Trying to understand how the fee system works and why exchanging from fiat is much more expensive than exchanging crypto.
Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.
That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion
Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
Ok, cryptocurrency exchange fees are usually very low because it costs little to nothing in fees to exchange them, unlike fiat itself. Banks charge a commission for everything, and there are many regulations and financial bodues to contend with who would ultimately want their own piece of the cake.
That might explain why there's a 0.25% fee when you exchange crypto on changelly, for example, and 7% fees when you want to exchange from fiat.
But at the same time, there are services with a much lower fee. BUT lower payment doesn't guarantee good quality service. And this is where I want to hear your opinion
Question #1 - how often do you buy crypto with fiat?
Question #2 - how do you choose the platform? Are there any other criterions than the amount of fee? Security, speed of transaction, simplicity, friendly service?
its because FIAT is not for this scene, most people hate it in crypto. Its super complicated to register as a money transmitter and the gov takes taxes
So they have to change that high, its sux, but its the same everywhere for fiat
Just dont use FIAT in this scene man, buy/sell with coinbase, fees are like nonexistant that way
And it is one of the factors why we have stable coins which you can easily exchange for cryptocurrencies for a very low fee.