I want to compare crypto to traditional stock trading. When we do this, it becomes easy to see why crypto is attractive for investing for people with small amounts to invest at a time.
Most stock trades cost about $10. So if you want to invest $100, it will cost you $10 to buy and another $10 to sell. Out of a $100 investment, that will take over a 20% increase just to break even after accounting for the $10 sell cost. In crypto, many sites charge a 0.25% fee on a trade, so a $100 trade costs the person $0.25, and assuming a break even trade about $0.25 to sell. $0.50 total costs for doing the same thing that costs $20 in the stock market. Clearly, a much easier situation to make a profitable trade.
Because of this, I think many crypto traders have not really focused on the fees, since they almost feel free compared to the status quo.
One crypto trading platform stands out above the rest offering their trades at a cost of 80% less than the industry standard 0.25%. Binance offers trades for 0.05%. So that same $100 investment now only costs you $0.05 to buy and about $0.05 to sell, for a grand total of $0.10 you need to overcome to make your trade profitable.
It seems like a small difference at first, but imagine every trade you do automatically being more profitable just because you are trading more informed. This is why Binance now has over 2 million users.
Check out Binance thru my link https://www.binance.com/?ref=10201898
Follow me on twitter @gank for more crypto insights.
(photo credit: WeClipArt)
Super content with BTC
@gank I like the upvote I gave you
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Thanks for the information! I will definitely check it out
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