is help reduce our costs on the banking side of operations by a small amount.

Edit: our CEO asked me to add that bank fees also serve as a kind of spam control

I don't thing the charge of 0.09€ has to do with one special thing. I guess it's just an additional way to earn money and pay the complete operating costs of all aspects of an exchange. So you also could ask why they charge 0.3% fee for trading, if the operating costs is just 0.01% per trade (just example numbers).

But would be interesting to hear, if I'm right or not ^^

Fidor users might have wondered why kraken charges 0.09€ per withdrawal, although sending money from fidor to fidor is cost free and kraken does not seem to charge any excess charges anywhere elese.

Today I found out out that the fidor API is not cost free but actually has to be purchased. I am pretty sure this is the reason for the 0.09€ fee. And I am wondering: is it also the reason why the frequency of the payment bot is set to 1 hour and not more often?

Thanks Serpens - we will leave it the old way (way1) for now and if we change it will give plenty of warning and hopefully by that time have in place a way to set the default fee currency to whatever you want for each currency pair.

Kraken is the only exchange I know, where you can choose from which currency pay the fees (I think there is one other, but I don't remember). But it's only possible in the advanced settings, isn't it?  
Please make it possible to choose the default fee currency for all normal orders.

Also Bitstamp reduce the fee from fiat only. I will call it "way1". (at least they did when I did my last trade there, don't kow how it's now).

All other exchanges, like Bitfinex, btc-e, bitcoin.de,..  do it exactly the other way round you introduced it.
So if you buy bitcoins there, they will take the fee from the bought bitcoins. And if you sell there, they take them from the Fiat you get.
I will call this "way2".

When it's deducted from the bought btc amount (way2):
You buy 1 bitcoin, but only get 0.997BTC, if the fee is 0.3%. And on most exchanges the minimum trade amount is 0.01, so you can't even buy the missing 0.003 BTC -.-
So to get exaclty 1 bitcoin I have to buy 1.003009027 BTC ... you don't see why this is annoying?
But this way of doing it is quiet logical, because you never have too few balance.

The other way round, like Kraken did today ("way3")... when you think about, it also does make sense in some way and you don't have the problem with buy 1btc and get 0.997, so that's good.

But in the end, both methods (way2 and way3) have the same result:
Ending up with more/less Btc/Fiat, than you should have.

When you buy and sell btc with way3:
starting balance:  200€ and 2BTC and 0.1% fee.
- buy 1BTC for 100€/BTC    ->  with fee I pay 100.10€   ->  now I have 99.90€ and 3 BTC
- sell 1BTC for 100.20€/BTC  (so it should be +-0)  ->with fee it will reduced by 1.001BTC -> now I have 200.10€ and 1.999BTC.
I will loose more and more btc when it's way2 or way3.

That's why I prefer way1.

We have set the fees back to the old way of doing it. Sorry that we didn't provide advanced warning, but the developers thought we had changed it this way before without any comment from clients, so they thought that people didn't care one way or the other. We understand, though, that it can be a problem for accounting and advanced notice should have been provided. We will definitely provide such notice if we change it in the future.

We would love to hear feedback from others on their preference with the fees - i.e. do you have a preference for what the default fee currency is and why.

Hi Serpens, as I just posted in the German thread, we are looking into this right now. We will get back to you.

Yes, SEPA transactions will be processed, but wires will not be processed. Today and Monday are bank holidays both in Germany (Fidor) and in Luxembourg (PayCash's bank).

They are both bank holidays in Germany, but the system is automated.
That is when it actually works.

According to TARGET2 rules, easter friday and monday are bank holidays:

http://www.vdb.de/target-arbeitstage.aspx

Is it a Bank Holiday in Germany today? Will SEPA deposits be processed?

Hey Drago,

why the hell you changed the fee system without notification ?!   
When selling bitcoins, the fee is now deducted from my bitcoins, and not like yesterday from my €.

Why and why this way? Every other exchange does it the other way round.   But anyway, it mess up all my balances and also the calculation for taxes! I want the fees always deducted from my € balance.
Under "advanced" in the "New Order" tab, I can set this, but it seems not to be a permanent setting.

So please change this as quick as possible or tell me where I can set this on my own.

Thanks for the suggestion. We don't want to move that FAQ question since we want that question answered on the main site. I think the fee subpage is only for trading fees, but I like the idea of having a different section devoted to all fees, so we may do that. In the Kraken Help Center, deposit fees are currently covered under the "Deposits: Basics" section and withdrawal fees are covered under the "Withdrawals" section.

Thanks for the interesting suggestion ICFielder. We will consider it. 

I checked our support tickets and I don't see any login issues reported. But please create a support request if you are having an issue.

Also with me no problems

No problem here.

Is there a problem with login?