Pages:
Author

Topic: Why Crypto Exchanges Should Lower Their Fees and Profit Margins - page 2. (Read 932 times)

sr. member
Activity: 1022
Merit: 280
Because. If they want to retain customers and increase their customer base, they need to reduce fees.

I think they will reduce fee only because of competition and the emergence of new exchanges which may give 0% fee in the beginning to advertise their exchanges. The only advantages old exchanges have is that they are trusted and have a lot of volume. They know people will not try out the new exchanges and therefore they charge any amount of fee which is just a burden on the customers.
hero member
Activity: 1302
Merit: 532
No fees wouldn't guarantee that it would cause a more loyalty to their investors/traders. Remember that the exchange needs a lot of things to operate, include the server, domain name, etc. They could earn those maintenance cost from the fees coming from their users excluding the mining fees.
Lowering to a reasonable amount is still okay, but having no fees is a no-no.
Hope you are aware that the top bitcoin exchanges earn a healthy profit, Binance reportedly earned around a billion dollars in profit last year which is around the same profit earned by some top stock exchanges and you think that they are not benefiting from the services, which industry can claim a billion dollar profit in a fiscal year, so the expense you are talking just pale in comparison when you look at the profit they earn and hence they can reduce the withdrawal fees as some are charging a higher charges for that and that should be avoided.
hero member
Activity: 1932
Merit: 504
About fees, there will always pro and contra about it. I think for now exchange's fee still not be a problem. If they are a big problem, maybe a lot of traders wouldn't trade in exchanges. And they are not open for social work, i mean they need operational cost so, i think as long traders still use it, not need to be worry about exchange fees. If me, as long the exchanges really do their work, like security or maybe good services, fees in trading and withdrawal i will follow it.
as long as these costs are incurred and the exchange provides good services, I am also willing to pay. so in my view it is not much different, when they provide good service then they pay workers there to provide services for us, and therefore costs are needed.
Yes, and exchanges need a lot of money to maintain their site from all aspects. In my country, there are several exchanges that already closed only because they lack of funds. I know it because i ask my friend who work as staff. They must pay this, pay that, pay employee, anything. Maybe yes, they are new exchanges, but old exchanges will need more money too to maintain their site so people comfort to trade in their site.
hero member
Activity: 3010
Merit: 538
Leading Crypto Sports Betting & Casino Platform
Its really part of the business to earn from charge fees. Of course there are operating expenses to attend to. But of course fees should be standardize so not to abuse the users. The more competitions arising and many exchanging sites to choose from. I guess these exchanges also had their own strategies to attract customers to use there platform. And most likely customers look on the lowest charge fees.
unfortunately even if there's a competiton people will still choose a more reliable and popular exchange over the one with cheaper fee anytime. majority of people that didn't do daily trading and cashing out fewer than once a week don't even care about the existence of these fees. However, I'm in favor of reducing the fee aswell though I'm not really bothered with the current trading fees.
sr. member
Activity: 1358
Merit: 326
It is impossible to follow that zero fees. How can they actually earn and gain if they will not incorporate fees? Though I am in favor of lowering the fees but not to the extent that they will give zero fees. But, looking at this:

Poloniex is one that has offered zero fee trading until the end of the year but it remains to be seen yet if it will continue the practice into 2020.

If poloniex made it and will continue, I do hope some virtual currency exchanges may capable of if not in zero fees, then reducing the fees. For some reason, when it comes to that matter (fees) I do understant how their business works.
full member
Activity: 2142
Merit: 183
The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.

https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/
Only when the network of exchanges is sufficiently developed, and the cryptocurrency is very widely used by the population of the earth and the competition between exchanges is high, then we can have low commission fees. If commission fees are free, then exchanges will have to receive their percentage of our profits for something else. Exchanges will not work completely free. These are commercial structures and they will exist only when they will profit from their work.
sr. member
Activity: 1274
Merit: 260
1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL
This is so true and thanks for bringing the community's attention to this. Most exchanges charge very high prices when it comes to their trading fees and withdrawal fees. What really annoys me is that they charge us individual fees yet send the funds in bulk to save themselves some money out of the fees that was charged on users. Binance exchange is one of the exchanges that charge very high. It's great to see Polonex on this path, i knowexmarkets  is also an exchange that charges no withdrawal fees.
hero member
Activity: 2744
Merit: 541
Campaign Management?"Hhampuz" is the Man
The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.

https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/
not all of them and you can find some that has less fee and legit,just don't use those Big exchange that very confident that they will never lose users even if they charge larger fees,but soon for sure competition will take place as this is an issue for long time and people nbow are getting smarter
hero member
Activity: 2912
Merit: 556
Enterapp Pre-Sale Live - bit.ly/3UrMCWI
I think the exchanges will adjust their fees with the bitcoin price, and the exchanges will apply reasonable fees for the traders, so traders will not think that the fee is too high. If we check on the fee, poloniex, bittrex, and binance have a low fee, and if we can make a profit bigger than the fee (which I am sure that we can make that profit), then we don't have to think that the fee is too high. If we don't want to pay the fee in bitcoin, we can use the other coin, which is not too high as bitcoin. There is always a way to get a solution to reduce the fee from exchanges, so we still get the money to receive in our wallet.
hero member
Activity: 3080
Merit: 616
Leading Crypto Sports Betting & Casino Platform
The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.

