Ive recently got into cryptocurrency after weeks of research but theres one thing i didnt hear a lot about THE FEES.
Its partly my own fault as i was trying things out and moving from wallet to wallet, from coinbase to poloniex then to jaxx and back.
Im not worried as its now gone up £40 in 2 days and im glad i did it as i learnt a valuable lesson.
Dont let this put you off as theres plenty of money to be made if you're sensible.
Another thing ive realised after a week as with most things in life
THE MORE MONEY YOU HAVE THE EASIER IT IS TO MAKE MONEY.
I quickly realised it was pointless investing £40 so soon added £100 and will be adding £1000 when i get my work bonus.
Im not greedy but often have daydreams about buying a house outright with a nice car on the driveway.
you've got to be in it to win it.
Yep, Fees eat up a lot of your margin. However the fees on Polo, bittrex and whatever other exchange are still really, really tiny in comparison to the fees that a brokerage charges.
But you still have to be mindful.
good post. I'm dealing in small amounts as well and the fees can be an unwelcome surprise, The gains are such that you can still make some money in spite of this.
It seems you are better off moving large amounts rather than lots of smaller ones but i could be wrong
Well if you're just trading as long as the fees are a % of the trade it doesn't matter.
But withdrawal fees are usually fixed and for example Kraken will charge you about 1.7$ to withdraw ethereum, if you only want to withdraw 10$ you'll end up with 8.2$, that's a big difference.
If you wait and withdraw 1000$ then the fee becomes nothing in comparison.
thank you
I think the problem are not the fees than more the trading itself. Maybe it was only my problem, because I lost...