What are the main advantages and disadvantages of your crypto exchange?

Findingnemo

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Bitcoin = Financial freedom

Quote from: timerland on August 09, 2019, 10:33:37 PM

Quote from: 1Referee on August 06, 2019, 02:40:11 PM

Quote from: Findingnemo on August 06, 2019, 12:30:44 PM

I meant to say that how much we are actually paying and keep paying to the banks but we are thinking to pay 0.5% fee to use the crypto related serivice.

I think most of the people who do care about 0.5% fees aren't dealing with expensive bank transactions, so all they know is that their crypto exchange is charging 0.5% which admittedly is quite steep compared to other services. I'm pretty sure that if people did actually had to deal with expensive bank transfers regularly, they wouldn't really make a point out of it.

I'm still using PayPal from time to time to conduct business, which means that I am subjected to fees ranging from $5 to $50 depending on the type of transfer and amount. That's why for me Bitcoin at $0.50-$1 fee per transaction isn't a problem at all. It's much cheaper than the alternatives I use.

A 0.5% fee in crypto exchanges is actually quite high, compared to exchanges like Kucoin and binance that offer really low fees (around 0.1-0.2%) that are all bigger and more popular, and charge lower fees.

Some people however, are forced to deal with expensive bank transactions. I personally care a lot about fees, and to send money overseas, I was forced to pay around a $120 fee for a $2,000 transaction, and even though I found cheaper options, they were around $40 still.

Having expensive fees in cryptos is never good, I'd personally recommend Kucoin instead, much cheaper fees and more coins and popularity. Never had issues with them regarding KYC, etc as well.

Currently fee range is accepted in my opinion but in future meant crypto exchanges will evolve so the competition between them will made more cheaper trade experience for us.But when we compare to make transaction the fee of bitcoin is absolutely nothing like you guys said.

guoyu78

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Quote from: timerland on August 09, 2019, 10:33:37 PM

A 0.5% fee in crypto exchanges is actually quite high, compared to exchanges like Kucoin and binance that offer really low fees (around 0.1-0.2%) that are all bigger and more popular, and charge lower fees.

Some people however, are forced to deal with expensive bank transactions. I personally care a lot about fees, and to send money overseas, I was forced to pay around a $120 fee for a $2,000 transaction, and even though I found cheaper options, they were around $40 still.

Having expensive fees in cryptos is never good, I'd personally recommend Kucoin instead, much cheaper fees and more coins and popularity. Never had issues with them regarding KYC, etc as well.

Who would not care about fees, aside security of an exchange, fee is the most important thing to me also because if we could trade with low fees, then we would be making more money on our fees and apart from even trading fees, it is only cheap fee that would make people not miss traditional bank that much because there is no point having a system that was design to avoid all these high charges we get from traditional banks when transferring money, and then come to cryptocurrency to pay more, I think that is much more discouraging.

I simply just ignore and see any exchange that charges that high as exchanges that are full of greed, because if they charge the same thing as Binance and Kucoin, they will still make enough of profit to run their business.

Marnihughes82

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I use binance because the transaction costs are also quite cheap. Quick deposit and withdrawal of money, large volume of transactions. I am quite happy about my choice

playboy654

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I used binance exchange for crypto to cryoto trading but the advantage of it knows by everyone so no need to explain again

But we can talk about P2P site like localbitcoin where there is no fee for trading with fiat and also we can get better price.

Ucy

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Compare rates on different exchanges & swap.

Quote from: mk4 on August 06, 2019, 10:28:14 AM

Any reason why you're using that "coin swith" exchange instead of the alternatives? Even Binance, which should be one of the best exchanges in terms of trading volume and liquidity has a lower trading fee[1] at 0.1%.

EDIT: oh. You mean coinswitch. Looks like you like using instant exchanges. I suggest trying out exchanges like Binance instead as you'd get better deals for your money due to the lower fees alone.

[1] https://www.binance.com/en/fee/schedule

I think Direct Exchanges normally have high exchange fees. Exchange like binance understandably has low fee which is mainly due to the fact they're designed for day/regular traders. They hold traders funds and will always charge the traders huge fees during fund withdrawal.

wywoc

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Quote from: btc_love on August 06, 2019, 09:58:18 AM

I use coin swith and they have 0.5% fees. but I don't like it, because I think this is a lot. for example, changelly has 0.25% fees. on the other hand, cs supports more than 400 coins and changelly just 150. Which one is better to use? and what is you exchange?

