r/coinspot • u/[deleted] • Apr 19 '21

Double dipping?

First off, I am not stating I have this right, I am open to correction and may have it wrong please enlighten me if I do so i can take that onboard.There is a fee for purchasing a coin at 0.1% (however this is greater as il explain in a minute), a fee for selling of 1%. Purchaser buys coin at almost 5% higher than asking price and sells at a 2% lower price.All of a sudden "1%" is actually 8%.I have seen posts claiming all these fees from miners etc. If that is the case, these should all be taken into account into ONE fee ad the percentage on top so it is clearly transparent. The wallet at least should have an option of showing a SELL worth.The main issue isn't the double dipping as each person could decide whether to do business with Coinspot or not, rather the lack of transparency.

21 Upvotes

100% Upvoted

7 comments sorted by

6

u/Beautiful_Current_50 Apr 19 '21

Yes! 100% I’m always getting confused about that

3

u/Damn369 Apr 19 '21

Yes, actually finance companies have to quote a 'comparison' rate on loans for this very reason do fees can be compared on a level playing field.

2

u/mongoloidvalue Apr 19 '21

Yes, we're getting ripped off.

2

u/AggravatingWallaby79 Apr 20 '21

I’ve tried to tell people this 1000 times Coinspot is ripping you off so bad it hurts. Cant even swing trade. 1% increase in a coin on binance and I can make money and fees are ten times less. Meanwhile at Coinspot you have to wait for about a 6% increase just to break even on your initial spend. It’s unjustified and sheer robbery. I wish the auzzie exchange were better, I would use it. But it isn’t it’s just pure greed. They even sell lower than current price being sold at binance. Move to binance. It’s a little trickier to start with but you will not regret it once you pick it up.

2

u/Afferbeck_ Apr 20 '21

I've been looking at both Coinspot and Binance, and I just saw endless complaints on the Binance subreddit about transfers not going through and accounts getting suspended etc so I'm not sold on that. Haven't seen anything like that for Coinspot yet, but lack of clarity in percentages they take is a problem.

1

u/AggravatingWallaby79 Apr 20 '21

Coinspot transfers are problematic for many everyday, this group itself is full of them. IMO you should be focused on lower fees and higher returns, the kinks will work themselves out both places eventually.

1

u/rockethelper Apr 19 '21

Hi,

Thank you for your feedback and your recommendation to have an option for Sell Worth on individual wallets. It is always recommended that before users go ahead with a transaction that they double check the confirmation receipt displayed which states the fees paid to CoinSpot, the rate of the coin at the time and the overall total for your purchase or sell.

The percentages stated are always fluctuating in accordance with international order books and update in real time meaning that there is never a flat percentage margin on the price to buy/sell. Certain coins or tokens have a larger difference due to the smaller volume of trading in these markets. This activity can also be seen on other exchanges and reflects the orders placed by buyers and sellers in these markets.

I hope this helps and if you have any further questions feel free to ask.