Crypto exchanges
Trading fees differ from exchange to exchange. How do the exchanges utilize these fees? Where does the money go and what are you getting in return? To answer these questions, I’ve done some research in the matter in order to see what the fees are; and consequently, the turnover of several crypto exchanges.
If we look at coinmarketcap.com we can extract the daily volumes of the crypto exchanges. The trading fees are taken from the respective exchange website.
(Trading volume x Trading fee) x 30 = Turnover
Trading volume = Daily trading volume in $
Trading fee = trading fee in %
Turnover = Turnover per month in $ (indication)
In order to simplify this, I have multiplied the turnover times 30 to get an idea of the monthly turnover. The results are in the below table:
I’ve been active in the crypto ecosystem since 2013. For me, the blockchain technology is about giving back to the community. Exchanges are the infrastructural backbone of the crypto ecosystem. So far, we cannot exchange our coins without the use of these centralized exchanges. This is in my opinion counterintuitive – and rather ironic – if you keep in mind that decentralization of the financial service industry is currently at play due to blockchain adoption.
The above monthly turnover figures raise the question as to why crypto exchanges still deal with large organizational and process issues. It definitely looks like they’re earning plenty of money. Why are they then not able to implement a functioning helpdesk? Helpdesk tickets are taking ages to be resolved and it can be extremely difficult to speak to a customer service representative. This causes frustration and is detrimental to the experience with the exchanges. Helloo?? Can somebody pick up the phone? I want to talk to a human being! Is this so hard to organize?
It is time for a new exchange. One who makes sure that trading fees are strategically invested back into the user’s experience. Tradebits (www.tradebits.co) is becoming this and much more. Mark my words: this will be the largest exchange in the crypto ecosystem. A stable, reliable, scalable crypto exchange that gives back to the people and is designed with the user as the priority.
very nice post...after a long time...Yes, if your ideas are implemented, then everyone will benefit and depend on the exchange.. thanks for share
Thanks @razibahmed
omg that's really huge money . why they still have damn server problems . we have witnessed a day halt in Binance. poloneix customer base sucks. bittrex customer base reacts at least after a weak.
BInance customer base is fine and only hope.
I never thought they make these many millions but still they didn't bother about providing quality services . really it is so sad .
This very good news update about cryptocurrency.It is very informative and educative valuable.You have included more detail about all currency update.
This is very helpful for us.
Thanks for your comment.
I completely agree with you on customer service lack in all of these exchanges including Cinbase not mentioning fees. I definitely encourage you to create your own exchange. I wish you the best. If you become successful I will be glad to join you as your customer.
Thanks.
If really it will be .I must be a good news for all of us.i aspect such a news.
Thank you for your creative analysis
restm done
great to see your post.
your post is too important for us.upvote @reesteem done...
Massive amount of people, difficult to have helpdesk.. and many money needed i think to pay all operators..
Keep us updated with your exchanger!!
Do you really plan to open an exchanger? this is a big WOW! Tell us when!
I will sinner
Already i realize it.
Thanks a lot for sharing your valuable post....
Best of luck..I will still wait your next post....
I will still wait for your next blog dear
Wouldn't the calculation be .2% since they charge the seller and the buyer?
Thanks for sharing dear, i was waiting..
very informative post about crypto...good analyiss..thanks for share...restm done
good research thanks for this amazing post.and good to see you after a while i hope you will continue this contribution, this community will really need such kind of research once again thank you very much.
Thanks.
Hello colleague, I hope you feel very well :D. Very good post, I voted for it. I invite you to visit my last post:
https://steemit.com/bitcoin/@emmanuel250998/an-error-in-an-exchange-house-made-bitcoin-worth-usd0-and-someone-bought-more-than-20-billion
I would very much appreciate your support. A big hug and greetings ;)
EOS, without bias I should say is the best long term coin that you can put your money and your future. Thank you to all the developers in this platform who makes wealth and technology sharing more equitable.
Eos rocks!
It's really great research. Thanks for this amazing post. I appreciate your work. Keep it up. Wish you avery happy and bright future.
w000t @abajnath
It is time for a new exchange. And I am launching one! Stay tuned. Mark my words. Great!!, Are you serious? descentralized exchanges are the future imo.
btw bro did you saw my comment bout @redlambo in your last post?
Hi i am serious about this. Team is 24 people strong now and still hiring!
Excellent! i'll keep an eye. Here in my place (Barcelona) we have exactly the same problem, you need to be a explorer to join crypto is very hard to explain, there is no friendly place to join easy.
I am with you, let’s do it haha. DApps are the future and DExchange is the way to go.
Informative post dear. Keep it up.
That's sounds really , you've initiated with a nice plan . People would always compare two platforms and when they feel the difference they will go with the one which provides better options than other, that's the human psychology . Your idea of creating a new exchange would surely hit because of the unique feature of creating tickets . Many people cry for their problem and no human is there to show some response .Go ahead bro , you're showing genuine interest interest in people and trying to solve their problems , It would always help you . Wishing you good luck :)
you create a great post....i impressed to see it...Lot of thanks for Sharing this informative and valuable post....best of luck brother....restm done
nice post, and it is so informative for the steemians .thanks for sharing.please upvote and follow me
helpfull post...u r great sir...keep it sir..thanks for share
crypto now pump @ dump...
very informative post sir...thanks for share sir
@abajnath thank you for simplifying this. Sometimes i wonder why these guys can do the needful while they earn huge amount.