If you are concerned about trading fees, currently Binance and Bitmax are having the cheapest transaction fee (if you keep their native token), both below 0.1%, and both also guarantee liquidity for you.
But both of them require a relatively high minimum transaction amount, about $ 10.

MonsterV

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I myself usually use KuCoin as my main exchange because it has very low fees and so far this exchange is quite safe for me. But sometimes I trade with Binance also the cost is almost the same. If I suggest it's better to trade on the top exchange.

btw, do you want to trade on changelly? I heard that the exchange was not safe because many people felt they lost money there.
check:
https://bitcointalksearch.org/user/changelly-823207
https://bitcointalksearch.org/topic/changelly-scam-i-think-so-2096696
https://bitcointalksearch.org/topic/changellycom-scammed-me-took-approx-80-in-fees-1955524
https://www.reddit.com/r/Changelly/comments/7wzcp7/warning_changelly_is_a_scam_we_have_proof/
https://twitter.com/ChangellyScam

Quote from: Findingnemo on August 06, 2019, 11:44:00 AM

Quote from: btc_love on August 06, 2019, 09:58:18 AM

I use coin swith and they have 0.5% fees. but I don't like it, because I think this is a lot. for example, changelly has 0.25% fees. on the other hand, cs supports more than 400 coins and changelly just 150. Which one is better to use? and what is you exchange?

0.5% doesn't seems like huge amount because banking system has lot of hidden fee which even cost 6% for some transactions.SO you can actually use any exchanges where the fee is under 1%.

If you don't want to pay the fee then find someone who is willing to swap ypur coin then do trades personally,you only need to pay TX fee.

Maybe 0.5% is a small percentage if we trade with small amounts, what if we trade in large quantities? wouldn't that small percentage be big. For me 0.5% is the maximum percentage of the fee, if there is something smaller than that then I will choose a smaller fee.

timerland

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Quote from: 1Referee on August 06, 2019, 02:40:11 PM

Quote from: Findingnemo on August 06, 2019, 12:30:44 PM

I meant to say that how much we are actually paying and keep paying to the banks but we are thinking to pay 0.5% fee to use the crypto related serivice.

I think most of the people who do care about 0.5% fees aren't dealing with expensive bank transactions, so all they know is that their crypto exchange is charging 0.5% which admittedly is quite steep compared to other services. I'm pretty sure that if people did actually had to deal with expensive bank transfers regularly, they wouldn't really make a point out of it.

I'm still using PayPal from time to time to conduct business, which means that I am subjected to fees ranging from $5 to $50 depending on the type of transfer and amount. That's why for me Bitcoin at $0.50-$1 fee per transaction isn't a problem at all. It's much cheaper than the alternatives I use.

A 0.5% fee in crypto exchanges is actually quite high, compared to exchanges like Kucoin and binance that offer really low fees (around 0.1-0.2%) that are all bigger and more popular, and charge lower fees.

Some people however, are forced to deal with expensive bank transactions. I personally care a lot about fees, and to send money overseas, I was forced to pay around a $120 fee for a $2,000 transaction, and even though I found cheaper options, they were around $40 still.

Having expensive fees in cryptos is never good, I'd personally recommend Kucoin instead, much cheaper fees and more coins and popularity. Never had issues with them regarding KYC, etc as well.

Questat

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Activity: 2982

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Quote from: ralle14 on August 09, 2019, 11:55:42 AM

I also used coinswitch few times only because I need a couple of alts on my wallet and I really don't want to use an exchange because the amount I need is below their minimum withdrawal.

I'm also a victim to this and this is also a reason why small traders never choice those exchanges that set for a high minimum withdrawal and fees. It gives disappointment for them when we would like to withdraw our money but seems to be impossible since it is below the minimum. How its get hard especially when it comes from bounties and I don't think that we can still get benefits.

ralle14

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Shuffle.com

I've been using a local exchange (rebit) recently they're similar to coins ph which was mentioned by dothebeats. The advantage they have is processing transactions slightly quicker than their competitor coins but the disadvantage they have is the limited cash out options and uses since they don't have a wallet.

I also used coinswitch few times only because I need a couple of alts on my wallet and I really don't want to use an exchange because the amount I need is below their minimum withdrawal.

leowonderful

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Bitcoin FTW!

I've been using Paxful to convert my fiat over to BTC for several months now, and it's been pretty good so far. You shouldn't have any problems as long as you're not buying or selling with abnormally high or low rates and trading with high-reputation users, and you don't pay any fees for buying Bitcoin, though you will pay fees if you're trying to sell and these fees vary by payment method. If you're interested, here (click for link) is the fees page for the site. Photo ID also isn't required by all vendors if you're trying to buy BTC, though many do require some form of ID for the best rates.

justdimin

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www.Crypto.Games: Multiple coins, multiple games

Quote from: btc_love on August 06, 2019, 09:58:18 AM

I use coin swith and they have 0.5% fees. but I don't like it, because I think this is a lot. for example, changelly has 0.25% fees. on the other hand, cs supports more than 400 coins and changelly just 150. Which one is better to use? and what is you exchange?

Haven’t you heard of Binance, if you have not, then you have been missing and wasting money for too long, why is that exchange so greedy to have been charging 0.5%, when many people are even complaining of that 0.25% as being too over charged.

In Binance, there fees goes for as low as 0.1%, so if you really want some savings and you just don’t want to be making money for some dudes just because they own a platform, you have to move to Binance, they have very smooth platform and they are very user friendly, their customer support is very great and they still have a good security, but would advise you not to store your coin on their exchange or any exchange wallet because they are not fully saved, at least you can hear what happened to Binance of recent when they were hacked.

el kaka22

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www.Crypto.Games: Multiple coins, multiple games

I am using a local exchange for taking bitcoin out in fiat currency and put it in my bank account (never used it for sending money and buying bitcoin) and it has super low volume. I mean it is fine since I am always market selling and taking out my profits whenever I need to but when you want to sell it for a bit higher than the market, even if it is between the spread, there is such a low amount of money exchanging hands there that you don't get to sell and the price just drops further.

You can literally manipulate it the way you want if you have enough money and just make a ton of profit if you want, all you need is 100k dollars and you can corner all of the website and make couple thousand dollars per day. Hence volume is the biggest problem. However advantage is, there is nobody doing that, so it is a calm and small place nobody bothering you.

Greed Dev

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Quote from: btc_love on August 06, 2019, 09:58:18 AM

I use coin swith and they have 0.5% fees. but I don't like it, because I think this is a lot. for example, changelly has 0.25% fees. on the other hand, cs supports more than 400 coins and changelly just 150. Which one is better to use? and what is you exchange?

Any exchange is good and it is important that you need to determine where the coins you want to trade. If you want to trade multiple coins at once, select Coin Swith and vice versa.
Sometimes we shouldn't calculate too much about transaction costs. We should choose which exchange has good security and withdraw without error.

Genamant

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Trphy.io

Quote from: btc_love on August 06, 2019, 09:58:18 AM

I use coin swith and they have 0.5% fees. but I don't like it, because I think this is a lot. for example, changelly has 0.25% fees. on the other hand, cs supports more than 400 coins and changelly just 150. Which one is better to use? and what is you exchange?

i know fees can really be a factor specially if you are just a small time trader.This is one factor i also consider in which platform should i trade.
i trade most often on Binance but i also sometime trade on Idax and Bitmart.

maxreish

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From the beginning of my journey as a crypto trader, Binance and Coinbase are the two exchanges I have been using until now. As to the comparison of their fees, I think this will help you to compare different exchanges with corresponding fees.

Image source

As you can see, Bibox, Binance, Coinspot, HitBTC, and Kucoin offers lowest fees of 0.1%. Hope this may enlighten you.

dothebeats

legendary

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Cashback 15%

There are tons of Pros on my local exchange. I'm based in the Philippines right now though I've experienced using Canadian exchanges since I do permanently live there.

Anyway. Here goes the pros for Coins.ph:

-Fast response from customer support
-Lots of cash out options to choose from
-Service is integrated in a multitude of merchants
-Exchange platform is intuitive and UI is user-friendly.

Cons:
-Exchange prices has a 5% premium on spot market prices
-Relatively slow price updates on some markets (well, some of it is in beta tho.

Other than that, coins.pro and coins.ph works great. Better than QuadrigaCX IMO

1Referee

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Merit: 1427

Quote from: Findingnemo on August 06, 2019, 12:30:44 PM

I meant to say that how much we are actually paying and keep paying to the banks but we are thinking to pay 0.5% fee to use the crypto related serivice.

I think most of the people who do care about 0.5% fees aren't dealing with expensive bank transactions, so all they know is that their crypto exchange is charging 0.5% which admittedly is quite steep compared to other services. I'm pretty sure that if people did actually had to deal with expensive bank transfers regularly, they wouldn't really make a point out of it.

