Now we know the truth about crypto exchange fees!

exstasie

legendary

Activity: 1806

Merit: 1521

I see no utility here. I simply don't trust third parties to accurately measure liquidity and slippage. I can determine the fees and test liquidity myself.

This goes to the same exact problem as voluntary volume reporting by exchanges. This widget will probably be exploited just like Coinmarketcap was. Just because it says liquidity exists (because of a low spread) doesn't mean it really does.

It's obvious how this could be used to deceive. Right off the bat, this comparison looks intended to hype these no-name exchanges, StormGain and XCOEX:

nutella_11

jr. member

Activity: 175

Merit: 1

Fees are normal in the cryptocurrency world. This is how you "pay for a service", if you know what I mean. In reference to cryptocurrency exchanges' fees, I need to say that CoinDeal has great opportunity for their users. If you have some CDL Tokens, they can lower your fees a little bit. It's something which I haven't seen before.

panganib999

hero member

Activity: 1750

Merit: 589

The truth about crypto exchange fees, is that they are fees. Bow. Nothing more nothing else. They are fees, no lies involved. Jeez.

Quote

To get these numbers, we didn’t just rely on the documentation provided by each cryptocurrency exchange, since this is oftens purposefully confusing to make it difficult to determine the commission costs. Instead, we registered at each platform, made a deposit, and placed a trade to ascertain exactly how much a trader can expect to lose due to commission with each trade

If they actually did this, then whats the point? This is basically the same as us traders trying out the exchange platforms and experiencing the fees ourselves. What exactly does your app even help with? Besides, even if we are beginners, I'd still rather experience the fees myself, helps with the management of the funds I currently have. At least, I know what happens.

stomachgrowls

hero member

Activity: 3010

Merit: 794

As mentioned on link:

"The javascript widget can be downloaded free of charge from the BeInCrypto Svelte repository, whereas a later update will make the app compatible with WordPress shortcodes."

Still,I wouldnt buy out on this one.

Ucy

sr. member

Activity: 2674

Merit: 403

Compare rates on different exchanges & swap.

Looks nice. Fees of StormGain exchange is quite low. Probably the lowest exchange fee in Crypto world? I doubt it. Are all available cryptocurrency exchanges listed or just the five/six?

Quote

To get these numbers, we didn’t just rely on the documentation provided by each cryptocurrency exchange, since this is oftens purposefully confusing to make it difficult to determine the commission costs. Instead, we registered at each platform, made a deposit, and placed a trade to ascertain exactly how much a trader can expect to lose due to commission with each trade

Interesting. Do you check the fees manually or is it automated?

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

I think it is not really that big of a deal for the people who do long term trading, however for the short term traders that does daily trading with thousands of dollars everyday buying and selling but those people also work the spread as well, they literally work the spread to make money anyway. So, long story short binance may not be the greatest company ever but their fees are quite awesome, since I have no dog in the fight I can tell you that I will not make any money by saying binance is great or not.

I kinda feel like this whole article looks like a big marketing for a company called "stormgain" which I have never heard before, I am sure they are trying their best but advertising disguised as article is not the way to keep continue and get better and bigger.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

Why would you even bother using third-party applications when you can literally just research it in their site itself? Plus, fees are there cause they don't bloody work for free ngl. Plus, as a trader, you gotta be ready to bear the costs of crypto fees, since your using their services and all of that. Plus, I'd rather actually determine myself the best possible way to trade by changing to altcoin then to BTC instead, I at least can rest assured that any fault that happens would be MINE. Using another app just to determine the fees, pretty useless tbh.

aardvark15

hero member

Activity: 1008

Merit: 510

Those of us that have used several exchanges and made lots of trades understand that the fees will gradually bleed our profits. It’s not just the fees per trade but the fees to move Bitcoin from an exchange.

It’s like a bar of soap that constantly gets smaller and smaller the more it’s used.

The Sceptical Chymist

legendary

Activity: 3500

Merit: 6981

Top Crypto Casino

Quote from: BrewMaster on December 05, 2019, 05:19:37 AM

i don't know about this "widget" and i don't want to waste time on it but you should never install this type of things, specially when they are directly targeting something so sensitive as your exchange account that involves money.

I'm not sure you have to reveal any info for the widget to work, but you're probably right being suspicious of it and I sure as hell wouldn't install it on my computer.

This caught my eye:

Quote

As it stands, the widget tracks six popular cryptocurrency exchange platforms:

Binance
CEX.io
Kraken
Poloniex
StormGain
XCOEX

The widget wouldn't help me one bit. Know why? Because two of those exchanges I can't use because of where I live; Kraken sucks and I'd never use them again; and I'm pretty sure the remaining three exchanges also aren't available where I live (though I haven't checked).

And why provide the fee structure for only six exchanges? Is this widget sponsored by StormGain or something (they have the lowest fees, apparently)? This all smells really fishy to me. Thanks, but no thanks.

Mahanton

hero member

Activity: 2730

Merit: 632

Quote from: ?? on ??

Don't be too lazy to check their fee structure by visiting their official trading website, third party apps are not really safe as mentioned above it can steal any information which could result in funds theft.If you don't want to enter every exchange then we can find lot of articles which list exchanges with less fee.

Do we still have any reason to use that widget?

For sure there wont by any.

I dont know on why people would really be lazy enough to visit out the site and check the fee for himself and tally it up for making comparison if you are really keen on such matter.
Randomly downloading any widget on net wont really be suggested most of the time.It isnt even necessary to check it out yet exchange fees arent really that big for you to consider.

MURONDI

sr. member

Activity: 812

Merit: 257

I don't really care about trade costs, when I trade I focus more on profit than trade costs, the cost of trading between exchanges is usually only a small difference, as long as the trade costs are tolerable I don't mind it, widgets only to find out the cost of trading for me is less important.

BrewMaster

legendary

Activity: 2114

Merit: 1293

There is trouble abrewing

Quote from: cheezcarls on December 05, 2019, 04:33:32 AM

It looks like this widget would save our day! You know why? It's because it really solves the problem about the true fees of any crypto exchange that are currently live and working.

and THAT is how scammers steal your secrets!
i don't know about this "widget" and i don't want to waste time on it but you should never install this type of things, specially when they are directly targeting something so sensitive as your exchange account that involves money.
you can find lots of stories about how people simply lost their private keys, login passwords, API keys,... just by being reckless about what they install.

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

To help combat the practice of obscuring platform commissions, we produced a widget that clearly highlights the true fees associated with popular cryptocurrency exchange platforms — helping crypto traders make more informed choices about which exchange to trade with.

When it comes to selecting a cryptocurrency exchange, the usual list of desired features usually includes great liquidity, easy to use tools, and relatively low fees.

Full news here

It looks like this widget would save our day! You know why? It's because it really solves the problem about the true fees of any crypto exchange that are currently live and working.

If my site would be live and running by now, I would not hesitate to add this widget immediately so that the community knows the truth about their fees. I am still working on with my upcoming crypto website, and it's more about the latest in the world of cryptocurrency.

With this widget alone, it would give traders like me an opportunity to select which crypto exchange are we gonna trade.

If this really helps in your part, don't forget to share your experience here. If you have any opinion or reaction about this one, let us know by leaving down your comments here! Thanks!

Topic: Now we know the truth about crypto exchange fees! (Read 135 times)