Pete
With the greatest respect to the platform, which I have loved using, this new system on the order book is just plain incorrect. It will drive away users and I am fairly sure this is already happening, I have seen very limited trading going through on the doge market compared to previous days since this system was implemented. No other exchange in the crypto world or the standard financial instrument implements their fees this way. This effectively makes fees exorbitantly high, on doge for example fees at 135sats that I have to trade at 136 becomes 0.74%. If we take Earthcoin as an example it gets worse, say 19/18=5.5%. This is fundamentally broken.
The system must be adjusted such that a flat fee of x.x%, for example 0.1%, is charged on the total value of each trade. Even if this had a minimum value, it would be acceptable.
If you stick with the current system, you will lose customers rapidly as they realise this is not just a temporary bug and is in fact a deliberate error of judgement.
As I stated, I want to keep my business here, but if this isn't resolved in a matter of days I will be forced to take my business elsewhere. I cannot live with this flawed system.
Kind regards
Mark
EDIT: Since I wrote this I read above and discovered this system works down to exchange rates of 50sats only, so my EAC example is wrong. I still think the system is fundamentally flawed though, as on a 50sat coin we have a 2% trading fee. If you wanted to maintain a maximum of 0.1% you would need to remove fees from any coins with an exchange rate lower than 1000sats. Otherwise the fee % rises rapidly to a ridiculous rate. Doge is one of the biggest volume markets, but you will kill it on CoinedUp. Having said this, even if the fees were not exorbitantly high for these low value coins, the system is still just massively uncomfortable for any user and is contrary to the fee systems customers are happy with. So this change alone would not allow me to continue my business here.
With the greatest respect to the platform, which I have loved using, this new system on the order book is just plain incorrect. It will drive away users and I am fairly sure this is already happening, I have seen very limited trading going through on the doge market compared to previous days since this system was implemented. No other exchange in the crypto world or the standard financial instrument implements their fees this way. This effectively makes fees exorbitantly high, on doge for example fees at 135sats that I have to trade at 136 becomes 0.74%. If we take Earthcoin as an example it gets worse, say 19/18=5.5%. This is fundamentally broken.
The system must be adjusted such that a flat fee of x.x%, for example 0.1%, is charged on the total value of each trade. Even if this had a minimum value, it would be acceptable.
If you stick with the current system, you will lose customers rapidly as they realise this is not just a temporary bug and is in fact a deliberate error of judgement.
As I stated, I want to keep my business here, but if this isn't resolved in a matter of days I will be forced to take my business elsewhere. I cannot live with this flawed system.
Kind regards
Mark
EDIT: Since I wrote this I read above and discovered this system works down to exchange rates of 50sats only, so my EAC example is wrong. I still think the system is fundamentally flawed though, as on a 50sat coin we have a 2% trading fee. If you wanted to maintain a maximum of 0.1% you would need to remove fees from any coins with an exchange rate lower than 1000sats. Otherwise the fee % rises rapidly to a ridiculous rate. Doge is one of the biggest volume markets, but you will kill it on CoinedUp. Having said this, even if the fees were not exorbitantly high for these low value coins, the system is still just massively uncomfortable for any user and is contrary to the fee systems customers are happy with. So this change alone would not allow me to continue my business here.
Pete does not read this. Message him on twitter.
Hmm, don't use Twitter, any chance someone could tweet him and direct him here?
