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The fees are just so nuts on crypto exchanges, Binance charges 0.1%! That means that if you buy, then sell 1 BTC (~42kUSD right now), it cost you 82 dollars fo
by syspec 5y ago
The fees are just so nuts on crypto exchanges, Binance charges 0.1%!
That means that if you buy, then sell 1 BTC (~42kUSD right now), it cost you 82 dollars for the privilege.
- KennyBlanken 5y agoThe white elephant in the room is that crypto has terrible transaction efficiency. I think someone figured out that Visa or Mastercard can process around 200,000 credit card transactions for the power required to process one etherium transaction. Crypto only really works for people for whom moving a very large amount of money, that has a very high cost otherwise. You know, the kind of people who have to wash their money...
- FabHK 5y agoRight, and on Coinbase a round trip costs you 1%, or USD 420. Last time I looked (when they IPOd), Coinbase alone syphons off 0.4% of the entire crypto market cap in fees every year. Traditional equity exchanges are dreaming of margins like that.
- syspec 5y agoSo true! I even picked Binance in my example because their relatively "low" fees, I should have noted Coinbase as an even more egregious example
- jacinabox 5y agoThe fees for buying using credit or debit card are still 2.5% (5% round trip). I always assume that savvy users use coinbase pro by moving crypto in from other exchanges where trade fees are better; but then an exchange where you have to do that isn't exactly the full package experience.