Topic: Why Crypto Exchanges Should Lower Their Fees and Profit Margins - page 3. (Read 899 times)
December 11, 2019, 01:04:37 PM
There should be fees for the services they provide and exchanges are like middlemen to facilitate trader's transactions from those sellers and buyers. So, logically, we are talking here about the business that they make revenue and continue their services. Just like Binance, they are one of the lowest fees and at the same time a large volume of traders. So, possible they had a lot of staff to pay and all the cost was made on the exchange revenue. Nevertheless, there are few exchange sites that don't have fees but when transferring your crypto asset but it should be the same site, for example, Cobinhood, it should the same company.
December 11, 2019, 12:47:35 PM
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/
It is easy to believe that if an exchange does not have any fees when it comes to your trades then this is good for traders, but this generates a problem, bots could be used in an exchange to try to create fake volume and make it seem as if it is very active when it is not, we already have problems to be able to tell what it is the real volume in this market and such a move by the biggest exchanges will only make the problem even bigger so I'm against it. https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/
December 11, 2019, 12:39:36 PM
In order for each trader to be able to reduce commissions and other percentages for their activities on the cryptocurrency exchange, for this exchange create their own token, thanks to which the trader can receive significant bonuses. But if you look a little into the future, I believe that the commissions will increase by a few percent In any case, especially if the cryptocurrency is legalized And if the state requires tax payment on each transaction, as well as when exchanging cryptocurrency for Fiat. All responsibility, of course, lies with cryptocurrency exchanges, but in connection with this, exchanges will charge interest with a high coefficient on their users.
December 11, 2019, 12:16:39 PM
Honestly, for me trading fees are not too much of a problem if they are justified by good and fast service. I do not like paying more than $5 for withdrawing in fact I would prefer to pay only $1-$2 to withdraw bitcoins so that is a factor for me. My choice of where to exchange is between the coins they offer and the withdraw fee basically. Next I look at the fees and if they justified and the first two points are met then I will use the exchange. Obviously only after reading about other users experiences using it and doing a few tests withdraws and deposits. Then I will return and be loyal to that exchange since I feel there is no need to change to another one of everything works well and the fees are fair.
December 11, 2019, 12:08:54 PM
I think it's kinda impossible for crypto exchanges to lower their fees because that's how they're getting profit, I hope that's gonna happen in the future but it's so hard to be realized. I just didn't get higher fees for withdrawals on Yobit. I used this exchange platform and the withdraws fees for bitcoin is around 0.0012 btc which it's so high as well as fees for dogecoin are high compared to other crypto exchanges like Poloneix (which it's has 0.0005 btc fees for bitcoin withdrawals)
December 11, 2019, 12:01:48 PM
These fees imposed by the exchange platform on traders like the fuel that drives the machine, without this fuel the machine will not run, the machine here is the exchange platform and the fees differ from one platform to another, according to the services provided by each platform to its traders, and according to the features and developments of each platform, It will be good when platform fees are reduced, but will they continue to provide the best level of security for traders and the services they provide?
December 11, 2019, 12:01:48 PM
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/
https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/
Perhaps Poloniex is thus trying to get out of the bottom. The exchange has long been not popular because of its problems, which began when Circle bought this exchange. I think it is absolutely not profitable for any exchange to make a zero fee and this is an isolated case
December 11, 2019, 11:41:20 AM
The article mainly covers Coinbase and related exchange that has insanely higher fees. The only reason for people using them are the bank integrations.
For a better trading environment, traders should bypass the high fees exchange in favor of low ones and use them as little as possilbe if you really have to. For example buy a coin with fiat and withdraw immediately to another exchange for trading rather than trading on the higher fee exchange. The cost for you might be the same and maybe a larger hassle but that would be a message for the exchange.
For a better trading environment, traders should bypass the high fees exchange in favor of low ones and use them as little as possilbe if you really have to. For example buy a coin with fiat and withdraw immediately to another exchange for trading rather than trading on the higher fee exchange. The cost for you might be the same and maybe a larger hassle but that would be a message for the exchange.