Bitcoin for example charges huge amount for transactions to be succesfully executed and when it does it takes hours for it to reach the other end.
You must be a lord here man.
But how can we all solve this problem because it is giving me a whole lot of concern.
I am me @brightfame
Thanks I am following you
I have this same thought every day. Except I replace the word functioning with another word that starts with 'f'. :)
Wow! This is really great, i greatly anticipate that which is coming up through you and wish its going to be best one for all in the blockchain ecosystem. @abajnath av really missed your updates and hope you come back soon to give us more.
Thats good news though, but what will be the time you are launching the new crypto?
Great information about crypto.
Thanks for your comment.
Great information.
great post. I am very glad you shared knowledge about cryptocurrency
Thanks for your comment.
Thanks alot bro ... That was really helpful
Youre welcome
Thanks for the trading fee structure ..
Was searching it ..
UPVOTED
Glad I could help.
that seems good best of luck.
upvoted
Many thanks.
Thanks! for sharing a valuable information.It is great research we will waiting for your lunch.I am waiting for your next blog.Good luck!
Please upvote.............
so amazing I like these
I think it's great that you talk about the exchanges since many users take it lightly and often lose money for that
Good post, what are your thoughts on Cobinhood, and the Robin hood app introducing crypto? Both are fee free.
Eventually someone pays the bill, having a good exchange for free it not sustainable. We provide the best exchange and you pay a trading fee for that. Security and scalability costs money.
That makes sense, thanks for the explanation!
Great post I appreciate the info..what are your thoughts on NEX Neo decentralized exchange?
WHERE'S THE BITSHARES DEX??
this is an eye opener for all of us. cryptocurrency isnt just making people money its becoming a huge industry and people like you will keep informing average joe like us will help us keep up with this crazy volatile industry thank you for your knowledge you shared .
I completely agree with you on customer service lack in all of these exchanges including Cinbase not mentioning fees. I definitely encourage you to create your own exchange. I wish you the best. If you become successful I will be glad to join you as your customer.great post. I am very glad you shared knowledge about cryptocurrency.
Oh! I didn't notice that before, the highest liquidity exchanges have the lowest fees (Binance and Bitfnex).
Also, I didn't know that Upbit takes a high fees.
One of the new exchanges has the lowest fees which is 0.05%
This exchange is AEX
https://coinmarketcap.com/exchanges/aex/
I tried it and it's amazing with fast support service, I think it will be more popular in the near future.
Thank you abajnath for this info, really helpful :)
Thanks!
Exchanges support very poor
creating algorithms so that the address cant b decrypted
follow for follow
Thanks.
It is time for a new exchange. And I am launching one! Stay tuned. Mark my words. Great!!, Are you serious? descentralized exchanges are the future imo. thanks for sharing
Binance lowered their withdrawal fee for ERC20 tokens
Do you think that it's time for a new exchange? Cause I think so.. What do you think?
I would agree with you.
Gurup kuralimmi yoksa bu isler zor olur
exchanges have high rates
I think we need to build a p2p exchange.
I like to read every post you...Upvote and follow you!
sir i am a very poor Man. So, I am not give upvote for you. keep it.
waxirx.com a new crypto exchange to be launched in India and looks like it is going to change the way BTC and other crypto is traded in India. Getting plenty of free coins for now , So Join now.
I definitely agree with u. If u are going to open your own exchange, I will be the first one to accompany u. Trust me.. I wish u al the best and Good luck bro.
Many thanks.
You are welcome. Sir do it as soon as possible. Wishing u a very good luck
Hey @abajnath , pos bagus!
Saya menikmati konten anda Terus bekerja dengan baik! Selalu menyenangkan melihat konten bagus di Steemit! :)
https://steemit.com/utopian-io/@boyhaqi97/hello-everyone-join-to-utopian-ioHey @ , pos bagus!
Saya menikmati konten anda Terus bekerja dengan baik! Selalu menyenangkan melihat konten bagus di Steemit! :)
https://steemit.com/utopian-io/@boyhaqi97/hello-everyone-join-to-utopian-ioHey @ , pos bagus!
Saya menikmati konten anda Terus bekerja dengan baik! Selalu menyenangkan melihat konten bagus di Steemit! :)
https://steemit.com/utopian-io/@boyhaqi97/hello-everyone-join-to-utopian-io
It is time for a new exchange. I think its better for all.
I was trying to open an account with Bitfinex, but now no USA residence can open an account, what the best trading platform that i can have usd , and trade dash , ripple, etc?
Different Exchange charges differently, and some of them are very high. The best way is to buy at one exchange and never move or just move to your wallet and HODL. I did some moving of my coins from one exchange to others and lost bunch of money.
Sir start ur exchange as soon as possible. We never know when steemit.com is going to change its policies and may put restrictions.
Can somebody pick up the phone? I want to talk to a human being! Is this so hard to organize?
Juz impressive drafting .
Morever as for imy thinking is concerned its a gr8 job, u should leave no stone unturned to do it. Risk benefit ratio has to be analysed and then u mist go for it.I will be holding its flag at head. Go on
Hmmm. Okay. Will check tradebits then.
Hll