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Topic: Godex.io - Anonymous Crypto Exchanger ♻️ No Registration & No Limits - page 3. (Read 3297 times)

legendary
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Based on my calculation the rate is around 4% fixed or floating rate.
You see, this is the problem in my opinion: the user shouldn't do the calculation, it should simply be shown automatically because today could be 4%, tomorrow could be 3% or 5% depending on who knows what. It would be like purchasing products on Amazon and you don't see the total you're going to pay, just the price for the single items, if you want to know the total you should calculate it by yourself. Would it make sense? I don't think so.

And another question: do all the coins have the same exchange rate or not? Because, again, if I want to swap multiple coins I should calculate every single of them to make sure the exchange rate is acceptable.
legendary
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Ok, and how do I immediately see that difference? Did I miss something? Or you're telling me that I should open CMC, check the price there, check the price on Godex and then manually calculating the difference, and then calculate also the percentage?
Regardless of Godex, it would be good if you looked at the current value on different exchanges before each major swap. Even the largest exchanges do not always offer the same price, there are other parameters.
For example, look at the difference between Binance and Bybit right now
legendary
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Ok, and how do I immediately see that difference? Did I miss something? Or you're telling me that I should open CMC, check the price there, check the price on Godex and then manually calculating the difference, and then calculate also the percentage?

I think he meant that the rate or the price from Godex is not as high as other instant exchanges listed in the image he provided, meaning it's still an acceptable rate and not only Godex exchange that offers the same rate.
You can check the link he provided but Godex is not listed yet on that platform called bestchange so you need to take the percentage manually from the current Bitcoin price and compare them to other exchanges he provided from the image above.

Based on my calculation the rate is around 4% fixed or floating rate.
legendary
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There is nothing hidden. The difference between the best exchange rate (at least according to CMC) and the one offered by Godex is their profit including all transaction costs.
Ok, and how do I immediately see that difference? Did I miss something? Or you're telling me that I should open CMC, check the price there, check the price on Godex and then manually calculating the difference, and then calculate also the percentage?
legendary
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I just checked BTC to USDT and the exchange rate was over 4%, but I had to manually calculate the difference between the current BTC price and the one I was getting from Godex. For me this system is not clear and confusing. For example this is how Robinhood shows it, and it's much more clear and understandable in my opinion:
There is nothing hidden. The difference between the best exchange rate (at least according to CMC) and the one offered by Godex is their profit including all transaction costs. I assume that there are other costs, although they most likely have special partner conditions with other exchanges.
3%-4% is certainly an acceptable rate, look at the deviations of some other instant exchangers, for example, (While the current value of Bitcoin is $56500) https://www.bestchange.com/bitcoin-to-tether-erc20.html


legendary
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Ok, but even if it's already calculated in the price difference it would be nice (and very useful) to know in advance what percentage is. Also because maybe you notice the price difference and you assume that is the cost of doing the trade while other people could simply decide to pass and use another service because they fear there could be some unpleasant surprise after they chose to proceed. And I would be part of the second group to be honest. Less than 3% for a NO KYC is actually good, I don't understand why they should try to hide it, I would do exactly the opposite, let people know it's less than 3%.
It’s not actually hidden, the percentage difference is show just alongside any selected coin. The part most users don’t get to understand is, what it actually means or what value is 2.6% or 3% and I’ll agree with you that, perhaps a template in the transaction analysis do spell that out to be what is being paid on fees for that transaction.
It shows a little more transparency and users of the service gets to know exactly what deal they are getting before executing the transaction.
Some means to buy trust!
I just checked BTC to USDT and the exchange rate was over 4%, but I had to manually calculate the difference between the current BTC price and the one I was getting from Godex. For me this system is not clear and confusing. For example this is how Robinhood shows it, and it's much more clear and understandable in my opinion:


It's very clear that there is a 0.45% commission. Of course I'm not saying Godex must have type of commissions but they should simply be clearly visible and understandable because, in my opinion, anything below 4.5% (maximum) is still acceptable.
legendary
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Ok, but even if it's already calculated in the price difference it would be nice (and very useful) to know in advance what percentage is. Also because maybe you notice the price difference and you assume that is the cost of doing the trade while other people could simply decide to pass and use another service because they fear there could be some unpleasant surprise after they chose to proceed. And I would be part of the second group to be honest. Less than 3% for a NO KYC is actually good, I don't understand why they should try to hide it, I would do exactly the opposite, let people know it's less than 3%.
It’s not actually hidden, the percentage difference is show just alongside any selected coin. The part most users don’t get to understand is, what it actually means or what value is 2.6% or 3% and I’ll agree with you that, perhaps a template in the transaction analysis do spell that out to be what is being paid on fees for that transaction.
It shows a little more transparency and users of the service gets to know exactly what deal they are getting before executing the transaction.
Some means to buy trust!

Previously, I tried to see the exchange rate of all the coins listed on Godex.io, but when using the sort filter, both ascending and descending, the ordered list did not change according to the desired filter.

Is the sort feature not working yet?
The filter as I find it doesn’t arrange coins in ascending or descending order, none of those do apply here. What applies basically is, the valuation as per 24hrs changes, market cap, price and the rest of those parameters being valued in BTC/USDT. It’s the filter that works on that table.
legendary
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  • You don't clarify to the user what the percentage of the amount will be paid as a fee. I've been searching this for a couple of minutes, and I couldn't find the pricing of fixed and variable rates. (Not even in the FAQ.)
I came here to say exactly the same thing: I was looking all over the website for the commission fees but I couldn't find any info and, to me, that is kind of a big problem because I think users should clearly know in advance how much they are going to pay. And for sure many users without this info won't even try the service.
Their fee seems to be calculated in the price difference. For example, at the moment, the price of Ethereum on their platform is $2436 (floating rate) while on CMC is $2502. The difference is a little less than 3% and that could be the exchangers fee.
This is still competitive, considering the withdrawal fee from major CEXs, plus KYC is not required.
Ok, but even if it's already calculated in the price difference it would be nice (and very useful) to know in advance what percentage is. Also because maybe you notice the price difference and you assume that is the cost of doing the trade while other people could simply decide to pass and use another service because they fear there could be some unpleasant surprise after they chose to proceed. And I would be part of the second group to be honest. Less than 3% for a NO KYC is actually good, I don't understand why they should try to hide it, I would do exactly the opposite, let people know it's less than 3%.
legendary
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Their fee seems to be calculated in the price difference. For example, at the moment, the price of Ethereum on their platform is $2436 (floating rate) while on CMC is $2502. The difference is a little less than 3% and that could be the exchangers fee.
That’s actually what it is haven’t compared the price with LTC. It’s always about the 3% increase, not up to actually as it ranges between 2.65%+.
While LTC was priced at $65.9 on CMC, Godex.io had it at $65.83 which brings our difference to be just $0.07 which is so low.
Better still, you can switch between floating and fixed fee to stabilize the fee as you met it within a 30minutes transaction time frame. It’s a good way to deal with volatility and price fluctuations.
legendary
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  • You don't clarify to the user what the percentage of the amount will be paid as a fee. I've been searching this for a couple of minutes, and I couldn't find the pricing of fixed and variable rates. (Not even in the FAQ.)
I came here to say exactly the same thing: I was looking all over the website for the commission fees but I couldn't find any info and, to me, that is kind of a big problem because I think users should clearly know in advance how much they are going to pay. And for sure many users without this info won't even try the service.
Their fee seems to be calculated in the price difference. For example, at the moment, the price of Ethereum on their platform is $2436 (floating rate) while on CMC is $2502. The difference is a little less than 3% and that could be the exchangers fee.
This is still competitive, considering the withdrawal fee from major CEXs, plus KYC is not required.
legendary
Activity: 2380
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  • You don't clarify to the user what the percentage of the amount will be paid as a fee. I've been searching this for a couple of minutes, and I couldn't find the pricing of fixed and variable rates. (Not even in the FAQ.)
I came here to say exactly the same thing: I was looking all over the website for the commission fees but I couldn't find any info and, to me, that is kind of a big problem because I think users should clearly know in advance how much they are going to pay. And for sure many users without this info won't even try the service.
legendary
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Previously, I tried to see the exchange rate of all the coins listed on Godex.io, but when using the sort filter, both ascending and descending, the ordered list did not change according to the desired filter.