I'm still using PayPal from time to time to conduct business, which means that I am subjected to fees ranging from $5 to $50 depending on the type of transfer and amount. That's why for me Bitcoin at $0.50-$1 fee per transaction isn't a problem at all. It's much cheaper than the alternatives I use.

Findingnemo

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Bitcoin = Financial freedom

Quote from: mk4 on August 06, 2019, 12:26:36 PM

Quote from: Findingnemo on August 06, 2019, 11:44:00 AM

0.5% doesn't seems like huge amount because banking system has lot of hidden fee which even cost 6% for some transactions.SO you can actually use any exchanges where the fee is under 1%.

If you don't want to pay the fee then find someone who is willing to swap ypur coin then do trades personally,you only need to pay TX fee.

Not sure why we're comparing fees to banks instead of comparing to other exchanges, it's still unnecessarily high, knowing that the more bigger and reputable exchanges like Binance has significantly lower fees(5x less); and take note that it can even be a lot lower with BNB if OP trades a lot.

Coinswitch is pretty much on par with Coinbase in terms of fees, which is definitely not a good thing.

I meant to say that how much we are actually paying and keep paying to the banks but we are thinking to pay 0.5% fee to use the crypto related serivice.

mk4

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Paldo.io 🤖

Quote from: Findingnemo on August 06, 2019, 11:44:00 AM

0.5% doesn't seems like huge amount because banking system has lot of hidden fee which even cost 6% for some transactions.SO you can actually use any exchanges where the fee is under 1%.

If you don't want to pay the fee then find someone who is willing to swap ypur coin then do trades personally,you only need to pay TX fee.

Not sure why we're comparing fees to banks instead of comparing to other exchanges, it's still unnecessarily high, knowing that the more bigger and reputable exchanges like Binance has significantly lower fees(5x less); and take note that it can even be a lot lower with BNB if OP trades a lot.

Coinswitch is pretty much on par with Coinbase in terms of fees, which is definitely not a good thing.

dunfida

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Quote from: Findingnemo on August 06, 2019, 11:44:00 AM

Quote from: btc_love on August 06, 2019, 09:58:18 AM

I use coin swith and they have 0.5% fees. but I don't like it, because I think this is a lot. for example, changelly has 0.25% fees. on the other hand, cs supports more than 400 coins and changelly just 150. Which one is better to use? and what is you exchange?

0.5% doesn't seems like huge amount because banking system has lot of hidden fee which even cost 6% for some transactions.SO you can actually use any exchanges where the fee is under 1%.

If you don't want to pay the fee then find someone who is willing to swap ypur coin then do trades personally,you only need to pay TX fee.

Well if you tend to compare it with Banks then its too far away when it comes to percentage deductions so its pointless on making it as a comparison.
@OP,get used to it when using up instant exchange rather than into ones that had platform like binance and other top ones,they do have much lesser fees if
you are really keen on fee thing but for me,theres isnt too much a difference.

Findingnemo

hero member

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Bitcoin = Financial freedom

Quote from: btc_love on August 06, 2019, 09:58:18 AM

I use coin swith and they have 0.5% fees. but I don't like it, because I think this is a lot. for example, changelly has 0.25% fees. on the other hand, cs supports more than 400 coins and changelly just 150. Which one is better to use? and what is you exchange?

0.5% doesn't seems like huge amount because banking system has lot of hidden fee which even cost 6% for some transactions.SO you can actually use any exchanges where the fee is under 1%.

If you don't want to pay the fee then find someone who is willing to swap ypur coin then do trades personally,you only need to pay TX fee.

mk4

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Paldo.io 🤖

Any reason why you're using that "coin swith" exchange instead of the alternatives? Even Binance, which should be one of the best exchanges in terms of trading volume and liquidity has a lower trading fee[1] at 0.1%.

EDIT: oh. You mean coinswitch. Looks like you like using instant exchanges. I suggest trying out exchanges like Binance instead as you'd get better deals for your money due to the lower fees alone.

[1] https://www.binance.com/en/fee/schedule

btc_love

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I use coin swith and they have 0.5% fees. but I don't like it, because I think this is a lot. for example, changelly has 0.25% fees. on the other hand, cs supports more than 400 coins and changelly just 150. Which one is better to use? and what is you exchange?

Topic: What are the main advantages and disadvantages of your crypto exchange? (Read 271 times)