The best platform to use for buy and sell crypto

GreatArkansas

legendary

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Quote from: SFR10 on December 19, 2020, 03:52:45 AM

I have to respectfully disagree with anyone that said offer a cheaper price than other exchange platforms for this. I'm not in PH at the moment but based on where I am now, OTC trades cost more than normal trades in an exchange since you're eliminating the centralized exchange and replacing it with yourself ^{[it's still under a centralized nature but with more flexibility]} so you should charge more.
^{- If they're after cheaper prices, they have to do the whole process by themselves on those platforms.}
(.....)

This is also on my mind, if I will only base on an some exchange rate which I can say that I may get small profits, but I should also consider the trading fee within exchange.
I decided to ask some small amount for a fee, regardless the spread of my buy/sell price.

BTW, I found another good exchange which don't charge withdrawal fee, and I really find it useful for my kind of business. It is FTX exchange, they don't charge withdrawal fee. Only BCH and XRP for now I already tried.

OcTradism

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Quote from: GreatArkansas on December 19, 2020, 02:09:39 AM

I need an advice for what I am planning.
- I want to ask another fee, maybe by percentage for every transaction. E.g. 200USD worth of BCH, beside the 200USD I'll ask 2% transaction fee. So they will pay me 204 USD.
OR no need to ask this kind of fee? I'll just add some amount of buy/sell price or on the spread. So they can be somehow thankful for no transaction fee.

There are two things in a trade:
- Price of crypto asset: Ripple or BCH in your trades.
- Transaction fee.

Price is given in the offer details, before the trade opens.

Transaction fee: can be charge on the side of seller or buyer. In my opinion, the fee should be on the seller. On exchanges, lending, the buyer or lending service providers will be responsible for fee. It helps you to get more easily offer. The fee should be consider for your offer price and all things after that will be easy and smooth. Accept the offer, open a trade. If not, please search for other offers.

SFR10

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Crypto Swap Exchange

Quote from: GreatArkansas on December 17, 2020, 07:43:06 PM

I am having a problem how will I make possible that I will make some profits.

~Snipped~

Or do I need to less more so they can save more?

Quote from: GreatArkansas on December 19, 2020, 02:09:39 AM

- I want to ask another fee, maybe by percentage for every transaction. E.g. 200USD worth of BCH, beside the 200USD I'll ask 2% transaction fee. So they will pay me 204 USD.
OR no need to ask this kind of fee?

I have to respectfully disagree with anyone that said offer a cheaper price than other exchange platforms for this. I'm not in PH at the moment but based on where I am now, OTC trades cost more than normal trades in an exchange since you're eliminating the centralized exchange and replacing it with yourself ^{[it's still under a centralized nature but with more flexibility]} so you should charge more.
^{- If they're after cheaper prices, they have to do the whole process by themselves on those platforms.}

Quote from: GreatArkansas on December 17, 2020, 07:43:06 PM

same buy/sell price?

Buy for less, sell for higher.

cryptoaddictchie

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Fully Regulated Crypto Casino

Quote from: Yogee on December 18, 2020, 12:41:40 AM

Same price with exchanges of course or maybe based it on sites like Coingecko or Preev.com [for btc]. It wouldn't make any sense to lessen the price if you are looking to profit from these deals.

Less price but not actually should be the same with actual market. If OP clients are friends and relatives it's fine to lower the price a bit since if you will recommend them to use those known platform expect some fee way over than those process.

Im always using Binance p2p OP so I know the price users are buying and selling. Its always below the price if you are gonna sell and higher when you are to buy. If your friends wanted to do so then better to have a decent price for them which they can also save from fees. This can be table negotiation for a both win win outcome.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

Thanks everyone for all the advices.
I already started selling some crypto direct to their wallet or gambling platform account.
Most cryptocurrency they are buying are Ripple and Bitcoin Cash for now. I am using the coins.ph (centralised Philippines exchange) as bases for buy price or selling price.

I need an advice for what I am planning.
- I want to ask another fee, maybe by percentage for every transaction. E.g. 200USD worth of BCH, beside the 200USD I'll ask 2% transaction fee. So they will pay me 204 USD.
OR no need to ask this kind of fee? I'll just add some amount of buy/sell price or on the spread. So they can be somehow thankful for no transaction fee.

ryzaadit

legendary

Activity: 2660

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I think you can take one of the examples from some "Service" in my country who provide kind of this transaction, if they want directly sell the crypto into cash the rate shouldbe more cheaper than in the market because :
- Straight get money without need exchanging.
- Don't have a fee transaction
- Don't have a fee withdrawal

And, If your county still doesn't have any exchange who provide an option to withdrawal on local bank this will be a good opportunity. In my country, withdrawal a fiat into a bank account on INDODAX need 1% fee taken from the total amount you are withdrawing.

A bit expensive, that's why I'm using the direct transaction to someone like this: https://ayoungchanger (.) com/ to get a fee-only 0.4-0.5% more save money than withdrawal from the exchange.

akirasendo17

sr. member

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I think if you want to gain a bit of a profit you need to add the cost or fee of transferring from your wallet to their wallet at the same time add like a little bit of margin, like 2-5 pesos maybe 10 pesos, they should shoulder the fee also, or you make a fixed payment like 250 php per transaction aside from the transfer fee, that is going to be your profit

Yogee

sr. member

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Merit: 413

Quote from: GreatArkansas on December 17, 2020, 07:43:06 PM

.....
Is it good that I will base the price on centralised exchange I mentioned above, same buy/sell price? Or do I need to less more so they can save more?

Same price with exchanges of course or maybe based it on sites like Coingecko or Preev.com [for btc]. It wouldn't make any sense to lessen the price if you are looking to profit from these deals. I agree with Steamtyme's point on charging them 60% of the fees instead of the buyers or sellers paying 100% on exchanges. You can make adjustments if you want depending on how hard they are to get as customers.

Steamtyme

legendary

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Hard to say, this might be better suited in Service Discussion for a thread as you are looking to provide a service.

It's not going to be difficult as you are doing this realtime. Key here is you need to know what it would cost them in fees to buy it from another location. My suggestion is to Find out what that is and charge them 60%. Binance seems fine for this, especially if you are already there and trading. Your only problem depending on how much they buy from you would be making sure you top up your USDT account on Binance regularly.

I can't remember what the fee is to withdraw from binance, but make sure you keep that in mind.

It all comes down to knowing what it would have cost them to do it through another provider, and you just have to be cheaper.

GreatArkansas

legendary

Activity: 2506

Merit: 1394

I have some friends or relatives that are using some cryptocurrency for gambling.

I will be the buyer and seller of those cryptocurrency. Since they are using centralised exchange in our country to buy and sell their crypto, it is Coins.ph or Abra.

What I want to happen is they will come to me to buy or sell crypto personally with cash on hand transactions.

Major cryptocurrency they are using are: BCH or XRP

I am having a problem how will I make possible that I will make some profits.
I am thinking I will use Binance Exchange for it, I'll deposit USDT on my spot account and use it if someone will buy, and I will also hold some cash if incase someone will sell their crypto to me personally.
- What will they get if they will transact to me is, they will save fees and time for buying since they will first go to some remittance center to deposit their cash or if they withdraw their cash from centralised exchange.

Is it good that I will base the price on centralised exchange I mentioned above, same buy/sell price? Or do I need to less more so they can save more?

Is using Binance is good for this? In terms of price, fees (trading/withdrawal).
Or there are any alternatives for it?

Topic: The best platform to use for buy and sell crypto (Read 194 times)