Is the sort feature not working yet?



legendary
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Maybe theyre trying to dissuade smaller-time traders from overwhelming their system.  Or perhaps they got other motivations for setting the bar so high but it's a bit of a bummer especially with Godex still being kinda unknown.  People are rightly wary of new services like this, so letting people start small would make sense while they builds up trust. 

This could be done by imposing high fees or delaying withdrawals in order to reduce fees but since Godex.io has been operating for many years, this might be their way. I hope we can get a minimum of $50, the service is good and supports almost all cryptocurrencies.
legendary
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Indeed, $160 isn't that much, but I'm not sure where they're going with this. On a technical level, it probably doesn't impact their fees or operations much whether folks are trading $160 versus $16.  The fees likely stay the same no matter the trade size. 

Maybe theyre trying to dissuade smaller-time traders from overwhelming their system.  Or perhaps they got other motivations for setting the bar so high but it's a bit of a bummer especially with Godex still being kinda unknown.  People are rightly wary of new services like this, so letting people start small would make sense while they builds up trust. 
legendary
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However, the minimum limit will force you to deposit more than $160 in crypto I don't think all of us could afford it I'm sure only customers would use this service are big companies.
$160 is not a large amount and this does not mean that the exchange is only for big businesses.
I would certainly support the proposal to consider reducing the minimum limit. So, for example, if I only need a certain amount of some currency, I am forced to buy more than I need, and later I have to look again for a solution of what to do with that excess.
legendary
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Hmm, I've seen many posts regarding the same point on this page, well for an average trader minimum limits should be constant like we see on the centralized platforms where $10 is a standard limit for every pair, I'm not saying it should be $10 here as well but in order to attract more traders the minimum trade amount should be as lower as possible.

I'll try some pairs soon, to check the fees structure as well.

About the limit, it seems it's around $160 no changes yet on the minimum but I hope they should decrease the minimum limit there's a similar service offer here on the forum but the minimum limit they offer is below $50 which is better the only problem is that they have AML policy that is the good thing here on Godex no AML means no KYC needed. However, the minimum limit will force you to deposit more than $160 in crypto I don't think all of us could afford it I'm sure only customers would use this service are big companies.
I hope Godex change the minimum limit because there are many small traders out there who looking for exchanges like this with no KYC with lower minimum limit.
legendary
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legendary
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  • You don't clarify to the user what the percentage of the amount will be paid as a fee. I've been searching this for a couple of minutes, and I couldn't find the pricing of fixed and variable rates. (Not even in the FAQ.)

This is the easiest issue to address so I would suggest to the OP that they take care of this as soon as possible. The other issues might require a lot of man-hours of programming to fix, so I guess we shouldn't be surprised if we don't see those changes implemented until at least October. Even the reduction of the minimum trade amount, because maybe that would eat into their fees.
legendary
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legendary
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I think those values are way to high to average users.  Can't this be changed?


Although they fix an average of $160 as a minimum for most trading pairs, most of the complaints about them were not due to that.

This platform is a good option for those who want to search for a trading pair that may not be available on most platforms, so changing the average minimum to $50 will increase the number of transactions.


I also agree that the minimum exchange value should be way less. I tried exchanging 0.001 BTC (around $60) and I couldn't do it. It says that minimum is 0.003 BTC. That's OK for a well-established exchange, but for a new exchange I would rather test it with 50 bucks or so and if that goes well, I would be OK to exchange more.

Also, when choosing a currency it's pretty laggy. It takes about a second or two to open a menu with currencies. Maybe it's because there is a lot of currencies offered, but maybe the solution is not to display any currency until a user start typing the name of the currency.
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