I got the following questions from the German thread:
- It would also make sense to specify in advance that you want to exchange Bitcoin for Monero for 100 Euros or Dollars.
Without having to calculate the current exchange rate.
Or simply, I would like to have Monero for 100 Euros at the end, what do I have to deposit in Bitcoin including all fees?
- It would also make sense to specify in advance that you want to exchange Bitcoin for Monero for 100 Euros or Dollars.
Without having to calculate the current exchange rate.
Or simply, I would like to have Monero for 100 Euros at the end, what do I have to deposit in Bitcoin including all fees?
IMO, he just needs to calculate how much XMR or whatever coin he want and he should use Flat Rate instead of Dynamic Rate, like this the amount he'll receive will be the same as the amount he entered when creating the exchange.
- And why are there actually 5% fees for BTC->XMR?
I will quote eXch:
The service fee increase is a loss prevention mechanism of our exchange and usually only affects highly volatile coins, which in that case was XMR. Don't forget that we don't resell Binance like other swappers, so charging 0.5% which often causes a loss of our own reserves is not always an option.
The first service fee spike for XMR pairs was caused by OKX delisting XMR.
The second service fee spike for XMR pairs was caused by Binance attacking XMR by delisting announcement and price manipulation involving various techniques not obvious to most people (except ones who have been here enough to know how all this speculative market works and has nothing in common with tech)
As a service that provides its own liquidity for trades, we have to protect our liquidity from extreme volatily in order to prevent losing our capital.
If we increase a price by 5% 10% or 22% it means we only do it to protect ourselves from some factors currently affecting the coin's price and not to make extra gains.
We are barely able to make any profits even with a current 5% service fee but it's at least a good (and only) mean of protection against high volatility.
However, we are considering to keep 5% on selling XMR in future because our service is now used by many other services with a purpose of mixing, therefore it's absolutely inconvenient for us to work hard acquiring XMR then give it away for nothing to some other service that makes considerable gains based off our hard work acquiring XMR. Same for users who only use eXch for mixing their BTC through XMR - we don't consider it honest when some of them complain about 5% for the level anonymity they will take from our service without recurring to chaining their funds flow through different services that might cost them far more than just 5% (and who are often eXch's resellers).
A price increase of 5% on XMR won't make us worse for sure, because first of all it's justified and secondly we are the only service offering a set of unique privacy/anonymity options and features.
And no, we do not plan to impose a 5% service fee to other pairs unless it becomes necessary, like it was/is in case of XMR.
The first service fee spike for XMR pairs was caused by OKX delisting XMR.
The second service fee spike for XMR pairs was caused by Binance attacking XMR by delisting announcement and price manipulation involving various techniques not obvious to most people (except ones who have been here enough to know how all this speculative market works and has nothing in common with tech)
As a service that provides its own liquidity for trades, we have to protect our liquidity from extreme volatily in order to prevent losing our capital.
If we increase a price by 5% 10% or 22% it means we only do it to protect ourselves from some factors currently affecting the coin's price and not to make extra gains.
We are barely able to make any profits even with a current 5% service fee but it's at least a good (and only) mean of protection against high volatility.
However, we are considering to keep 5% on selling XMR in future because our service is now used by many other services with a purpose of mixing, therefore it's absolutely inconvenient for us to work hard acquiring XMR then give it away for nothing to some other service that makes considerable gains based off our hard work acquiring XMR. Same for users who only use eXch for mixing their BTC through XMR - we don't consider it honest when some of them complain about 5% for the level anonymity they will take from our service without recurring to chaining their funds flow through different services that might cost them far more than just 5% (and who are often eXch's resellers).
I wonder why recently some pairs BTC-XMR for example charge 5% fees on eXch when just few months ago it was 0.5% fee ?
OP does all the pairs will soon be at 5% fee? or it will stay only for ETH-XMR BTC-XMR ?
It's sad this eXch was the best in the industry until it became overpriced just recently..
OP does all the pairs will soon be at 5% fee? or it will stay only for ETH-XMR BTC-XMR ?
It's sad this eXch was the best in the industry until it became overpriced just recently..
I understand i just hope this 5% fee will not apply to all the pairs in the future, and it is indeed for re-balancing the liquidity.
A price increase of 5% on XMR won't make us worse for sure, because first of all it's justified and secondly we are the only service offering a set of unique privacy/anonymity options and features.
And no, we do not plan to impose a 5% service fee to other pairs unless it becomes necessary, like it was/is in case of XMR.
