MtGox double charge of fee. | Bitcointalksearch.org

Stephen Gornick

legendary

Activity: 2506

Merit: 1010

Quote from: kokjo on April 15, 2012, 11:07:56 AM

mtgox is rather unclear about this,

The text that pops up if you hover over the progress bar that is shown (usually 0.6% for new accounts) says something to the effect of:

Quote

Mt Gox charges a small fee (0.60 %) for each trade.
Your trading volume for the past 30 days is 0.0000000 BTC. If it reaches 500.00000000 BTC, your nominal trading fee will be 0.55%.

It says this regardless of whether or not you have "Buy" selected or "Sell".

If I look at a stock exchange, say Charles Schwab I see:
- http://www.schwab.com/public/schwab/investing/pricing_services
"Online equity trades just $8.95 each"

So Schwab doesn't feel the need to clarify this any further either.

likuidxd

sr. member

Activity: 476

Merit: 500

Quote from: kokjo on April 15, 2012, 11:07:56 AM

yes, but what is a trade?

is it the whole trade, or the two sides of the trade, that gets the fee.

mtgox is rather unclear about this, but its common knowledge on this forum that its both sides.

Well, aren't you trading USD for BTC on one end and then trading BTC for USD on the other end?

kokjo

legendary

Activity: 1050

Merit: 1000

You are WRONG!

Quote from: likuidxd on April 15, 2012, 10:46:47 AM

Mt Gox charges a small fee (0.x%) for each trade.

yes, but what is a trade?

is it the whole trade, or the two sides of the trade, that gets the fee.

mtgox is rather unclear about this, but its common knowledge on this forum that its both sides.

likuidxd

sr. member

Activity: 476

Merit: 500

Mt Gox charges a small fee (0.x%) for each trade.

kokjo

legendary

Activity: 1050

Merit: 1000

You are WRONG!

Quote from: Realpra on April 15, 2012, 01:42:58 AM

Everybody know this, am I a fool?

yes. look at you usd history. you will see a fee too there, from when you where selling your btc(buying usd...).

Realpra

hero member

Activity: 815

Merit: 1000

I thought the fee was per trade, not per person. Nvm then.

Meni Rosenfeld

donator

Activity: 2058

Merit: 1054

Yes, this is known.

Buys and sells are symmetrical, and the fee is 0.6% for each side for each operation. Why would you assume the fee is only for buying?

Realpra

hero member

Activity: 815

Merit: 1000

I have gone through my previous history and they charge the fee twice, but only show it once.

I thought the fee was 0.6% when you bought (so you only pay it half the time), but its actually 1.2% and you end up paying 0.6% both times.
(Since the other guy does too the actual fee is 1.2%/trade)

Everybody know this, am I a fool?

If so why do they hide it instead of showing the actual fee or show 0.6% on your side on sales as well.

I sold at 4.935 and bought at 4.876 - that's about 1.2%.

However 0.6% was subtracted from this on the amount that went into my account.

After that ANOTHER 0.6% fee was slapped on top (the shown one) - resulting in a total albeit very small loss.

Topic: MtGox double charge of fee. (Read 1599 times)