Topic: Save some money on Exchange Fees (Newbies should read this) (Read 146 times)
Traders should hold BNB or FTT when they are using Binance or FTX exchange to trade and to pay a lower fees. And new users should must know about trading fees before using any exchanges.
Your advice is contradictory in essence, we are talking about a beginner who has no technical knowledge, and we all know that investing in leverage is dangerous and may lead to certain losses and therefore is not a good investment for beginners.
Investing in margin and leverage is dangerous, let alone investing in them in cryptocurrencies, which are highly speculative, and therefore those who are able to make profits from them are not considered a beginner, and therefore we cannot direct these tips to beginners.
Investing in margin and leverage is dangerous, let alone investing in them in cryptocurrencies, which are highly speculative, and therefore those who are able to make profits from them are not considered a beginner, and therefore we cannot direct these tips to beginners.
Sometimes it is not taken into account much by traders. It will not be felt for those who make a profit, but for the loser it is enough to add to the burden. Fortunately for free exchanges are not taxed. Exchanges in my country starting May 1st have officially implemented the tax system in every transaction. They cooperate and are required by the government so this will get worse if the trade suffers a loss. Exchange in my country "Indodax" makes changes to trading fees. Taker's original cost went from 0.3 percent to 0.51 percent while Maker's fee remained 0 percent. For taxes there are two groups of value added 0.11 percent and income 0.1 percent.
Here's the comparison of Maker and Trading Fees on the Exchange that I'm currently using, The fees below is for none-VIP user that has low trading volume which is perfect for newbie. You can check the source link for the complete list of fees!
I have just got time to take look at the trading fee comparison on the exchanges that is on that image. Exchanges can change their trading fee at any point. I am very familiar with Binance, that is not there trading fee, they may have it like that before but not anymore. The only reason future trading fee is higher is not in percentage charged. In percentage charged, future trading fee is lower on Binance if compared to spot trading on Binance. The reason future trading fee is higher is because people go for leverage which increases the amount used for trading. If the amount iseda for trading increase, the fee charged in percentage will also increase.
This is the current trading fees on Binance, maybe it differs from users to user
I’m always trying to overcome these fees with these holdings. I think it’s more or less keeping your extra funds in other token for long term holding. You get two benefits from this. First you avoid huge fees if you are regular trader or if you are day trader. In the later one you have to make multiple entry and exit which means multiple maker and taker fees which could build up to 1-2%.
Second benefit, you have profits on your holdings in this case on BNB one can easily make profits as the coin is ever blooming.
Second benefit, you have profits on your holdings in this case on BNB one can easily make profits as the coin is ever blooming.
I'm not newbie on trading and I know that they are charging taker and maker fee but I'm not aware that they only charge this when using Market Order.
Not only market order can be used to charge taker's fee. If you use market order, it is certain that the order will be filled immediately, if filled immediately, then taker's fee would be taken.
If you use limit order, the order can be filled immediately or not which depends on the price you make the order, nobody wants to buy at high price and nobody wants to sell at low price which can make order not to fill immediately and result to market maker. But order can be filled immediately when you want to buy at exact price or at higher price, or selling at exact price or lower price, if filled immediately, taker fee will be take because you are not a market maker but still market taker.
Fees are eating a lot on future tradings, as our position always have market fees. So best way to utilize it is use platform discount like binance used bnb as much less fee when using bnb for it probably samw goes to other platform. But Ive stopped future trading for quite sometime due to this and only using spot market to make those fees less. And also I am using busd pairing to save from fees since when you used altcoin with pair of this, there is no fee.
There are different fees on exchanges, here you only mentioned about Maker/ Taker fees. There are more such as Deposit fee, Withdrawal fee. Even with Taker / Maker fee, exchanges usually charge different fee according to Tier of specific user.
In the past, exchanges charge Deposit fee but honestly I don't know whether there are exchanges charge such fee publicly now. However, they combine it and silently charge it in Withdrawal fee that is just a name-calling. In fact, withdrawal fee contains Deposit fee (for input consolidation), Maintenance fee, withdrawal fee and on-chain transaction fee.
Let's read my topic on the ridiculous withdrawal fee and how exchanges get profit from it.
In the past, exchanges charge Deposit fee but honestly I don't know whether there are exchanges charge such fee publicly now. However, they combine it and silently charge it in Withdrawal fee that is just a name-calling. In fact, withdrawal fee contains Deposit fee (for input consolidation), Maintenance fee, withdrawal fee and on-chain transaction fee.
Let's read my topic on the ridiculous withdrawal fee and how exchanges get profit from it.
Basically, Limit Orders would make you save money on fees, especially on futures and you just have to wait for the order book to get to your order in order to save some for your fees. When it comes to trading, I think FTX is one of the best exchanges as well especially on Spot Trading because if you would compare the following in your table, they have the less fees but you just have to have their token which is a good hold IMO because they are a great exchange as well.
These fees are always being neglected especially by newbie traders since the fee percentage looks like very low but in reality, it's insanely high on perpetual/futures trading using market order with high leverage amount. I fall victim on this killer fees so I want to share to all Newbies out there that didn't aware on this matter. Enjoy and Trade safe!
Here's the comparison of Maker and Trading Fees on the Exchange that I'm currently using, The fees below is for none-VIP user that has low trading volume which is perfect for newbie. You can check the source link for the complete list of fees!
Source
General Knowledge on Maker and Taker Fees: https://www.investopedia.com/articles/active-trading/042414/what-makertaker-fees-mean-you.asp#:~:text=Maker%2Dtaker%20fees%20are%20transaction,on%20the%20platform's%20order%20book.
Bybit Fee Rate: https://help.bybit.com/hc/en-us/articles/360039261154-Trading-Fee-Structure
Binance Fee Rate: https://www.binance.com/en/fee/futureFee
FTX Fee Rate: https://help.ftx.com/hc/en-us/articles/360024479432-Fees
Here's the comparison of Maker and Trading Fees on the Exchange that I'm currently using, The fees below is for none-VIP user that has low trading volume which is perfect for newbie. You can check the source link for the complete list of fees!
Source
General Knowledge on Maker and Taker Fees: https://www.investopedia.com/articles/active-trading/042414/what-makertaker-fees-mean-you.asp#:~:text=Maker%2Dtaker%20fees%20are%20transaction,on%20the%20platform's%20order%20book.
Bybit Fee Rate: https://help.bybit.com/hc/en-us/articles/360039261154-Trading-Fee-Structure
Binance Fee Rate: https://www.binance.com/en/fee/futureFee
FTX Fee Rate: https://help.ftx.com/hc/en-us/articles/360024479432-Fees
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