Don't trade on binance or okex if you are just a small trader

DashingAgent

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I am sorry binance is really a good exchange. However these things occur when you are a small trader who trade large coins with smaller amount just like 0.01 btc, like you buy ltc at 0.0039 and sell it on 0.00391 within 5-15 minutes then it is possible that you will pay the fee more than your profit but I am sorry. I am a big fan of binance too.

Quote from: Tytanowy Janusz on November 15, 2020, 01:29:48 PM

Quote from: DashingAgent on November 15, 2020, 06:36:44 AM

For your information, small exchanges do not charge maker+taker fee and there is no limit applied like you cannot trade little ($10) like on binance, instead small exchanges only charge either maker fee while selling and or either taker fee while buying.

Yea I know. Some of them are even doing negative fees for maker. But does it matter if its -0.05% for taker and +0.20% for maker or 0.075% for maker and taker? Not really. Sometimes you will me maker sometimes you will be taker so on binance you have 0.15% for buy and sell and on hotbit you have 0.15% (once as taker once as maker). Same? not really because look at this:

LTC/BTC on binance(bad big exchange) and hotbit (small exchange)

0.025% vs 0.25% spread. Things are getting worse and worse on smaller exchanges and smaller coins.
You should also add into account that it is far more risky to have coins on small exchanges (weaker hack protections, exit scam more possible). There is nothing better right now for small and big trader than binance.

XZERO1

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Quote from: DashingAgent on November 15, 2020, 05:24:24 AM

Don't trade on binance or okex if you are just a small trader having as little as 0.01 BTC and trading alts as a short term trading, you will only lose because then you will be just paying to binance or okex as binance and okex both deduct fee from your altcoins along with bitcoins (maker and taker fee). However if you are having small coins with big fluctuations then you may be in profit but trading coins like ltc, ethereum are not profitable anymore with bitcoin, there could be little profit with just USDT trading pair. Furthermore, binance or okex are not built for small traders so small traders are not preferred there.

That is the case for almost all crypto exchanges, smaller traders usually pay like 0.1% for every trade they make but as the trading volume increases the fees will decrease at the same time and I personally don't see any problem with that as long as the fees are not that high like that 0.1% that I mentioned, I mean they should give high volume traders some kind of an incentive to use their exchange so that they can have higher trading volume and therefore more liquidity on their trading pairs.

I know for a fact that some exchanges even have some sort of market makers program that even reward those who provide liquidity for some of their trading pairs and that's completely okay in my honest opinion and it's way better than the alternative which is showing and having fake volume which is both annoying and misleading.

Quidat

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Quote from: samcrypto on November 15, 2020, 05:56:04 PM

Day trading is indeed expensive because of the fees so make sure you make profit over the fees and this is happening on every exchanges not just on the top exchange. Binance is build of good exchange and good security so as a small time trader, I have a peace of mind on Binance and I know my profit can cover that fees so not a big deal at all to me.

As long you do know on how to play with the price movement or fluctuations then this wont really be an issue after all yet fees arent really that too big for you to
bother off even if you are an active trader as long you do know on what youre doing then you can go ahead without doubting with that small capital of yours.
0.01 BTC isnt really that small to trade on actually yet takers or makers fees arent really that high but of course you should know on how to deal with things
or else then those capital of yours would really be just eaten by fees.

So play smart and wise as always be as a trader.

EdenHazard

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Quote from: CaVO32 on November 15, 2020, 05:10:48 PM

Quote from: seleme on November 15, 2020, 04:56:46 PM

Nonsense, the taker and maker fees are not high on Binance compared to Bitstamp or Bitfinex. For each trade, you pay the commission to the middleman for meeting the order requirements as a taker or maker order owner. The 0.05% fee promotions are temporary if you have seen lower fees on advertisements, don't give advice if you have no idea how the order book works.

I don't agree as well. Even small traders can use Binance, their taker and maker fees are very competitive than other exchanges. And their withdrawal fees is lower than most exchanges. I don't think binance is built for large traders only. The OP is seeing it wrong, in my opinion. Every exchange is open to all traders, whether your are a small timer or big timer. It depends on your necessity for every situation. This is the good thing with crypto exchanges, there's no discrimination on their users.

I would rather say , don't trade future on binance or okex if you are just a small trader , that's fit to them.

The maker and taker fee are the main problem for op which it's doesn't makes any sense. He might doesn't aware that these fees are very reasonable not an expensive one that makes the small trader have less privileges to get higher fee or something lol , what's on your mind op. What's your problem? Cheesy

passwordnow

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It's normal to know that there are fees when you are trading in an exchange. Although there could be some traders that are not aware of it and don't notice the deduction of their total trade that they've conducted. Don't be discouraged if you have a little capital when you trade. But if you know that you can grow it on those platforms or whichever exchange you are comfortable with, just always be aware of the fees and don't complain if you do ever see that there's a deduction that you haven't noticed.

LUCKMCFLY

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Several people have already talked about it, but sometimes I think one thing, if a trader is clear about trading on any platform, it does not mean that he will become a millionaire overnight, sometimes the alts suffer many falls because When bitcoin makes a major move, the highs suffer, and they bleed out even more if bitcoin takes a dip.

Due to my short experience as a trader, I have noticed that it is best to trade on these platforms in the long term, no matter what it falls, it is left there as long as necessary until it can recover the price. However Binance has good fees for withdrawal of funds.

samcrypto

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Day trading is indeed expensive because of the fees so make sure you make profit over the fees and this is happening on every exchanges not just on the top exchange. Binance is build of good exchange and good security so as a small time trader, I have a peace of mind on Binance and I know my profit can cover that fees so not a big deal at all to me.

Kupid002

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Quote from: DashingAgent on November 15, 2020, 05:24:24 AM

Don't trade on binance or okex if you are just a small trader

Don't trade on binance or okex if you are just a small trader having as little as 0.01 BTC and trading alts as a short term trading, you will only lose because then you will be just paying to binance or okex as binance and okex both deduct fee from your altcoins along with bitcoins (maker and taker fee). However if you are having small coins with big fluctuations then you may be in profit but trading coins like ltc, ethereum are not profitable anymore with bitcoin, there could be little profit with just USDT trading pair. Furthermore, binance or okex are not built for small traders so small traders are not preferred there.

Other exchange also ask the same thing when you are trading .if you want to only use small amount to trade then do not widraw it immediately you need to make more trade to be able to earn enough to get profit and you need to also lessen the widrawal fee that you need to pay every time you want to widraw your crypto in your wallet .

For that small amount it's better to stay it there and trade different crypto currency until you earn enough profit before widrawing.

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Quote from: DashingAgent on November 15, 2020, 05:24:24 AM

Don't trade on binance or okex if you are just a small trader

I think you just want to cause unnecessary panic as I don't see any need for the warning. Every platform has a way of getting commission on trades, even if they do run a zero trading fee kind of promo like Binance did at the beginning of its establishment in 2017. I believe there are many exchanges which started that way too but later started charging commissions too. I am a small trader and I trade on Binance (I don't have an account with Okex). I haven't noticed anything untoward with Binance. The trading commission thing isn't out of place, for me. Besides, Binance is the number one leading exchange and traders assets are near safe in that exchange.

CaVO32

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Quote from: seleme on November 15, 2020, 04:56:46 PM

Nonsense, the taker and maker fees are not high on Binance compared to Bitstamp or Bitfinex. For each trade, you pay the commission to the middleman for meeting the order requirements as a taker or maker order owner. The 0.05% fee promotions are temporary if you have seen lower fees on advertisements, don't give advice if you have no idea how the order book works.

I don't agree as well. Even small traders can use Binance, their taker and maker fees are very competitive than other exchanges. And their withdrawal fees is lower than most exchanges. I don't think binance is built for large traders only. The OP is seeing it wrong, in my opinion. Every exchange is open to all traders, whether your are a small timer or big timer. It depends on your necessity for every situation. This is the good thing with crypto exchanges, there's no discrimination on their users.

seleme

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Nonsense, the taker and maker fees are not high on Binance compared to Bitstamp or Bitfinex. For each trade, you pay the commission to the middleman for meeting the order requirements as a taker or maker order owner. The 0.05% fee promotions are temporary if you have seen lower fees on advertisements, don't give advice if you have no idea how the order book works. Order book reading is an art which can not be changed by unprofessional traders, the temporary facts are just time based "temporary things", IMHO.

South Park

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Quote from: DashingAgent on November 15, 2020, 05:24:24 AM

Don't trade on binance or okex if you are just a small trader having as little as 0.01 BTC and trading alts as a short term trading, you will only lose because then you will be just paying to binance or okex as binance and okex both deduct fee from your altcoins along with bitcoins (maker and taker fee). However if you are having small coins with big fluctuations then you may be in profit but trading coins like ltc, ethereum are not profitable anymore with bitcoin, there could be little profit with just USDT trading pair. Furthermore, binance or okex are not built for small traders so small traders are not preferred there.

To me it's a really bad idea to trade with such a low amount of money regardless of the exchange you decide to use and it's simply because of the fees, while in theory you can trade with whatever amount of money that you want in this market the reality is not that forgiving, you need to have a decent amount of capital because if you don't the fees that you're going to be charged are going to be very high compared to your capital and you will have to be an extraordinary trader just to overcome those awful odds.

Tytanowy Janusz

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Quote from: DashingAgent on November 15, 2020, 06:36:44 AM

For your information, small exchanges do not charge maker+taker fee and there is no limit applied like you cannot trade little ($10) like on binance, instead small exchanges only charge either maker fee while selling and or either taker fee while buying.

Yea I know. Some of them are even doing negative fees for maker. But does it matter if its -0.05% for taker and +0.20% for maker or 0.075% for maker and taker? Not really. Sometimes you will me maker sometimes you will be taker so on binance you have 0.15% for buy and sell and on hotbit you have 0.15% (once as taker once as maker). Same? not really because look at this:

LTC/BTC on binance(bad big exchange) and hotbit (small exchange)

0.025% vs 0.25% spread. Things are getting worse and worse on smaller exchanges and smaller coins.
You should also add into account that it is far more risky to have coins on small exchanges (weaker hack protections, exit scam more possible). There is nothing better right now for small and big trader than binance.

dimonstration

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Quote from: death69 on November 15, 2020, 12:00:58 PM

Lol. The fees are the same no matter which exchang you choose. If you choose to close your trade without profit, you will indeed taking fee as loss. No point in such statement like this. If you take a 10 or 20% profit in a trade, you will never suffer loss from fees.

Fees are almost same, though for small traders who have only few capital every profit counts so it will be better if they will not withdraw too fast or easily until they have gain bigger profit as for sure their profit will be only on fees if they keep withdrawing in low gains, they should set plan and learn more how to trade so next time their profit will be higher still than fees since we can't control the fees as it's part of exchanges to earn.

death69

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Lol. The fees are the same no matter which exchang you choose. If you choose to close your trade without profit, you will indeed taking fee as loss. No point in such statement like this. If you take a 10 or 20% profit in a trade, you will never suffer loss from fees.

Findingnemo

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Fee structure is same for every trades no matter if it is big or the minimum so if small trader can't make profit means then how the trader with huge capital can be able to make profits? Small traders may not survive if they keep withdrawing their funds regularly because withdrawal fee will eat the profits and also the capital when the market is highly clogged with huge number of unconfirmed transactions.

Nellayar

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When I was noob, I tried to start trading using 100 bucks only. I managed it to get doubled because I just patiently waiting for the coin I bought to be doubled. As time goes by, I started to invest more using my bounty income. I made it more than 0.11BTC just for 8 months and I am proud of my achievement. What I want to say is that, it does not matter even you have small or large capital. It matters how you build your strategy and compete to the toughest battle in trading. If being small trader ate by fees, there are no whales who will say they began in small amount of capital.

If you are fear to invest because you have little amount of money today. When are you going to start? If you are already a millionaire? Just think about it.

NeuroticFish

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Quote from: DashingAgent on November 15, 2020, 05:24:24 AM

Don't trade on binance or okex if you are just a small trader having as little as 0.01 BTC and trading alts as a short term trading, you will only lose because then you will be just paying to binance or okex as binance and okex both deduct fee from your altcoins along with bitcoins (maker and taker fee)

Imho you have to read more. All exchanges get their fee from trades.
Also you have to think deeper: 0.01 BTC traded many-many times in both direction will get you to a tier with lower fees (at least on Binance). Yes, it's difficult.
But the start is the same on all exchanges, actually Binance (and very few others) allows the traders with high volumes get to tiers with lower fees, which on many other exchanges you cannot achieve.

So the overall logic is somehow the opposite: if you are small fish, you don't have to avoid certain exchanges since it makes not much of a difference in fees. If you are big fish you will have to favor certain exchanges.

joniboini

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Quote from: DashingAgent on November 15, 2020, 06:36:44 AM

For your information, small exchanges do not charge maker+taker fee and there is no limit applied like you cannot trade little ($10) like on binance, instead small exchanges only charge either maker fee while selling and or either taker fee while buying.

As far as I'm aware, what you describe is basically the same thing. If you 'take' an order then the taker fee will be applied (no maker fee), and so on. Literally, every exchange does this with exception such as high-level membership. Maybe you can build a better case if you mention which exchanges you're referring to.

DashingAgent

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For your information, small exchanges do not charge maker+taker fee and there is no limit applied like you cannot trade little ($10) like on binance, instead small exchanges only charge either maker fee while selling and or either taker fee while buying.

Quote from: Tytanowy Janusz on November 15, 2020, 06:26:49 AM

Quote from: DashingAgent on November 15, 2020, 06:19:24 AM

No. It is not equal for small traders since small traders pay more, you can check by investing a little as BTC0.01 in some alt coins like ltc, eth, and try to make a 15 min trade, or you will have to wait more like you have to wait altleast 4 hours if the coin is gaining liquidity by traders.

Thats nonesense. You can do instant in and out you will pay 2x fee + spread - the same like on every other exchange (but spread on smaller exchanges will be higher). This applies to both large and small investors. You need to know how order book works, how to create order, what is fee, what is spread, what is market order, what is limit order and then come here and make posts based on facts not guesswork. Put some data into OP. Prof something. Not only "Don't do it"

Topic: Don't trade on binance or okex if you are just a small trader (Read 207 times)