Are the crypto exchanges milking it? Let’s do some research into the fees.
My experience with exchanges
Recently I was buying more crypto for my portfolio and I dont know whats going on with the mainstream exchanges but they are charging an absolute fortune for the privilege of using them so I thought I would right a small post and sorry if you don't like the referral links (but hopefully this post will help you find the cheapest rate at the exchanges so any help would be great), but on that note please help a poor crypto enthusiast out. So basically I wanted to go through all the exchanges I could find so that I could find the cheapest and best valued exchange and in the process was shocked at how much i've been mislead with fees in the past.
Exchanges // CEX.IO // CoinBase.com // Blockchain.info // Changelly
CEX.IO
1 BTC as of 02/11/17 (£5130.76)
Cost buying on 1 BTC on CEX.io = £6019.37
Fees = £886.61 Per BTC which works out at 14.7%
https://cex.io/r/0/up109356524/0/
Changelly.com
1 BTC as of 02/11/17 (£5130.76)
Cost buying on 1 BTC @ Changelly = £6,805.11
Fees = £1674.35 Per BTC which works out at 24.6%
https://changelly.com/?ref_id=ca346249a968 - (personally wouldn't suggest unless you are making small transactions. Just thought I would add this.)
Blockchain.info
1 BTC as of 02/11/17 (£5130.76)
Cost buying on 1 BTC on blockchain.info = £5262.45
Fees = £131.69 Per BTC which works out at 2.5%
Coinbase.com
The odd thing I experienced with coinbase is that when pricing bitcoin their figures don't seem to be true the current price of BTC for example when looking at live charts the price of 0.05 BTC was £256.54, but on their site it was saying the cost before fees was £263.85. So for some reason they seem to be inflating BTC price to make the fees seem less than they actually were.
Real-time price of 0.05 BTC (02/11/17) = £256.54
Cost of buying 0.05 BTC from Coinbase.com = £274.38
Fees = £17.84 which works out at 6.5% (They claim the fees were only £10.53)
https://www.coinbase.com/join/59e0171b215e28018e57dcf8_
My opinion
In my opinion the best exchange based on fees alone would be blockchain.info the fees are really low and very fair. I still cannot believe that I have been using CEX.io for as long as I have especially at a rate of 14.7% which really is excessive.
If this helped at all please consider donating:
ETH: 0x3081Dc0a1F934246d03e4cC9EB1ebc64E93D9d04
BTC: 1LbAnejGouDBYcjLnoyRXRkoyBuFhBL6Lh
LTC: LcDEPtyq2HcUdrtF4vyFPSsi1spDpHZuBx