I wrote MtGox this e-mail today:
Quote
I have a question about trading fees.
I guess these limits were set a lot earlier, when the btc-price was a
lot lower.
So say you need to trade 25000 bitcoins to have a trading fee of 0.29%,
that involved a lot less money when the bitcoin price is 5, as compared
to the bitcoin price being 40.
At 25000 btc, a price of 5 gives a USD trade total of 125000, while at a
price of 40 this gives a trade total of 1000000 (1 million USD).
I think it would be better to have flat rates for USD, so that the
current requirement for a 0.29% trade fee would be lowered to 125000/40
= 3125 BTC.
As it is now, getting lower trade fees is very difficult unless you're
an extreme high roller.
Basically it's become about 10 times more difficult to get lower trade
fees.
Can you query Mark with this ? Thanks.
I guess these limits were set a lot earlier, when the btc-price was a
lot lower.
So say you need to trade 25000 bitcoins to have a trading fee of 0.29%,
that involved a lot less money when the bitcoin price is 5, as compared
to the bitcoin price being 40.
At 25000 btc, a price of 5 gives a USD trade total of 125000, while at a
price of 40 this gives a trade total of 1000000 (1 million USD).
I think it would be better to have flat rates for USD, so that the
current requirement for a 0.29% trade fee would be lowered to 125000/40
= 3125 BTC.
As it is now, getting lower trade fees is very difficult unless you're
an extreme high roller.
Basically it's become about 10 times more difficult to get lower trade
fees.
Can you query Mark with this ? Thanks.
Last time I had an issue, they told me to please get in touch with them first, before posting on the forum. I did this now, but the answer was a copypaste one that did not answer my questions:
Quote
Hello
Thank you for your email. The fees are charged entirely on the volume and the fee varies according to each interval for the volume.
For Eg : If a new user trading 1000 BTC.
For your first 100, you will be charged 0.6% then the second 100 Bitcoins you sell you will be charged 0.55% then for teh 200-499 bitcoins you sell, you will be charged 0.53% and for the 500-999 bitcoins he trades, he will be charged 0.5% and the 1000th bitcoin traded he will be charged will be charged 0.46%.
Please note that this would have to be the volume in 30 days so every thirty days the Volume Discount Display on User's Panel will be revised.
Another Eg:
Let say a user trade's 200 bitcoins this month, but don't trade again until another 2 months. In the next 2 months, user will start at 0.6% again for his first 100 bitcoins. But if he continue to trade everyday, his volume discount should remain based on the past 30 day volume.
Let us know if you would require any further assistance regarding this issue.
Thanks,
MtGox.com Team
Thank you for your email. The fees are charged entirely on the volume and the fee varies according to each interval for the volume.
For Eg : If a new user trading 1000 BTC.
For your first 100, you will be charged 0.6% then the second 100 Bitcoins you sell you will be charged 0.55% then for teh 200-499 bitcoins you sell, you will be charged 0.53% and for the 500-999 bitcoins he trades, he will be charged 0.5% and the 1000th bitcoin traded he will be charged will be charged 0.46%.
Please note that this would have to be the volume in 30 days so every thirty days the Volume Discount Display on User's Panel will be revised.
Another Eg:
Let say a user trade's 200 bitcoins this month, but don't trade again until another 2 months. In the next 2 months, user will start at 0.6% again for his first 100 bitcoins. But if he continue to trade everyday, his volume discount should remain based on the past 30 day volume.
Let us know if you would require any further assistance regarding this issue.
Thanks,
MtGox.com Team
I don't know if it's a lack of understanding the issues at hand, or if it's a matter of not reading what I write propery, but I didn't have the impression that my questions were adressed.
If somebody at MtGox can chime in here, and in writing proove that they acknowledge the issue and understands it and have Mark notified, that would be great. I may as well get in touch with him later on as well.
