Quote from: JayJuanGee on April 03, 2018, 06:55:56 PM

Quote from: manlyxman on April 03, 2018, 10:22:30 AM

https://gemini.com/blog/update-to-the-gemini-trading-fee-schedule/

Thoughts? Did you use Gemini before? Will you continue?

Binance/gdax seem like decent alternatives now. What do you think?

Yes, this is an interesting topic, and I wonder why they believe it is good for their business to increase fees by 4x? I just reviewed the fees on my account, and it appears that they had already increased the fees by 2x in late 2017. Mostly in 2017, I was charged between .1% and .15% for trading, and in late 2017, most of my transactions increased to .25%. This morning, I looked up that I had one transaction that executed at .75%, and I am not liking the increase in comparison to other exchanges.

If we are planning ahead, we can already see that a lot of the fees are increasing, so it is understandable that some of the exchanges are going to want to monetize, and we will see whether lower fee competitors are going to be inspired by these increased fees.

In the short term, I have decided to cancel some of my orders. I did send a support ticket to Gemini to ask them whether orders that I have already placed before the fee increase keep the lower fees that were in place at the time that I placed the order, and I have not received a response on that question yet.

In the mean time, I will move some of my orders to other exchanges. I have not decided exactly yet whether I am going to open another trading account to compensate for not using Gemini. I may need to research into options. Currently, I have accounts on WEX, Bitstamp, GDAX and Bittrex, so those remain decent and lower fee options to move some of my orders.

Edit 1: I just received an e-mail response from Gemini, and they told me that if my limited order was already in place before the fees went up, then the old (and lower) fees would apply to the orders that were already in place before the increase.

Edit 2: Now I see why this thread is, perhaps, getting no responses, besides mine, it is in the alternative currency discussion section.. and who gives a ratt's ass about alternative currencies? hahahahhaha

Edit 3: I am not sure about how to move a thread, but perhaps this thread should go into the main bitcoin discussion. I have just "reported" this thread, and perhaps it could get moved by a moderator/administrator?

Another update from what I did.

I spent a decent amount of time in the past 24 hours searching around about how to adjust my transition away from using Gemini, and in recent hours, I took fairly significant steps at transitioning my Gemini orders to Binance... ... so in that regard, I set up a new Binance account, and set up several BTC sell orders on Binance.. and therefore cancelled my sell orders on Gemini...

Let's see how it plays out

For now, I am keeping my Gemini buy orders open, since those buy orders were set at Gemini's pre-April 2 lower rates. But once those buy orders fill (if they do), then I will not set up any new buy/sell orders on Gemini, unless it is based on decisions to cash out into my Bank, or something like that ... so I will cross that bridge if I get there and if that becomes something that changes with me.... for some unexpected reason(s)... so in essence, I am moving those particular Gemini orders from 1% trading fees to .05% trading fees on Binance.