Topic: Outrageous trading fees, should I switch to stocks? - page 3. (Read 774 times)

Yah, There are different exchange to choose from and their trading fees differs from each other. In my perception trading fees in some crypto exchanges are quite fair, and you can possibly earn that trading fee % in a short time vs a long time you wait for your stocks to accumulate profit.

There are many ways to make a profit out of it since you have a whole btc in your posession. I am assuming that you are a stock trader, You should already know that there are ways like holding your btc to gain some profit or some trading techniques you are comfortable doing.

The trading fee's would not be your problem since you know how to market works and how to gain some profit.

Which cryptocurrency exchange are you preferring that has "outrageous" trading fees? I honestly think that centralized exchanges are the most preferred platforms for day trading since transaction fees are very low and speed is unquestionable. I may not recommend DEXs for day trading because the transaction process is kinda slow and the fees are a bit high.

The advantage of these DEXs is that they don't have the custody of the coins and tokens you hold. But centralized exchanges like Binance, Huobi, KuCoin, OKEx and others worked fine with me.

First of all, do you think stock market is fee free? You are going to pay certain amount of trading fee there that is unheard of in crypto, I have seen as high as 2% there, it is seriously horrible because you are going to start with negative the moment you trade, it is not like crypto where you can do 0.05 or so, even lower in many places.

Moreover, you do not have to use bitcoin, that is one thing people are forgetting about, sure right now withdrawing bitcoin is not something you should do because it is very expensive but if you go ahead with some other small coin you could actually withdraw for almost free. This means if you think about high fee's on stocks and low fee's on altcoins, there is seriously a huge gap between them and you could stay here for longer.

This is the same trap that a lot of users who are new to cryptocurrency fall in to, especially if you are used to the more gentle movements of stock markets. 10-20% swings in price is not an uncommon occurrence for bitcoin, and it is something you just learn to put up with once you've been involved for a while. I barely even pay attention to the price these days. As far as I am concerned, 1 bitcoin equals 1 bitcoin, and I'm fairly confident that over enough time the price of bitcoin in relation to the ever inflationary fiat is always going to go up.

Again, this sounds either like you've chosen poor sites to use, or perhaps there just aren't enough/any sites serving this market in your country. I pay for Amazon purchase via gift cards I've bought with bitcoin regularly, and between the price being slightly cheaper and some gift card merchants offering a rewards program, I often get it for around 3-5% cheaper than paying with fiat directly.

A shame that your first experience of bitcoin was a negative one. We'll still be here to help out in the future if/when you return!

Dude that's some insane amount of fees to buy/sell BTC. Since you are struggling so hard to buy/sell BTC you should consider doing KYC at one of the most reputable exchange and then use it for regular trading if that's your goal. If you are willing to hold your coins for a long term then you can buy BTC from a known person or may be some on this forum or you can also try a P2P platform like Localbitcoins.

Localbitcoins link

Correct me if I am wrong, what the most people called about this scenario is the spread, the difference on the buying price and selling price.
It's really difficult to use that kind of exchanges, it's also like in our country, there are some exchanges that you can directly buy or sell Bitcoin directly to Philippine Peso (PHP).
What I am using before and now, when I buy Bitcoin using our national currency, I am transferring it to some exchanges and I will trade there.

In my opinion, it is huge for exchanges costs of 5% for buying and 3% for selling. My advice is not to trade on that exchanges,
Unfortunately if you want to trade BTC / KWD, it is indeed difficult to find exchanges that support that pairing. Better to convert
your KWD to USD, and trading with the BTC / USD pairing. With this makes it easier to find exchanges with cheaper fees.

But if you end up feeling more comfortable and find it easier to make profits in the stocks market, that is your decision. Feel free
to move your Bitcoin to the stocks market.

Thank you everyone for your support. However, I'm officially done with cryptocurrency (after investing in 2.25 BTC & 6 ETHER within 1 month.) After the immediate downfall of prices I immediately panicked and sold all my currencies (I sort of feel I made a mistake that now prices are going up.) I even tried to use bitcoin and payed my phone bills using BTC, and I also considered bitcoin to pay for my amazon purchases. However, the transaction fees were much higher than those of paying with a credit card (so why the heck would I hold on to my BTC?)

I will be moving to stocks now since it's safer there (not to mention they pay out dividends too.) I may return to Bitcoin in the future, but at the mean time I will focus on stocks until we can have a clearer picture of bitcoin's future.

My loses are estimated to be approximately $6k USD, including the purchase of ledger nano x, and the extremely high buy/sell commission fees.

Once again thank you everyone for your support. 

There are indeed lots of options thought, it does really need up some bit research and those are indeed ridiculous fees but not really an enough reason for you to leave just because of that one
where you can eventually find much more better places that do get lesser which had been mentioned by some users about taker and maker fees. Well, he do still have the
full rights if he would decide to go back to stock but at least he should have some consideration on what people do say on here and he might able to listen up. It seems op is doing day trade?
You cant just expect for making profits on almost instant manner. 

One of the most important things that many people never understand is that the fees you are charged are critical for your success, in your case the fees are outrageous, only the best traders will be able to get profits with that kind of handicap so forget about using them, but it is also a bad idea to use an exchange that sooner or later will lock your account and maybe even scam you from your coins, so if you have the money I do not see anything wrong with switching to the stock market and trying to make money that way.

Those adjustments that you're seeing to the only exchange in your country is the allowance or space that they have for buying and selling rates. It's very common if that exchange is providing you to cash out and has other features to offer.

But this doesn't mean you must be discouraged with those fees. We also cater fees but we have an option to hold or look for a better exchange that offers lower fees which is favorable to what you think is a cheap fee. If you turn back to stocks, leave your bitcoin and hold it.

If your country having a crypto exchange means you also have traders on LBC like p2p trading platforms so you can try to buy bitcoins using p2p where 1% fee for advertisement and no fees if you are buying or selling to someone, which is better compared to 5% fee.

I suggest to find a p2p platform that is available in your area, you can get a fair rate about close to market price. If you want to make some profit why not register to centralized exchange and do buy and sell without any huges fees. I don't know if some exchanges has retriction in your country but that is your task to find out. Check binance first if it is available in your country and also they have p2p too but on limited countries.

Coinbase is one of the securest companies that r der in cryptospace.

U don't trust companies outside Kuwait with your info?? Which email id do u use? R u on fb or twitter?

I believe that in some cases, the situation with high commissions may change if a trader uses their own coins of the cryptocurrency exchange itself, which gives very high advantages for the trader. In addition, some cryptocurrency exchanges make it possible to reduce the amount of commissions if the user passes full verification on the site.

I get that crypto could sometimes be not worthy of your time because it is not what people made you believe what it is, everyone talked about how bitcoin is the new money but you look at it and you see it taking about an hour to come to your wallet and you had to spend 10 bucks for it, and I get that it could be frustrating to have something like that, however that doesn't mean that it would be like that all the time.

You want faster transactions? Withdraw altcoins instead of bitcoin itself, you want cheaper? Use the coins that costs the least amount when withdrawing in the fee structure. You want to actually use it? Find what you want to use it for and check if there is any altcoins specific to that industry. There are tons of ways you could avoid high fee's without going to fully fiat route.

That is enormous fee for trades I guess.

Why dont you select some local exchangers ? I mean that would probably reduce your charges way lot than this.



This is the reason why I like the local exchangers a lot. 5% fees are 25 times more than the local fees inhere.

All you loose here is just 0.4% in total.

Thats ridiculous. You dont need to leave the crypto for this reason, all you have to do is just get new home to trade. 

Well, if the fee's were the only thing that made you move from stocks to crypto, that means fee's could be the reason why you move to stocks from crypto as well. However if you have seen a lot more about crypto than stocks and how it is here to change the world and not just make profit or anything, you could actually stay as well, we are talking about world changing technology here and we are trying to make it get a lot more adopted so that you do not have to use fiat ever again, in that situation fee to buy and sell is not really that important.

Obviously one day bitcoin transaction fee's will get low, it may take a bit more time but it will happen, and when that happens thanks to something like lightning network or any other technology where bitcoin transactions become less than 10 cents, the adoption will increase a ton as well.

Yes, so this is a multi-step process.

Step 1: Use your Kuwaiti exchange or a P2P exchange to buy BTC. Either way, you are going to pay a significant premium if you want to quickly buy BTC. That can't really be avoided, but you only need to do this once.

Step 2: Send the BTC to an exchange like Binance or Kucoin. Then you can trade BTC against USDT, USDC, or similar stablecoin.

Step 3: When you eventually want to withdraw your money back to KWD and your bank account, you'll need to sell the BTC on your Kuwaiti exchange or a P2P exchange, as in Step 1.

You won't be day trading against KWD. The whole point of Step 1 is to escape your limited options for trading against KWD. The vast majority of Bitcoin trading volume takes place in USD, EUR, and USD stablecoin markets. That's where you need to go to get profitable spreads (because of the high liquidity) and cheap trading fees.

Additionally, if you want to avoid KYC, then you are generally limited to stablecoin markets (or derivatives platforms like Bybit.....let's not even get into that). Altcoin exchanges like Binance.com and Kucoin still operate in a legal grey area where they offer trading without KYC since they don't have real fiat (USD or EUR) markets. BTCUSDC (Bitcoin-USDCoin) tracks BTCUSD almost exactly though, so it's perfectly fine for hedging fiat value.

I don't think it is a full fledged exchange you are using! It seems more like a currency exchange company where the other party to any trade is the company itself. You no need to mention that you are loosing opportunity and the company is the only one who is minting money out of your pocket. Try a full fledged exchange like Binance where you can make money on market opportunities.  


I wouldn't recommend that! In that case, you will always have a risk of loosing money for no reason. Where people is saying negative things about a company, it's always better not to use their services.


The exchange rate fluctuation may eat up your profit. Also you will have huge risk of being tagged as a money laundered if you transact a huge sum of money in short period of time.


May I know the name of your country so that I can suggest you a better alternative? Have you checked Binance or Localbitcoins?