December 11, 2019, 11:37:37 AM
I would definitely support this thought as the exchanges are taking heavy fees on some coins in the name of 'Network fee'. There are lots of allegations that exchanges take heavy fee on listing also. Exchanges are the gateway for common people to start investing into crypto so they have to think about this.
December 11, 2019, 11:35:57 AM
I think that you can find other ways to monetize, in addition to fees. Fees must remain in the past.
What other ways?
Exchanges have four methods of monetisation:
1. fees applied to trades
2. fees applied to withdrawals
3. profits made from using members coins and lending them out. This is super risky
4. the exchange using members coins to trade for themselves. This is also risky - if the exchange loses, that's the members coins gone.
Fees applied to trades is the least risky option.
December 11, 2019, 11:20:52 AM
Reducing fees is definitely necessary, but to understand how much you can reduce, so as not to harm, you need to do it gradually.
December 11, 2019, 11:08:30 AM
I think that you can find other ways to monetize, in addition to fees. Fees must remain in the past.
December 11, 2019, 10:59:13 AM
That's why I HODL. No trading means no exchange fee. Exchange fee trouble those who do the day or very frequent trading. The exchange fee is not only a matter of concern in crypto but in equity, forex and commodity also. In my opinion, nothing can be done against them as long as day traders are willing to do so many transactions per day.
December 11, 2019, 10:55:18 AM
There won't be zero fees at any exchange, let's be realistic. To bear expenses like maintaining infrastructure, employee pays and cyber defense exchanges need money. The only thing we can suggest about the fee is that it should be under some limit. Reasonable the fee, happier will be the client and this will attract more business to exchange.
December 11, 2019, 10:54:03 AM
What people in this crypto space need to understand is that crypto exchange platforms provide services and people are expected to pay for them services they provide them. In as much that some platforms provide lesser fees than others does not really guarantee that they all provide similar services. There is no way most crypto exchange platforms will agree on the fact that they should lower their fees and profit margins. No one will provide services without having the mind of making profits.
December 11, 2019, 10:19:34 AM
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/
https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/
The article criticises Coinbase and praises Poloniex for having zero fees.
The only problem with this: Coinbase is a solid exchange and Poloniex is crap.
The move from Poloniex to have zero fees is similar to what Cryptsy did before they did a runner. Zero trading fees (to encourage volume) and high withdrawal fees (to discourage withdrawals and make a profit from those who do take their money out).
It's not a good sign. You should always ask yourself how these exchanges make profits. Some are upfront by charging fees. Others are dodgier and are using your coins to trade while trying to discourage you from withdrawing.
December 11, 2019, 06:19:54 AM
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/
https://poloniex.com/fees/https://bitcoinist.com/why-crypto-exchanges-should-drop-their-fees-and-profit-margins/
poloniex still prioritizes promotional objectives until the end of the year, they also cannot be used as a benchmark. if they really intend to be serious, the same promotion must also be conducted for poloniDEX. In general, we all think a lot of things have changed, but their services have proven popular, even users don't always see the fees set, in the end the business must still benefit the owner.
Therefore, transaction fees are not as important as reputation. Even when the polo brings the transaction and withdrawal fees to zero I never use the polo exchange, it's too dangerous for my assets.
December 11, 2019, 01:56:22 AM
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. December 11, 2019, 01:53:08 AM
Bitcointoyou it is a cryptocurrency exchange created at 2010 and now have more then 350 thousand users.
It is not charging fees to trade BTC, LTC, ETH, USDT, USDC
We don't believe is heatlhy to an exchange to not charge fees to all pairs/cryptos. So we charge to do FIAT withdrawn and pair BTC/BRLC
It is not charging fees to trade BTC, LTC, ETH, USDT, USDC
We don't believe is heatlhy to an exchange to not charge fees to all pairs/cryptos. So we charge to do FIAT withdrawn and pair BTC/BRLC
December 11, 2019, 01:40:30 AM
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.
Jump to: