Topic: [EXAMPLE] Why Maker and Taker fee is very important for Traders and Investors (Read 143 times)

The topic is not about taker or maker fee but about which exchange should you use. At least, I would choose a more reliable exchange than LUNO. Besides, when it comes to taker/maker fees, you can easily find comparisons between various exchanges. Below is an example. Though it's not really updated but it still helps to determine which exchange is lower, which is higher.


Image Source

Luno is still operating and in they play store reviews, people have problem with transaction receiving, money being deducted twice, hijacked accounts, trash customer service.

Maker fee is lower than taker fee in most account levels. Look the example on Binance: https://www.binance.com/en/fee/schedule
The cryptowisser.com table of exchanges can help with comparative table for maker/taker fees: https://www.cryptowisser.com/

Most of the people on the market are market takers and they accept higher fee than maket makers.

Depends on the exchange but yeah some of those have insane maker and takers fee.

But in the Uniswap life on dex this isn't comparable to the fees on cex. Cause dex now is hitting up literally huge fees which is more lower on cex.

---

Me too. Using the Binance p2p and honestly this is best fiat gateway to crypto. OP should consider to use this, many countries supported this peer to peer system.

Different exchanges have different Maker and Taker fees. Take note of the fee percentages before you start trading using and exchange. When it comes buying or selling crypto directly to fiat. Centralized exchanges tend to impose exorbitant fees, not sure why, but it's ridiculous.

If you want to cut on the fees try to use p2p platforms. I use Binance's P2P platform for my fiat trades, and it is awesome as I don't even lose any money to trading fees, slippage rates and service fees

---

DISCCLAIMER: This thread is for guidance and learning from mistakes, it's no way intended to promote or tarnish other exchange service and their products.
For privacy, I hid the fiat currency to protect my identity since it's a centralised platform ( Exchange )

---

It's said that if you don't learn from others, you will learn from your self. Information and Knowledge is a powerful tool if one utilise it in the right direction and wish I can travel back to past just like Flash Movie or turn back the hands of time so I can amend/erase the mistakes I had done in the past.


Been in crypto space comes with a price which comprises trend, zero ignorance and guidance. Once a mistake is done, it cannot be undone. same goes with a transaction in a blockchain that can't be reversed once you press SEND to a wrong wallet address and also buying and selling of coin/tokens.
There are some heated arguments if one needed deep knowledge about cryptocurrency before venturing into trading or investing into a project as a holder but the truth is, to excel in this industry, one requires some basic understanding of trading and guide to exchange your coins for liquid especially when you hold long term. Holding a bitcoin worth $30k just to pay an enormous fee for fiat platform is a pure scam which must be highly discouraged, the tax they pay to the government isn't up to what they collect from users.

It was a new year and I decided to go through my transaction history to see how I have exchanged some of my holdings for fiat and it was so embarrassing to see that I have to pay an exorbitant fee in a centralised exchange just to get my money into local banks. it's so frightening that most of these exchanges are clamouring for decentralised system and making transactions with a low fee but they are is absolutely nothing different from Banks.
My ignorance for the maker and taker fee has cost me much and I want others to learn from my mistakes. I will be sharing some images I took from my wallet and how I paid a large fee for just to get a fiat.


Two transaction i made in 2019, there are many more and it sadden me anytime i look into the transaction history. i blur the fiat amount i bought and sold these coins in other to hide my identity.
From the screenshot below, one can easily see the amount paid to this exchange to get fiat






Another screenshot of two transaction i made in 2020,there are other more. Poor me




Avoid luno exchange at all cost, you wouldn't know the importance of these maker and taker features until you are involve with a large amount. I lost almost 1.32 ETH to LUNO exchange for buying and selling in 2019 alone, that's insane and and stealing.
It took me a while before I was able to transfer my fund to Binance exchange since they support my country and fiat withdrawal. It's not the best because they are centralised exchange and not your keys, not your fund they provide easy service when it comes to depositing and withdrawal into your local banks with just a token fee. Don't give your ROI to these platforms just to get your funds in an out of exchanges. Don't be like me because my early days were so rough and i regret it.

Here are some interesting topic to get you started.
[1] Bitcoin Support and Resistance for dummies
[2] What is the biggest issue for beginners ?   THe answers from experience users and high rank members are interesting
[3] Beginner's Guide to Transaction Fees
[4] [BIG LIST] Analytical Crypto Services & Tools
[5] [Tutorial] Crypto taxes for beginners

---

Happy new year to everyone.