https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/

Part of the article that I find interesting is
Quote
Poloniex is one that has offered zero-fee trading until the end of the year but it remains to be seen yet if it will continue the practice into 2020.
I hope they can continue to do and make it a permanent feature of the exchange, but I have doubt if those industry leaders in exchange will follow suit, because the hacking is a huge issue, and they are securing traders funds in case of a breach.
sr. member
Activity: 1554
Merit: 334
I think what they aim when some exchanges impose higher fees on lower volume trades is that they force such traders to go higher. In the business sector, you could see that whenever you buy huge, the prices become lower. Such as when you buy items in wholesale/bulk, you get discounts and lower item price than when you buy in smaller amounts. Same principle is applied to their exchange.
legendary
Activity: 1834
Merit: 1036
Operating a good exchange site comes with a price. I know that lower fees attracts a lot of new traders to sign up however, if you think about it, where are they going to take or get the money to continue with operations? Lets not give them the reason to scam us, but instead lets give them more reasons to give us the best service there is. Im ok with fees as long as they give good client experience and good customer service, fees will never be an issue.
sr. member
Activity: 756
Merit: 251
Its really part of the business to earn from charge fees. Of course there are operating expenses to attend to. But of course fees should be standardize so not to abuse the users. The more competitions arising and many exchanging sites to choose from. I guess these exchanges also had their own strategies to attract customers to use there platform. And most likely customers look on the lowest charge fees.
member
Activity: 546
Merit: 10
💲 EMIREX EXCHANGE 💲
The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.

https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/

Crypto exchange, which has this principle, I think has spread a lot since last year, and up to this point it has no significant impact even on their own projects. Low fees are just a caption to lure investors and eventually they will keep giving normal fees so the project can continue.
sr. member
Activity: 1190
Merit: 306
The article is telling about the zero fees which was done by Poloniex. But thinking of the consequences if exchanges will allow this to happen, I only see a very small chance that it can.
I see an even smaller chance, as in *zero*.

How do you think exchanges make their money?  Plus I don't understand how anyone could possibly complain about trading fees on crypto exchanges, because they're all very low to begin with.  If you had to complain about anything, it should be withdrawal fees.  Those are usually much higher than what it costs an exchange to actually send your withdrawal out.

Yes, in a perfect world it would be lovely if exchanges didn't charge anything to trade, but we don't live in a fantasy land like that.
copper member
Activity: 2968
Merit: 575
www.Crypto.Games: Multiple coins, multiple games
The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.

https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/
Exchanges are like digital banks? This is where you are wrong. No way exchanges can be compared with banks. You can say people use it as "digital banks" which is in fact the most irresponsible thing a person can do. Exchanges should never be used as a place to store your coins. Exchanges are prone to hacks no matter how secure they claim they are. Remember, nothing in this world is 100% perfect or secure. Everything has flaws.
They will eventually reduce fees and profit margins as more competition arises. But do know that, even exchanges has to earn money, so don't be expecting extremely reduced fee from them.
sr. member
Activity: 1204
Merit: 388
It's better they slash their fees because it's ridiculous for big names in the crypto space to charge high fees while the small ones are trying to get to the top. They all had low only to get to the top just to increase their fees. Theee are better exchanges with lower fees with great UI if the big exchanges refuse to reduce their fees.
jr. member
Activity: 88
Merit: 1
The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.

https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/

I do not think that something can be expected from other exchanges after one exchange has reduced a fee. This is absolutely unprofitable because this is the main earnings of the exchanges is a fee, a decrease of a fee to zero will greatly reduce income

If they does not reduce the fees for teh traders obviously the people who give the lesser fee than them will be capture the trading volume on their platform.
We just need focus on the good exchange also at the same time because the users are looking for good exchange first and then they want to have the fee also as a matter of it.

The reputation of the exchange, reliability, honesty are more important to me even if the fee is high. It will pay off because otherwise, an exchange with a low fee may turn out to be a scam or have weak protection and I will lose everything
hero member
Activity: 1162
Merit: 516
1BTC Welcome Bonus
The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.

https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/

I do not think that something can be expected from other exchanges after one exchange has reduced a fee. This is absolutely unprofitable because this is the main earnings of the exchanges is a fee, a decrease of a fee to zero will greatly reduce income

If they does not reduce the fees for teh traders obviously the people who give the lesser fee than them will be capture the trading volume on their platform.
We just need focus on the good exchange also at the same time because the users are looking for good exchange first and then they want to have the fee also as a matter of it.
jr. member
Activity: 128
Merit: 2
The crypto industry has yet to evolve from exchanges which are nothing more than digital banks in reality. A couple are taking bold moves to slash their fees but how many others will follow and how will it affect the wider crypto industry.

https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/

I do not think that something can be expected from other exchanges after one exchange has reduced a fee. This is absolutely unprofitable because this is the main earnings of the exchanges is a fee, a decrease of a fee to zero will greatly reduce income
Pages:
Jump to: